Common use of Limitation of Liability of the Fund Clause in Contracts

Limitation of Liability of the Fund. The Fund will not be liable for any act or omission or for any error of judgment or for any loss suffered by Destra in connection with the performance of the Fund’s duties under this Agreement, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from the reckless disregard by it of its duties under this Agreement or the material breach by the Fund of any of the Fund’s representations, warranties or covenants hereunder (“Fund Disabling Conduct”). Destra agrees to indemnify, defend and hold harmless the Fund, the Adviser, each of their officers, directors and agents, and any person who controls the Adviser or the Fund within the meaning of Section 15 of the Securities Act (collectively, “Fund Indemnified Persons”), against any and all claims, demands, liabilities and expenses (including the reasonable and documented out-of-pocket costs of investigating or defending such claims, demands or liabilities and any reasonable and documented out-of-pocket fees of one counsel for the Fund incurred in connection therewith) that any Fund Indemnified Persons may incur arising out of or relating to (i) Destra Disabling Conduct with respect to the provision of services under this this Agreement; (ii) Destra’s material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; or (iii) Destra’s failure to comply with any applicable laws or regulations, but only to the extent that such claims, demands, liabilities and expenses do not arise out of or are not based upon Fund Disabling Conduct.

Appears in 5 contracts

Samples: Secondary Market Support Services Agreement (Flaherty & Crumrine Dynamic Preferred & Income Fund Inc), Secondary Market Support Services Agreement (Flaherty & Crumrine Total Return Fund Inc), Secondary Market Support Services Agreement (Angel Oak Dynamic Financial Strategies Income Term Trust)

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Limitation of Liability of the Fund. The Fund will not be liable for any act or omission or for any error of judgment or for any loss suffered by Destra in connection with the performance of the Fund’s 's duties under this Agreement, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from the reckless disregard by it of its duties under this Agreement or the material breach by the Fund of any of the Fund’s 's representations, warranties or covenants hereunder ("Fund Disabling Conduct"). Destra agrees to indemnify, defend and hold harmless the Fund, the Adviser, each of their officers, directors and agents, and any person who controls the Adviser or the Fund within the meaning of Section 15 of the Securities Act (collectively, "Fund Indemnified Persons"), against any and all claims, demands, liabilities and expenses (including the reasonable and documented out-of-pocket costs of investigating or defending such claims, demands or liabilities and any reasonable and documented out-of-pocket fees of one counsel for the Fund incurred in connection therewith) that any Fund Indemnified Persons may incur arising out of or relating to (i) Destra Disabling Conduct with respect to the provision of services under this this Agreement; (ii) Destra’s 's material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; or (iii) Destra’s 's failure to comply with any applicable laws or regulations, but only to the extent that such claims, demands, liabilities and expenses do not arise out of or are not based upon Fund Disabling Conduct.

Appears in 1 contract

Samples: Secondary Market Support Services Agreement (Flaherty & Crumrine PREFERRED & INCOME SECURITIES FUND INC)

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