Common use of Designated Markets Clause in Contracts

Designated Markets. In order to provide services to the Client pursuant to this Agreement, the Custodian is required to engage subcustodians in certain markets, which have been identified as being high risk and designated as “Designated Markets” in Schedule “C” to this Agreement. A Designated Market is a market where the risks of engaging a subcustodian or Agent are significantly greater than they would be in more established markets. Accordingly, notwithstanding any other provision of this Agreement, where the Custodian is providing custodial services in Designated Markets (whether directly or through a subcustodian) in respect of a Fund, the Custodian may not be able to accept some of the liabilities for the acts of its subcustodians and Agents which are otherwise contemplated by this Agreement. Where the Custodian engages a subcustodian or Agent in a Designated Market, the Client acknowledges and agrees that any negligence, wilful misconduct, or lack of good faith of a subcustodian or Agent will not constitute a breach of the standard of care or negligence of the Custodian for purposes of this Agreement. However, for greater certainty, nothing is intended to limit the responsibility of the Custodian under this Agreement for the selection and ongoing monitoring of its Agents and subcustodians. As necessary from time to time, the Custodian will advise the Client through written notice of any additions or deletions to Schedule “C” and any such additional market shall be deemed to be a Designated Market for all purposes of this Agreement sixty days following such notification. The Client also acknowledges that the Client and/or its other managers of, or advisors to, the Funds have responsibility for apprising themselves of the specific risks to the Funds involved in the investment and reinvestment of the Funds’ Property in all markets in which the Funds’ Property is located from time to time.

Designated Markets. In order to provide services to the Client pursuant to this Agreement, the Custodian is required to engage subcustodians in certain markets, which have been identified as being high risk and designated as “Designated Markets” in Schedule “CF” to this Agreement. A Designated Market is a market where the risks of engaging a subcustodian or Agent are significantly greater than they would be in more established markets. Accordingly, notwithstanding any other provision of this Agreement, where the Custodian is providing custodial services in Designated Markets (whether directly or through a subcustodian) in respect of a Fund, the Custodian may not be able to accept some of the liabilities for the acts of its subcustodians and Agents which are otherwise contemplated by this Agreement. Where the Custodian engages a subcustodian or Agent in a Designated Market, the Client acknowledges and agrees that any negligence, wilful misconduct, or lack of good faith of a subcustodian or Agent will not constitute a breach of the standard of care or negligence of the Custodian for purposes of this Agreement. However, for greater certainty, nothing is intended to limit the responsibility of the Custodian under this Agreement for the selection and ongoing monitoring of its Agents and subcustodians. As necessary from time to time, the Custodian will advise the Client through written notice of any additions or deletions to Schedule “CF” and any such additional market shall be deemed to be a Designated Market for all purposes of this Agreement sixty days following such notification. The Client also acknowledges that the Client and/or its other managers of, or advisors to, the Funds have responsibility for apprising themselves of the specific risks to the Funds involved in the investment and reinvestment of the Funds’ Property in all markets in which the Funds’ Property is located from time to time.

Designated Markets. In order to provide services to the Client Fund pursuant to this Agreement, the Custodian is may be required to engage subcustodians in certain markets, which have been identified as being high risk and designated as “Designated Markets” in Schedule “CB” to this Agreement. A Designated Market is a market where the risks of engaging a subcustodian or Agent are significantly greater than they would be in more established markets. Accordingly, notwithstanding any other provision of this Agreement, where the Custodian is providing custodial services in Designated Markets (whether directly or through a subcustodian) in respect of a the Fund, the Custodian may not be able to accept some of the liabilities for the acts of its subcustodians and Agents which are otherwise contemplated by this Agreement. Where in accordance with this Agreement, the Custodian engages a subcustodian or Agent in a Designated Market, the Client Fund acknowledges and agrees that any negligence, wilful misconduct, or lack of good faith of a subcustodian or Agent will not constitute a breach of the standard of care or negligence of the Custodian for purposes of this Agreement. However, for greater certainty, nothing is intended to limit the responsibility of the Custodian under this Agreement for the selection and ongoing monitoring of its Agents and subcustodians. As necessary from time to time, the Custodian will advise the Client Manager on behalf of the Fund through written notice of any additions or deletions to Schedule “CB” and any such additional market shall be deemed to be a Designated Market for all purposes of this Agreement sixty days following such notification. The Client also acknowledges that the Client and/or its other managers ofFor purposes of this Section 5.6 hereof, or advisors to, the Funds have responsibility for apprising themselves of the specific risks to the Funds involved no Gold Coins shall be held in the investment and reinvestment of the Funds’ Property in all markets in which the Funds’ Property is located from time to timea Designated Market.