Common use of Degree of Skill Clause in Contracts

Degree of Skill. In the exercise of the rights and duties prescribed or conferred by the terms of this Indenture, the Warrant Agent shall act honesty and in good faith with a view to the best interests of the Warrantholders and shall exercise that degree of care, diligence and skill that a reasonably prudent warrant agent would exercise in comparable circumstances. The Warrant Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it in good faith, or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith. No provision of this Indenture shall be construed to relieve the Warrant Agent from liability for its own grossly negligent action, its own grossly negligent failure to act or its own bad faith.

Appears in 1 contract

Samples: Warrant Indenture

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