Common use of Liability for Subcustodians Clause in Contracts

Liability for Subcustodians. (a) Subject to Section 7.1(b), Bank shall be liable for direct losses incurred by Customer that result from: (i) the failure by the Subcustodian to use reasonable care in the provision of custodial services by it in accordance with the standards prevailing in the relevant market or from the fraud or willful default of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian. (b) Subject to Section 7.1(b) and Bank's duty to use reasonable care in the monitoring of a Subcustodian's financial condition as reflected in its published financial statements and other publicly available financial information concerning it, Bank shall not be responsible for the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian. (c) Bank reserves the right to add, replace or remove Subcustodians. Bank shall give prompt notice of any such action, which shall be advance notice if practicable. Upon request by Customer, Bank shall identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian.

Liability for Subcustodians. (a) Subject to Section 7.1(b), Bank shall will be liable for direct losses incurred by Customer that result from: (i) from the failure by the a Subcustodian to use reasonable care in the provision of custodial services by it in accordance with the standards prevailing in the relevant market or from the fraud or willful default misconduct of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian. (b) Subject to Section 7.1(b5.1(a) and Bank's ’s duty to use reasonable care in the monitoring of a Subcustodian's ’s financial condition as reflected in its published financial statements and other publicly available financial information concerning itit customarily reviewed by Bank in its oversight process, Bank shall will not be responsible for the insolvency of any Subcustodian which is not a branch of the Bank or an Affiliated Subcustodian. (c) Bank reserves the right to add, replace or remove Subcustodians. Bank shall will give prompt notice of any such action, which shall will be advance notice if notice, whenever practicable. Upon request by Customer, Bank shall will identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian.

Liability for Subcustodians. (a) Subject to Section 7.1(b), Bank shall will be liable for direct losses incurred by Customer that result from: (i) the failure by the Subcustodian to use reasonable care in the provision of custodial services by it in accordance with the standards prevailing in the relevant market or from the fraud or willful default of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian. (b) Subject to Section 7.1(b5.1(a) (i) and Bank's duty to use reasonable care in the monitoring of a Subcustodian's financial condition as reflected in its published financial statements and other publicly available financial information concerning it, Bank shall will not be responsible for the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian. (c) Bank reserves the right to add, replace or remove Subcustodians. Bank shall will give prompt notice of any such action, which shall will be advance notice if practicable. Upon request by Customer, Bank shall will identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian.

Liability for Subcustodians. (a) Subject to Section 7.1(b), Bank shall be liable for direct losses incurred by Customer that result from: (i) the failure by the Subcustodian to use reasonable care in the provision of custodial services by it in accordance with the standards prevailing in the relevant market or from the negligence, fraud or willful default of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian. (b) Subject to Section 7.1(b) and Bank's ’s duty to use reasonable care in the monitoring of a Subcustodian's ’s financial condition as reflected in its published financial statements and other publicly available financial information concerning it, Bank shall not be responsible for the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian. (c) Bank reserves the right to add, replace or remove Subcustodians. Bank shall give prompt notice of any such action, which shall be advance notice if practicable. Upon request by Customer, Bank shall identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian.

Liability for Subcustodians. (a) Subject to Section 7.1(b), Bank shall will be liable for direct losses incurred by Customer that result from: (i) from the failure by the a Subcustodian to use reasonable care in the provision of custodial services by it in accordance with the standards prevailing in the relevant market or from the fraud or willful default misconduct of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian. (b) Subject to Section 7.1(b5.1(a) and Bank's duty to use reasonable care in the monitoring of a Subcustodian's financial condition as reflected in its published financial statements and other publicly available financial information concerning itit customarily reviewed by Bank in its oversight process, Bank shall will not be responsible for the insolvency of any Subcustodian which is not a branch of the Bank or an Affiliated Subcustodian. (c) Bank reserves the right to add, replace or remove Subcustodians. Bank shall will give prompt notice of any such action, which shall will be advance notice if notice, whenever practicable. Upon request by Customer, Bank shall will identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian.

Liability for Subcustodians. (a) Subject to Section 7.1(b), Bank shall will be liable for direct losses incurred by Customer that result from: (i) the failure by the Subcustodian to use reasonable care in the provision of custodial services by it in accordance with the standards prevailing in the relevant market or from the fraud or willful default of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian. (b) Subject to Section 7.1(b5.1(a) and Bank's duty to use reasonable care in the monitoring of a Subcustodian's financial condition as reflected in its published financial statements and other publicly available financial information concerning it, Bank shall will not be responsible for the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian. (c) Bank reserves the right to add, replace or remove Subcustodians. Bank shall will give prompt notice of any such action, which shall will be advance notice if practicable. Upon request by Customer, Bank shall will identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian.

Liability for Subcustodians. (a) Subject to Section 7.1(b), Bank shall will be liable for direct losses incurred by Customer that result from: (i) the failure by the Subcustodian to use reasonable care in the provision of custodial services by it in accordance with the standards prevailing in the relevant market or from the fraud or willful default of such Subcustodian in the provision of custodial services by it; , or (ii) the insolvency of any Affiliated Subcustodian. (b) Subject to Section 7.1(b5.1(a) and Bank's duty to use reasonable care in the monitoring of a Subcustodian's financial condition as reflected in its published financial statements and other publicly available financial information concerning it, ; Bank shall will not be responsible for the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian. (c) Bank reserves the right to add, replace or remove Subcustodians. Bank shall will give prompt notice of any such action, which shall will be advance notice if practicable. Upon request by Customer, Bank shall will identify the name, address and principal place of business of any Subcustodian and the name and address of the governmental agency or other regulatory authority that supervises or regulates such Subcustodian.