Common use of Adviser Liability for Actions of Subadviser Clause in Contracts

Adviser Liability for Actions of Subadviser. For the avoidance of doubt, the parties hereby agree that (a) the Adviser shall be solely responsible for the management of the Fund Portfolio regardless of whether the Adviser delegates any of its management responsibilities under the Investment Management Agreement to a subadviser, (b) the Adviser shall be liable under this Agreement and the other Transaction Documents to which it is a party for any actions taken by any subadviser with regard to the Fund Portfolio, and (c) for purposes of this Agreement and any other Transaction Document to which it is a party, any action or omission by a subadviser with respect to the Fund Portfolio shall be deemed to be the action or omission of the Adviser.

Adviser Liability for Actions of Subadviser. For the avoidance ---------------------------------------------- of doubt, the parties hereby agree that (a) the Adviser shall be solely responsible for the management of the Fund Portfolio regardless of whether the Adviser delegates any of its management responsibilities under the Investment Management Agreement to a subadviser, (b) the Adviser shall be liable under this Agreement and the other Transaction Documents to which it is a party for any actions taken by any subadviser with regard to the Fund Portfolio, and (c) for purposes of this Agreement and any other Transaction Document to which it is a party, any action or omission by a subadviser with respect to the Fund Portfolio shall be deemed to be the action or omission of the Adviser.