Common use of General Standard of Care Clause in Contracts

General Standard of Care. The Custodian shall exercise due care in accordance with reasonable commercial standards in discharging its duties hereunder. The Custodian shall be liable to a Fund for all losses, damages and reasonable costs and expenses suffered or incurred by such Fund resulting from the negligence or willful misconduct of the Custodian (notwithstanding language in Sections 2(a), 2(f), 6(f), and 6(g)); provided, however, in no event shall the Custodian be liable for attorneys' fees or for special, indirect, consequential or punitive damages arising under or in connection with this Agreement.

Appears in 2 contracts

Samples: Custody Agreement (Prophecy Alpha Fund I), Custody Agreement (Vertical Capital Investors Trust)

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General Standard of Care. The Custodian shall exercise due care in accordance with reasonable commercial standards in discharging its duties hereunder. The Custodian shall be liable to a the Fund for all losses, damages and reasonable costs and expenses suffered or incurred by such the Fund resulting from the fraud, bad faith, negligence or willful misconduct misfeasance of the Custodian (notwithstanding language in Sections 2(a), 2(f), 6(f), or the reckless disregard by the Custodian of its obligations and 6(g))duties hereunder; provided, however, in no event shall the Custodian be liable for attorneys' fees or for special, indirect, consequential or punitive damages arising under or in connection with this Agreement.

Appears in 2 contracts

Samples: Custody Agreement (FEG Directional Access TEI Fund LLC), Custody Agreement (Feg Absolute Access Tei Fund LLC)

General Standard of Care. The Custodian shall exercise due care in accordance with reasonable commercial standards in discharging its duties hereunder. The Custodian shall be liable to a the Fund for all losses, damages and reasonable costs and expenses (including reasonable attorneys’ fees) suffered or incurred by such the Fund or its directors or officers, resulting from the negligence negligence, bad faith or willful misconduct of the Custodian (notwithstanding language in Sections 2(a), 2(f), 6(f), and 6(g))or the Custodian’s reckless disregard of its duties under this Agreement; provided, however, in no event shall the Custodian be liable for attorneys' fees or for special, indirect, consequential or punitive damages arising under or in connection with this Agreement.

Appears in 1 contract

Samples: Custody Agreement (iDirect Private Credit Fund, L.P.)

General Standard of Care. The Custodian shall exercise due care in accordance with reasonable commercial standards in discharging its duties hereunder, except that the Custodian will adhere to a higher standard of care as otherwise provided in this Agreement. The Custodian shall be liable to a Fund for all losses, damages and reasonable costs and expenses suffered or incurred by such Fund resulting from the negligence or willful misconduct of the Custodian (notwithstanding language in Sections 2(a), 2(f), 6(f), and 6(g))Custodian; provided, however, in no event shall the Custodian or the Fund(s) be liable for attorneys' fees or for special, indirect, consequential or punitive damages arising under or in connection with this Agreement.

Appears in 1 contract

Samples: Custody Agreement (Total Income (Plus) Real Estate Fund)

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General Standard of Care. The Custodian shall exercise due care in accordance with reasonable commercial standards in discharging its duties hereunder. The Custodian shall be liable to a the Fund for all losses, damages and reasonable costs and expenses suffered or incurred by such the Fund resulting from the negligence negligence, bad faith or willful misconduct of the Custodian (notwithstanding language in Sections 2(a), 2(f), 6(f), and 6(g))or the Custodian’s reckless disregard of its duties under this Agreement; provided, however, in no event shall the Custodian or the Fund be liable for attorneys' fees or for special, indirect, consequential or punitive damages arising under or in connection with this Agreement.

Appears in 1 contract

Samples: Custody Agreement (Stepstone Private Credit Fund LLC)

General Standard of Care. The Custodian shall exercise due care in accordance with reasonable commercial standards in discharging its duties hereunder. The Custodian shall be liable to a Fund for all losses, damages and reasonable costs and expenses suffered or incurred by such Fund resulting from the Custodian’s willful misfeasance, bad faith or gross negligence in the performance of its duties or willful misconduct reckless disregard of the Custodian (notwithstanding language in Sections 2(a), 2(f), 6(f), Custodian’s obligations and 6(g))duties under this Agreement; provided, however, in no event shall the Custodian be liable for attorneys' fees or for special, indirect, consequential or punitive damages arising under or in connection with this Agreement.

Appears in 1 contract

Samples: Custody Agreement (Freedom Capital Corp/Md)

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