(a) all requirements for the delegation of its custody tasks set out in paragraph 21(11) are met;
(b) a written contract between the depositary and the delegate sub-custodian expressly transfers the liability of the depositary to that delegate so that the AIF can claim directly against it; and
(c) AIF expressly discharges the depositary’s liability under a written contract and establishes an “objective reason” for a discharge.
Notwithstanding the first subparagraph of this paragraph, in case of a loss of financial instruments held in custody by a third party pursuant to paragraph 21(11), the depositary may discharge itself of liability if it can prove that:
(a) all requirements for the delegation of its custody tasks set out in the second subparagraph of paragraph 21(11) are met;
(b) a written contract between the depositary and the third party expressly transfers the liability of the depositary to that third party and makes it possible for the AIF or the AIFM acting on behalf of the AIF to make a claim against the third party in respect of the loss of financial instruments or for the depositary to make such a claim on their behalf; and
(c) a written contract between the depositary and the AIF or the AIFM acting on behalf of the AIF, expressly allows a discharge of the depositary’s liability and establishes the objective reason to contract such a discharge.