Liability for Subcustodians. (a) Subject to Section 7.1(b), Bank will be liable for direct losses incurred by Customer that result from the failure by a Subcustodian to use reasonable care in the provision of custodial services by it in accordance with the standards prevailing in the relevant market or from the fraud or willful misconduct of such Subcustodian in the provision of custodial services by it.
Appears in 8 contracts
Samples: Global Custody Agreement (Morgan Stanley Institutional Fund Trust), Custody Agreement (Morgan Stanley Frontier Emerging Markets Fund, Inc.), Global Custody Agreement (Morgan Stanley Emerging Markets Debt Fund Inc)