Common use of Liability for Subcustodians Clause in Contracts

Liability for Subcustodians. (a) BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians. (b) With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however, that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate: (i) BNY Mellon’s liability will be limited solely to the extent resulting directly from BNY Mellon’s failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and (ii) To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i), BNY Mellon’s sole responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).

Liability for Subcustodians. (a) BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians. (b) With respect to Assets held by a Subcustodian, BNY Mellon will be liable to a Customer for the activities of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to the Customer under this Agreement if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however, that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate: (i) BNY Mellon’s liability Mellon will be limited solely liable for the activities of such Subcustodian to the extent resulting directly from such Subcustodian is liable for such activities under the terms of its agreement with BNY Mellon’s failure ; (ii) BNY Mellon will be liable if BNY Mellon failed to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and (iiiii) To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i) or 4.2(b)(ii), BNY Mellon’s sole responsibility to the Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward to the Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).

Liability for Subcustodians. (a) BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians. (b) With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however, that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate:. (i) BNY Mellon’s liability will be limited solely to the extent resulting directly from BNY Mellon’s failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and (ii) To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i), BNY Mellon’s sole responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).

Liability for Subcustodians. ‌ (a) BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians. (b) With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however, that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate: (i) BNY Mellon’s liability will be limited solely to the extent resulting directly from BNY Mellon’s failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and (ii) To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i), BNY Mellon will notify Customer of any losses incurred by the Customer as a result of the acts or the failure to act by any Subcustodian including a Subcustodian’s failure to perform its duties in accordance with the agreements between BNY Mellon and such Subcustodian and BNY Mellon’s sole responsibility to Customer will be to: (A) take reasonable and appropriate action to recover such loss from such Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).and

Liability for Subcustodians. (a) BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians. (b) With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however, that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate: (i) BNY Mellon’s liability will be limited solely to the extent resulting directly from BNY Mellon’s failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and (iic) To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i), BNY Mellon’s sole responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).

Liability for Subcustodians. (a) BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians. (b) With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however, that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate: (i) BNY Mellon’s liability will be limited solely to the extent resulting directly from BNY Mellon’s failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and (ii) To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i), BNY Mellon’s sole responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).

Liability for Subcustodians. (a) BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians. (b) With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however, that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate: (i) BNY Mellon’s liability will be limited solely to the extent resulting directly from BNY Mellon’s failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and (ii) To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i4.2(i), BNY Mellon’s sole responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).

Liability for Subcustodians. (a) BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians. (b) With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however, that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate:. (i) BNY Mellon’s liability will be limited solely to the extent resulting directly from BNY Mellon’s failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and (ii) To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i4.2(b)(I), BNY Mellon’s sole responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith). (c) BNY Mellon will, if it reasonably determines appropriate to do so, utilize a Subcustodian that is a BNY Mellon Affiliate.