Common use of Liability of the Administrator Clause in Contracts

Liability of the Administrator. Absent willful misfeasance, bad faith, negligence, or reckless disregard of obligations or duties hereunder on the part of the Administrator, or loss resulting from breach of fiduciary duty, the Administrator shall not be liable for any act or omission in the course of, or connected with, rendering services hereunder. Notwithstanding the foregoing, the Trust shall not be deemed to have waived any rights it may have against the Administrator under federal or state securities laws. The Administrator shall indemnify and hold harmless the Trust (and its officers, directors and employees) from any and all claims, losses, liabilities or damages (including reasonable attorney’s fees and other related expenses) arising out of or in connection with the willful misfeasance, bad faith, negligence, or reckless disregard of obligations or duties including breach of fiduciary duty, hereunder of the Administrator.