Common use of SPECIAL SUB-CUSTODIANS Clause in Contracts

SPECIAL SUB-CUSTODIANS. Upon receipt of Special Instructions (as such term is defined in Section 7 hereof), the Custodian shall, on behalf of one or more Portfolios, appoint one or more banks, trust companies or other entities designated in such Special Instructions to act as a sub-custodian for purposes of: (a) effecting third-party repurchase transactions with banks, brokers, dealers or other entities through the use of a common custodian or sub-custodian; (b) establishing a joint trading account for the applicable Portfolio(s) and other registered open-end management investment companies for which ▇▇▇▇▇ & Steers Capital Management, Inc. serves as investment adviser, through which such Portfolios and such other investment companies shall collectively participate in certain repurchase transactions; and (c) effecting any other transactions designated by a Fund in Special Instructions. Each such designated sub-custodian is referred to herein as a "Special Sub-Custodian." Each such duly-appointed Special Sub-Custodian shall be listed on Schedule D hereto, as it may be amended from time to time by a Fund, with the acknowledgment of the Custodian. In connection with the appointment of any Special Sub-Custodian, and in accordance with Special Instructions, the Custodian shall enter into a subcustodian agreement with the Fund and the Special Sub-Custodian in form and substance approved by such Fund, provided that such agreement shall in all events comply with the provisions of the 1940 Act and the rules and regulations thereunder and the terms and provisions of this Agreement.