Common use of Liabilities of the Funds Clause in Contracts

Liabilities of the Funds. (a) Except as otherwise set forth herein, the debts, liabilities, obligations, expenses, costs, charges, interests, claims, indemnities and reserves of any nature and all kinds and descriptions (“Claims”) incurred, contracted for, attributable to or otherwise existing with respect to a particular Fund shall be enforceable against the assets of such Fund only, and not against the assets of the Trust generally or of any other Fund and, unless otherwise provided by the Sponsor, none of the Claims incurred, contracted for, attributable to or otherwise existing with respect to the Trust generally or any other Fund shall be enforceable against the assets of such Fund. Any general Claims of the Trust which are not readily identifiable as being held with respect to any particular Fund shall be allocated and charged by the Sponsor to and among any one or more of the Funds in such manner and on such basis as the Sponsor in its sole and absolute discretion deems fair and equitable. Notice of the contractual limitation on liabilities among Funds described in the first sentence of this paragraph is set forth in the Certificate of Trust of the Trust (whether originally or by amendment) as filed in the Office of the Secretary of State of the State of Delaware pursuant to the DSTA, and the statutory provisions of section 3804 of the DSTA relating to limitations on liabilities among series (and the statutory effect under section 3804 of the DSTA of setting forth such notice in the certificate of trust) are applicable to the Trust and each Fund. Any Person extending credit to, contracting with or having any claim against any Fund may look only to the assets of such Fund to satisfy or enforce any Claim with respect to such Fund. No Shareholder or former Shareholder of any Fund shall have a claim on or any right to any assets allocated or belonging to any other Fund, except to the extent that such Shareholder or former Shareholder has such a claim or right hereunder as a Shareholder or former Shareholder of such other Fund. Every Share, note, bond, contract, instrument, certificate or other undertaking made or issued by or on behalf of a particular Fund shall include a recitation limiting the obligation on Shares represented thereby to such Fund and its assets.

Liabilities of the Funds. (a) Except as otherwise set forth herein, the The debts, liabilities, obligations, expenses, costs, charges, interests, claims, indemnities and reserves of any nature and all kinds and descriptions (“Claims”) incurred, contracted for, attributable to or otherwise existing with respect to a particular Fund Series shall be enforceable against the assets of such Fund Series only, and not against the assets of the Trust generally or of any other Fund Series and, unless otherwise provided by the Sponsor, none of the Claims debts, liabilities, obligations, expenses, costs, charges, indemnities and reserves incurred, contracted for, attributable to or otherwise existing with respect to the Trust generally or any other Fund Series shall be enforceable against the assets of such FundSeries. Any general Claims liabilities, expenses, costs, charges, indemnities or reserves of the Trust which are not readily identifiable as being held with respect to any particular Fund Series shall be allocated and charged by the Sponsor to and among any one or more of the Funds Series in such manner and on such basis as the Sponsor in its sole and absolute discretion deems fair and equitable. Notice of the contractual limitation on liabilities among Funds Series described in the first sentence of this paragraph is shall be set forth in the Certificate of Trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the DSTA, and upon the giving of such notice in the certificate of trust, the statutory provisions of section 3804 of the DSTA relating to limitations on liabilities among series Series (and the statutory effect under section 3804 of the DSTA of setting forth such notice in the certificate of trust) are shall become applicable to the Trust and each FundSeries. Any Person person extending credit to, contracting with or having any claim against any Fund Series may look only to the assets of such Fund that Series to satisfy or enforce any Claim debt, with respect to such Fundthat Series. No Shareholder or former Shareholder of any Fund Series shall have a claim on or any right to any assets allocated or belonging to any other FundSeries, except to the extent that such Shareholder or former Shareholder has such a claim or right hereunder as a Shareholder or former Shareholder of such other FundSeries. Every Share, note, bond, contract, instrument, certificate or other undertaking made or issued by or on behalf of a particular Fund Series shall include a recitation limiting the obligation on Shares represented thereby to such Fund that Series and its assets.