Common use of Responsibility of PFPC Clause in Contracts

Responsibility of PFPC. PFPC shall be under no duty to take any action on behalf of the Fund except as specifically set forth herein or as may be specifically agreed to by PFPC in writing. PFPC shall be obligated to exercise due care and diligence in the performance of its duties hereunder, to act in good faith and to use its best efforts in performing services provided for under this Agreement. PFPC shall be liable only for any damages arising out of or in connection with PFPC's performance of or omission or failure to perform its duties under this Agreement to the extent such damages arise out of PFPC's negligence, reckless disregard of its duties, bad faith or willful misfeasance. Without limiting the generality of the foregoing or of any other provision of this Agreement, PFPC, in connection with its duties under this Agreement, shall not be under any duty or obligation to inquire into and shall not be liable for (a) the validity or invalidity or authority or lack thereof of any Oral or Written Instruction, notice or other instrument which conforms to the applicable requirements of this Agreement, and which PFPC reasonably believes to be genuine; or (b) subject to the provisions of Paragraph 10, delays or errors or loss of data occurring by reason of circumstances beyond PFPC's control, including acts of civil or military authority, national emergencies, labor difficulties, fire, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.

Responsibility of PFPC. (a) PFPC shall be under no duty to take any action on behalf of the Fund Trust except as specifically set forth herein or as may be specifically agreed to by PFPC in writing. PFPC shall be obligated to exercise due care and diligence in the performance of its duties hereunder, to act in good faith and to use its best efforts in performing services provided for under this Agreement. PFPC shall be liable only for any damages arising out of or in connection with PFPC's performance of or omission or failure to perform its duties under this Agreement to the extent such damages arise out of PFPC's negligencewillful misfeasance, bad faith, negligence or reckless disregard of its such duties, bad faith or willful misfeasance. . (b) Without limiting the generality of the foregoing or of any other provision of this Agreement, PFPC, in connection with its duties under this Agreement, PFPC shall not be under any duty or obligation to inquire into and shall not be liable for (aA) the validity or invalidity or authority or lack thereof of any Oral Instruction or Written Instruction, notice or other instrument which conforms to the applicable requirements of this Agreement, and which PFPC reasonably believes to be genuine; or (bB) subject to the provisions of Paragraph 10, delays or errors or loss of data occurring by reason of circumstances beyond PFPC's control, including acts of civil or military authority, national emergencies, labor difficulties, fire, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.to

Responsibility of PFPC. (a) PFPC shall be under no duty to take any action hereunder on behalf of the Fund or any Portfolio except as specifically set forth herein or as may be specifically agreed to by PFPC and the Fund in writinga written amendment hereto. PFPC shall be obligated to exercise due care and diligence in the performance of its duties hereunder, hereunder and to act in good faith and to use its best efforts in performing services provided for under this Agreement. PFPC shall be liable only for any damages arising out of or in connection with PFPC's performance of or omission or failure to perform its duties under this Agreement to the extent such damages arise out of PFPC's negligencewillful misfeasance, bad faith, gross negligence or reckless disregard of its such duties. (b) Notwithstanding anything in this Agreement to the contrary, bad faith or willful misfeasance. Without limiting the generality of the foregoing or of any other provision of this Agreement, PFPC, in connection with its duties under this Agreement, shall not be under any duty or obligation to inquire into and (i) PFPC shall not be liable for (a) the validity or invalidity or authority or lack thereof of any Oral or Written Instructionlosses, notice or other instrument which conforms to the applicable requirements of this Agreementdelays, and which PFPC reasonably believes to be genuine; or (b) subject to the provisions of Paragraph 10failure, delays or errors errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond PFPC's controlits reasonable control (provided that PFPC has acted in accordance with the standard of care set forth above), including without limitation acts of God; action or inaction of civil or military authority; public enemy; war; terrorism; riot; fire; flood; sabotage; epidemics; labor disputes; civil commotion; interruption, national emergencies, labor difficulties, fire, flood loss or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.malfunction of

Responsibility of PFPC. PFPC shall be under no duty to take any ---------------------- action on behalf of the Fund Penn Series except as specifically set forth herein or as may be specifically agreed to by PFPC in writing. PFPC shall be obligated to exercise due care and diligence in In the performance of its duties hereunder, PFPC shall be obligated to exercise care and diligence and to act in good faith and to use its best efforts within reasonable limits in performing services provided for under this Agreement. , but PFPC shall not be liable only for any damages arising out act or omission which does not constitute willful misfeasance, bad faith or negligence on the part of PFPC or misconduct by PFPC in connection with PFPC's the performance of or omission or failure to perform its duties under this Agreement to the extent such damages arise out of PFPC's negligence, reckless disregard of its duties, bad faith or willful misfeasanceAgreement. Without limiting the generality of the foregoing or of any other provision of this Agreement, PFPC, PFPC in connection with its duties under this Agreement, Agreement shall not be under any duty or obligation to inquire into and shall not be liable for or in respect of (a) subject to Paragraph 4(b) hereof, the validity or invalidity or authority or lack thereof of any Oral or Written Instruction, notice or other instrument which conforms to the applicable requirements of this Agreement, and which PFPC reasonably believes to be genuine; or (b) subject to the provisions of Paragraph 10, delays or errors or loss of data occurring by reason of circumstances beyond PFPC's control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.

Responsibility of PFPC. (a) PFPC shall be under no duty to take any action on behalf of the Fund except as specifically set forth herein or as may be specifically agreed to by PFPC in writing. PFPC shall be obligated to exercise due care and diligence in the performance of its duties hereunder, to act in good faith and to use its best efforts efforts, within reasonable limits, in performing services provided for under this Agreement. PFPC shall be liable only for any damages arising out of or in connection with PFPC's performance of or omission or failure to perform its duties under this Agreement to the extent such damages arise out of PFPC's negligencewillful misfeasance, bad faith, negligence or reckless disregard of such duties. In any event, PFPC's liabilities under this Agreement shall be limited to its dutiestotal compensation earned hereunder during the preceding twelve months, bad faith for any liability or willful misfeasance. loss suffered by the Fund, including, but not limited to, any liability relating to qualification of the Fund as a regulated investment company or any liability relating to the Fund's compliance with any federal or state tax or securities statute, regulation or ruling. (b) Without limiting the generality of the foregoing or of any other provision of this Agreement, (i) PFPC, in connection with its duties under this Agreement, shall not be under any duty or obligation to inquire into and shall not be liable for (a) the validity or invalidity or authority or lack thereof of any Oral or Written Instruction, notice or other instrument which conforms to the applicable requirements of this Agreement, and which PFPC reasonably believes to be genuine; or (b) subject to the provisions of Paragraph 10, delays or errors or loss of data occurring by reason of circumstances losses beyond PFPC's its control, including acts of civil or military authority, national emergencies, labor difficulties, fire, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.provided that PFPC has acted

Responsibility of PFPC. (a) PFPC shall be under no duty hereunder to take any action on behalf of the Fund hereunder except as specifically set forth herein or as may be specifically agreed to by PFPC PFPC, Monument and the Fund in writinga written amendment hereto. PFPC shall be obligated to exercise due care and diligence in the performance of its duties hereunder, hereunder and to act in good faith and to use its best efforts in performing services provided for under this Agreement. PFPC shall be liable only for any damages arising out of or in connection with PFPC's performance of or omission or failure to perform its duties under this Agreement to the extent such damages arise out of PFPC's negligencewillful misfeasance, bad faith, gross negligence or reckless disregard of its such duties, bad faith or willful misfeasance. . (b) Without limiting the generality of the foregoing or of any other provision of this Agreement, PFPC, in connection with its duties under this Agreement, shall not be under any duty or obligation to inquire into and (i) PFPC shall not be liable for losses beyond its control, including without limitation (a) the validity or invalidity or authority or lack thereof of any Oral or Written Instruction, notice or other instrument which conforms to the applicable requirements of this Agreement, and which PFPC reasonably believes to be genuine; or (b) subject to the provisions of Paragraph 10Section 11), delays or errors or loss of data occurring by reason of circumstances beyond PFPC's control, including acts of civil provided that PFPC has acted in accordance with the standard set forth in Section 14(a) above; and (ii) PFPC shall not be under any duty or military authority, national emergencies, labor difficulties, fire, flood or catastrophe, acts of God, insurrection, war, riots or failure of obligation to inquire into and shall not be liable for the mails, transportation, communication or power supply.validity

Responsibility of PFPC. PFPC shall be under no duty to take any ---------------------- action on behalf of the Fund except as specifically set forth herein or as may be specifically agreed to by PFPC in writing. PFPC shall be obligated to exercise due care and diligence in the performance of its duties hereunder, to act in good faith and to use its best efforts in performing services provided for under this Agreement. PFPC shall be liable only for any damages arising out of or in connection with PFPC's performance of or omission or failure to perform its duties under this Agreement to the extent such damages arise out of PFPC's negligence, reckless disregard of its duties, bad faith or willful misfeasance. Without limiting the generality of the foregoing or of any other provision of this Agreement, PFPC, in connection with its duties under this Agreement, shall not be under any duty or obligation to inquire into and shall not be liable for (a) the validity or invalidity or authority or lack thereof of any Oral or Written Instruction, notice or other instrument which conforms to the applicable requirements of this Agreement, and which PFPC reasonably believes to be genuine; or (b) subject to the provisions of Paragraph 10, delays or errors or loss of data occurring by reason of circumstances beyond PFPC's control, including acts of civil or military authority, national emergencies, labor difficulties, fire, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.

Responsibility of PFPC. (a) PFPC shall be under no duty hereunder to take any action on behalf of the Fund hereunder except as specifically set forth herein or as may be specifically agreed to by PFPC PFPC, Monument and the Fund in writinga written amendment hereto. PFPC shall be obligated to exercise due care and diligence in the performance of its duties hereunder, hereunder and to act in good faith and to use its best efforts in performing services provided for under this Agreement. PFPC shall be liable only for any damages arising out of or in connection with PFPC's performance of or omission or failure to perform its duties under this Agreement to the extent such damages arise out of PFPC's negligencewillful misfeasance, bad faith, gross negligence or reckless disregard of its such duties, bad faith or willful misfeasance. . (b) Without limiting the generality of the foregoing or of any other provision of this Agreement, PFPC, in connection with its duties under this Agreement, shall not be under any duty or obligation to inquire into and (i) PFPC shall not be liable for losses beyond its control, including without limitation (a) the validity or invalidity or authority or lack thereof of any Oral or Written Instruction, notice or other instrument which conforms to the applicable requirements of this Agreement, and which PFPC reasonably believes to be genuine; or (b) subject to the provisions of Paragraph 10Section 11), delays or errors or loss of data occurring by reason of circumstances beyond PFPC's control, including acts provided that PFPC has acted in accordance with the standard set forth in Section 14(a) above; and (ii) PFPC shall not be under any duty or obligation to inquire into and shall not be liable for the validity or invalidity or authority or lack thereof of civil any Oral Instruction or military authority, national emergencies, labor difficulties, fire, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.Written

Responsibility of PFPC. (a) PFPC shall be under no duty to take any action hereunder on behalf of the Trust or any Fund except as specifically set forth herein or as may be specifically agreed to by PFPC and the Trust in writinga written amendment hereto. PFPC shall be obligated to exercise due care and diligence in the performance of its duties hereunder, hereunder and to act in good faith and to use its best efforts in performing services provided for under this Agreement. PFPC shall be liable only for any damages arising out of or in connection with PFPC's performance of or omission or failure to perform its duties under this Agreement to the extent such damages arise out of PFPC's negligencewillful misfeasance, bad faith, gross negligence or reckless disregard of its such duties, bad faith or willful misfeasance. . (b) Without limiting the generality of the foregoing or of any other provision of this Agreement, PFPC, in connection with its duties under this Agreement, shall not be under any duty or obligation to inquire into and (i) PFPC shall not be liable for losses beyond its control, including without limitation (a) the validity or invalidity or authority or lack thereof of any Oral or Written Instruction, notice or other instrument which conforms to the applicable requirements of this Agreement, and which PFPC reasonably believes to be genuine; or (b) subject to the provisions of Paragraph 10Section 11), delays or errors or loss of data occurring by reason of circumstances beyond PFPC's control, including acts of civil provided that PFPC has acted in accordance with the standard set forth in Section 14(a) above; and (ii) PFPC shall not be under any duty or military authority, national emergencies, labor difficulties, fire, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.obligation to inquire into and shall not be

Responsibility of PFPC. PFPC shall be under no duty to take any action on behalf of the Fund except as specifically set forth herein or as may be specifically agreed to by PFPC PFPC, in writing. PFPC shall be obligated to exercise due reasonable care and diligence in the performance of its duties hereunder, to act in good faith and to use its best efforts efforts, within reasonable limits, in performing services 9 provided for under this Agreement. PFPC shall be liable only responsible for any damages arising out of or in connection with PFPC's performance of or omission or its failure to perform its duties under this Agreement to the extent such damages arise arising out of PFPC's gross negligence. Notwithstanding the foregoing, reckless disregard PFPC shall not be responsible for losses beyond its reasonable control, provided that PFPC has acted in accordance with the standard of its duties, bad faith care set forth above; and provided further that PFPC shall only be responsible for that portion of losses or willful misfeasancedamages suffered by the Fund that are attributable to the gross negligence of PFPC. Without limiting the generality of the foregoing or of any other provision of this Agreement, PFPC, in connection with its duties under this Agreement, shall not be under any duty or obligation to inquire into and shall not be liable for (a) the validity or invalidity or authority or lack thereof of any Oral or Written Instruction, notice or other instrument which conforms to the applicable requirements of this Agreement, and which PFPC reasonably believes to be genuine; or (b) subject to the provisions of Paragraph 10, delays or errors or loss of data occurring by reason of circumstances beyond PFPC's reasonable control, including acts of civil or military authority, national emergencies, labor difficulties, fire, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.