Liability of Custodian for Actions of Other Persons. 1) Subcustodians located in the United States and Foreign banking institutions acting as foreign subcustodians. The Custodian shall be liable for the actions or omissions of any subcustodian located in the United States or any foreign banking institution acting as a foreign subcustodian to the same extent as if such action or omission were performed by the Custodian itself taking into account standards applicable to custodians in the relevant market.
Appears in 3 contracts
Sources: Custodian Contract (Tiaa Cref Institutional Mutual Funds), Custodian Contract (Tiaa Cref Life Fund), Custodian Contract (Tiaa Cref Mutual Fund)