Common use of LIABILITY OF THE DISTRIBUTOR Clause in Contracts

LIABILITY OF THE DISTRIBUTOR. The Distributor shall not be liable for any damages or loss suffered by the Trust in connection with the matters to which this Agreement relates, except for (a) damage or loss resulting from willful misfeasance, bad faith or gross negligence on the Distributor's part in the performance, or reckless disregard, of its duties under this Agreement, and (b) damage and loss for which the Distributor has agreed to indemnify the Trust under Section 15 of this Agreement. Any person, even though also an officer, director, employee or agent of the Distributor or any of its affiliates, who may be or become an officer of the Trust, shall be deemed, when rendering services to or acting on any business of the Trust in any such capacity (other than services or business in connection with the Distributor's duties under this Agreement), to be rendering such services to or acting solely for the Trust and not as an officer, director, employee or agent or one under the control or direction of the Distributor or any of its affiliates, even if paid by the Distributor or an affiliate thereof.

LIABILITY OF THE DISTRIBUTOR. The Distributor shall not be liable for any damages or loss suffered by the Trust in connection with the matters to which this Agreement relates, except for (a) damage or loss resulting from willful misfeasance, bad faith or gross negligence on the Distributor's part in the performance, or reckless disregard, of its duties under this Agreement, and (b) damage Agreement other than damages and loss for which the Distributor has agreed to indemnify the Trust under Section 15 of this Agreement. Any person, even though also an officer, directorpartner, employee or agent of the Distributor Distributor, or any of its affiliates, who may be or become an officer of the Trust, shall be deemed, when rendering services to or acting on any business of the Trust in any such capacity (other than services or business in connection with the Distributor's duties under this Agreement), to be rendering such services to or acting solely for the Trust and not as an officer, directorpartner, employee or agent or one under the control or direction of the Distributor or any of its affiliates, even if paid by the Distributor or an affiliate thereof.