Common use of Foreign Exchange Transactions Other Than as Principal Clause in Contracts

Foreign Exchange Transactions Other Than as Principal. Upon receipt of Instructions, Bank shall settle foreign exchange contracts or options to purchase and sell foreign currencies for spot and future delivery on behalf of and for the account of a Portfolio with such currency brokers or banking institutions as Customer may determine and direct pursuant to Instructions. Pursuant to Instructions, Bank shall transmit cash to the currency broker or banking institution, in each case, as identified by Customer in such Instruction(s), with which the contract or option is made. Bank shall have no duty with respect to the selection of currency brokers or banking institutions with which Customer deals on behalf of its Portfolio or for the failure of such brokers or banking institutions to comply with the terms of any contract or option.