Common use of Actions Prohibited by Applicable Law, Etc Clause in Contracts

Actions Prohibited by Applicable Law, Etc. In no event shall the Custodian incur liability hereunder if the Custodian or any Subcustodian or Securities System, or any subcustodian, securities depository or securities system utilized by any such Subcustodian or the Custodian, or any nominee of the Custodian or any Subcustodian, is prevented, forbidden or delayed from performing, or omits to perform, any act or thing which this Agreement provides shall be performed or omitted to be performed, to the extent such performance does not occur, by reason of: (i) any provision of any present or future law or regulation or order of the United States of America, or any state thereof, or of any foreign country, or political subdivision thereof or of any court of competent jurisdiction; or (ii) any act of God or war or action of any de facto or de jure government, accident, fire, water or wind damage or explosion, any computer, system or other equipment failure or malfunction caused by any computer virus or the malfunction or failure of any communications medium (provided that the Custodian has acted in accordance with its standard of care in preventing and mitigating such failures or malfunctions, including the maintenance of appropriate back-up systems and business continuity plans), any strike or other work stoppage, whether partial or total, any delay or disruption resulting from or reflecting the occurrence of any Country or Sovereign Risk, any disruption of, or suspension of trading in, the securities, commodities or foreign exchange markets, whether or not resulting from or reflecting the occurrence of any Country Risk or Sovereign Risk (each as defined below), any encumbrance on the transferability of a currency or a currency position on the actual settlement date of a foreign exchange transaction, whether or not resulting from or reflecting the occurrence of any Country or Sovereign Risk or other similar circumstance beyond the control of the Custodian, unless, in each case, such delay or nonperformance is caused by the (1) negligence, misfeasance or misconduct of such Custodian, Subcustodian, Securities System, subcustodian, securities depository or securities system or (2) failure of the Custodian to establish commercially reasonable back-up plans, systems, procedures or other preventative measures typically established by custodians of assets of pooled investment vehicles. As used herein, Country Risk shall mean, with respect to the acquisition, ownership, settlement or custody of Investments in a jurisdiction, all risks relating to, or arising in consequence of, systemic and markets factors affecting the acquisition, payment for or ownership of investments including (a) the prevalence of crime and corruption, (b) the inaccuracy or unreliability of business and financial information, (c) the instability or volatility of banking and financial systems, or the absence or inadequacy of an infrastructure to support such systems, (d) custody and settlement infrastructure of the market in which such investments are transacted and held (as interpreted, where applicable, by the SEC or its staff), provided that the Custodian shall be responsible for the custody related duties of any Subcustodian in accordance with Section 5.2, (e) the acts, omissions and operation of any Eligible Securities Depository in such jurisdiction, (f) the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities transactions, registrars or transfer agents, and (g) the existence of market conditions which prevent the orderly execution or settlement of transactions or which affect the value of assets. As used herein, Sovereign Risk shall mean, in respect of any jurisdiction, including the United States of America, where investments are acquired or held hereunder or under a subcustody agreement, (a) any act of war, terrorism, riot or insurrection (b) the imposition of any investment, repatriation or exchange control restrictions by any governmental authority, (c) the confiscation, expropriation or nationalization of any investments by any governmental authority, whether de facto or de jure, (d) any devaluation or revaluation of the currency of such jurisdiction, (e) the imposition of taxes, levies or other charges affecting investments, (f) any change in the applicable law of such jurisdiction, or (g) any other economic or political risk specific to such jurisdiction incurred or experienced.

Actions Prohibited by Applicable Law, Etc. In no event shall the Custodian incur liability hereunder if the Custodian or any Subcustodian or Securities System, or any subcustodian, securities depository or securities system utilized by any such Subcustodian or the Custodian, or any nominee of the Custodian or any Subcustodian, is prevented, forbidden or delayed from performing, or omits to perform, any act or thing which this Agreement provides shall be performed or omitted to be performed, to the extent such performance does not occur, by reason of: (i) any provision of any present or future law or regulation or order of the United States of America, or any state thereof, or of any foreign country, or political subdivision thereof or of any court of competent jurisdiction; or (ii) any act of God or war or action of any de facto or de jure government, accident, fire, water or wind damage or explosion, any computer, system or other equipment failure or malfunction caused by any computer virus or the malfunction or failure of any communications medium (provided that the Custodian has acted in accordance with its standard of care in preventing and mitigating such failures or malfunctions, including the maintenance of appropriate back-up systems and business continuity plans), any strike or other work stoppage, whether partial or total, any delay or disruption resulting from or reflecting the occurrence of any Country or Sovereign Risk, any disruption of, or suspension of trading in, the securities, commodities or foreign exchange markets, whether or not resulting from or reflecting the occurrence of any Country Risk or Sovereign Risk (each as defined below), any encumbrance on the transferability of a currency or a currency position on the actual settlement date of a foreign exchange transaction, whether or not resulting from or reflecting the occurrence of any Country or Sovereign Risk or other similar circumstance beyond the control of the Custodian, unless, in each case, such delay or nonperformance is caused by the (1) negligence, misfeasance or misconduct of such Custodian, Subcustodian, Securities System, subcustodian, securities depository or securities system or (2) failure of the Custodian to establish commercially reasonable back-up plans, systems, procedures or other preventative measures typically established by custodians of assets of pooled investment vehicles. As used herein, Country Risk shall mean, with respect to the acquisition, ownership, settlement or custody of Investments in a jurisdiction, all risks relating to, or arising in consequence of, systemic and markets factors affecting the acquisition, payment for or ownership of investments including (a) the prevalence of crime and corruption, (b) the inaccuracy or unreliability of business and financial information, (c) the instability or volatility of banking and financial systems, or the absence or inadequacy of an infrastructure to support such systems, (d) custody and settlement infrastructure of the market in which such investments are transacted and held (as interpreted, where applicable, interpreted by the SEC or its staff), provided that the Custodian shall be responsible for the custody related duties of any Subcustodian in accordance with Section 5.2, (e) the acts, omissions and operation of any Eligible Securities Depository in such jurisdiction, (f) the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities transactions, registrars or transfer agents, and (g) the existence of market conditions which prevent the orderly execution or settlement of transactions or which affect the value of assets. As used herein, Sovereign Risk shall mean, in respect of any jurisdiction, including the United States of America, where investments are acquired or held hereunder or under a subcustody agreement, (a) any act of war, terrorism, riot or insurrection (b) the imposition of any investment, repatriation or exchange control restrictions by any governmental authority, (c) the confiscation, expropriation or nationalization of any investments by any governmental authority, whether de facto or de jure, (d) any devaluation or revaluation of the currency of such jurisdiction, (e) the imposition of taxes, levies or other charges affecting investments, (f) any change in the applicable law of such jurisdiction, or (g) any other economic or political risk specific to such jurisdiction incurred or experienced.