Common use of Protection of the Custodian Clause in Contracts

Protection of the Custodian. The Custodian shall be protected in any action or inaction which it takes or omits to take in reliance on any directions or advice received pursuant to subparagraph (a) of this section. However, nothing in this paragraph shall be construed as imposing upon the Custodian any obligation (i) to seek such directions or advice, or (ii) to act in accordance with such directions or advice when received. Nothing in this subparagraph shall excuse the Custodian when an action or omission on the part of the Custodian constitutes willful misfeasance or negligence by the Custodian of its duties under this Agreement.

Protection of the Custodian. The Custodian shall be protected in any action or inaction which it takes or omits to take in reliance on any directions or advice received pursuant to subparagraph (a) of this section. However, nothing in this paragraph shall be construed as imposing upon the Custodian any obligation obligation (i) to seek such directions or advice, or or (ii) to act in accordance with such directions or advice when received. Nothing in this subparagraph shall excuse the Custodian when an action or omission on the part of the Custodian constitutes willful misfeasance or negligence by the Custodian of its duties under this Agreement.

Protection of the Custodian. The Custodian shall be protected in any action or inaction which it takes or omits to take in reliance on any directions or advice received pursuant to subparagraph (a) of this section. However, nothing in this paragraph shall be construed as imposing upon the Custodian any obligation (i) to seek such directions or advice, or (ii) to act in accordance with such directions or advice when received. Nothing in this subparagraph shall excuse the Custodian when an action or omission on the part of the Custodian constitutes willful misfeasance or negligence by the Custodian or reckless disregard of its duties under this Agreement.