Common use of Agents and Subcustodians Clause in Contracts

Agents and Subcustodians. The Bank may employ agents in the performance of its duties hereunder and shall be responsible for the acts and omissions of such agents as if performed by the Bank hereunder. Upon receipt of Proper Instructions, the Bank may employ subcustodians in accordance with such instructions, provided that any such subcustodian meets at least the minimum qualifications required by Section 17(f) of the Act to act as a custodian of any Portfolio of the Trust's assets, and provided further that the Bank shall have no more or less responsibility to any Portfolio of the Trust on account of any actions or omissions of any subcustodian so employed than any such subcustodian has to the Bank, provided that the liability limitations have been disclosed to the Trust. At the election of the Trust, it shall be entitled to be subrogated to the rights of the Bank with respect to any claims against a subcustodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that any Portfolio or the Trust has not been made whole for any such loss, damage, cost, expense, liability or claim. The affected Portfolio(s) of the Trust shall pay all appropriately apportioned fees and expenses of any subcustodian.

Agents and Subcustodians. The Bank may employ agents in the performance of its duties hereunder and shall be responsible for the acts and omissions of such agents as if performed by the Bank hereunder. Upon receipt of Proper Instructions, the Bank may employ subcustodians in accordance with such instructionssubcustodians, provided that any such subcustodian meets at least the minimum qualifications required by Section 17(f) of the Act to act as a custodian of any Portfolio of the TrustFund's assets, and provided further that the Bank shall have no more or less responsibility to any Portfolio of the Trust Fund on account of any actions or omissions of any subcustodian so employed than any such subcustodian has to the Bank. Each agreement pursuant to which the Bank employs a subcustodian shall require, provided that unless otherwise agreed by the Fund, the subcustodian to exercise reasonable care in the performance of its duties and to indemnify, and hold harmless, the Bank and the Fund from and against any loss, damage, cost, expense, liability limitations have been disclosed to or claim arising out of or in connection with the Trustsubcustodian's performance of such obligations. At the election of the TrustFund, it shall be entitled to be subrogated to the rights of the Bank with respect to any claims against a subcustodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that any Portfolio or the Trust Fund has not been made whole for any such loss, damage, cost, expense, liability or claim. The affected Portfolio(s) of the Trust Fund shall pay all appropriately apportioned fees and expenses of any subcustodian.