Liability of the Advisor. In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties hereunder, the Advisor shall not be subject to liability to the Series or to any shareholder of the Series for any act or omission in the course of, or connected with, rendering advice or services hereunder or for any losses that may be sustained in the purchase, retention or sale of any security. No provision of this agreement shall be construed to protect any trustee or officer of the Trust or any director or officer of the Advisor from liability in violation of Sections 17(h) and (i) of the Investment Company Act of 1940.
Appears in 3 contracts
Samples: Investment Advisory Agreement (Benham California Tax Free & Municipal Funds), Investment Advisory Agreement (Benham Target Maturities Trust), Investment Advisory Agreement (Benham Manager Funds)
Liability of the Advisor. In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties hereunder, the Advisor shall not be subject to liability to the Series or to any shareholder of the Series for any act or omission in the course of, or connected with, rendering advice or services hereunder or for any losses that may be sustained in the purchase, retention or sale of any security. No provision of this agreement shall be construed to protect any trustee director or officer of the Trust Company or any director or officer of the Advisor from liability in violation of Sections 17(h) and (i) of the Investment Company Act of 1940.
Appears in 2 contracts
Samples: Investment Advisory Agreement (Benham Equity Funds), Investment Advisory Agreement (Benham Equity Funds)
Liability of the Advisor. In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations and duties hereunder, the Advisor shall not be subject to liability to the Series or to any shareholder of the Series for any act or omission in the course of, or connected with, rendering advice or services hereunder or for any losses that may be sustained in the purchase, retention or sale of any security. No provision of this agreement Agreement shall be construed to protect any trustee or officer of the Trust or any director or officer of the Advisor from liability in violation of Sections 17(h) and (i) of the Investment Company Act of 1940.
Appears in 1 contract
Samples: Investment Advisory Agreement (Benham International Funds)
