Common use of Limitations on Duties of Trustee Clause in Contracts

Limitations on Duties of Trustee. (a) Prior to the occurrence of an Actionable Default, the Trustee shall be obliged to perform such duties and only such duties as are specifically set forth in this Agreement or in any Security Document, and no implied covenants or obligations shall be read into this Agreement or any Security Document against the Trustee. The Trustee shall, during the existence of any Actionable Default, exercise the rights and powers vested in it by this Agreement or by any Security Document, and the Trustee shall not be liable with respect to any action taken or omitted by it in accordance with the direction of the Holders pursuant to Section 2.6.

Limitations on Duties of Trustee. (a) Prior to the occurrence of an Actionable Default, the The Trustee shall be obliged obligated to perform such duties and only such duties as are specifically set forth in this Agreement or in any Security DocumentAgreement, and no implied covenants or obligations shall be read into this Security Agreement or any Security Document against the Trustee. The If an Event of Default has occurred and is continuing, the Trustee shall, during the existence of any Actionable Default, shall exercise the rights and powers vested in it by this Agreement or by any Security DocumentAgreement, and the Trustee shall not be liable (except for its gross negligence or willful misconduct) with respect to any action taken by it, or omitted to be taken by it it, in accordance with with, and subject to the direction of limitations contained in, the Holders pursuant to Section 2.6Indenture.