Common use of Liability of Trustees Clause in Contracts

Liability of Trustees. The Trustees shall incur no liability, either collectively or individually, in acting in accordance with this Agreement, data or information believed by them to be genuine and accurate and to have been made, executed, delivered or assembled by the proper parties. No Trustee shall be liable for the act or omission of any other Trustee. No Trustee shall incur any liability as a result of acting in good faith on the basis of the actions, opinion or advice of the Administrative Agent in respect of any matter relating to the administration, or investment, as applicable of the Trust, the Fund or a Plan. Provided reasonable care was used by the Trustees in the engagement and continued retention of the Administrative Agent, no Trustee shall incur any liability in respect of such engagement or retainer. No Trustee shall be liable for any honest error of judgment nor shall any Trustee be personally liable for any obligations of the Trust or a Plan, except for obligations arising out of his or her own dishonesty, willful misconduct or gross negligence.

Liability of Trustees. The Trustees shall incur no liability, either collectively or individually, in acting in accordance with this Agreement, data or information believed by them to be genuine and accurate and to have been made, executed, delivered or assembled by the proper parties. No Trustee shall be liable for the act or omission of any other Trustee. No Trustee shall incur any liability as a result of acting in good faith on the basis of the actions, opinion or advice of the Administrative Agent Third Party Administrator in respect of any matter relating to the administration, or investment, as applicable of the Trust, the Fund or a Plan. Provided reasonable care was used by the Trustees in the engagement and continued retention of the Administrative Agentany Third Party Administrator, no Trustee shall incur any liability in respect of such engagement or retainer. No Trustee shall be liable for any honest error of judgment nor shall any Trustee be personally liable for any obligations of the Trust or a Plan, except for obligations arising out of his or her own dishonesty, willful misconduct or gross negligence.