Common use of Scope of Responsibility and Indemnity Clause in Contracts

Scope of Responsibility and Indemnity. 10.1 Subject to the terms hereof the Custodian shall use all reasonable care in the performance of its duties under this Agreement but shall not be responsible for any loss or damage suffered by the Client as a result of the Custodian performing such duties unless the same results from an act of fraud, willful default or gross negligence on the part of the Custodian and in which event the liability of the Custodian in connection with the Custody Assets so affected by the Custodian’s fraud, wilful default or gross negligence as aforesaid shall not exceed the market value (as determined by the Custodian in any reasonable commercial manner) of such Custody Assets at the time when such fraud, wilful default or gross negligence is notified to the Client.

Scope of Responsibility and Indemnity. 10.1 7.1 Subject to the terms hereof the Custodian shall use all reasonable care in the performance of its duties under this Agreement but shall not be responsible for any loss or damage suffered by the Client as a result of the Custodian performing such duties unless the same results from an act of fraud, willful default or gross negligence on the part of the Custodian and in which event the liability of the Custodian in connection with the Custody Assets Shares so affected by the Custodian’s fraud, wilful default or gross negligence as aforesaid shall not exceed the market value (as determined by the Custodian in any reasonable commercial manner) of such Custody Assets Shares at the time when such fraud, wilful default or gross negligence is notified to the Client.

Scope of Responsibility and Indemnity. 10.1 Subject to the terms hereof the Custodian shall use all reasonable care in the performance of its duties under this Agreement but shall not be responsible for any loss or damage suffered by the Client as a result of the Custodian performing such duties unless the same results from an act of fraud, willful default or gross negligence on the th e part of the Custodian and in which event the liability of the Custodian in connection with the Custody Assets so affected by the Custodian’s fraud, wilful willful default or gross negligence as aforesaid af oresaid shall not exceed the market value (as determined by the Custodian in any reasonable commercial manner) of such Custody Assets at the time when such fraud, wilful willful default or gross gr oss negligence is notified to the Client.