Common use of Custodian’s Responsibility Clause in Contracts

Custodian’s Responsibility. (a) The Custodian will not be liable to the Secured Party for complying with instructions from the Grantor concerning the Currency-in-Transit that are received by the Custodian before the Custodian receives a Notice of Sole Control. (b) The Custodian will not be liable to the Grantor or the Secured Party for complying with a Notice of Sole Control or with instructions originated by the Secured Party concerning any of the Currency-in-Transit, even if the Grantor notifies the Custodian that the Secured Party is not legally entitled to issue such Notice of Sole Control or instructions, unless the Custodian takes the actions after it is served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order or other legal process. (c) This Agreement does not create any obligation of the Custodian except for those expressly set forth in this Agreement. In particular, the Custodian need not investigate whether the Secured Party is entitled under the Secured Party’s agreements with the Grantor to give instructions concerning any Currency-in-Transit or a Notice of Sole Control. The Custodian may rely on notices and communications it believes to have been given by the appropriate party.

Custodian’s Responsibility. (a) The Custodian will not be liable to the Secured Party for complying with instructions from the Grantor concerning the Currency-in-Transit that are received by the Custodian before the Custodian receives a Notice of Sole ControlTransit. (b) The Custodian will not be liable to the Grantor or the Secured Party for complying with a Notice of Sole Control or with instructions originated by the Secured Party concerning any of the Currency-in-Transit, even if the Grantor notifies the Custodian that the Secured Party is not legally entitled to issue such Notice of Sole Control or instructions, unless the Custodian takes the actions after it is served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order or other legal process. (c) This Agreement does not create any obligation of the Custodian except for those expressly set forth in this Agreement. In particular, the Custodian need not investigate whether the Secured Party is entitled under the Secured Party’s agreements with the Grantor to give instructions concerning any Currency-in-Transit or a Notice of Sole Control. The Custodian may rely on notices and communications it believes to have been given by the appropriate party.

Custodian’s Responsibility. (a) The Custodian will not be liable to the Secured Party for complying with instructions from the Grantor concerning the Currency-in-Transit that are received by the Custodian before the Custodian receives a Notice of Sole Control. (b) The Custodian will not be liable to the Grantor or the Secured Party for complying with a Notice of Sole Control or with instructions originated by the Secured Party concerning any of the Currency-in-Transit, even if the Grantor notifies the Custodian that the Secured Party is not legally entitled to issue such Notice of Sole Control or instructions, unless the Custodian takes the actions after it is served with an injunction, restraining order, or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order or other legal process. (c) This Agreement does not create any obligation obligations of the Custodian except for those expressly set forth in this Agreement. In particular, the Custodian need not investigate whether the Secured Party is entitled under the Secured Party’s agreements with the Grantor to give instructions concerning any Currency-in-Transit or a Notice of Sole Control. The Custodian may rely on notices and communications it believes to have been given by the appropriate party.

Custodian’s Responsibility. (a) The 7.1 Custodian will not be liable to the Secured Party for complying with instructions from allowing Debtors regular and constant access to the Grantor concerning the Currency-in-Transit that are received by the Custodian Electronic Account and Electronic Collateral before the Custodian receives and has a reasonable opportunity (not to exceed two (2) Business Days) to act on a Notice of Sole Control. (b) The Exclusive Control originated by Secured Party. Custodian will not be liable to the Grantor or the Secured Party Debtors for complying with a Notice of Sole Control or with instructions originated by the Secured Party concerning any of the Currency-in-TransitExclusive Control, even if the Grantor notifies the Debtors notify Custodian that the Secured Party is not legally entitled to issue such the Notice of Sole Control or instructionsExclusive Control, unless the (i) Custodian takes the actions action after it is served with an injunction, restraining order, order or other legal process enjoining it from doing so, issued by a court of competent jurisdiction, and had a reasonable opportunity to act on the injunction, restraining order or other legal process, or (ii) Custodian acts in collusion with Secured Party in violating Debtors’ rights. (c) 7.2 This Agreement does not create any obligation of the Custodian except for those expressly set forth in this Agreement. In particular, the Custodian need not investigate whether the Secured Party is entitled under the Secured Party’s agreements with the Grantor Debtors to give instructions concerning any Currency-in-Transit or a Notice of Sole Exclusive Control. The Custodian may rely on notices and communications it believes to have been given by the appropriate party.