Common use of Limitation on Liability of the Custodian and Others Clause in Contracts

Limitation on Liability of the Custodian and Others. (a) Neither the Custodian nor any of the directors or officers or employees or agents of the Custodian shall be under any liability to ACOLT, the Secured Noteholders, the ACOLT Certificateholders, or any successors or assigns of the foregoing, except as specifically provided in the ACOLT Transaction Documents, for any action taken or for refraining from the taking of any action pursuant to the ACOLT Transaction Documents or for reasonable errors in judgment; provided, however, that this provision shall not protect the Custodian or any such Person against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence (except errors in judgment) in the performance of duties or by reason of a breach of its obligations and duties herein.

Limitation on Liability of the Custodian and Others. (a) Neither the Custodian nor any of the directors or officers or employees or agents of the Custodian shall be under any liability to ACOLTAFLT, the Secured Noteholders, the ACOLT AFLT Certificateholders, or any successors or assigns of the foregoing, except as specifically provided in the ACOLT AFLT Transaction Documents, for any action taken or for refraining from the taking of any action pursuant to the ACOLT AFLT Transaction Documents or for reasonable errors in judgment; provided, however, that this provision shall not protect the Custodian or any such Person against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence (except errors in judgment) in the performance of duties or by reason of a breach of its obligations and duties herein.

Limitation on Liability of the Custodian and Others. (a) Neither the Custodian nor any of the directors or officers or employees or agents of the Custodian shall be under any liability to ACOLTthe Asset Representations Reviewer, ABLT, the Secured Noteholders, the ACOLT ABLT Certificateholders, or any successors or assigns of the foregoing, except as specifically provided in the ACOLT ABLT Transaction Documents, for any action taken or for refraining from the taking of any action pursuant to the ACOLT ABLT Transaction Documents or for reasonable errors in judgment; provided, however, that this provision shall not protect the Custodian or any such Person against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence (except errors in judgment) in the performance of duties or by reason of a breach of its obligations and duties herein.