Trustee's Liability. a) The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility of a non-qualified investment being acquired or held by the Fund. b) Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of: (i) Any taxes or interest which may be imposed on the Fund under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the Fund, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can't be paid out of the property of the Fund; or (ii) Any loss suffered or incurred by you, the Fund, or any beneficiary under the Fund caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard. c) You, your legal personal representative, and each beneficiary under the Fund will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund or any losses incurred by the Fund (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't be paid out of the property of the Fund) as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the Fund. The provisions of this section 13 shall survive the termination of the Fund.
Appears in 5 contracts
Samples: Account Agreement, Account Agreement, Account Agreement & Disclosure Document
Trustee's Liability. a) The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility of a non-qualified investment being acquired or held by the FundPlan.
b) Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of:
(i) Any taxes or interest which may be imposed on the Fund Plan under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the FundPlan, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can't be paid out of the property of the FundPlan; or
(ii) Any loss suffered or incurred by you, the FundPlan, or any beneficiary under the Fund Plan caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard.
c) You, your legal personal representative, and each beneficiary under the Fund Plan will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund Plan or any losses incurred by the Fund Plan (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't be paid out of the property of the FundPlan) as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund Plan made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the FundPlan. The provisions of this section 13 18 shall survive the termination of the FundPlan.
Appears in 5 contracts
Samples: Account Agreement, Account Agreement, Account Agreement & Disclosure Document
Trustee's Liability. a) a. The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility of a non-qualified investment being acquired or held by the Fund.
b) b. Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of:
(i) c. Any taxes or interest which may be imposed on the Fund under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the Fund, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can't be paid out of the property of the Fund; or
(ii) d. Any loss suffered or incurred by you, the Fund, or any beneficiary under the Fund caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard.
c) e. You, your legal personal representative, and each beneficiary under the Fund will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund or any losses incurred by the Fund (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't be paid out of the property of the Fund) as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the Fund. The provisions of this section 13 shall survive the termination of the Fund.
Appears in 2 contracts
Samples: Account Agreement, Account Agreement
Trustee's Liability. a) The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility of a non-non- qualified investment being acquired or held by the Fund. However, the Trustee is not responsible for determining whether any investment made on your instructions is or remains a “qualified investment” or a “prohibited investment” for your Fund (as defined under the Act).
b) We are entitled to act upon any instrument, certificate, notice or other writing believed by us to be genuine and properly signed or presented. We shall be entitled to accept same as conclusive evidence of the truth and accuracy of the statements contained therein.
c) When the Fund is terminated and all of the Fund Assets are paid out, we will be released and discharged from all responsibility or obligation in connection with the Fund.
d) If the Fund acquires an investment that is a non-qualified investment or a prohibited investment (as defined under the Act) for a RRIF, or if property held in the Fund becomes a non- qualified investment or a prohibited investment for an RRIF, it is your responsibility to file an Individual Return for Certain Taxes for RRSPs or RRIF for the relevant taxation year (Form RC339) and any other form required under the Act and pay the applicable tax under Part XI.01 of the Act.
e) Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of:
(i) Any taxes or interest which may be imposed on the Fund under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the Fund, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can't n’t be paid out of the property of the Fund; or
(ii) Any loss suffered or incurred by you, the Fund, or any beneficiary under the Fund caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence negligence, or reckless disregard.
cf) You, your legal personal representative, and each beneficiary under the Fund will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund or any losses incurred by the Fund Fund, including all expenses reasonably incurred in the defense thereof (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't cannot be paid out of the property of the Fund) as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the Fund. The provisions of this section 13 paragraph 17 shall survive the termination of the Fund.
Appears in 2 contracts
Samples: Account Agreement, Account Agreement
Trustee's Liability. a) The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility of that the Plan holds a non-qualified investment being acquired or held by a prohibited investment (as defined under the FundAct) for a RRSP. However, the Trustee is not responsible for determining whether any investment made on your instructions is or remains a “qualified investment” or a “prohibited investment” for your Plan (as defined under the Act).
b) We are entitled to act upon any instrument, certificate, notice or other writing believed by us to be genuine and properly signed or presented. We shall be entitled to accept same as conclusive evidence of the truth and accuracy of the statements contained therein.
c) When the Plan is terminated and all of the Plan Assets are paid out, we will be released and discharged from all responsibility or obligation in connection with the Plan.
d) If the Plan acquires an investment that is a non-qualified investment or a prohibited investment (as defined under the Act) for a RRSP, or if property held in the Plan becomes a non- qualified investment or a prohibited investment for an RRSP, it is your responsibility to file an Individual Return for Certain Taxes for RRSPs or RRIF for the relevant taxation year (Form RC339) and any other form required under the Act and pay the applicable tax under Part XI.01 of the Act.
e) Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of:
(i) Any taxes or interest which may be imposed on the Fund Plan under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the FundPlan, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can't n’t be paid out of the property of the FundPlan; or
(ii) Any loss suffered or incurred by you, the FundPlan, or any beneficiary under the Fund Plan caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard.
cf) You, your legal personal representative, and each beneficiary under the Fund Plan will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund Plan or any losses incurred by the Fund Plan, including all expenses reasonably incurred in the defense thereof (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't n’t be paid out of the property of the Fund) Plan), as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund Plan made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the FundPlan. The provisions of this section 13 paragraph 19 shall survive the termination of the FundPlan.
Appears in 2 contracts
Samples: Account Agreement, Account Agreement
Trustee's Liability. a) a. The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility of a non-qualified investment being acquired or held by the FundPlan.
b) b. Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of:
(i) i. Any taxes or interest which may be imposed on the Fund Plan under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the FundPlan, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can't be paid out of the property of the FundPlan; or
(ii) . Any loss suffered or incurred by you, the FundPlan, or any beneficiary under the Fund Plan caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard.
c) c. You, your legal personal representative, and each beneficiary under the Fund Plan will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund Plan or any losses incurred by the Fund Plan (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't be paid out of the property of the FundPlan) as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund Plan made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the FundPlan. The provisions of this section 13 18 shall survive the termination of the FundPlan.
Appears in 2 contracts
Samples: Account Agreement, Account Agreement
Trustee's Liability. a) The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility of that the Plan holds a non-qualified investment being acquired or held by a prohibited investment (as defined under the FundAct) for a RRSP. However, the Trustee is not responsible for determining whether any investment made on your instructions is or remains a “qualified investment” or a “prohibited investment” for your Plan (as defined under the Act).
b) We are entitled to act upon any instrument, certificate, notice or other writing believed by us to be genuine and properly signed or presented. We shall be entitled to accept same as conclusive evidence of the truth and accuracy of the statements contained therein.
c) When the Plan is terminated and all of the Plan Assets are paid out, we will be released and discharged from all responsibility or obligation in connection with the Plan.
d) If the Plan acquires an investment that is a non-qualified investment or a prohibited investment (as defined under the Act) for a RRSP, or if property held in the Plan becomes a non- qualified investment or a prohibited investment for an RRSP, it is your responsibility to file an Individual Return for Certain Taxes for RRSPs or RRIF for the relevant taxation year (Form RC339) and any other form required under the Act and pay the applicable tax under Part XI.01 of the Act.
e) Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of:
(i) Any taxes or interest which may be imposed on the Fund Plan under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the FundPlan, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-non- qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can't n’t be paid out of the property of the FundPlan; or
(ii) Any loss suffered or incurred by you, the FundPlan, or any beneficiary under the Fund Plan caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard.
cf) You, your legal personal representative, and each beneficiary under the Fund Plan will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund Plan or any losses incurred by the Fund Plan, including all expenses reasonably incurred in the defense thereof (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't n’t be paid out of the property of the Fund) Plan), as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund Plan made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the FundPlan. The provisions of this section 13 paragraph 19 shall survive the termination of the FundPlan.
Appears in 1 contract
Samples: Account Agreement
Trustee's Liability. 15.1 In the professed execution of the trusts and powers contained in this Deed:
(a) save in cases of fraud, wilful misconduct or gross negligence by the Trustee, any Trustee Director or any of their respective agents or employees, the Trustee shall not be liable for any loss arising by reason of any act, mistake or omission made by it;
(b) save in cases of fraud, wilful misconduct or gross negligence by the Trustee Director himself, no Trustee Director shall be liable for any loss arising by reason of any act, mistake or omission by him or by reason of any other matter or thing including fraud, negligence or default of another Trustee Director, agent, nominee, officer or other delegate or employee of the Trustee.
15.2 The Company hereby covenants with the Trustee and Trustee Directors that it will at all times keep them and their successors in title as Trustee or Trustee Directors (as the case may be) fully indemnified and held harmless against all claims, losses, demands, actions, proceedings, charges, expenses, costs, damages, taxes, duties and other liabilities that may be suffered or incurred by it or them or by any of them in connection with the execution of the trusts, powers and discretions vested in them by this Deed or otherwise arising howsoever out of or in connection with the preparation, administration of, operation or termination of the Deed other than liabilities arising as a consequence of the Trustee's or the Trustee Director's own fraud, wilful misconduct or gross negligence (including in the case of the Trustee, that of its agents or employees).
15.3 In addition the Trustee will exercise have the care, diligence and skill benefit of a reasonably prudent person to minimize the possibility of a non-qualified investment being acquired or held indemnities conferred on trustees generally by the Fundlaw.
b) Notwithstanding any other provisions hereof, the 15.4 The Trustee will not be liable in its personal capacity for or in respect of:
to satisfy any monetary obligations under the Trust (i) Any taxes or interest which may be imposed on the Fund under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the Fund, as a result of the purchase, sale or retention of any investment including, but without limiting prejudice to the generality of the forgoingforegoing, non-qualified investments, other than taxes, penalties and interest imposed on any monetary obligations to a Participant) beyond the Trustee sums of money (including income (if any) arising from its personal liability, including without limitation, arising the investment thereof) from its administrative error, time to time in their hands or under Tax Laws and that can't be paid out their control as Trustee of the property of the Fund; or
(ii) Any loss suffered or incurred by you, the Fund, or any beneficiary under the Fund caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence or reckless disregardTrust and properly applicable for that purpose.
c) You, your legal personal representative, and each beneficiary under the Fund will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund or any losses incurred by the Fund (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't be paid out of the property of the Fund) as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the Fund. The provisions of this section 13 shall survive the termination of the Fund.
Appears in 1 contract
Samples: Trust Deed (Horizon Pharma PLC)
Trustee's Liability. 15.1 In the professed execution of the trusts and powers contained in this Deed:
(a) save in cases of fraud, wilful misconduct or gross negligence by the Trustee, any Trustee Director or any of their respective agents or employees, the Trustee shall not be liable for any loss arising by reason of any act, mistake or omission made by it;
(b) save in cases of fraud, wilful misconduct or gross negligence by the Trustee Director himself, no Trustee Director shall be liable for any loss arising by reason of any act, mistake or omission by him or by reason of any other matter or thing including fraud, negligence or default of another Trustee Director, agent, nominee, officer or other delegate or employee of the Trustee.
15.2 The Company hereby covenants with the Trustee and Trustee Directors that it will at all times keep them and their successors in title as Trustee or Trustee Directors (as the case may be) fully indemnified and held harmless against all claims, losses, demands, actions, proceedings, charges, expenses, costs, damages, taxes, duties and other liabilities that may be suffered or incurred by it or them or by any of them in connection with the execution of the trusts, powers and discretions vested in them by this Deed or otherwise arising howsoever out of or in connection with the preparation, administration of, operation or termination of the Deed other than liabilities arising as a consequence of the Trustee’s or the Trustee Director’s own fraud, wilful misconduct or gross negligence (including in the case of the Trustee, that of its agents or employees).
15.3 In addition the Trustee will exercise have the care, diligence and skill benefit of a reasonably prudent person to minimize the possibility of a non-qualified investment being acquired or held indemnities conferred on trustees generally by the Fundlaw.
b) Notwithstanding any other provisions hereof, the 15.4 The Trustee will not be liable in its personal capacity for or in respect of:
to satisfy any monetary obligations under the Trust (i) Any taxes or interest which may be imposed on the Fund under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the Fund, as a result of the purchase, sale or retention of any investment including, but without limiting prejudice to the generality of the forgoingforegoing, non-qualified investments, other than taxes, penalties and interest imposed on any monetary obligations to a Participant) beyond the Trustee sums of money (including income (if any) arising from its personal liability, including without limitation, arising the investment thereof) from its administrative error, time to time in their hands or under Tax Laws and that can't be paid out their control as Trustee of the property of the Fund; or
(ii) Any loss suffered or incurred by you, the Fund, or any beneficiary under the Fund caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence or reckless disregardTrust and properly applicable for that purpose.
c) You, your legal personal representative, and each beneficiary under the Fund will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund or any losses incurred by the Fund (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't be paid out of the property of the Fund) as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the Fund. The provisions of this section 13 shall survive the termination of the Fund.
Appears in 1 contract
Samples: Trust Deed (Horizon Pharma PLC)
Trustee's Liability. a) The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility of a non-non- qualified investment being acquired or held by the Fund. However, the Trustee is not responsible for determining whether any investment made on your instructions is or remains a “qualified investment” or a “prohibited investment” for your Fund (as defined under the Act).
b) We are entitled to act upon any instrument, certificate, notice or other writing believed by us to be genuine and properly signed or presented. We shall be entitled to accept same as conclusive evidence of the truth and accuracy of the statements contained therein.
c) When the Fund is terminated and all of the Fund Assets are paid out, we will be released and discharged from all responsibility or obligation in connection with the Fund.
d) If the Fund acquires an investment that is a non-qualified investment or a prohibited investment (as defined under the Act) for a RRIF, or if property held in the Fund becomes a non- qualified investment or a prohibited investment for an RRIF, it is your responsibility to file an Individual Return for Certain Taxes for RRSPs or RRIF for the relevant taxation year (Form RC339) and any other form required under the Act and pay the applicable tax under Part XI.01 of the Act.
e) Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of:
(i) Any taxes or interest which may be imposed on the Fund under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the Fund, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-non- qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can't n’t be paid out of the property of the Fund; or
(ii) Any loss suffered or incurred by you, the Fund, or any beneficiary under the Fund caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence negligence, or reckless disregard.
cf) You, your legal personal representative, and each beneficiary under the Fund will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund or any losses incurred by the Fund Fund, including all expenses reasonably incurred in the defense thereof (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't cannot be paid out of the property of the Fund) as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the Fund. The provisions of this section 13 paragraph 17 shall survive the termination of the Fund.
Appears in 1 contract
Samples: Account Agreement
Trustee's Liability. a) The Trustee will exercise the care, diligence diligence, and skill of a reasonably prudent person to minimize the possibility of a non-qualified investment being acquired or held by the Fund.
b) Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of:
(i) Any taxes or interest which may be imposed on the Fund under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the Fund, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can't be paid out of the property of the Fund; or
(ii) Any loss suffered or incurred by you, the Fund, or any beneficiary under the Fund caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence negligence, or reckless disregard.
c) You, your legal personal representative, and each beneficiary under the Fund will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund or any losses incurred by the Fund (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't be paid out of the property of the Fund) as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the Fund. The provisions of this section 13 shall survive the termination of the Fund.
Appears in 1 contract
Samples: Account Agreement
Trustee's Liability. a) The Trustee will exercise the care, diligence diligence, and skill of a reasonably prudent person to minimize the possibility of a non-qualified investment being acquired or held by the FundPlan.
b) Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of:
(i) Any taxes or interest which may be imposed on the Fund Plan under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the FundPlan, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can't be paid out of the property of the FundPlan; or
(ii) Any loss suffered or incurred by you, the FundPlan, or any beneficiary under the Fund Plan caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence negligence, or reckless disregard.
c) You, your legal personal representative, and each beneficiary under the Fund Plan will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund Plan or any losses incurred by the Fund Plan (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can't be paid out of the property of the FundPlan) as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund Plan made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the FundPlan. The provisions of this section 13 18 shall survive the termination of the FundPlan.
Appears in 1 contract
Samples: Account Agreement