Common use of Liability of Custodian for Actions of Other Persons Clause in Contracts

Liability of Custodian for Actions of Other Persons. SECTION 15.1 DOMESTIC SUB-CUSTODIANS, FOREIGN SUB-CUSTODIANS. The Custodian shall be liable for the actions or omissions of any Domestic Sub-Custodian or any Foreign Sub-Custodian to the same extent as if such action or omission was performed by the Custodian itself, taking into account established market practices and local laws prevailing in the jurisdiction in which the acts and omissions of such Sub-Custodian occur. In the event of any loss, damage or expense suffered or incurred by the Fund caused by or resulting from the actions or omissions of any Domestic Sub-Custodian or Foreign Sub-Custodian for which the Custodian would otherwise be liable, the Custodian shall promptly reimburse the Fund in the amount of any such loss, damage or expense. The Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of any Domestic Sub-Custodian or Foreign Sub-Custodian that is not a wholly-owned subsidiary of the Custodian; provided, however, that the foregoing exculpation of the Custodian with respect to the insolvency of a particular Foreign Sub-Custodian shall not be applicable if the Custodian fails to comply with its obligations under this Agreement or as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to such Foreign Sub-Custodian. For the avoidance of doubt, if the Custodian has met its standard of care hereunder and has fulfilled its obligations as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to a Foreign Sub-Custodian, then the Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of such Foreign Sub-Custodian.

Liability of Custodian for Actions of Other Persons. SECTION 15.1 DOMESTIC SUB-CUSTODIANS, FOREIGN SUB-CUSTODIANS(a) Domestic Subcustodians and Foreign Subcustodians. The Custodian shall be liable for the actions or omissions of any Domestic Sub-Custodian Subcustodian or any Foreign Sub-Custodian Subcustodian to the same extent as if such action or omission was performed by the Custodian itself, taking into account established market practices and local laws prevailing in the jurisdiction in which the acts and omissions of such Sub-Custodian occur. In the event of any direct loss, damage or expense suffered or incurred by the a Fund that is or was directly caused by or resulting directly from the actions or omissions of any Domestic Sub-Custodian Subcustodian or Foreign Sub-Custodian Subcustodian for which the Custodian would otherwise be liable, the Custodian shall promptly reimburse the such Fund in the amount of any such loss, damage or expense. The Notwithstanding the foregoing, the Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of any Domestic Sub-Custodian Subcustodian or Foreign Sub-Custodian Subcustodian that is not a wholly-wholly owned subsidiary of the Custodian; provided, however, that the foregoing exculpation of the Custodian with respect for liability as to the insolvency of a particular Domestic Subcustodian or Foreign Sub-Custodian Subcustodian shall not be applicable if to any Domestic Subcustodian or Foreign Subcustodian appointed after the date hereof until the Fund has received 30 calendar days' notice of such appointment and during such 30-calendar-day period, the Custodian fails to comply shall, if requested by the Fund, provide the Fund with such publicly available portion of the financial information regarding the Subcustodian that the Custodian reviewed in connection with its obligations under this Agreement or as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to such Foreign Sub-Custodian. For assessment of the avoidance financial stability of doubt, if the Custodian has met its standard of care hereunder and has fulfilled its obligations as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to a Foreign Sub-Custodian, then the Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of such Foreign Sub-Custodianproposed Subcustodian.

Liability of Custodian for Actions of Other Persons. SECTION 15.1 17.1 DOMESTIC SUB-CUSTODIANS, FOREIGN SUB-CUSTODIANS. The Custodian shall be liable for the actions or omissions of any Domestic Subdomestic sub-Custodian custodian or any Foreign Subforeign sub-Custodian custodian to the same extent as if such action or omission was performed by the Custodian itself, taking into account established market practices and local laws prevailing in the jurisdiction in which the acts and omissions of such Subsub-Custodian custodian occur. In the event of any loss, damage or expense suffered or incurred by the Fund caused by or resulting from the actions or omissions of any Domestic Subdomestic sub-Custodian custodian or Foreign Subforeign sub-Custodian custodian for which the Custodian would otherwise be liable, the Custodian shall promptly reimburse the Fund in the amount of any such loss, damage or expense. The Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of any Domestic Subdomestic sub-Custodian custodian or Foreign Subforeign sub-Custodian custodian that is not a wholly-owned subsidiary of the Custodian; provided, however, that the foregoing exculpation of the Custodian with respect to the insolvency of a particular Foreign Subforeign sub-Custodian custodian shall not be applicable if the Custodian fails to comply with its obligations under this Agreement or as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to such Foreign Subforeign sub-Custodiancustodian. For the avoidance of doubt, if the Custodian has met its standard of care hereunder and has fulfilled its obligations as a Foreign Custody Manager pursuant to Rule 17f-5 with respect to a Foreign Subforeign sub-Custodiancustodian, then the Custodian shall be without liability for any loss, damage or expense caused by or resulting from the insolvency of such Foreign Subforeign sub-Custodiancustodian.