Common use of Liability of Trustees and Others Clause in Contracts

Liability of Trustees and Others. No Trustee, officer, employee, or agent of the Board shall be liable to the Board or to any Participant, Trustee, officer, employee, or agent thereof for any damages caused by action or failure to act except for damages caused by bad faith, willful misfeasance, gross negligence, or reckless disregard of duties. Any agreements with the Investment Advisor or the Custodian shall provide for the personal liability of the Investment Advisor or the Custodian, as the case may be, for a willful or negligent failure to take reasonable measures to restrict investments of Investment Property to those permitted by law and this Participation Agreement. The provisions of this Section shall not limit the liability of any agent of the Board (including without limitation the Investment Advisor or the Custodian) with respect to breaches by it of a contract between the agent and the Board.

Liability of Trustees and Others. No Trustee, officer, employee, employee or agent of the Board shall be liable to the Board or to any Participant, Trustee, officer, employee, employee or agent thereof for any damages caused by action or failure to act except for damages caused by bad faith, willful misfeasance, gross negligence, negligence or reckless disregard of duties. Any agreements with the Investment Advisor or the Custodian shall provide for the personal liability of the Investment Advisor or the Custodian, as the case may be, for a willful or negligent failure to take reasonable measures to restrict investments of Investment Property to those permitted by law and this Participation Agreement. The provisions of this Section shall not limit the liability of any agent of the Board (including without limitation limitation, the Investment Advisor or the Custodian) with respect to breaches by it of a contract between the agent and the Board.