Common use of Nature of Relationships Clause in Contracts

Nature of Relationships. The Advisor and the Portfolio Manager are affiliated with each other, but are separately responsible for providing services under this Agreement. Neither the Advisor nor the Portfolio Manager shall have any responsibility or liability for the actions or omissions of the other. To the extent permitted by law, Client agrees to hold the Advisor and the Portfolio Manager harmless for any losses or damages incurred by the Client or any third party by reason of any action or omission by the Advisor or the Portfolio Manager, except that Client may recover losses or damages from the Advisor or the Portfolio Manager to the extent such damages are directly caused by the negligence, malfeasance or violation of applicable law by such party. The federal securities laws and the securities laws of certain states impose liability under certain circumstances on persons who act in good faith. Nothing in this Agreement shall in any way constitute a waiver or limitation of any rights which Client may have under any federal or state securities laws.