Agents Sub Custodians Sample Clauses

Agents Sub Custodians. (a) Bear ▇▇▇▇▇▇▇ may employ agents or subcontractors in the performance of its Obligations under this Agreement or any Activity; provided, however, that any clearing organization, settlement systems customarily used to clear trades in the applicable security or transaction, depository, book entry system participant or entity which Bear ▇▇▇▇▇▇▇ employs based upon customary market practice (such as the Federal Reserve Bank or any participant in the Federal Reserve System book-entry system, The Depository Trust Company, The Participants Trust Company, Euroclear, Sicovam and any other similar organization) shall not be considered an agent or subcontractor of Bear ▇▇▇▇▇▇▇. The appointment of any agent or subcontractor, pursuant to this Paragraph 20, shall not relieve Bear ▇▇▇▇▇▇▇ of any of its Obligations under this Agreement. (b) Notwithstanding the foregoing, you acknowledge that Bear ▇▇▇▇▇▇▇ may appoint sub-custodians, including its own Affiliates, of assets held by or through Bear ▇▇▇▇▇▇▇ in your accounts. Anything in subparagraph 20(a) of this Agreement to the contrary notwithstanding, Bear ▇▇▇▇▇▇▇ will exercise reasonable skill, care and diligence in the selection of any such sub-custodian and will be responsible to you for satisfying itself as to the ongoing suitability of such sub-custodian to provide custodial services, will maintain an appropriate level of supervision over such sub-custodian and will make appropriate inquiries periodically to confirm that the obligations of such sub-custodian continue to be competently discharged. Bear ▇▇▇▇▇▇▇ will be liable for any loss or damage (subject to the limitations in Paragraph 19 above) arising out of the insolvency, acts or omissions of any sub-custodian appointed by it that is an Affiliate, but not of any other sub-custodian provided that Bear ▇▇▇▇▇▇▇ has exercised reasonable skill, care and diligence in selecting such sub-custodian.