Common use of NOTE TRUSTEE'S LIABILITY Clause in Contracts

NOTE TRUSTEE'S LIABILITY. Nothing contained in this Deed shall, in any case in which the Note Trustee has failed to show the degree of care and diligence required of it as trustee having regard to the provisions of this Deed conferring on it any powers, authorities or discretions, (i) exempt the Note Trustee from or indemnify it against any liability for breach of trust or any liability which by virtue of any rule of law would otherwise attach to it in respect of any negligence, default, breach of duty or breach of trust of which it may be guilty in relation to its duties under this Deed or (ii) relieve the Note Trustee from liability for its own negligent action, its own negligent failure to act, on its own wilful misconduct, except as permitted in Section 315(d) of the TIA.

NOTE TRUSTEE'S LIABILITY. Nothing contained in this Deed shall, in any case in which the Note Trustee has failed to show the degree of care and diligence required of it as trustee having regard to the provisions of this Deed conferring on it any powers, authorities or discretions, (i) exempt the Note Trustee from or indemnify it against any liability for breach of trust or any liability which by virtue of any rule of law would otherwise attach to it in respect of any negligence, default, breach of duty or breach of trust of which it may be guilty in relation to its duties under this Deed or (ii) relieve the Note Notes Trustee from liability for its own negligent action, its own negligent failure to act, on its own wilful misconduct, except as permitted in Section 315(d) of the TIA.