Safekeeping Exculpation Sample Clauses
The Safekeeping Exculpation clause limits or eliminates a party’s liability for loss or damage to property held in safekeeping. Typically, this clause applies to situations where one party stores or holds items—such as documents, valuables, or goods—on behalf of another, and clarifies that the safekeeping party is not responsible for losses unless caused by gross negligence or willful misconduct. Its core function is to allocate risk by protecting the safekeeping party from claims arising from accidental loss or damage, thereby encouraging them to provide storage services without undue fear of liability.
Safekeeping Exculpation. The Custodian will have no obligation to (i) determine what Financing Documents may exist for a Loan, (ii) obtain any Financing Document that is not delivered or transmitted by the Company to the Custodian, or (iii) examine the contents or determine the sufficiency of any Financing Document. The Custodian will be entitled to assume the genuineness, sufficiency and completeness of any Financing Document and the genuineness and due authority of any person whose signature appears on any Financing Document. The Custodian will have no liability for any act or omission of a sub-custodian for a Financing Document.
Safekeeping Exculpation. The Custodian will have no obligation to (i) determine what Loan Documents may exist for a Loan, (ii) obtain any Loan Document that is not delivered or transmitted by the Customer to the Custodian, or (iii) examine the contents or determine the sufficiency of any Loan Document. The Custodian will be entitled to assume the genuineness, sufficiency and completeness of any Loan Document and the genuineness and due authority of any person whose signature appears on any Loan Document. The Custodian will have no liability for any act or omission of a sub-custodian or securities depository for a Loan Document.