Common use of Liability of Foreign Custodian Clause in Contracts

Liability of Foreign Custodian. Each agreement between the Custodian and a Foreign Custodian shall require the Foreign Custodian to exercise reasonable care in the performance of its duties and to indemnify and hold harmless the Custodian and the Trust from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Custodian's performance of such obligations. At the election of the Trust, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Trust has not been made whole for any such loss, damage, cost, expense, liability or claim.

Liability of Foreign Custodian. Each agreement between the Custodian and a Foreign Custodian shall require the Foreign Custodian to exercise reasonable care in the performance of its duties and to indemnify and hold harmless the Custodian and the Trust Fund from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Custodian's performance of such obligations. At the election of the TrustFund, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Trust Fund has not been made whole for any such loss, damage, cost, expense, liability or claim.