Common use of LIMITATION OF LIABILITY OF THE MANAGER Clause in Contracts

LIMITATION OF LIABILITY OF THE MANAGER. (a) In the performance of advisory services as provided in Article 1(a), the Manager shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with any investment policy or the purchase, sale or redemption of any securities on the recommendation of the Manager. Nothing herein contained shall be construed to protect the Manager against any liability to the Fund or its shareholders to which the Manager shall otherwise be subject by reason of willful misfeasance, bad faith, gross negligence in the performance of its duties on behalf of the Fund, reckless disregard of the Manager's obligations and duties under this Agreement or the violation of any applicable law. (b) In the performance of administrative services as provided in Article 1(b) and which the Manager is obligated to perform hereunder, the Manager shall be liable to the Fund or its shareholders for any willful or negligent act or omission in the performance of such administrative services.

LIMITATION OF LIABILITY OF THE MANAGER. (a) In the performance of advisory services as provided in Article 1(a), the Manager shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with any investment policy or the purchase, sale or redemption of any securities on the recommendation of the Manager. Nothing herein contained shall be construed to protect the Manager against any liability to the Fund or its shareholders to which the Manager shall otherwise be subject by reason of willful misfeasance, bad faith, gross negligence in the performance of its duties on behalf of the Fund, reckless disregard of the Manager's ’s obligations and duties under this Agreement or the violation of any applicable law. (b) In the performance of administrative services as provided in Article 1(b) and which the Manager is obligated to perform hereunder, the Manager shall be liable to the Fund or its shareholders for any willful or negligent act or omission in the performance of such administrative services.