Common use of Limited Responsibilities Clause in Contracts

Limited Responsibilities. The Bank’s responsibilities under this Agreement are limited to the safe holding of Company Deposits, collecting dividends and interest thereon, and disbursing Withdrawable Funds as set forth in this Agreement. The Bank shall have no obligation or authority to take any discretionary action with regard to the Company Deposits of the Account or to take any action not expressly provided for hereunder. The Bank will attempt to identify and collect on Company Securities that have been called for payment if the Bank has received written notification from the issuer of such call, but the Bank shall have no responsibility for failure to present such Company Securities that have been called for payment in the absence of such written notification from the issuer. The Bank is authorized to surrender maturing obligations or interest coupons for payment when they mature or are called for payment, without further instructions from the Company. If the Bank is notified of a partial call, absent timely Written Instructions from the Company, the Bank shall have the sole discretion to determine which of the Company Securities will be redeemed. The Bank shall not provide any supervision, recommendations, or advice to the Company relative to the investment, purchase, sale, or retention or other disposition of any Company Deposit. The Bank shall not be responsible or liable for any failure or delay in performance of its obligation under this Agreement arising solely out of or caused by, directly or indirectly, Written Instructions or written directives from OHA, actions or omissions of the Company or OHA, or circumstances beyond the Bank’s control including, without limitation, loss or malfunctions of utility, transportation, computer (hardware or software), or communication service. In performing its duties hereunder, the Bank shall give the Company Deposits the same degree of care the Bank gives to its own property of similar character, provided that the Bank shall have no liability to the Company under this Agreement except for an act or omission by the Bank that constitutes negligence or misconduct, and in no event shall the Bank have any liability for incidental, special, or consequential damages, even if the Bank has been advised of the possibility of such damages. Without limiting the generality of the foregoing, although the Bank will collect income and principal with respect to Company Deposits in accordance with the Bank’s customary business practices, the Bank assumes no responsibility regarding such collection unless the Bank acts with negligence or misconduct. The Bank shall have no obligation to make any disbursement of any Withdrawable Funds (or any other funds) to the Company or any other person until the Bank had received final payment therefor. In the event that the Bank credits the Account in anticipation of the Bank’s collection of Withdrawable Funds (or any other funds) that the Bank is then unable to collect, the Bank may charge such amounts back to the Account and, to the extent there are insufficient funds in the Account to reimburse the Bank, the Company agrees to reimburse the Bank within one business day after demand in immediately available funds.