Common use of USE OF SECURITIES Clause in Contracts

USE OF SECURITIES. Depositories is amended by the addition of the following at the end of said Section: “Neither the Custodian nor a Subcustodian shall assume responsibility for, and neither shall be liable for any action or inaction of any Registrar, and no Registrar shall be, or shall be deemed to be the Custodian, a Subcustodian, a correspondent, or the employee, agent or personnel of any of the foregoing. In addition, no Registrar shall be deemed to be a securities depository. Furthermore, neither the Custodian nor a Subcustodian shall assume responsibility for, and neither shall be liable for any loss occasioned by reason of the liquidation, bankruptcy or insolvency of any Registrar. The Subcustodian shall maintain a list of Registrars with which it enters into Registrar Contracts and the Custodian or the Subcustodian shall from time to time and upon request inform the Board of Trustees of the Funds of the Registrars which are used and shall on request provide further details of the functions they perform.”