Common use of Liability to Third Persons Clause in Contracts

Liability to Third Persons. No Participant shall be subject to any personal liability whatsoever, in tort, contract or otherwise to any other Person or Persons in connection with Fund Property or the affairs of the Commission or the Fund; and no Commissioner, officer, employee or agent (including, without limitation, the Adviser, the Administrator and the Custodian) of the Commission shall be subject to any personal liability whatsoever in tort, contract or otherwise, to any other Person or Persons in connection with Fund Property or the affairs of the Commission or the Fund, except that each shall be personally liable for his bad faith, willful misconduct, gross negligence or reckless disregard of his duties or for his failure to act in good faith in the reasonable belief that his action was in the best interests of the Fund and except that the Investment Advisory Agreement and the Administration Agreement shall provide for the personal liability of the Adviser or the Administrator, as the case may be, for its willful or negligent failure to take reasonable measures to restrict investments of Fund Property to those permitted by Law and this Agreement; and all such other Persons shall look solely to the Fund Property for satisfaction of claims of any nature arising in connection with the affairs of the Commission or the Fund. If any Commissioner, officer, employee or agent of the Commission (including, without limitation, the Adviser, the Administrator and the Custodian) or any Participant of the Fund, as such, of the Commission is made a party to any suit or proceedings to assert or enforce any such liability, he shall not on account thereof be held to any personal liability.

Liability to Third Persons. No Participant shall be subject to any personal liability whatsoever, in tort, contract or otherwise to any other Person or Persons in connection with Fund Property or the affairs of the Commission or the Fund; and no CommissionerTrustee, officer, employee or agent (including, without limitation, the Marketing Agent, the Adviser, the Administrator and the Custodian) of the Commission Fund shall be subject to any personal liability whatsoever in tort, contract or otherwise, to any other Person or Persons in connection with Fund Property or the affairs of the Commission or the Fund, except that each shall be personally liable for his his/her bad faith, willful misconduct, gross negligence or reckless disregard of his duties or his/her duties, for his his/her failure to act in good faith in the reasonable belief that his his/her action was in the best interests of the Fund and except that the Investment Advisory Agreement and the Administration Agreement shall provide for the personal liability of the Adviser or the Administrator, as the case may be, for its his/her willful or negligent failure to take reasonable measures to restrict investments of the Fund Property to those permitted by Law and this AgreementDeclaration of Trust; and all such other Persons shall otherwise look solely to the Fund Property for satisfaction of claims of any nature arising in connection with the affairs of the Commission or the Fund. If any Commissioner, officer, employee or agent of the Commission (including, without limitation, the Adviser, the Administrator and the Custodian) or any Participant of the Fund, as such, of the Commission is made a party to any suit or proceedings to assert or enforce any such liability, he shall not on account thereof be held to any personal liability.