Common use of Duties of Warrant Agent Clause in Contracts

Duties of Warrant Agent. By way of supplement to the provisions of any statute for the time being relating to warrant agents, in the exercise of the rights, duties and obligations prescribed or conferred by the terms of this Indenture, the Warrant Agent shall act honestly and in good faith with a view to the best interest of the Warrantholders and exercise that degree of care, diligence and skill that a reasonably prudent professional warrant agent would exercise in comparable circumstances. No provision of this Indenture shall be construed to relieve the Warrant Agent from, or require any other person to indemnify the Warrant Agent against liability for its own gross negligence, wilful misconduct or fraud. The Warrant Agent is not responsible for the application of funds advanced by the Warrantholders to the Company.