Common use of STANDARD OF CARE AS FOREIGN CUSTODY MANAGER Clause in Contracts

STANDARD OF CARE AS FOREIGN CUSTODY MANAGER. In performing its delegated responsibilities as Customer's Foreign Custody Manager, Wachovia agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of Foreign Assets under the 1940 Act would exercise. In particular, regardless of whether assets are maintained in the custody of an Eligible Foreign Custodian or an Eligible Securities Depository, Wachovia shall be liable to Customer for the acts or omissions of an Eligible Foreign Custodian where that Eligible Foreign Custodian has not acted with reasonable care, except to the extent Customer has directed Wachovia to use a particular Eligible Foreign Custodian.