Common use of Monitoring of Eligible Foreign Custodians and Contracts Clause in Contracts

Monitoring of Eligible Foreign Custodians and Contracts. In each case in which Delegate has exercised the authority delegated under this Agreement to place Foreign Assets with an Eligible Foreign Custodian, Delegate shall establish a system to Monitor the appropriateness of maintaining the Fund's Foreign Assets with such Eligible Foreign Custodian under Section 7(b) of this Agreement and the performance of the contract entered into with such Eligible Foreign Custodian under Section 7(c) of this Agreement. If Delegate's arrangements with an Eligible Foreign Custodian for custody of a Fund's Foreign Assets no longer meet the requirements of Rule 17f-5, Delegate shall withdraw the Fund's Foreign Assets from the custody of such Eligible Foreign Custodian and make arrangements for the custody of such Foreign Assets with a successor Eligible Foreign Custodian meeting the requirements of Rule 17f-5 in accordance with the terms of this Agreement, as soon as reasonably practicable; the Fund shall bear all reasonable expenses relating to the relocation of Foreign Assets under such circumstances provided Delegate's performance of its duties with respect to the custody of such Foreign Assets has met the standard of care set forth in Section 8 of this Agreement. If Delegate determines that no successor custodian will meet the requirements of this Agreement and Rule 17f-5, then Delegate shall promptly notify the Fund or its investment adviser of such fact and shall comply with such instructions as the Fund or its investment adviser may reasonably give in order to permit the Fund to withdraw such Foreign Assets as soon as reasonably practicable in accordance with Rule 17f-5. Notwithstanding anything herein to the contrary, beginning 30 days after Delegate has notified a Fund or its investment adviser that no custodian in a particular jurisdiction will meet the requirements of this Agreement and Rule 17f-5, Delegate shall no longer be responsible, and Delegate shall not be liable and shall be held harmless, for such jurisdiction under this Agreement.