RESPONSIBILITY FOR PROPERTY HELD BY SUBCUSTODIANS AND AGENTS Sample Clauses

RESPONSIBILITY FOR PROPERTY HELD BY SUBCUSTODIANS AND AGENTS. The Custodian shall have the same (and no more or less) responsibility to the Fund or the Fund assets on account of any actions or omissions of any sub-custodian so employed than any such subcustodian has to the Custodian or agent. Notwithstanding the foregoing or any other provision of this Agreement, the Fund acknowledges and agrees that the Custodian shall not be liable to the Fund, the Fund assets or any other party for any loss, damage, claim, cost, expense or other liability arising from the bankruptcy, insolvency or receivership of any Non-Affiliated subcustodian or agent. For purposes of this paragraph, the term “
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RESPONSIBILITY FOR PROPERTY HELD BY SUBCUSTODIANS AND AGENTS. The Custodian’s responsibility with respect to any property held by its subcustodians or its agents is limited to the failure on the part of the Custodian to exercise reasonable care in the selection, retention or monitoring of such subcustodian or agent in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market. With respect to any direct losses, damages, claims, costs, expenses or other liabilities incurred by the Customer or the Customer Assets as a result of the acts or the failure to act by any agent or subcustodian, the Custodian’s sole responsibility to the Customer shall be to take commercially reasonable action to pursue claims for such losses, damages, claims, costs, expenses or other liabilities, as applicable, from such subcustodian or agent. Notwithstanding the foregoing or any other provision of this Agreement, the Customer acknowledges and agrees that the Custodian shall not be liable to the Customer, the Customer Assets, the Investment Manager or any other party for any loss, damage, claim, cost, expense or other liability arising from the bankruptcy, insolvency or receivership of any such subcustodian or agent. The Customer further acknowledges and agrees that Transfer Agents shall not be deemed to be subcustodians or agents of the Custodian for purposes of this Section 7.7 or for any other provision of this Agreement.
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RESPONSIBILITY FOR PROPERTY HELD BY SUBCUSTODIANS AND AGENTS. Except as otherwise provided in this Agreement, the Custodian shall exercise reasonable care in the selection, retention or monitoring of its subcustodians and agents. With respect to any direct losses, damages, claims, costs, expenses or other liabilities incurred by a Fund or the Fund Assets as a result of the acts or the failure to act by any agent or subcustodian of the Custodian taking into account the facts and circumstances of the relevant market conditions, the Custodian shall have the same (and no more or less) responsibility to the Fund as any such subcustodian or agent has to the Custodian. In connection therewith, the Custodian agrees to take commercially reasonable action to pursue those claims that have been brought to its attention for such losses, damages, claims, costs, expenses or other liabilities, as applicable, from such subcustodian or agent. Notwithstanding the foregoing or any other provision of this Agreement, each Fund acknowledges and agrees that the Custodian shall not be liable to the Fund, the Fund State Street: Limited Access Assets, the Investment Manager or any other party for any loss, damage, claim, cost, expense or other liability arising from the bankruptcy, insolvency or receivership of any such subcustodian or agent. The Fund further acknowledges and agrees that Transfer Agents shall not be deemed to be subcustodians or agents of the Custodian for purposes of this Section 7.7 or for any other provision of this Agreement. Nothing in this Section 7.7 shall relieve the Custodian of its responsibilities to perform its obligations under Sections 2.9 and 2.10 in accordance with the standard of care set forth in Section 7.1.
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Related to RESPONSIBILITY FOR PROPERTY HELD BY SUBCUSTODIANS AND AGENTS

  • Liability for Subcustodians (a) Subject to Section 7.1(b), Bank shall be liable for direct losses incurred by Customer that result from:

  • Responsibility for Subcustodians Except as provided in the last sentence of this Section 8.6, the Custodian shall be liable to the Fund for any loss or damage to the Fund caused by or resulting from the acts or omissions of any Subcustodian to the extent that such acts or omissions would be deemed to be negligence, gross negligence or willful misconduct in accordance with the terms of the relevant subcustodian agreement under the laws, circumstances and practices prevailing in the place where the act or omission occurred. The liability of the Custodian in respect of the countries and Subcustodians designated by the Custodian, from time to time on the Global Custody Network Listing shall be subject to the additional condition that the Custodian actually recovers such loss or damage from the Subcustodian.

  • Experts, Advisers and Agents The Trustee may:

  • Responsibility for Collateral The Debtors assume all liabilities and responsibility in connection with all Collateral, and the Obligations shall in no way be affected or diminished by reason of the loss, destruction, damage or theft of any of the Collateral or its unavailability for any reason. Without limiting the generality of the foregoing, (a) neither the Agent nor any Secured Party (i) has any duty (either before or after an Event of Default) to collect any amounts in respect of the Collateral or to preserve any rights relating to the Collateral, or (ii) has any obligation to clean-up or otherwise prepare the Collateral for sale, and (b) each Debtor shall remain obligated and liable under each contract or agreement included in the Collateral to be observed or performed by such Debtor thereunder. Neither the Agent nor any Secured Party shall have any obligation or liability under any such contract or agreement by reason of or arising out of this Agreement or the receipt by the Agent or any Secured Party of any payment relating to any of the Collateral, nor shall the Agent or any Secured Party be obligated in any manner to perform any of the obligations of any Debtor under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency of any payment received by the Agent or any Secured Party in respect of the Collateral or as to the sufficiency of any performance by any party under any such contract or agreement, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to the Agent or to which the Agent or any Secured Party may be entitled at any time or times.

  • Liability for Depositories The Custodian shall not be responsible for any losses resulting from the deposit or maintenance of Securities, Assets or other property of the Series with a Securities Depository.

  • Responsibility of the Custodian In performing its duties and obligations hereunder, the Custodian shall use reasonable care under the facts and circumstances prevailing in the market where performance is effected. Subject to the specific provisions of this Section, the Custodian shall be liable for any direct damage incurred by the Fund in consequence of the Custodian's negligence, bad faith or willful misconduct. In no event shall the Custodian be liable hereunder for any special, indirect, punitive or consequential damages arising out of, pursuant to or in connection with this Agreement even if the Custodian has been advised of the possibility of such damages. It is agreed that the Custodian shall have no duty to assess the risks inherent in the Fund's Investments or to provide investment advice with respect to such Investments and that the Fund as principal shall bear any risks attendant to particular Investments such as failure of counterparty or issuer.

  • Liability of the Escrow Agent The duties of the Escrow Agent hereunder will be limited to the observance of the express provisions of this Agreement. The Escrow Agent will not make any payment or disbursement from or out of the Escrow Account except as provided by this Agreement. The Escrow Agent may rely upon and act upon any instrument received by it pursuant to the provisions of this Agreement which it reasonably believes to be in conformity with the requirements of this Agreement. The Escrow Agent agrees to use the same degree of care and skill as is customary for an escrow agent in similar circumstances. The Escrow Agent will not be liable for any action taken or not taken by it under the terms hereof in the absence of breach of its obligations hereunder or gross negligence or willful misconduct on its part. In receiving the amounts deposited into the Escrow Account, the Escrow Agent acts only as a depository for the Purchaser and the Seller and assumes no responsibility except pursuant to the provisions of this Agreement. No withdrawals shall be permitted from the Escrow Account except as provided herein or as required by law or court order. All of the terms and conditions in connection with the Escrow Agent's duties and responsibilities, and the rights of the Purchaser and the Seller or anyone else, with respect to the Escrow Account, are contained solely in this Agreement and in any signature card required by the Escrow Agent pertaining to the Escrow Account, and the Escrow Agent is not expected or required to be familiar with the provisions of any other agreement, and shall not be charged with any responsibility or liability in connection with the observance of the provisions of any such other agreement. The Escrow Agent may act or refrain from acting in respect of any matter referred to herein in full reliance upon and by and with the advice of counsel which may be selected by it, and shall be fully protected in so acting or in refraining from acting upon the advice of such counsel. Except as herein expressly provided, none of the provisions of this Agreement shall require the Escrow Agent to expend or risk its own funds or otherwise incur financial liability or expense in the performance of any of its duties hereunder. The Escrow Agent is hereby authorized to comply with and obey all orders, judgements, decrees or writs entered or issued by any court, and in the event the Escrow Agent obeys or complies with any such order, judgment, decree or writ of any court, in whole or in part, it shall not be liable to any of the Parties hereto, nor to any other person or entity, by reason of such compliance, notwithstanding that it shall be determined that any such order, judgment, decree or writ be entered without jurisdiction or be invalid for any reason or be subsequently reversed, modified, annulled or vacated. Should any controversy arise between the Purchaser and the Seller or between the Seller, the Purchaser and any other person or entity with respect to this Agreement, or with respect to the ownership of or the right to receive any sums from the Escrow Account, the Escrow Agent shall have the right to institute a xxxx of interpleader in any court of competent jurisdiction to determine the rights of the Parties. The Purchaser and the Seller agree that the Escrow Agent is acting solely as an escrow agent hereunder and not as a trustee, and that the Escrow Agent has no fiduciary duties, obligations or liabilities under this Agreement.

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