Common use of Breach of Trust Clause in Contracts

Breach of Trust. The provisions of this clause 14 will not apply to any obligation or liability of the Borrower to the extent that it is not satisfied because under the Trust Deed, the Sub-Fund Notice, any other Transaction Document or by operation of law there is a reduction in the extent of the Borrower's indemnification out of the assets of the PUMA Trust as a result of the Borrower's fraud, negligence or wilful default.