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. (b) Claims of any nature arising in connection with the affairs of the Board from which a Trustee, officer, employee, or agent of the Board are protected by this Section shall include any claims sustained by reason of any act or omission (including but not limited to investment advice or the failure to give investment advice at any time). (c) The Board shall indemnify and hold harmless each member or officer of a Participant from and against all claims and liabilities to which such member or officer of such Participant may become subject on behalf of the Participant by reason of being or having been a Participant and shall reimburse such Participant or its officer or member for all legal and other expenses of such Participant reasonably incurred in connection with any such claim or liability. The rights accruing to a Participant or its members or officers under this Section shall not exclude any other right to which such Participant or member or officer may be lawfully entitled, nor shall anything herein restrict the right of the Board to indemnify or reimburse in any appropriate situation even though not specifically provided herein.

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. (b) Claims of any nature arising in connection with the affairs of the Board from which a Trustee, officer, employee, employee or agent of the Board are protected by this Section shall include any claims sustained by reason of any act or omission (including including, but not limited to to, investment advice or the failure to give investment advice at any time). (c) The Board shall indemnify and hold harmless each member or officer of a Participant from and against all claims and liabilities to which such member or officer of such Participant may become subject on behalf of the Participant by reason of being or having been a Participant Participant, and shall reimburse such Participant or its officer or member for all legal and other expenses of such Participant reasonably incurred in connection with any such claim or liability. The rights accruing to a Participant or its members or officers under this Section shall not exclude any other right to which such Participant or member or officer may be lawfully entitled, nor shall anything herein restrict the right of the Board to indemnify or reimburse in any appropriate situation even though not specifically provided herein.