Common use of LIABILITY OF THE DISTRIBUTOR Clause in Contracts

LIABILITY OF THE DISTRIBUTOR. You shall be liable for your own acts and omissions caused by your willful misfeasance, bad faith, or gross negligence in the performance of your duties, or by your reckless disregard of your obligations under this Agreement, and nothing herein shall protect you against any such liability to the Trust or its shareholders. Subject to the first sentence of this Section, you shall not be liable for any action taken or omitted on advice, obtained in good faith, of counsel, provided such counsel is satisfactory to the Trust.

LIABILITY OF THE DISTRIBUTOR. You shall be liable for your own acts and omissions caused by your willful misfeasance, bad faith, or gross negligence in the performance of your duties, or by your reckless disregard of your obligations under this Agreementcontract, and nothing herein shall protect you against any such liability to the Trust or its shareholders. Subject to the first sentence of this Sectionsection, you shall not be liable for any action taken or omitted on advice, obtained in good faith, of counsel, provided such counsel is satisfactory to the Trust.

LIABILITY OF THE DISTRIBUTOR. You shall be liable for your own acts and omissions caused by your willful misfeasance, bad faith, or gross negligence in the performance of your duties, or by your reckless disregard of your obligations under this Agreement, and nothing herein shall protect you against any such liability to the Trust or its shareholders. Subject to the first sentence of this Sectionforegoing, you shall not be liable for any action taken or omitted on advice, obtained in good faith, of counsel, provided such counsel is satisfactory to the Trust.