Common use of Responsibility for Subcustodians Clause in Contracts

Responsibility for Subcustodians. With respect to securities and funds held by a Subcustodian, either directly or indirectly (including by a Foreign Depository, Securities System or foreign clearing agency), including demand deposit and interest bearing deposits, currencies or other deposits and foreign exchange contracts as referred to herein, the Custodian shall be liable to the Fund if and only to the extent that such Subcustodian is liable to the Custodian and the Custodian recovers under the applicable subcustodian agreement.

Responsibility for Subcustodians. With respect to securities and funds held by a Subcustodian, either directly or indirectly (including by a Foreign Depository, Securities System or foreign clearing agency), including demand deposit and interest bearing deposits, currencies or other deposits and foreign exchange contracts as referred to herein, the Custodian shall be liable to the Fund Trust if and only to the extent that such Subcustodian is liable to the Custodian and the Custodian recovers under the applicable subcustodian agreement.

Responsibility for Subcustodians. With respect to securities and funds held by a Subcustodian, either directly or indirectly (including by a Foreign Depository, Securities System or foreign clearing agency), including demand deposit and interest bearing deposits, currencies or other deposits and foreign exchange contracts as referred to herein, the Custodian shall be liable to the Fund Trustee if and only to the extent that such Subcustodian is liable to the Custodian and the Custodian recovers under the applicable subcustodian agreement.