Common use of Termination of a Subcustodian Clause in Contracts

Termination of a Subcustodian. The Custodian shall cause each Domestic Subcustodian and Foreign Subcustodian to, perform all of its obligations in accordance with the terms and conditions of the subcustodian agreement between the Custodian and such Subcustodian. In the event that the Custodian is unable to cause such Subcustodian to fully perform its obligations thereunder, the Custodian shall forthwith, upon receipt of Proper Instructions, terminate such Subcustodian with respect to each applicable Company and, if necessary or desirable, appoint a replacement Subcustodian in accordance with the provisions of Section 4.01. In addition to the foregoing, the Custodian (A) may, at any time in its discretion, upon written notification to the Company, terminate any Domestic Subcustodian or Foreign Subcustodian, and (B) shall, upon receipt of Proper Instructions, terminate any Subcustodian with respect to the Company, in accordance with the termination provisions under the applicable subcustodian agreement.