Common use of Exculpation; Indemnification Clause in Contracts

Exculpation; Indemnification. 5.1 The Trust shall not be liable to the Service Organization and the Service Organization shall not be liable to the Trust except for acts or failures to act which constitute lack of good faith or negligence and for obligations expressly assumed by either party hereunder. Nothing contained in this Agreement is intended to operate as a waiver by the Trust or by the Service Organization of compliance with any applicable federal or state law, rule, or regulation.

Exculpation; Indemnification. 5.1 The Trust shall not be liable to the Service Participating Organization and the Service Participating Organization shall not be liable to the Trust except for acts or failures to act which constitute lack of good faith or gross negligence and for obligations expressly assumed by either party hereunder. Nothing contained in this Agreement is intended to operate as a waiver by the Trust or by the Service Participating Organization of compliance with any applicable federal or state law, rule, or regulationregulation and the rules and regulations promulgated by the NASD.

Exculpation; Indemnification. 5.1 The Trust shall not be liable to the Service Participating Organization and the Service Participating Organization shall not be liable to the Trust except for acts or failures to act which constitute lack of good faith or gross negligence and for obligations expressly assumed by either party hereunder. Nothing contained in this Agreement is intended to operate as a waiver by the Trust or by the Service Participating Organization of compliance with any applicable federal or state law, rule, or regulationregulation and the rules and regulations promulgated by the NASD.