Common use of No liability for loss etc Clause in Contracts

No liability for loss etc. The Custodian is not liable: (a) for any loss, cost, liability or expense arising out of the exercise or non-exercise of a discretion by the Trustee, the Manager or the Servicer or the act or omission of the Trustee, the Manager or the Servicer except to the extent that it is caused by the Custodian's own fraud, negligence or wilful default; or (b) for any loss, cost, liability or expense caused by its failure to check any information, document, form or list supplied or purported to be supplied to it by the Trustee, the Manager or the Servicer except to the extent that the loss, cost, liability or expense is caused by the Custodian's own fraud, negligence or wilful default.