Common use of Liability of the Trustee Clause in Contracts

Liability of the Trustee. In the event that MPF becomes liable for: (i) any tax, charge, cost or expense in consequence of any Contributions received or benefit provided under the Policy causing that part of MPF's business which is referable to the Policy to cease to be Pension Business or the Schemes ceasing to be exempt approved schemes; or (ii) any levy or charge made against MPF under FSMA or the Rules in relation to its Pension Business; the Trustee shall discharge that liability (or, in the case of a liability under sub-paragraph (ii) above, its pro rata share of that liability as determined by MPF), after receiving written notice to that effect from MPF. Failing or as an alternative to such discharge and without prejudice to the liability of the Trustee under this Clause 3.4, MPF shall be entitled, without any liability for any loss arising as a result thereof, to cancel Contribution Units allocated to the Trustee under the Policy equivalent in value (at the Unit Price applicable to those Units at such time and the Dilution Adjustment or Anti-Dilution Levy (if any, as applicable) as MPF may in its discretion determine) to the amount of that liability. For the avoidance of doubt, MPF acknowledges that the Trustee is acting solely in its capacity as trustee and that, in the absence of fraud, the Trustee’s liability under the Policy shall be limited to the value of the assets of the CIF.

Liability of the Trustee. In the event that MPF becomes liable for: (i) any tax, charge, cost or expense in consequence of any Contributions received or benefit provided under the Policy causing that part of MPF's business which is referable to the Policy to cease to be Pension Business or the Schemes ceasing to be exempt approved schemesBusiness; or (ii) any levy or charge made against MPF under FSMA or the Rules in relation to its Pension Business; the Trustee shall discharge that liability (or, in the case of a liability under sub-paragraph (ii) above, its pro rata share of that liability as determined by MPF), after receiving written notice to that effect from MPF. Failing or as an alternative to such discharge and without prejudice to the liability of the Trustee under this Clause Xx xxxx 3.4, MPF shall be entitled, without any liability for any loss arising as a result thereof, to cancel Contribution Units allocated to the Trustee under the Policy Polic y equivalent in value (at the Unit Price applicable to those Units at such time and the such Dilution Adjustment or Anti-Dilution Levy (if any, as applicable) Rate as MPF may in its discretion determine) to the amount of that liability. For the avoidance of doubt, MPF acknowledges that the Trustee is acting solely in its capacity as trustee and that, in the th e absence of fraud, the Trustee’s liability under the Policy shall be limited to the value of the assets of the CIFScheme.

Liability of the Trustee. In the event that MPF becomes liable for: (i) any tax, charge, cost or expense in consequence of any Contributions received or benefit provided under the Policy causing that part of MPF's business which is referable to the Policy to cease to be Pension Business or the Schemes ceasing to be exempt approved schemesBusiness; or (ii) any levy or charge made against MPF under FSMA or the Rules in relation to its Pension Business; the Trustee shall discharge that liability (or, in the case of a liability under sub-paragraph (ii) above, its pro rata share of that liability as determined by MPF), after receiving written notice to that effect from MPF. Failing or as an alternative to such discharge and without prejudice to the liability of the Trustee under this Clause 3.4, MPF shall be entitled, without any liability for any loss arising as a result thereof, to cancel Contribution Units allocated to the Trustee under the Policy equivalent in value (at the Unit Price applicable to those Units at such time and the such Dilution Adjustment or Anti-Dilution Levy (if any, as applicable) Rate as MPF may in its discretion determine) to the amount of that liability. For the avoidance of doubt, MPF acknowledges that the Trustee is acting solely in its capacity as trustee and that, in the absence of fraud, the Trustee’s liability under the Policy shall be limited to the value of the assets of the CIFScheme.

Liability of the Trustee. In the event that MPF becomes liable for: (i) any tax, charge, cost or expense in consequence of any Contributions received or benefit provided under the Policy causing that part of MPF's business which is referable to the Policy to cease to be Pension Business or the Schemes ceasing to be exempt approved schemes; or (ii) any levy or charge made against MPF under FSMA or the Rules in relation to its Pension Business; the Trustee shall discharge that liability (or, in the case of a liability under sub-paragraph (ii) above, its pro rata share of that liability as determined by MPF), after receiving written notice to that effect from MPF. Failing or as an alternative to such discharge and without prejudice to the liability of the Trustee under this Clause 3.4, MPF shall be entitled, without any liability for any loss arising as a result thereof, to cancel Contribution Units allocated to the Trustee under the Policy equivalent in value (at the Unit Price applicable to those Units at such time and the such Dilution Adjustment or Anti-Dilution Levy (if any, as applicable) Rate as MPF may in its discretion determine) to the amount of that liability. For the avoidance of doubt, MPF acknowledges that the Trustee is acting solely in its capacity as trustee and that, in the absence of fraud, the Trustee’s liability under the Policy shall be limited to the value of the assets of the CIF.