Common use of Liability for Acts and Omissions of Foreign Subcustodians Clause in Contracts

Liability for Acts and Omissions of Foreign Subcustodians. The Custodian shall be liable to a Fund for any loss or damage to such Fund caused by or resulting from the acts or omissions of any Foreign Subcustodian to the extent that, under the terms set forth in the subcustodian agreement between the Custodian or a Domestic Subcustodian and such Foreign Subcustodian, the Foreign Subcustodian has failed to perform in accordance with the standard of conduct imposed under such subcustodian agreement as determined in accordance with the law which is adjudicated to govern such agreements and in accordance with any determination of any court as to the duties of said Foreign Subcustodian pursuant to said agreement.

Liability for Acts and Omissions of Foreign Subcustodians. The Custodian shall be liable to a Fund for any loss or damage to such Fund caused by or resulting from the acts or omissions of any Foreign Subcustodian only to the extent that, under the terms set forth in the subcustodian agreement between the Custodian or a Domestic Subcustodian and such Foreign Subcustodian, which shall impose on the Foreign Subcustodian a standard of conduct substantially similar to that imposed on the Custodian under this Agreement, the Foreign Subcustodian has failed to perform in accordance with the such standard of conduct imposed under such subcustodian agreement as determined in accordance with the law which is adjudicated to govern such agreements and in accordance with any determination of any court as to the duties of said Foreign Subcustodian pursuant to said agreement.