Common use of Liability for Note File Contents Clause in Contracts

Liability for Note File Contents. Designated Custodian shall not be liable for the condition or contents of any Note File prior to taking physical possession of such Note File or for the condition or contents of any Note File that Designated Custodian has not reviewed or certified unless the event directly giving rise to such condition or missing contents occurred (i) on or after Designated Custodian took physical possession of such Note File and (ii) because of Designated Custodian’s negligence, lack of good faith or willful misconduct, as determined by a court of competent jurisdiction or as otherwise agreed by the Parties.