Common use of RESPONSIBILITY OF ADMINISTRATOR Clause in Contracts

RESPONSIBILITY OF ADMINISTRATOR. BMO shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except a loss resulting 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 Agreement. BMO shall be entitled to rely on and may act upon advice of counsel, approved in each case by the Trustees and acceptable to BMO, on all matters relating to the Fund, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. Any person, even though an officer, director, employee or agent of the Fund, shall be deemed, when rendering services to the Fund or acting on any business of the Fund (other than services or business in connection with the duties of BMO hereunder) in accordance with his responsibilities to the Fund as such officer, director, employee, or agent to be rendering such services to or acting solely for the Fund and not as an officer, director, partner, employee or agent or one under the control or direction of BMO even though paid by BMO.