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• ARTICLE V <br /> Limitations of Liability <br /> 5.01 Liability to Third Persons. No Participant shall be subject to any personal liability <br /> whatsoever, in tort, contract or otherwise to any other Person or Persons in connection with 4M <br /> Fund Property or the affairs of the 4M Fund; and no Trustee, officer employee or agent <br /> (including, without limitation,the Adviser, the Administrator and the Custodian) of the 4M Fund <br /> shall be subject to any personal liability whatsoever in tort contract or otherwise, to any other <br /> Person or Persons in connection with 4M Fund Property or the affairs of the 4M Fund except <br /> that each shall be personally liable for his bad faith, willful misconduct, gross negligence or <br /> reckless disregard of his duties or for his failure to act in good faith in the reasonable belief that <br /> his action was in the best interests of the 4M Fund and except that the Investment Advisory <br /> Agreement and the Administration Agreement shall provide for the personal liability of the <br /> Adviser or the Administrator, as the case may be, for its willful or negligent failure to take <br /> reasonable measures to restrict investments of the 4M Fund Property to those permitted by Law <br /> and this Declaration of Trust. <br /> 5.02 Liability to the 4M Fund or to the Participants. No Trustee officer, employee or <br /> agent (including, without limitation, the Adviser, the Administrator and the Custodian) of the <br /> 4M Fund shall be liable to the 4M Fund or to any Participant, Trustee, officer, employee or <br /> agent (including, without limitation, the Adviser, the Administrator and the Custodian) of the <br /> 4M Fund for any action or failure to act (including, without limitation, the failure to compel in <br /> • any way any former or acting Trustee to redress any breach of trust) except for his own bad <br /> faith, willful misfeasance, gross negligence or reckless disregard of his duties and except that <br /> the Investment Advisory Agreement and the Administration Agreement shall provide for the <br /> personal liability of the Adviser or the Administrator, as the case may be, for its willful or <br /> negligent failure to take reasonable measures to restrict investments of the 4M Fund Property <br /> to those permitted by Law and this Declaration of Trust; provided, however, that the provisions <br /> of this Section 5.02 shall not limit the liability of any agent (including, without limitation, the <br /> Adviser, the Administrator and the Custodian) of the 4M Fund with respect to breaches by it of <br /> a contract between it and the 4M Fund. <br /> 5.03 Indemnification. <br /> (a) The 4M Fund shall indemnify and hold each Participant harmless from and <br /> against all claims and liabilities, whether they proceed to judgment or are settled or otherwise <br /> brought to a conclusion, to which such Participant may become subject by reason of its being <br /> or having been a Participant, and shall reimburse such Participant for all legal and other <br /> expenses reasonably incurred by it in connection with any such claim or liability. The rights <br /> accruing to a Participant under this Section 5.03 shall not exclude any other right to which such <br /> Participant may be lawfully entitled, nor shall anything herein contained restrict the right of the <br /> 4M Fund to indemnify or reimburse a Participant in any appropriate situation even though not <br /> specifically provided herein. <br /> • (b) The 4M Fund shall indemnify each of its Trustees and officers, and employees <br /> and agents (including, without limitation, the Adviser, the Administrator and the Custodian) <br /> designated by the Board of Trustees to receive such indemnification, against all liabilities and <br /> 17 <br />