LIABILITY OF THE DISTRIBUTOR. Distributor shall be liable for its own acts and omissions caused by Distributor's willful misfeasance, bad faith, or gross negligence in the performance of Distributor's duties, or by Distributor's reckless disregard of its obligations under this Agreement, and nothing herein shall protect Distributor against any such liability to the Company or its interest holders. Subject to the first sentence of this Section, Distributor 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 Company.
Appears in 3 contracts
Samples: Distribution Agreement (Ft Defined Portfolio LLC), Distribution Agreement (First Defined Portfolio Management Fund LLC), Distribution Agreement (Ft Defined Portfolio LLC)
LIABILITY OF THE DISTRIBUTOR. Distributor shall be liable for its own acts and omissions caused by Distributor's willful misfeasance, bad faith, or gross negligence in the performance of Distributor's duties, or by Distributor's reckless disregard of its obligations under this Agreement, and nothing herein shall protect Distributor against any such liability to the Company or its interest holdersshareholders. Subject to the first sentence of this Section, Distributor 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 Company.
Appears in 2 contracts
Samples: Defined Sector Fund (First Defined Sector Fund), Distribution Agreement (First Defined Sector Fund)
LIABILITY OF THE DISTRIBUTOR. Distributor shall be liable for its own acts and omissions caused by Distributor's willful misfeasance, bad faith, or gross negligence in the performance of Distributor's duties, or by Distributor's reckless disregard of its obligations under this Agreement, and nothing herein shall protect Distributor against any such liability to the Company Trust or its interest holdersshareholders. Subject to the first sentence of this Section, Distributor 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 CompanyTrust.
Appears in 2 contracts
Samples: Distribution Agreement (First Trust Variable Insurance Trust), Distribution Agreement (First Trust Variable Insurance Trust)
LIABILITY OF THE DISTRIBUTOR. Distributor shall be liable for its own acts and omissions caused by Distributor's ’s willful misfeasance, bad faith, or gross negligence in the performance of Distributor's ’s duties, or by Distributor's ’s reckless disregard of its obligations under this Agreement, and nothing herein shall protect Distributor against any such liability to the Company Trust or its interest holdersshareholders. Subject to the first sentence of this Section, Distributor 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 CompanyTrust.
Appears in 1 contract
Samples: First Trust Variable Insurance Trust Distribution Agreement (First Trust Variable Insurance Trust)
