Trustee Exculpation Clause Samples
The Trustee Exculpation clause limits the liability of the trustee for actions taken in good faith while performing their duties under the trust agreement. Typically, this clause protects the trustee from being held personally responsible for losses or damages resulting from honest mistakes or errors in judgment, as long as there is no willful misconduct or gross negligence. By doing so, it encourages individuals or institutions to serve as trustees without fear of undue personal risk, ensuring that the trust can be managed effectively and in accordance with its terms.
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Trustee Exculpation. When this Agreement is executed by the trustee of any trust, such execution is by the trustee, not individually but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing herein contained shall be construed as creating any liability on any such trustee personally to pay any amounts required to be paid hereunder or to perform any covenant, either express or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto by their execution hereof. Any liability of any party which is a trust under this Agreement shall be only that of such trust to the full extent of its trust estate and shall not be a personal liability of any trustee, grantor or beneficiary thereof.
Trustee Exculpation. Notwithstanding any provision of this Agreement, the parties hereto acknowledge and agree that any Trustee who is a signatory to this Agreement is not acting in his, her or its individual capacity when signing on behalf of the Trust, but is acting solely as trustee of the Trust and any reference herein to Trustees shall be deemed to reference that Trustee solely in its capacity as trustee of the Trust and such Trustee shall not be liable personally to any other party for an actual or alleged breach of any provision contained this
Trustee Exculpation. The execution of this Agreement by the trustees of the Gellein Trust, ▇▇▇▇▇ Trust and ▇. ▇▇▇▇▇▇▇ Trust is by such trustees, not individually, but solely in their capacities as trustees, and nothing contained herein shall be deemed to impose any personal liability on such trustees individually.
Trustee Exculpation. Each trustee executing this Agreement is executing the same solely in his capacity as a trustee of one or more of the Hyatt Owning Trusts. All obligations and liabilities of any trustee executing this Agreement shall be satisfied solely out of the assets of the trust or trusts on whose behalf such trustee is executing this Agreement, and such trustee shall not be personally liable for the satisfaction of any of such obligations or liabilities as a result of his execution of this Agreement. [Signature Pages to Follow]
Trustee Exculpation. The execution of this Agreement by a trustee on behalf of a trust shall not create any liability of, or require performance of any covenant or agreement by the trustee individually, such liability being limited to the assets of the trust on behalf of which this Agreement is being executed by a trustee.
Trustee Exculpation. The parties agree that except for fraudulent acts, willful misrepresentation or gross negligence, no trustee of Borrower shall have personal liability hereunder to Lender and any obligation of Borrower hereunder to Lender shall be satisfied solely from the assets of Borrower.
Trustee Exculpation. When this Agreement is executed on behalf of a member of the Family Group by the trustee of any trust, such execution is by the trustee, not individually but solely as trustee in the exercise of and under the power and authority conferred upon and invested in such trustee, and it is expressly understood and agreed that nothing herein contained shall be construed as creating any liability on any such trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto by their execution hereof. Any liability hereunder of any member of the Family Group which is a trust shall be only that of such trust to the full extent of its trust estate and shall not be a personal liability of any trustee, grantor or beneficiary thereof.
Trustee Exculpation. Buyer acknowledges that all trustees, co-trustees, special trustees (or their designees) (the “Trustees”) of the Sellers that are trusts (the “Seller Trusts”), are executing this Agreement on behalf of such trusts, (b) the Trustees have executed this Agreement solely as Trustees of the applicable Seller Trusts in the exercise of the power and authority conferred upon and vested in such Trustees pursuant to the applicable Seller Trusts, and (c) nothing in this Agreement shall be construed as creating any liability on any Trustee personally to perform or pay any express or implied covenant, condition or obligation of any Seller under this Agreement, including any indemnification obligation. Buyer, on its own behalf and on behalf of the Buyer Group (i) expressly waives all such personal liabilities of the Trustees, and (ii) affirms that it will not assert in any fashion any claim personally against any Trustee.
Trustee Exculpation. The parties agree that the ------------------- trustees of Borrower shall have no personal liability hereunder to Lender and any obligation of Borrower hereunder to Lender shall be satisfied solely from the assets of Borrower.
Trustee Exculpation. The execution of this Agreement by J▇▇▇▇ ▇. ▇▇▇▇▇▇ as trustee of the Trust (the "Trustee") is by the Trustee not individually but solely as trustee of the Trust, in the exercise of the authority invested in the Trustee. It is expressly understood and agreed that nothing contained in this Agreement shall be construed as creating any liability on the Trustee personally to pay any amounts required to be paid hereunder, or to perform any covenant, either express or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto by their execution hereof.