Common use of Board Approval of Foreign Subcustodians Clause in Contracts

Board Approval of Foreign Subcustodians. Unless and except to the extent that the Board of Trustees of the Fund and the Board of Directors of a Company has delegated to and the Custodian has accepted delegation of review of certain matters concerning the appointment of Subcustodians pursuant to Section 8.2.2 below, the Custodian shall, prior to the appointment of any Subcustodian for purposes of holding Investments of a Fund (and to the extent applicable, a Company) outside the United States, obtain written confirmation of the approval of the Trust’s Board of Trustees or a Company’s Board of Directors with respect to (a) the identity of a Subcustodian, and (b) the Subcustodian agreement which shall govern such appointment, such approval to be signed by an Authorized Person.