Common use of LIABILITY OF THE CUSTODIAN WITH RESPECT TO USE OF SECURITIES SYSTEMS AND FOREIGN DEPOSITORIES Clause in Contracts

LIABILITY OF THE CUSTODIAN WITH RESPECT TO USE OF SECURITIES SYSTEMS AND FOREIGN DEPOSITORIES. With respect to the Portfolio Securities, cash and other property of a Series held by a Securities system or by a Foreign Depository utilized by the Custodian or any Subcustodian, the Custodian shall be liable to the Series only for any loss or damage to the Series resulting from use of the Securities System or Foreign Depository if caused by any negligence, misfeasance or misconduct of the Custodian or any of its agents or of any of its agents' employees or from any failure of the Custodian or any such agent to undertake reasonable efforts to enforce effectively such rights as it may have against the Securities System or Foreign Depository. At the election of the Company, it shall be entitled to be subrogated to the rights of the Custodian with respect to any claim against the Securities System, Foreign Depository or any other person which the Custodian may have as a consequence of any such loss or damage to the Series if and to the extent that the Series has not been made whole for any such loss or damage.