Common use of Liability for Subcustodians Clause in Contracts

Liability for Subcustodians. (a) Subject to Section 7.1(b), X.X. Xxxxxx will be liable for direct losses incurred by the Customer that result from: (i) the failure by 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 misconduct of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian Bank. (b) Subject to Section 5.1(a) and X.X. Xxxxxx’x 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 customarily reviewed by X.X. Xxxxxx in its oversight process, X.X. Xxxxxx will not be responsible for any losses (whether direct or indirect) incurred by the Customer that result from the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian Bank. (c) X.X. Xxxxxx reserves the right to add, replace or remove Subcustodians. X.X. Xxxxxx will give prompt notice of any such action, which will be advance notice if practicable. Upon request by the Customer, X.X. Xxxxxx 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), X.X. Xxxxxx will be liable for direct losses incurred by the Customer that result from: (i) the failure by 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 misconduct of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian BankSubcustodian. (b) Subject to Section 5.1(a) and X.X. Xxxxxx’x 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 customarily reviewed by X.X. Xxxxxx in its oversight process, X.X. Xxxxxx will not be responsible for any losses (whether direct or indirect) incurred by the Customer that result from the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian BankSubcustodian. (c) X.X. Xxxxxx reserves the right to add, replace or remove Subcustodians. X.X. Xxxxxx will give prompt notice of any such action, which will be advance notice if practicable. Upon request by the Customer, X.X. Xxxxxx 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), X.X. Xxxxxx will be liable for direct losses incurred by the Customer any Fund that result from: (i) the failure by 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 misconduct of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian BankSubcustodian. (b) Subject to Section 5.1(a) and X.X. Xxxxxx’x 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 customarily reviewed by X.X. Xxxxxx in its oversight process, X.X. Xxxxxx will not be responsible for any losses (whether direct or indirect) incurred by the Customer Trust that result from the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian BankSubcustodian. (c) X.X. Xxxxxx reserves the right to add, replace or remove Subcustodians. X.X. Xxxxxx will give prompt notice of any such action, which will be advance notice if practicable. Upon request by the Customerthe Trust, X.X. Xxxxxx 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), X.X. Xxxxxx will be liable for direct losses incurred by the Customer that result from: (i) the failure by 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 misconduct of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian BankSubcustodian. (b) Subject to Section 5.1(a) and X.X. Xxxxxx’x 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 customarily reviewed by X.X. Xxxxxx in its oversight process, X.X. Xxxxxx will not be responsible for any losses (whether direct or indirect) incurred by the Customer that result from the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian BankSubcustodian. (c) X.X. Xxxxxx reserves the right to add, replace or remove Subcustodians. X.X. Xxxxxx will give prompt notice of any such action, which will be advance notice if practicable. Upon request by the Customer, X.X. Xxxxxx 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), X.X. Xxxxxx will be liable for direct losses incurred by the Customer that result from: (i) the failure by 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 misconduct of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian Bank. (b) Subject to Section 5.1(a) and X.X. Xxxxxx’x 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 customarily reviewed by X.X. Xxxxxx in its oversight process, X.X. Xxxxxx will not be responsible for any losses (whether direct or indirect) incurred by the Customer that result from the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian Bank. (c) X.X. Xxxxxx reserves the right to add, replace or remove Subcustodians. X.X. Xxxxxx will give prompt notice of any such action, which will be advance notice if practicable. Upon request by the Global Custody Agreement - New York - General - May 2012 Customer, X.X. Xxxxxx 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), X.X. J.X. Xxxxxx will be liable for direct losses incurred by the Customer that result from: (i) the failure by 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 misconduct of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian Bank. (b) Subject to Section 5.1(a) and X.X. J.X. Xxxxxx’x 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 customarily reviewed by X.X. J.X. Xxxxxx in its oversight process, X.X. J.X. Xxxxxx will not be responsible for any losses (whether direct or indirect) incurred by the Customer that result from the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian Bank. (c) X.X. J.X. Xxxxxx reserves the right to add, replace or remove Subcustodians. X.X. J.X. Xxxxxx will give prompt notice of any such action, which will be advance notice if practicable. Upon request by the Customer, X.X. J.X. Xxxxxx 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), X.X. Xxxxxx will be liable for direct losses incurred by the Customer that result from: (i) the failure by 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 misconduct of such Subcustodian in the provision of custodial services by it; or (ii) the insolvency of any Affiliated Subcustodian BankSubcustodian, including any branches of X.X. Xxxxxx acting as an Affiliated Subcustodian. (b) Subject to Section 5.1(a) and X.X. Xxxxxx’x 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 customarily reviewed by X.X. Xxxxxx in its oversight process, X.X. Xxxxxx will not be responsible for any losses (whether direct or indirect) incurred by the Customer that result from the insolvency of any Subcustodian which is not a branch or an Affiliated Subcustodian BankSubcustodian. (c) Subject to compliance with Rule 17f-5 under the Investment Company Act of 1940, X.X. Xxxxxx reserves the right to add, replace or remove Subcustodians. X.X. Xxxxxx will give prompt notice of any such action, which will be advance notice if practicable. Upon request by the Customer, X.X. Xxxxxx 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.