Liability of the Trustee. The Depositor and Unit Holders may rely on any evaluation furnished by the Trustee and shall have no responsibility for the accuracy thereof. The determinations made by the Trustee hereunder shall be made in good faith upon the basis of the best information available to it. The Trustee shall be under no liability to the Depositor or Unit Holders for errors in judgment, provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties hereunder. The Trustee shall not be liable or responsible for depreciation or losses incurred by reason of the purchase, sale or retention of any Securities.
Appears in 4 contracts
Samples: Trust Indenture and Agreement (National Equity Tr Short Term Low 5 Cover Write Opt Tr Ser 1), Distribution Agency Agreement (National Equity Trust Otc Growth Trust Series 5), Indenture and Agreement (National Equity Tr Short Term Low 5 Cover Write Opt Tr Ser 1)
Liability of the Trustee. The Depositor and Unit Holders may rely on any evaluation furnished by the Trustee and shall have no responsibility for the accuracy thereof. The determinations made by the Trustee hereunder shall be made in good faith upon the basis of the best information available to it. The Trustee shall be under no liability to the Depositor or Unit Holders for errors in judgment, provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties hereunder. The Trustee shall not be liable or responsible for depreciation or losses incurred by reason of the purchase, sale or retention of any Securities.
Appears in 2 contracts
Samples: Trust Indenture and Agreement (Morgan Stanley Dean Wit Sel Equity Tr 10 Industrial 2000-2), Trust Indenture and Agreement (Morgan Stanley Dean Wit Sel Equity Tr 5 Industrial 2000-2)
Liability of the Trustee. The Depositor and Unit Holders may rely on any evaluation furnished by the Trustee and shall have no responsibility for the accuracy thereof. The determinations made by the Trustee hereunder shall be made in good faith upon the basis of the best information available to itit through its exercise of reasonable diligence. The Trustee shall be under no liability to the Depositor or Unit Holders for errors in judgment, provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties hereunder. The Trustee shall not be liable or responsible for depreciation or losses incurred by reason of the purchase, sale or retention of any Securities.
Appears in 1 contract
Samples: Distribution Agency Agreement (National Equity Trust Forbes Semiconductor Index Trust)
