Common use of Grantor and Administrator Authority Clause in Contracts

Grantor and Administrator Authority. Neither Grantor nor Administrator shall be held to the standard of care of a fiduciary or agent nor shall either of them be a fiduciary or agent for Participant but shall exercise only the same care in the administration of the Participation as if they had not granted the Participation. Notwithstanding the foregoing, (i) neither Grantor nor Administrator shall be liable for any error in judgment or for any action taken or omitted to be taken by it hereunder except for its gross negligence or willful misconduct, (ii) any calculations or determinations expressed to be made by Grantor or Administrator hereunder shall be made in the sole and absolute discretion of Grantor or Administrator (as applicable), and shall be conclusive and binding upon Participant in the absence of gross negligence or willful misconduct, and (iii) Grantor and Administrator may rely on legal counsel, independent public accountants and other experts selected or accepted by Grantor or Administrator and shall not be liable for any action taken or omitted to be taken in good faith by Grantor or Administrator in accordance with the advice of such counsel, accountants or experts.