Common use of CONCERNING CUSTODIAN Clause in Contracts

CONCERNING CUSTODIAN. 1. (a) Custodian shall exercise the due care expected of a professional custodian for hire with respect to the Securities in its possession or control. Except as otherwise expressly provided herein, Custodian shall not be liable for any costs, expenses, damages, liabilities or claims (including attorneys' and accounts' fees) incurred by or asserted against Customer, except those costs, expenses, damages, liabilities or claims arising out of the negligence, fraud or wilful misconduct of Custodian. Custodian shall have no obligation hereunder for costs, expenses, damages, liabilities or claims (including attorneys' or accounts' fees) which are sustained or incurred by reason of any action or inaction by the Book-Entry System or any Depository, unless such action or inaction is caused by the negligence, fraud or wilful misconduct of Custodian. In no event shall Custodian be liable to Customer or any third party for special, indirect or consequential damages, or lost profits or loss of business, arising in connection with this Agreement.