Common use of Liability for Subcustodians, Nominees, Agents and Depositories Clause in Contracts

Liability for Subcustodians, Nominees, Agents and Depositories. Subject to Sections 5.5 and 5.6 below, if a Fund suffers a loss as a result of any act or omission of a sub-custodian or its nominee, or of any other Agent appointed by the Custodian (rather than appointed by the Client) and if such loss is directly attributable to the failure of such sub-custodian or its nominee or such other Agent appointed by the Custodian to exercise, in the provision of any service to be provided by it under this Agreement, (i) the degree of care, diligence and skill that a reasonably prudent person would exercise in the circumstances; or (ii) at least the same degree of care as they would exercise with respect to their own property of a similar kind (if this is a higher degree of care than the degree of care referred to in paragraph (i) herein, then the Custodian shall assume liability for such loss directly, and shall reimburse the Fund accordingly. Other than as stated above, the Custodian shall be fully protected and absolved from liability howsoever arising from any acts or omissions of sub-custodians or their nominees, or other Agents appointed by the Custodian or appointed by the Client.

Liability for Subcustodians, Nominees, Agents and Depositories. Subject to Sections 5.5 and 5.6 below, if a Fund suffers a loss as a result of any act or omission of a sub-custodian or its nominee, or of any other Agent appointed by the Custodian (rather than appointed by the Client) and if such loss is directly attributable to the failure of such sub-sub- custodian or its nominee or such other Agent appointed by the Custodian to exercise, in the provision of any service to be provided by it under this Agreement, (i) the degree of care, diligence and skill that a reasonably prudent person would exercise in the circumstances; or (ii) at least the same degree of care as they would exercise with respect to their own property of a similar kind (if this is a higher degree of care than the degree of care referred to in paragraph (i) herein, then the Custodian shall assume liability for such loss directly, and shall reimburse the Fund accordingly. Other than as stated above, the Custodian shall be fully protected and absolved from liability howsoever arising from any acts or omissions of sub-custodians or their nominees, or other Agents appointed by the Custodian or appointed by the Client.