Specified Sub-Custodian definition

Specified Sub-Custodian means any sub-custodian appointed by the Bank for the safekeeping, administration, clearing and settlement of any Securities and identified in Exhibit C (Specified Sub-Custodians) (as the same may be amended from time to time by the Bank in accordance with this Agreement).
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Examples of Specified Sub-Custodian in a sentence

  • The Client hereby agrees that the Bank will not be liable for any Losses suffered or incurred by the Client as a result of the insolvency of any Sub-Custodian (including any Specified Sub-Custodian) other than any Sub-Custodian which is a branch or a subsidiary of the Bank, but so that this Section 9(C) will not operate to limit any liability which the Bank would otherwise have under Section 19.

  • Without prejudice to the Bank’s obligations under Section 19, in the case of a Sub-Custodian that is not a Specified Sub-Custodian the Bank will not be liable for any Losses incurred by the Client by reason or as a result of the acts or omissions of such Sub-Custodian (including without limitation gross negligence, willful default or fraud on the part of such Sub-Custodian).

  • Without prejudice to the generality of Section 19, in the event of the insolvency of a Specified Sub-Custodian gross negligence, willful default and fraud will be judged by reference to the Bank’s acts and omissions in relation to the performance of its duties and not be deemed to have occurred solely by virtue of Specified Sub-Custodian’s insolvency.

  • The Bank accepts liability to the Client to the extent and with the limitations described in Section 19(B) and 21 herein for any Losses suffered or incurred by the Client by reason or as a result of the gross negligence, willful default or fraud in any act or omission of any Specified Sub-Custodian, or any of Bank Affiliates which for the purposes of this Section 19 will be judged by reference to the standards prevailing in the relevant Local Jurisdiction.

  • A breach of the Service Level Agreement or Description may, according to circumstances, be evidence of the Bank’s negligence, fraud or wilful default in the performance of its obligations under this Agreement or that of a Specified Sub-Custodian but except as set out above, the Service Level Agreement or Description is not legally binding and no breach of any Service Level Agreement or Description will give rise to a Loss for which the Bank is responsible.

  • A breach of the Service Level Description may, according to circumstances, be evidence of the Bank's negligence, fraud or willful default in the performance of its obligations under this Agreement or that of a Specified Sub-Custodian but except as set out above, the Service Level Description is not legally binding and no breach of any Service Level Description will give rise to a Loss for which the Bank is responsible.

  • Without prejudice to the generality of Section 18, in the event of the insolvency of a Specified Sub-Custodian, the Bank’s negligence, , willful default and fraud will be judged by reference to the Bank’s acts and omissions in relation to the performance of its duties and not be deemed to have occurred solely by virtue of Specified Sub-Custodian’s insolvency.

  • Without prejudice to the generality of clause 13.2.3, in the event of the insolvency of a Specified Sub-Custodian negligence, wilful default and fraud will be judged by reference to the Custodian’s acts and omissions in relation to the performance of its duties and not be deemed to have occurred solely by virtue of its insolvency.

Related to Specified Sub-Custodian

  • Specified Subsidiary means, at any date of determination (a) any Material Subsidiary or (b) any Unrestricted Subsidiary (i) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials have been delivered were equal to or greater than 10% of the Consolidated Total Assets of the Borrower and the Subsidiaries at such date, or (ii) whose revenues during such Test Period were equal to or greater than 10% of the consolidated revenues of the Borrower and the Subsidiaries for such period, in each case determined in accordance with GAAP, and (c) each other Unrestricted Subsidiary that is the subject of an Event of Default under Section 11.5 and that, when such Subsidiary’s total assets or revenues are aggregated with the total assets or revenues, as applicable, of each other Subsidiary that is the subject of an Event of Default under Section 11.5 would constitute a Specified Subsidiary under clause (b) above.

  • Special Sub-Custodian Each such duly appointed Special Sub-Custodian shall be listed on Schedule D hereto, as it may be amended from time to time by a Fund, with the acknowledgment of the Custodian. In connection with the appointment of any Special Sub-Custodian, and in accordance with Special Instructions, the Custodian shall enter into a sub-custodian agreement with the Fund and the Special Sub-Custodian in form and substance approved by such Fund, provided that such agreement shall in all events comply with the provisions of the 1940 Act and the rules and regulations thereunder and the terms and provisions of this Agreement.

  • Sub-Custodian means and include (i) any branch of a “U.S. bank,” as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any “Eligible Foreign Custodian” having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section 3.3 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund’s independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund’s assets, including, but not limited to, notification of any transfer to or from a Fund's account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

  • Specified Subordinated Amount As applicable, the Group I Specified Subordinated Amount or the Group II Specified Subordinated Amount.

  • Bankruptcy Custodian means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.