Common use of SELECTION OF ELIGIBLE FOREIGN CUSTODIANS Clause in Contracts

SELECTION OF ELIGIBLE FOREIGN CUSTODIANS. Subject to the provisions of this Agreement and the requirements of Rule 17f-5 (and any other applicable law), Bank is authorized and directed to place and maintain Foreign Assets in the care of any Eligible Foreign Custodian(s) selected by Bank in each jurisdiction to which this Agreement applies, except that Bank does not accept such authorization and direction with regard to Securities Depositories.