Appointment of Sub-Custodians. JPMS may appoint sub-custodians, including JPM Affiliates, of assets held by or through your Accounts. JPMS will exercise reasonable skill, care and diligence in the selection of any such sub-custodian and will be responsible to you for satisfying itself as to the ongoing suitability of such sub-custodian to provide custodial services, will maintain an appropriate level of supervision over such sub-custodian and will make appropriate inquiries periodically to confirm that the obligations of such sub-custodian continue to be competently discharged. Anything herein to the contrary notwithstanding, JPMS will be liable only for loss or damage (subject to the limitations in Section 14 above) arising out of the insolvency, acts or omissions of any sub-custodian appointed by it that is a JPM Affiliate, but shall not be liable for any such loss or damage arising out of the insolvency, acts or omissions of any sub-custodian appointed by it that is not a JPM Affiliate, provided that JPMS has complied with its undertakings in the preceding sentence.
Appears in 13 contracts
Samples: Institutional Account Agreement (Tactical Diversified Futures Fund L.P.), Institutional Account Agreement (Global Diversified Futures Fund L.P.), Institutional Account Agreement (Orion Futures Fund Lp)
