Common use of Duty of Care of Liquidity Agent Clause in Contracts

Duty of Care of Liquidity Agent. In its management and administration of the liquidity facility hereby provided and in the exercise of its powers hereunder, the Liquidity Agent shall endeavour to exercise the same care as it exercises in the management of accommodations granted for its own account. The Liquidity Agent shall not be liable to the Lenders for any error in judgment or for any action taken or omitted except in the case of its own gross negligence or wilful misconduct. The Liquidity Agent shall be entitled to rely upon any writing, notice, certificate, telex, cable, statement, order or other instrument or verbal communication believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon the advice of any legal counsel selected by it with respect to all matters pertaining to the Notes, the Trust Agreements and its duties as the Liquidity Agent hereunder.