Common use of Liability to Third Persons Clause in Contracts

Liability to Third Persons. (a) No member or representative of a Participant shall be subject to any personal liability whatsoever to any person in connection with the Investment Property or the acts, obligations, or affairs of the Board. No Trustee, officer, employee, or agent including the Investment Advisor and Custodian of the Board shall be subject to any personal liability whatsoever to any person in connection with the Investment Property or affairs of the Board other than liability arising from the bad faith, willful misfeasance, gross negligence, or reckless disregard of duty by such Trustee, officer, employee, or agent; and all persons shall look solely to the Investment Property for satisfaction of claims of any nature arising in connection with the affairs of the Board. No member or officer of a Participant, Trustee, officer, employee, or agent of the Board who is made a party to any suit or proceeding to enforce any such liability shall on account thereof be held to any personal liability.

Liability to Third Persons. (a) No member or representative of a Participant shall be subject to any personal liability whatsoever to any person in connection with the Investment Property or the acts, obligations, obligations or affairs of the Board. No Trustee, officer, employeeemployee or agent, or agent including the Investment Advisor and Custodian Custodian, of the Board shall be subject to any personal liability whatsoever to any person person, in connection with the Investment Property or affairs of the Board Board, other than liability arising from the bad faith, willful misfeasance, gross negligence, negligence or reckless disregard of duty by such Trustee, officer, employee, employee or agent; and all persons shall look solely to the Investment Property for satisfaction of claims of any nature arising in connection with the affairs of the Board. No member or officer of a Participant, Trustee, officer, employee, employee or agent of the Board who is made a party to any suit or proceeding to enforce any such liability shall on account thereof be held to any personal liability.