Trustee limitation. Where a Party enters into this Agreement in a trustee capacity then except as expressly agreed otherwise their liability at any time under it (but only in the absence of dishonesty or wilful breach of trust) is limited to an amount equal to the value of trust assets then under their control. [[Drafting note: Consider limiting operation of this clause to 'independent' trustees only. You may consider also whether Trustees should specifically be indemnified by beneficiaries as well as out of Trust assets.]]
Appears in 2 contracts
Sources: Shareholder Agreement, Shareholder Agreement