Common use of Limitation of Liability of Unit Owners Clause in Contracts

Limitation of Liability of Unit Owners. In engaging in any activity or transaction which results or could result in any kind of liability, the Trustees shall take all the steps necessary to ensure that such liability shall be satisfiable in all events (including the exhaustion of the Trust Estate) only out of the Trust Estate, that such liability shall not be satisfiable out of any amounts distributed to Unit Owners or other assets owned by Unit Owners, and that no Unit Owner shall have any personal liability therefore. In the event of failure by the Trustees to take such steps, the Trustees shall be fully and exclusively liable for any resulting liability (other than liability for state and federal income taxes or liabilities for refunds, fines, penalties, or interest relating to the oil or gas pricing overcharges) vis-à-vis the Unit Owners; provided, however, that the Trustees shall be entitled to be indemnified and reimbursed from the Trust Estate, as provided in Section 7.03 infra.