Limitation of Liability of UBS AM Sample Clauses
The Limitation of Liability of UBS AM clause sets boundaries on the extent to which UBS Asset Management (UBS AM) can be held responsible for losses, damages, or claims arising from its services or actions under an agreement. Typically, this clause specifies that UBS AM’s liability is capped at a certain amount, excludes liability for indirect or consequential damages, or limits responsibility to cases of gross negligence or willful misconduct. By doing so, the clause protects UBS AM from excessive financial exposure and provides certainty to both parties regarding potential risks, ensuring that liability is allocated in a fair and predictable manner.
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Limitation of Liability of UBS AM. UBS AM and its delegates, including any Sub-Administrator to any Fund or the Trust, shall not be liable for any error of judgment or mistake of law or for any loss suffered by any Fund, the Trust or any of its shareholders, in connection with the matters to which this Contract relates, except to the extent that such a loss results from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Contract. Any person, even though also an officer, director, employee, or agent of UBS AM, who may be or become an officer, Trustee, employee or agent of the Trust shall be deemed, when rendering services to any Fund or the Trust or acting with respect to any business of such Fund or the Trust, to be rendering such service to or acting solely for the Fund or the Trust and not as an officer, director, employee, or agent or one under the control or direction of UBS AM even though paid by it.
Limitation of Liability of UBS AM. UBS AM and its delegates, including any Sub-Adviser or Sub-Administrator to any Series or the Trust, shall not be liable for any error of judgment or mistake of law or for any loss suffered by any Series, the Trust or any of its shareholders, in connection with the matters to which this Contract relates, except to the extent that such a loss results from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Contract. Any person, even though also an officer, director, employee, or agent of UBS AM, who may be or become an officer, Trustee, employee or agent of the Trust shall be deemed, when rendering services to any Series or the Trust or acting with respect to any business of such Series or the Trust, to be rendering such service to or acting solely for the Series or the Trust and not as an officer, director, employee, or agent or one under the control or direction of UBS AM even though paid by it.