Responsibility for Sub-custodians. The Custodian shall be liable to the Trust for any direct loss or actual damage to the Trust caused by or resulting from the acts or omissions of any Sub-custodian 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 Sub-Custodian agreement under the laws, circumstances and practices prevailing in the place where the act or omission occurred, provided further, however, that Custodian shall not in any event be liable for any special, incidental, consequential or punitive damages.
Appears in 2 contracts
Sources: Custody Agreement (Northern Lights Fund Trust Ii), Custody Agreement (Northern Lights Fund Trust Iii)