Responsibility of the Bank. The Bank, its officers, agents, and employees shall not be liable for errors of judgment either in holding Collateral initially delivered to it or in acquiring and afterwards holding additional Collateral as instructed by Member; nor for any loss arising out of any investment; nor for any depreciation in the value of any Collateral held by the Bank pursuant to this Agreement; nor for any act, or omission to act, performed or omitted by the Bank, its officers, employees, or agents, in the execution of this custodianship in good faith. The Bank shall be responsible for the safekeeping of any Collateral held by it pursuant to these Terms and Conditions, but in no event shall the Bank be liable to Member or Depositor for any special, consequential, incidental or punitive damages.
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Sources: Custodial Services Agreement, Custodial Services Agreement