Common use of ASSETS AND LIABILITIES OF SERIES AND CLASSES Clause in Contracts

ASSETS AND LIABILITIES OF SERIES AND CLASSES. All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested and all income, earnings, profits and proceeds thereof (including any proceeds derived from the sale, exchange or liquidation of such assets and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be) (collectively “Assets belonging to” that Series), shall be recorded, held and accounted for separately from the other assets of the Trust and Assets belonging to every other Series. The Assets belonging to a Series shall belong only to that Series for all purposes and to no other Series, subject only to the rights of creditors of that Series. Any assets, income, earnings, profits and proceeds thereof, funds and/or payments that are not readily identifiable as belonging to any particular Series shall be allocated by the Trustees between or among one or more Series as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series for all purposes, and the assets, income, earnings, profits, proceeds, funds and payments so allocated to a Series shall be treated for all purposes as Assets belonging to that Series. The Assets belonging to a Series shall be charged with all Liabilities of the Trust with respect to that Series and/or attributable to that Series, except that Liabilities allocated solely to a particular Class shall be borne by that Class. Any Liabilities of the Trust that are not readily identifiable as chargeable to any particular Series or Class shall be allocated and charged by the Trustees between or among any one or more Series or Classes in such manner as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. Without limiting the foregoing, but subject to the right of the Trustees to allocate Liabilities as herein provided, the Liabilities incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the Assets belonging to that Series and not against the assets of the Trust generally or the Assets belonging to any other Series. Notice of this contractual limitation on Liabilities among Series may, in the Trustees’ sole discretion, be set forth in the Trust’s certificate of 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 Delaware Act, and upon the giving of such notice in the certificate of trust, the provisions of Section 3804(a) of the Delaware Act relating to limitations on Liabilities among Series (and the statutory effect under Section 3804 of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each Series. Any person extending credit to, contracting with or having any claim against any Series may look only to the Assets belonging to that Series to satisfy or enforce any Liability with respect to that Series. No Shareholder or former Shareholder of any Series shall have a claim on or any right to any Assets belonging to any other Series.

ASSETS AND LIABILITIES OF SERIES AND CLASSES. (i) All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested and all income, earnings, profits and proceeds thereof (from whatever source derived, including any proceeds derived from the sale, exchange or liquidation of such assets and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be) (collectively “Assets belonging to” , shall irrevocably be held with respect to that Series)Series for all purposes, shall be recorded, held and accounted for in separate and distinct records separately from the other assets of the Trust and Assets belonging Trust, or the assets held with respect to every other Series. The Assets belonging to a Series shall belong only to that Series for all purposes and to no any other Series, subject only to and shall be so recorded upon the rights books of creditors account of that Seriesthe Trust. Any Such consideration, assets, income, earnings, profits and proceeds thereof, funds and/or or payments, in whatever form the same may be, are herein referred to as “assets held with respect to” that Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that are not readily identifiable as belonging assets held with respect to any particular Series shall be allocated by Series, the Trustees shall allocate such assets to, between or among any one or more of the Series in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any assets so allocated to a particular Series shall be assets held with respect to that Series. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes, and the assets, income, earnings, profits, proceeds, funds and payments so allocated . (ii) The assets held with respect to a Series shall be treated for all purposes as Assets belonging to that Series. The Assets belonging to a particular Series shall be charged with all Liabilities of the Trust with respect to that Series and/or liabilities, expenses, costs, charges, fees and reserves attributable to that Series, except that Liabilities allocated liabilities attributable solely to a particular Class of that Series shall be borne by charged solely to that Class. Any Liabilities general liabilities, expenses, costs, charges, fees or reserves of the Trust that are not readily identifiable as chargeable to any particular Series or Class shall be allocated and charged by the Trustees to, between or among any one or more of the Series or Classes in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. . (iii) Without limiting the foregoing, but subject to the right of the Trustees to allocate Liabilities liabilities as herein provided, the Liabilities debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the Assets belonging assets held with respect to that Series only, and not against the assets of the Trust generally or the Assets belonging assets held with respect to any other Series. Notice of this contractual limitation on Liabilities among Series may, in the Trustees’ sole discretion, be set forth in the Trust’s certificate of trust (whether originally or by amendment) as filed or to be filed in the Office and none of the Secretary of State of the State of Delaware pursuant debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Delaware Act, and upon Trust generally or any other Series shall be enforceable against the giving of assets held with respect to such notice in Series. To the certificate of trust, the provisions of Section extent required by § 3804(a) of the Delaware Act relating in order to limitations give effect to the limitation on Liabilities among inter-Series (liabilities provided by this Section 3.2(a), separate and distinct records shall be maintained for each Series and the statutory effect under Section 3804 of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each Series. Any person extending credit to, contracting with or having any claim against any Series may look only to the Assets belonging to that Series to satisfy or enforce any Liability assets held with respect to that Series. No Shareholder or former Shareholder of any each Series shall have be held in such separate and distinct records (directly or indirectly, including through a claim on nominee or any right otherwise) and accounted for in such separate and distinct records separately from the assets held with respect to any Assets belonging to any all other Series, and of the Trust generally, and notice of the limitation on inter‑Series liabilities as provided by this Section 3.2(a) shall be set forth in the Certificate of Trust.

ASSETS AND LIABILITIES OF SERIES AND CLASSES. All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested and all income, earnings, profits and proceeds thereof (including any proceeds derived from the sale, exchange or liquidation of such assets and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be) (collectively “Assets belonging to” that Series), shall be recorded, held and accounted for separately from the other assets of the Trust and Assets belonging to every other Series. The Assets belonging to a Series shall belong only to that Series for all purposes and to no other Series, subject only to the rights of creditors of that Series. Any assets, income, earnings, profits and proceeds thereof, funds and/or payments that are not readily identifiable as belonging to any particular Series shall be allocated by the Trustees between or among one or more Series as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series for all purposes, and the assets, income, earnings, profits, proceeds, funds and payments so allocated to a Series shall be treated for all purposes as Assets belonging to that Series. The Assets belonging to a Series shall be charged with all Liabilities of the Trust with respect to that Series and/or attributable to that Series, except that Liabilities allocated solely to a particular Class shall be borne by that Class. Any Liabilities of the Trust that are not readily identifiable as chargeable to any particular Series or Class shall be allocated and charged by the Trustees between or among any one or more Series or Classes in such manner as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. All Persons who have extended credit that has been allocated to a particular Series, or who have a claim or contract that has been allocated to any particular Series, shall look exclusively to the assets of that particular Series for payment of such credit, claim, or contract. In the absence of an express contractual agreement so limiting the claims of such creditors, claimants and contract providers, each creditor, claimant and contract provider shall be deemed nevertheless to have impliedly agreed to such limitation. Without limiting the foregoing, but subject to the right of the Trustees to allocate Liabilities as herein provided, the Liabilities incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the Assets belonging to that Series and not against the assets of the Trust generally or the Assets belonging to any other Series. Notice of this contractual limitation on Liabilities among Series may, in the Trustees’ sole discretion, be set forth in the Trust’s certificate of 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 Delaware Act, and upon the giving of such notice in the certificate of trust, the provisions of Section 3804(a) of the Delaware Act relating to limitations on Liabilities among Series (and the statutory effect under Section 3804 of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each Series. Any person extending credit to, contracting with or having any claim against any Series may look only to the Assets belonging to that Series to satisfy or enforce any Liability with respect to that Series. No Shareholder or former Shareholder of any Series shall have a claim on or any right to any Assets belonging to any other Series.

ASSETS AND LIABILITIES OF SERIES AND CLASSES. (i) All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested and all income, earnings, profits and proceeds thereof (from whatever source derived, including any proceeds derived from the sale, exchange or liquidation of such assets and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be) (collectively “Assets belonging to” , shall irrevocably be held with respect to that Series)Series for all purposes, shall be recorded, held and accounted for in separate and distinct records separately from the other assets of the Trust and Assets belonging Trust, or the assets held with respect to every other Series. The Assets belonging to a Series shall belong only to that Series for all purposes and to no any other Series, subject only to and shall be so recorded upon the rights books of creditors account of that Seriesthe Trust. Any Such consideration, assets, income, earnings, profits and proceeds thereof, funds and/or or payments, in whatever form the same may be, are herein referred to as “assets held with respect to” that Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments that are not readily identifiable as belonging assets held with respect to any particular Series shall be allocated by Series, the Trustees shall allocate such assets to, between or among any one or more of the Series in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any assets so allocated to a particular Series shall be assets held with respect to that Series. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes, and the assets, income, earnings, profits, proceeds, funds and payments so allocated . (ii) The assets held with respect to a Series shall be treated for all purposes as Assets belonging to that Series. The Assets belonging to a particular Series shall be charged with all Liabilities of the Trust with respect to that Series and/or liabilities, expenses, costs, charges, fees and reserves attributable to that Series, except that Liabilities allocated liabilities attributable solely to a particular Class of that Series shall be borne by charged solely to that Class. Any Liabilities general liabilities, expenses, costs, charges, fees or reserves of the Trust that are not readily identifiable as chargeable to any particular Series or Class shall be allocated and charged by the Trustees to, between or among any one or more of the Series or Classes in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes. . (iii) Without limiting the foregoing, but subject to the right of the Trustees to allocate Liabilities liabilities as herein provided, the Liabilities debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the Assets belonging assets held with respect to that Series only, and not against the assets of the Trust generally or the Assets belonging assets held with respect to any other Series. Notice of this contractual limitation on Liabilities among Series may, in the Trustees’ sole discretion, be set forth in the Trust’s certificate of trust (whether originally or by amendment) as filed or to be filed in the Office and none of the Secretary of State of the State of Delaware pursuant debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Delaware Act, and upon Trust generally or any other Series shall be enforceable against the giving of assets held with respect to such notice in Series. To the certificate of trust, the provisions of Section extent required by § 3804(a) of the Delaware Act relating in order to limitations give effect to the limitation on Liabilities among inter-Series (liabilities provided by this Section 3.2(a), separate and distinct records shall be maintained for each Series and the statutory effect under Section 3804 of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each Series. Any person extending credit to, contracting with or having any claim against any Series may look only to the Assets belonging to that Series to satisfy or enforce any Liability assets held with respect to that Series. No Shareholder or former Shareholder of any each Series shall have be held in such separate and distinct records (directly or indirectly, including through a claim on nominee or any right otherwise) and accounted for in such separate and distinct records separately from the assets held with respect to any Assets belonging to any all other Series, and of the Trust generally, and notice of the limitation on inter-Series liabilities as provided by this Section 3.2(a) shall be set forth in the Certificate of Trust.