Common use of INDEMNIFICATION OF THE FUND BY CUSTODIAN Clause in Contracts

INDEMNIFICATION OF THE FUND BY CUSTODIAN. Custodian shall promptly indemnify and hold the Fund harmless from and against any and all direct costs, expenses, losses, damages, charges, reasonable counsel fees, payments and liabilities that are incurred by the Fund or for which the Fund is held to be liable, to the extent arising out of or attributable to the failure of Custodian to exercise the standard of care set forth in Section 15.1 above; provided, however, that such indemnity and hold harmless shall not apply to any costs, expenses, losses, damages, charges, reasonable counsel fees, payments or liabilities to the extent arising out of the Fund’s negligence, bad faith or willful misconduct.