Common use of LIABILITY OF FOREIGN SUB-SUB-CUSTODIANS Clause in Contracts

LIABILITY OF FOREIGN SUB-SUB-CUSTODIANS. Each agreement pursuant to which the Sub-Custodian employs a foreign banking institution as a foreign sub-sub-custodian shall require the institution to exercise reasonable care in the performance of its duties and to indemnify, and hold harmless, the Sub-Custodian and the Fund 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 election of the Fund, it shall be entitled to be subrogated to the rights of the Sub-Custodian with respect to any claims against 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 claim.