Common use of NONLIABILITY OF SUB-ADVISER Clause in Contracts

NONLIABILITY OF SUB-ADVISER. (a) Except as may otherwise be provided by the 1940 Act or the Advisers Act, in the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Adviser, or reckless disregard of its obligations and duties hereunder, neither the Sub-Adviser nor its officers, directors, employees or agents shall be subject to any liability to the Fund or to any shareholder of the Fund, for any act or omission in the course of, or connected with, rendering services hereunder. (b) Sub-Adviser does not guarantee the future performance of the Fund or any specific level of performance, the success of any investment decision or strategy that Sub-Adviser may use, or the success of Sub-Adviser's overall management of the Fund. The Adviser understands that investment decisions made for the Fund by Sub-Adviser are subject to various market, currency, economic, political and business risks, and that those investment decisions will not always be profitable. Sub-Adviser will manage only the securities, cash and other investments held in the portion of the Fund it manages and in making investment decisions for the Fund, Sub-Adviser will not consider any other securities, cash or other investments owned by the Fund. (c) Under no circumstances shall the Adviser or the Sub-Adviser be liable for any special, consequential or indirect damages.