Common use of Securities System Clause in Contracts

Securities System. Notwithstanding the provisions of Section 13 to the contrary, the Custodian shall not be liable to the Fund or any applicable Portfolio for any loss, damage or expense suffered or incurred by the Fund or any of its Portfolios resulting from the use by the Custodian or a subcustodian located in the United States or foreign banking institution acting as a foreign subcustodian, of a Securities System including, without limitation, the insolvency of a Securities System, unless such loss, damage or expense is caused by, or results from, the negligence, misfeasance or misconduct of the Custodian or a subcustodian located in the United States or foreign banking institution acting as a foreign subcustodian; provided, however, that in the event of any such loss, damage or expense, the Custodian shall take all reasonable steps to enforce such rights as it or a subcustodian located in the United States or foreign banking institution acting as a foreign subcustodian may have against the Securities System to protect the interests of the Fund and the Portfolios.

Securities System. Notwithstanding the provisions of Section 13 to the contrary, the Custodian shall not be liable to the Fund or any applicable Portfolio for any loss, damage or expense suffered or incurred by the Fund or any of its Portfolios resulting from the use by the Custodian or a subcustodian located in the United States or foreign banking institution acting as a foreign subcustodian, of a Securities System including, without limitation, the insolvency of a Securities System, unless such loss, damage or expense is caused by, or results from, the negligence, misfeasance or misconduct of the Custodian or or 22 23 a subcustodian located in the United States or foreign banking institution acting as a foreign subcustodian; provided, however, that in the event of any such loss, damage or expense, the Custodian shall take all reasonable steps to enforce such rights as it or a subcustodian located in the United States or foreign banking institution acting as a foreign subcustodian may have against the Securities System to protect the interests of the Fund and the Portfolios.