Common use of Role of the Administrator Clause in Contracts

Role of the Administrator. (i) The Administrator, and any person controlling, controlled by or under common control with the Administrator shall be free to render similar services to others and to engage in other activities, so long as the services rendered to the Trust are not impaired. (ii) Except as otherwise required by the Investment Company Act of 1940, as amended, any of the shareholders, Trustees, officers and employees of the Trusts may be a shareholder, director, officer or employee of, or be otherwise interested in, the Administrator, and in any person controlling, controlled by or under common control with the Administrator, and the Administrator, and any person controlling, controlled by or under common control with the Administrator, may have an interest in the Trust. (iii) Except as otherwise agreed, in the absence of willful misfeasance, bad faith, gross or negligence, neither the Administrator nor any of its officers, directors, employees or agents shall be subject to liability to the Trust for any act or omission in the course of, or connected with, rendering services hereunder, and each shall be indemnified and held harmless by the Trust from and against any losses, claims, damages and legal fee and other expenses arising out of their due performance of this Agreement.