Common use of Protection of PFPC Clause in Contracts

Protection of PFPC. PFPC shall be protected in any action or inaction which it takes in reliance on any directions or advice received pursuant to subparagraphs (a) or (b) of this paragraph which PFPC, after receipt of any such directions or advice, reasonably and in good faith believes to be consistent with such directions or advice. However, nothing in this paragraph shall be construed as imposing upon PFPC any obligation (i) to seek such directions or advice, or (ii) to act in accordance with such directions or advice when received, unless, under the terms of another provision of this Agreement, the same is a condition to PFPC's properly taking or omitting to take such action. Nothing in this subparagraph shall excuse PFPC when an action or omission on the part of PFPC constitutes willful misfeasance, bad faith, gross negligenct or reckless disregard by PFPC of its duties under this Agreement.

Protection of PFPC. PFPC shall be protected in any action it ------------------ takes or inaction which it takes does not take in reliance on any directions upon directions, advice or advice received pursuant to subparagraphs (a) Oral or (b) of this paragraph Written Instructions it receives from the Fund or from counsel and which PFPCPFPC believes, after receipt of any such directions or advice, reasonably and in good faith believes faith, to be consistent with such directions those directions, advice and Oral or adviceWritten Instructions. However, nothing Nothing in this paragraph section shall be construed so as imposing to impose an obligation upon PFPC any obligation (i) to seek such directions directions, advice or adviceOral or Written Instructions, or (ii) to act in accordance with such directions directions, advice or advice when received, Oral or Written Instructions unless, under the terms of another provision other provisions of this Agreement, the same is a condition to of PFPC's properly taking or omitting to take not taking such action. Nothing in this subparagraph subsection shall excuse PFPC when an action or omission on the part of PFPC constitutes willful misfeasance, bad faith, gross negligenct negligence or reckless disregard by PFPC of its duties under any duties, obligations or responsibilities set forth in this Agreement.

Protection of PFPC. PFPC shall be protected in any action its takes or inaction which it takes does not take in reliance on any directions upon directions, advice or advice received pursuant to subparagraphs (a) Oral or (b) of this paragraph Written Instructions its receives from the Fund or from counsel and which PFPCPFPC believes, after receipt of any such directions or advice, reasonably and in good faith believes faith, to be consistent with such directions those directions, advice or adviceOral or Written Instructions. However, nothing Nothing in this paragraph section shall be construed so as imposing to impose an obligation upon PFPC any obligation (i) to seek such directions directions, advice or adviceOral or Written Instructions, or (ii) to act in accordance with such directions directions, advice or advice when received, Oral or Written Instructions unless, under the terms of another provision other provisions of this Agreement, the same is a condition to of PFPC's properly taking or omitting to take not taking such action. Nothing in this subparagraph subsection shall excuse PFPC when an action or omission on the part of PFPC constitutes willful misfeasance, bad faith, gross negligenct negligence or reckless disregard by PFPC of its duties under any duties, obligations or responsibilities set forth in this Agreement.

Protection of PFPC. PFPC shall be protected in any action or inaction which it takes or does not take in reliance on any directions upon directions, advice or advice received pursuant to subparagraphs (a) Written Instructions it receives from E*TRADE or (b) of this paragraph from counsel and which PFPCPFPC believes, after receipt of any such directions or advice, reasonably and in good faith believes faith, to be consistent with such directions those directions, advice or adviceWritten Instructions. However, nothing Nothing in this paragraph section shall be construed so as imposing to impose an obligation upon PFPC any obligation (i) to seek such directions directions, advice or adviceWritten Instructions, or (ii) to act in accordance with such directions directions, advice or advice when received, Written Instructions unless, under the terms of another provision other provisions of this Agreement, the same is a condition to of PFPC's ’s properly taking or omitting to take not taking such action. Nothing in this subparagraph subsection shall excuse PFPC when an action or omission on oft the part of PFPC constitutes willful misfeasance, bad faith, gross negligenct negligence or reckless disregard by PFPC of its duties under any duties, obligations or responsibilities set forth in this Agreement.

Protection of PFPC. PFPC shall be protected in any action it ------------------ takes or inaction which it takes does not take in reliance on any directions upon directions, advice or advice received pursuant to subparagraphs (a) Oral or (b) of this paragraph Written Instructions it receives from the Fund or from counsel and which PFPCPFPC believes, after receipt of any such directions or advice, reasonably and in good faith believes faith, to be consistent with such directions those directions, advice or adviceOral or Written Instructions. However, nothing Nothing in this paragraph section shall be construed so as imposing to impose an obligation upon PFPC any obligation (i) to seek such directions directions, advice or adviceOral or Written Instructions, or (ii) to act in accordance with such directions directions, advice or advice when received, Oral or Written Instructions unless, under the terms of another provision other provisions of this Agreement, the same is a condition to of PFPC's properly taking or omitting to take not taking such action. Nothing in this subparagraph subsection shall excuse PFPC when an action or omission on the part of PFPC constitutes willful misfeasance, bad faith, gross negligenct negligence or reckless disregard by PFPC of its duties under any duties, obligations or responsibilities set forth in this Agreement.