Common use of Agent's liability Clause in Contracts

Agent's liability. Except as provided in Section 12.03 hereof, the Agent assumes no liability for anything other than its own willful misconduct or gross negligence. It shall give each Owner Participant prompt notice of any Events of Default or claimed Events of Default under the Lease of which it shall have actual knowledge. For all purposes of this Agreement, in the absence of actual knowledge of an officer of the Agent, the Agent shall not be deemed to have actual knowledge of a Default or an Event of Default unless it receives written notification thereof given by or on behalf of the Lessee, the Trustee, any Owner Participant, or any other party.