Common use of Agents Sub Custodians Clause in Contracts

Agents Sub Custodians. (a) Bear ▇▇▇▇▇▇▇ may employ agents or subcontractors in the performance of its Obligations under this Agreement or any Activity; provided, however, that any clearing organization, settlement systems customarily used to clear trades in the applicable security or transaction, depository, book entry system participant or entity which Bear ▇▇▇▇▇▇▇ employs based upon customary market practice (such as the Federal Reserve Bank or any participant in the Federal Reserve System book-entry system, The Depository Trust Company, The Participants Trust Company, Euroclear, Sicovam and any other similar organization) shall not be considered an agent or subcontractor of Bear ▇▇▇▇▇▇▇. The appointment of any agent or subcontractor, pursuant to this Paragraph 20, shall not relieve Bear ▇▇▇▇▇▇▇ of any of its Obligations under this Agreement. (b) Notwithstanding the foregoing, you acknowledge that Bear ▇▇▇▇▇▇▇ may appoint sub-custodians, including its own Affiliates, of assets held by or through Bear ▇▇▇▇▇▇▇ in your accounts. Anything in subparagraph 20(a) of this Agreement to the contrary notwithstanding, Bear ▇▇▇▇▇▇▇ will exercise reasonable skill, care and diligence in the selection of any such sub-custodian and will be responsible to you for satisfying itself as to the ongoing suitability of such sub-custodian to provide custodial services, will maintain an appropriate level of supervision over such sub-custodian and will make appropriate inquiries periodically to confirm that the obligations of such sub-custodian continue to be competently discharged. Bear ▇▇▇▇▇▇▇ will be liable for any loss or damage (subject to the limitations in Paragraph 19 above) arising out of the insolvency, acts or omissions of any sub-custodian appointed by it that is an Affiliate, but not of any other sub-custodian provided that Bear ▇▇▇▇▇▇▇ has exercised reasonable skill, care and diligence in selecting such sub-custodian.

Agents Sub Custodians. (a) Bear ▇▇▇▇▇▇▇ Employment of Agents. JPMS may employ agents or subcontractors in the performance of its Obligations under this Agreement or any Activity; provided, however, that any clearing organization, settlement systems customarily used to clear trades in the applicable security or transaction, depository, book entry system participant or entity which Bear ▇▇▇▇▇▇▇ employs based upon customary market practice (such as the Federal Reserve Bank or any participant in the Federal Reserve System book-entry system, The Depository Trust Company, The Participants Trust Company, Euroclear, Sicovam and any other similar organization) shall not be considered an agent or subcontractor of Bear ▇▇▇▇▇▇▇Agreement. The appointment of any such agent or subcontractor, subcontractor pursuant to this Paragraph 20, Section 15(a) shall not relieve Bear ▇▇▇▇▇▇▇ JPMS of any of its Obligations under this Agreement. Notwithstanding the foregoing, no Depository shall be considered an agent or subcontractor of JPMS and JPMS shall have no liability for any loss or damage arising out of the insolvency, acts or omissions of any Depository used by it or one of its agents, subcontractors or sub-custodians. (b) Notwithstanding the foregoing, you acknowledge that Bear ▇▇▇▇▇▇▇ Appointment of Sub-custodians. JPMS may appoint sub-custodians, including its own JPM Affiliates, of assets held by or through Bear ▇▇▇▇▇▇▇ in your accountsAccounts. Anything in subparagraph 20(a) of this Agreement to the contrary notwithstanding, Bear ▇▇▇▇▇▇▇ JPMS will exercise reasonable skill, care and diligence in the selection of any such sub-custodian and will be responsible to you for satisfying itself as to the ongoing suitability of such sub-custodian to provide custodial services, will maintain an appropriate level of supervision over such sub-custodian and will make appropriate inquiries periodically to confirm that the obligations of such sub-custodian continue to be competently discharged. Bear ▇▇▇▇▇▇▇ Anything herein to the contrary notwithstanding, JPMS will be liable only for any loss or damage (subject to the limitations in Paragraph 19 Section 14 above) arising out of the insolvency, acts or omissions of any sub-custodian appointed by it that is an a JPM Affiliate, but shall not be liable for any such loss or damage arising out of the insolvency, acts or omissions of any other sub-custodian appointed by it that is not a JPM Affiliate, provided that Bear ▇▇▇▇▇▇▇ JPMS has exercised reasonable skill, care and diligence complied with its undertakings in selecting such subthe preceding sentence. (MKL) Standard Form IAA 2017-custodian.02-15