Common use of Trustee limitation Clause in Contracts

Trustee limitation. (a) Subject to clause 1.5(c), no Trustee will be liable to pay or satisfy any obligations or liabilities under this Agreement other than out of assets of the relevant trust (Trust) in respect of which that Trustee has entered into this Agreement and in no circumstances will that Trustee be called upon or liable to satisfy any of those obligations or liabilities out of its personal assets; (b) Subject to clause 1.5(c), each party to this Agreement may only enforce its rights against a Trustee to the extent of that Trustee’s right of indemnity out of the assets held by it in respect of the relevant Trust; and (c) The limitation of liability recorded in clauses 1.5(a) and (b) above shall not apply if and to the extent that the Trustee does not have or has lost (as a result of the Trustee’s wilful breach of trust, fraud or gross negligence) a right of indemnity out of the assets held by it in respect of the relevant Trust.

Trustee limitation. (a) Subject to clause 1.5(c), no Trustee will be liable to pay or satisfy any obligations or liabilities under this Agreement agreement other than out of assets of the relevant trust (Trust) in respect of which that Trustee has entered into this Agreement agreement and in no circumstances will that Trustee be called upon or liable to satisfy any of those obligations or liabilities out of its personal assets; (b) Subject to clause 1.5(c), each party to this Agreement agreement may only enforce its rights against a Trustee to the extent of that Trustee’s 's right of indemnity out of the assets held by it in respect of the relevant Trust; and (c) The limitation of liability recorded in clauses 1.5(a) and (b) above shall not apply if and to the extent that the Trustee does not have or has lost (as a result of the Trustee’s wilful 's willful breach of trust, fraud or gross negligence) a right of indemnity out of the assets held by it in respect of the relevant Trust.