Common use of Liability of Principal Paying Agent or Paying Agent Clause in Contracts

Liability of Principal Paying Agent or Paying Agent. Neither the Principal Paying Agent nor any other Paying Agent will be liable if it is unable to carry out its duties and obligations due to any breach of any person (other than that Principal Paying Agent or Paying Agent) of its obligations under this Agreement or any other Transaction Document or any failure of receipt of any necessary instructions, notices, documents or information from any party or any situation not within its control. Notwithstanding any other provision of this Agreement, each Agent will only be liable to the Issuer for the Issuer’s direct damage when caused by that Agent’s fraud, negligence or wilful misconduct.