Liability of Foreign Sub. CUSTODIAN Each agreement pursuant to which the Custodian (or its U.S. sub-custodian bank, as applicable) employs a foreign banking institution as a foreign sub-custodian shall require the institution to exercise reasonable care in performance of its duties and to indemnify, and hold harmless, the Custodian and Custodian's customers from and against any loss, damage, cost, expense, liability or claim arising out of such sub-custodian's negligence, fraud, bad faith, willful misconduct or reckless disregard of its duties. At the election of the Fund, it shall be entitled to be subrogated to the right of the Custodian with respect to any claims against the Custodian's U.S. sub-custodian bank (if any) or a foreign banking institution as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Fund has not been made whole for any such loss, damage, cost, expense, liability or claims.
Liability of Foreign Sub. Custodians and Foreign Securities ---------------------------------------------------------- Systems. Each agreement pursuant to which the Custodian employs as a Foreign ------- Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties and, to the extent possible, to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian's performance of such obligations. At the Fund's election, the Portfolios shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Portfolios have not been made whole for any such loss, damage, cost, expense, liability or claim.
Liability of Foreign Sub. CUSTODIANS Each agreement pursuant to which the Custodian, acting solely in its capacity as Custodian, employs a Foreign Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties, and to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the institution...s performance of such obligations. At the Trust's election, the Portfolios shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Portfolios have not been made whole for any such loss, damage, cost, expense, liability or claim.
Liability of Foreign Sub. SUB-CUSTODIANS AND FOREIGN SECURITIES SYSTEMS. ---------------------------------------------------------------------- Each agreement pursuant to which the Sub-Custodian employs a Foreign Sub-Sub- Custodian shall, to the extent possible, require the Foreign Sub-Sub-Custodian to exercise reasonable care in the performance of its duties and, to the extent possible, to indemnify, and hold harmless, the Sub-Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with such Foreign Sub-Sub-Custodian's performance of such obligations. At the election of the Fund, the Fund shall be entitled to be subrogated to the rights of the Sub-Custodian with respect to any claims against a Foreign Sub-Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Fund and any applicable Portfolio has not been made whole for any such loss, damage, cost, expense, liability or claim.
Liability of Foreign Sub. Sub-Custodians and Foreign Securities Systems. Each agreement pursuant to which the Sub-Custodian employs a Foreign Sub-Sub-Custodian shall, to the extent possible, require the Foreign Sub-Sub-Custodian to exercise reasonable care in the performance of its duties and, to the extent possible, to indemnify, and hold harmless, the Sub-Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with such Foreign Sub-Sub-Custodian's performance of such obligations. At the election of the Fund, the Fund shall be entitled to be subrogated to the rights of the Sub-Custodian with respect to any claims against a Foreign Sub-Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Fund and any applicable Portfolio has not been made whole for any such loss, damage, cost, expense, liability or claim.
