Common use of Liability of Advisor Clause in Contracts

Liability of Advisor. In the absence of (i) misfeasance and negligence, on the part of the Advisor in performance of its obligations and duties hereunder or (ii) a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the 1940 Act), the Advisor and its officers, directors, employees and shareholders shall not be subject to any liability whatsoever to the Fund, or to the shareholders of the Fund, and the Fund shall indemnify such persons for any error of judgment, mistake of law or any other act or omission in the course of, or connected with, rendering services hereunder including, without limitation, for any losses which may be sustained in connection with the purchase, holding, redemption or sale of any security or other investment on behalf of the Portfolio. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the Fund may have under such laws.