Independent Trustees. Where a person or entity is identified in the Commercial Terms as an independent trustee, that independent trustee will have no personal liability to us under this Agreement except in respect of any loss or cost that we incur as a result of: a that independent trustee being unable to recover (in whole or in part) from the trust assets because that independent trustee has acted without power or improperly in relation to the trust; b any statement made by that independent trustee in a trustee’s certificate (or any similar certificate, promise or statement) being misleading or untrue in a material respect when made; or c fraud, negligence or wilful default on the part of that independent trustee (including, for the avoidance of doubt, any fraud, negligence or wilful default on the part of that independent trustee that results in a breach of any promise in clause 14.1), and in each such case, that independent trustee will have unlimited personal liability.
Appears in 3 contracts
Samples: Reverse Mortgage Loan Agreement, Reverse Mortgage Loan Agreement, Reverse Mortgage Loan Agreement
