Common use of Liability of Trustees Generally Clause in Contracts

Liability of Trustees Generally. ‌ (a) The Trustees, individually or collectively, are not liable for the making, retention or sale of any investment or reinvestment made by them in accordance with this Trust Agreement or in accordance with any other legal duties nor for any error of judgment nor loss to or diminution of or insufficiency of the Trust Fund, or any consequent reduction or cessation of Benefits, except a loss, diminution or insufficiency that resulted from a Trustee’s bad faith, willful misconduct or gross negligence.‌ (b) An individual Trustee is not liable for any loss, diminution or insufficiency of the Trust Fund, or any consequent reduction or cessation of Benefits, as set out in subsection (a) resulting from another Trustee or Trustees' bad faith, willful misconduct or gross negligence provided that he or she (i) acted in accordance with the standard of care set out in Section 6.1 and (ii) was not party to the bad faith, willful misconduct or gross negligence that resulted in such loss, diminution or insufficiency of the Trust Fund or consequent reduction or cessation of Benefits.