Common use of Scope of Responsibility Clause in Contracts

Scope of Responsibility. (A) Subject to the terms hereof, the Custodian shall use all reasonable care in the performance of its duties under this Agreement and will exercise the due care of a professional custodian for hire with respect to the Property in its possession or control. The Custodian will not be responsible for any loss or damage suffered by the Client as a result of the Custodian performing such duties unless the loss or damage results from the Custodian's negligence, willful misconduct or fraud or the negligence, willful misconduct or fraud of its nominees or any branch or subsidiary (or subcustodian or agent appointed to safekeep Property in the United States, other than a Clearance System); in the event of such negligence or willful misconduct the liability of the Custodian in connection with the loss or damage will not exceed (i) the lesser of the current replacement cost of any Securities or the market value of the Securities to which such loss or damage relates at the time the Client reasonably should have been aware of such negligence or willful misconduct, plus (ii) compensatory interest up to that time at the rate applicable to the base currency of the Custody Cash Account. Under no circumstances will the Custodian be liable to the Client for consequential loss or damage, even if advised of the possibility of such loss or damage.

Scope of Responsibility. (A) Subject to the terms hereof, the Custodian shall use all reasonable care in the performance of its duties under this Agreement and will exercise the due care of a professional custodian for hire with respect to the Property in its possession or control. The Custodian will not be responsible for any loss or damage suffered by the Client as a result of the Custodian performing such duties unless the loss or damage results from the Custodian's ’s negligence, willful misconduct or fraud or the negligence, willful misconduct or fraud of its nominees or any branch or subsidiary (or subcustodian or agent appointed to safekeep Property in the United States, other than a Clearance System); in the event of such negligence or willful misconduct the liability of the Custodian in connection with the loss or damage will not exceed (i) the lesser of the current replacement cost of any Securities or the market value of the Securities to which such loss or damage relates at the time the Client reasonably should have been aware of such negligence or willful misconduct, plus (ii) compensatory interest up to that time at the rate applicable to the base currency of the Custody Cash Account. Under no circumstances will the Custodian be liable to the Client for consequential loss or damage, even if advised of the possibility of such loss or damage.