Common use of No Custodial Clause in Contracts

No Custodial. Trust Party shall be personally liable unless the Bankruptcy Court, by a final order, finds that it committed fraud or willful misconduct after the Effective Date in relation to the Custodial Trustee’s duties. Any judgment against a Custodial Trust Party and any costs of defense relating to any Custodial Trust Party shall be paid from the Custodial Trust Environmental Cost Account for the relevant site or the Administrative Account without the Custodial Trust Party having to first pay from its own funds for any personal liability or costs of defense unless a determination is made by a final order of the Bankruptcy Court finding that it committed fraud or willful misconduct in relation to the Custodial Trust Party’s duties. However, any payment shall be limited to funds in the Custodial Trust Environmental Cost Account for the relevant Designated Properties or the Administrative Account. There shall be an irrebuttable presumption that any action taken or not taken with the approval of the Bankruptcy Court does not constitute willful misconduct.