Common use of Appointment of Foreign Subcustodians Clause in Contracts

Appointment of Foreign Subcustodians. The Company hereby authorizes and instructs the Bank to employ as subcustodians for the Company's Portfolio Securities and other assets maintained outside the United States the foreign banking institutions and foreign securities depositories designated on the Schedule attached hereto (each, a "Selected Foreign Subcustodian"). Upon receipt of Proper Instructions, the Bank and the Company may agree to designate additional foreign banking institutions and foreign securities depositories to act as Selected Foreign Subcustodians hereunder. Upon receipt of Proper Instructions, the Company, upon recommendation of the Bank, may instruct the Bank to cease the employment of any one or more such Selected Foreign Subcustodians for maintaining custody of the Company's assets, and the Bank shall so cease to employ such subcustodian as soon as alternate custodial arrangements have been implemented.