AGENTS AND SUB Clause Samples
The "Agents and Sub" clause defines the rights and responsibilities of parties when appointing agents or subcontractors to perform obligations under the agreement. Typically, this clause clarifies whether a party may delegate tasks to third parties, and may set conditions such as requiring prior written consent or ensuring that agents and subcontractors comply with the same standards as the original party. Its core function is to manage risk and maintain accountability by ensuring that the use of agents or subcontractors does not compromise the quality or integrity of the contractual obligations.
AGENTS AND SUB. CUSTODIANS WITH RESPECT TO PROPERTY OF THE PORTFOLIOS HELD IN THE UNITED STATES.
11.1 State Street may employ agents in the performance of its duties hereunder, including sub-custodians, provided that any such sub-custodian meets at least the minimum qualifications required by Section 17(f)(1) of the 1940 Act to act as a custodian of a Portfolio’s assets with respect to property of the Portfolio held in the United States. State Street will notify each affected BTC Recipient in writing of the identity and the qualifications of such sub-custodians. State Street will be responsible for the acts and omissions of its agents hereunder as if performed by State Street hereunder. The employment of such agents will be in accordance with Section 4.4 of the Master Services Agreement. Without limiting the foregoing, certain duties of State Street hereunder may be performed by one or more Affiliates of State Street.
11.2 Upon receipt of Proper Instructions, State Street may employ sub-custodians selected by a BTC Recipient, provided that: (a) any such sub-custodian meets at least the minimum qualifications required by Section 17(f)(1) of the 1940 Act to act as a custodian of a Portfolio’s assets with respect to property of the Portfolio held in the United States. State Street will notify each affected BTC Recipient in writing of any change in the identity and the qualifications of such sub-custodians. State Street will not be responsible for the acts or omissions of sub-custodians selected by or at the direction of a BTC Recipient. In addition, State Street will not be permitted Custodial Services Service Module 5 BTC | State Street CONFIDENTIAL to use as sub-custodians entities that are affiliates of either BTC or the BTC Recipients. BTC shall provide State Street with a current list of the identities of affiliates of BTC or the BTC Recipients on a quarterly basis or more frequently if such list of affiliates is revised during a quarter.
11.3 The BTC Recipients acknowledge that State Street may use domestic Depositories and their related nominees to hold, receive, exchange, release, lend, deliver and otherwise deal with Securities and to receive and remit, on behalf of a BTC Recipient, all income and other payments thereon and to take all steps necessary and proper in connection with the collection thereof.
AGENTS AND SUB custodians with Respect to Property of the Funds --------------------------------------------------------------- Held in the United States. The Bank may employ agents in the performance of its ------------------------- duties hereunder and shall be responsible for the acts and omissions of such agents as if performed by the Bank hereunder. Without limiting the foregoing, certain duties of the Bank hereunder may be performed by one or more affiliates of the Bank. Upon receipt of Proper Instructions, the Bank may employ sub-custodians, provided that any such sub-custodian meets at least the minimum qualifications required by Section 17(f)(1) of the 1940 Act to act as a custodian of a Fund's assets with respect to property of the Fund held in the United States. The Bank shall have no liability to the Company or any other person by reason of any act or omission of any sub-custodian and the Company shall indemnify the Bank and hold it harmless from and against any and all actions, suits and claims, arising directly or indirectly out of the performance of any sub-custodian. Upon request of the Bank, the Company shall assume the entire defense of any action, suit, or claim subject to the foregoing indemnity. All fees and expenses of any sub-custodian shall be paid in accordance with Schedule B hereto.
AGENTS AND SUB custodians with Respect to Property of the Master Portfolios Held in the United States....................