Foreign Exchange Contracts as Principal. The Custodian shall not be obligated to enter into foreign exchange transactions as principal. To the extent permitted by applicable law, however, if the Custodian has made available to a Fund its services as a principal in foreign exchange transactions, upon receipt of Proper Instructions, the Custodian shall enter into 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 of such Fund with the Custodian as principal. The Custodian shall be responsible for the selection of the currency brokers or Banking Institutions and the failure of such currency brokers or Banking Institutions to comply with the terms of any contract or option. (c)
Appears in 4 contracts
Samples: Custodian Agreement (Variable Insurance Products Fund Ii), Custodian Agreement (Fidelity Commonwealth Trust), Custodian Agreement (Fidelity Concord Street Trust)
