Common use of BNY AS A FOREIGN CUSTODY MANAGER Clause in Contracts

BNY AS A FOREIGN CUSTODY MANAGER. 1. The Trust on behalf of its Board hereby delegates to BNY with respect to each Specified Country the Responsibilities to be performed for each Fund of the Trust. 2. BNY accepts the Board's delegation of Responsibilities with respect to each Specified Country and agrees in performing the Responsibilities as a Foreign Custody Manager to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Trust's assets would exercise. 3. BNY shall provide to the Board at such times as the Board deems reasonable and appropriate based on the circumstances of the Trust's foreign custody arrangements written reports notifying the Board of the placement of assets of the Trust with a particular Eligible Foreign Custodian within a Specified Country and of any material change in the arrangements (including the contract governing such arrangements) with respect to assets of the Trust with any such Eligible Foreign Custodian.