Common use of LIMITATIONS UPON LIABILITY Clause in Contracts

LIMITATIONS UPON LIABILITY. The Collateral Trustee shall not be personally liable for any action taken or omitted to be taken by it in accordance with this Agreement, the Shared Security Documents or any Debt Instrument, except for such actions or omissions that are determined by a court of competent jurisdiction by final and nonappealable judgment to have been caused by the gross negligence or willful misconduct of the Collateral Trustee. The Collateral Trustee and its affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Company and its Subsidiaries as though the Collateral Trustee were not the collateral trustee hereunder. The Collateral Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement. In no event shall the Collateral Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Collateral Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Collateral Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Collateral Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Collateral Trustee at the Corporate Trust Office of the Collateral Trustee, and such notice references this Agreement.