Common use of Subcustodians and Securities Systems Clause in Contracts

Subcustodians and Securities Systems. Customer authorizes and instructs Custodian to maintain the Property in each Account directly in one of its U.S. branches or indirectly through custody accounts that have been established by Custodian with the following other securities intermediaries: (a) another U.S. bank or trust company (including Deutsche Bank pursuant to the Master Subcustodian Agreement) or branch thereof located in the U.S. that is itself qualified under the 1940 Act, to act as custodian, or a non-U.S. branch of Custodian or of any U.S. Subcustodian (individually, a "Subcustodian"), or (b) a U.S. securities depository or clearing agency or system in which Custodian or a U.S. Subcustodian participates (individually, a "Securities System") provided that in each case in which a U.S. Subcustodian or Securities System is employed, Custodian shall notify Customer of the appointment of such U.S. Subcustodian or Securities System. Upon receipt of Instructions from Customer, Custodian agrees to cease the employment of any Subcustodian or Securities System with respect to Customer, and if desirable and practicable, appoint a replacement Subcustodian or securities system in accordance with the provisions of this Section. In addition, Custodian may, at any time in its discretion, upon written notification to Customer, terminate the employment of any Subcustodian or Securities System.