Common use of Liability of Banks Clause in Contracts

Liability of Banks. The Junior Secured Creditor, on behalf of itself and the Holders, agrees that no Bank shall have any liability for any action taken or omitted to be taken by any of them with respect to any Collateral or any Lien thereon or any matter arising out of or in connection with this Agreement, except for liability arising directly from such Bank's gross negligence or willful misconduct, as determined in a final non-applicable order of a court of competent jurisdiction.

Liability of Banks. The Junior Secured CreditorHolder, on behalf of itself and the Holders, agrees that no Bank shall have any liability for any action taken or omitted to be taken by any of them with respect to any Collateral or any Lien thereon or any matter arising out of or in connection with this Agreement, except for liability arising directly from such Bank's gross negligence or willful misconduct, as determined in a final non-applicable order of a court of competent jurisdiction.