Common use of Limitations on Liability of the Depositor Clause in Contracts

Limitations on Liability of the Depositor. Neither the Depositor nor any of the directors, officers, employees or agents of the Depositor acting in such capacities shall be under any liability to the Up-MACRO Holding Trust, the Trustee, the Holders of the Up-MACRO Holding Shares, the Down-MACRO Holding Trust, the Down-MACRO Holding Trustee, the holders of the Down-MACRO Holding Shares or any other Person for taking any action or for refraining from taking any action in good faith in their capacities as Depositor pursuant to this Trust Agreement; provided, however, that this provision shall not protect the Depositor or any of the directors, officers, employees or agents of the Depositor against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of reckless disregard of its obligations and duties hereunder. The Depositor and any director, officer, employee or agent of the Depositor may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than the Depositor) respecting any matters arising hereunder.

Limitations on Liability of the Depositor. Neither the Depositor nor any of the directors, officers, employees or agents of the Depositor acting in such capacities shall be under any liability to the UpDown-MACRO Holding Trust, the Trustee, the Holders of the UpDown-MACRO Holding Shares, the DownUp-MACRO Holding Trust, the Down-MACRO Holding Trustee, the holders of the DownUp-MACRO Holding Shares or any other Person for taking any action or for refraining from taking any action in good faith in their capacities as Depositor pursuant to this Trust Agreement; provided, however, that this provision shall not protect the Depositor or any of the directors, officers, employees or agents of the Depositor against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of reckless disregard of its obligations and duties hereunder. The Depositor and any director, officer, employee or agent of the Depositor may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person (other than the Depositor) respecting any matters arising hereunder.