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Common use of Protection of PFPC Clause in Contracts

Protection of PFPC. PFPC shall be protected in any action it takes or does not take in reliance upon directions, advice or Oral or Written Instructions it receives from the Fund or from counsel and which PFPC believes, in good faith, to be consistent with those directions, advice and Oral or Written Instructions. Nothing in this paragraph shall excuse PFPC when an action or inaction on its part constitutes willful misfeasance, bad faith, gross negligence or reckless disregard of its duties and obligations under this Agreement. Nothing in this paragraph shall be construed so as to impose an obligation upon PFPC (i) to seek such directions, advice or Oral or Written Instructions, or (ii) to act in accordance with such directions, advice or Oral or Written Instructions unless, under the terms of other provisions of this Agreement, the same is a condition of PFPC's properly taking or not taking such action.

Appears in 2 contracts

Samples: Administration and Accounting Services Agreement (RBB Fund Inc), Administration and Accounting Services Agreement (RBB Fund Inc)

Protection of PFPC. Subject to the second sentence of Section 12, PFPC shall be protected in indemnified severally by each Fund (as applicable) and without liability for any action it PFPC takes or does not take in good faith and in reliance upon directions, directions or advice or Oral Instructions or Written Instructions it PFPC receives from the or on behalf of CSFBAC or a Fund or from counsel and which PFPC reasonably believes, in good faith, to be consistent with those directions, directions or advice and or Oral Instructions or Written Instructions. Nothing in this paragraph shall excuse PFPC when an action or inaction on its part constitutes willful misfeasance, bad faith, gross negligence or reckless disregard of its duties and obligations under this Agreement. Nothing in this paragraph section shall be construed so as to impose an obligation upon PFPC (i) to seek such directions, directions or advice or Oral Instructions or Written Instructions, or (ii) to act in accordance with such directions, directions or advice or Oral Instructions or Written Instructions unless, under the terms of other provisions of this Agreement, the same is a condition of PFPC's properly taking or not taking such action.

Appears in 2 contracts

Samples: Administration, Accounting and Investor Services Agreement (CSFB Alternative Capital Relative Value Fund, LLC), Administration, Accounting and Investor Services Agreement (CSFB Alternative Capital Long/Short Equity Institutional Fund, LLC)

Protection of PFPC. PFPC shall be protected in any action it takes or does not take in reliance upon directions, advice or Oral or Written Instructions it receives from the Fund Company or from counsel and which PFPC believes, in good faith, to be consistent with those directions, advice and Oral or Written Instructions. Nothing in this paragraph shall excuse PFPC when an action or inaction on its part constitutes willful misfeasance, bad faith, gross negligence or reckless disregard of its duties and obligations under this Agreement. Nothing in this paragraph shall be construed so as to impose an obligation upon PFPC (i) to seek such directions, advice or Oral or Written Instructions, or (ii) to act in accordance with such directions, advice or Oral or Written Instructions unless, under the terms of other provisions of this Agreement, the same is a condition of PFPC's ’s properly taking or not taking such action.

Appears in 1 contract

Samples: Delegation Agreement (RBB Fund Inc)

Protection of PFPC. PFPC shall be protected in any action it takes or does not take in reliance upon directions, advice or Oral or Written Instructions it receives from the Fund Company or from counsel and which PFPC believes, in good faith, to be consistent with those directions, advice and Oral or Written Instructions. Nothing in this paragraph shall excuse PFPC when an action or inaction on its part constitutes willful misfeasance, bad faith, gross negligence or reckless disregard of its duties and obligations under this Agreement. Nothing in this paragraph shall be construed so as to impose an obligation upon PFPC (i) to seek such directions, advice or Oral or Written Instructions, or (ii) to act in accordance with such directions, advice or Oral or Written Instructions unless, under the terms of other provisions of this Agreement, the same is a condition of PFPC's properly taking or not taking such action.

Appears in 1 contract

Samples: Interim Delegation Agreement (RBB Fund Inc)

Protection of PFPC. PFPC shall be protected in any action it takes or does not take in reliance upon directions, directions or advice or Oral Instructions or Written Instructions it receives from the Fund Trust or from counsel and which PFPC believes, in good faith, to be consistent with those directions, directions or advice and Oral Instructions or Written Instructions. Nothing , provided that in this paragraph shall excuse carrying out any such action PFPC when an action or inaction on its part constitutes has not acted with willful misfeasance, bad faith, gross negligence or reckless disregard of its duties and obligations under this Agreementhereunder. Nothing in this paragraph section shall be construed so as to impose an obligation upon PFPC (i) to seek such directions, directions or advice or Oral Instructions or Written Instructions, or (ii) to act in accordance with such directions, directions or advice or Oral Instructions or Written Instructions unless, under the terms of other provisions of this Agreement, the same is a condition of PFPC's properly taking or not taking such action.

Appears in 1 contract

Samples: Administration and Accounting Services Agreement (Ab Funds Trust/De)