Fund Liability. In accordance with Section 3.7 of the Trust Agreement, the Authorized Participant agrees and consents (the “Consent”) to look solely to the assets (the “Fund Assets”) of the particular Fund in controversy and to the Managing Owner and its assets for payment in respect of any claim against or obligation of such Fund. The Fund Assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of that particular Fund, including, without limitation, funds delivered to the Trust for the purchase of Shares in such Fund. In furtherance of the Consent, the Authorized Participant agrees that any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) against a Fund incurred, contracted for or otherwise existing shall be subject to the following limitations:
1. the Claims of the Authorized Participant shall only be asserted and enforceable against a particular Fund, the Fund Assets of such Fund and the Managing Owner and its assets and such Claims shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust generally or any of their respective assets;
2. If the Claims of the Authorized Participant against a Fund are secured in whole or in part, the Authorized Participant hereby waives (under section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b)) any right to have any deficiency claims (which deficiency claims may arise in the event such security is inadequate to satisfy such Claims) treated as unsecured claims against the Trust or any series (other than the Fund against which the Claim is made), as the case may be; and
3. the foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied and notwithstanding that the agreements in respect of such Claims are terminated, rescinded or canceled.
Fund Liability. Any other provision to the contrary notwithstanding, any liability of the Fund under this Agreement or in connection with the transactions contemplated herein shall be discharged only out of the assets of the Fund.
Fund Liability. The Bank agrees that the obligations assumed by the -------------- Fund hereunder shall be limited in all cases to the assets of the Fund and that the Bank shall not seek satisfaction of any such obligation from the officers, agents, employees, trustees, or shareholders of the Fund.
Fund Liability. Any other provision to the contrary notwithstanding, any liability of the Fund under this Agreement with respect to a PPF, or in connection with the transactions contemplated herein with respect to a PPF, shall be discharged only out of the assets of that PPF, and no other portfolio of the Fund shall be liable with respect thereto.
Fund Liability. In accordance with Section 3.8 of the Trust Agreement, the Authorized Purchaser agrees and consent to look solely to the assets of the particular Fund in controversy for payment in respect of any claim against or obligation of such Fund. A Fund’s assets include only those funds and other assets that are paid, held or distributed to the Trust on account of and for the benefit of that particular Fund, including, without limitation, fund delivered to the Trust for the purchase of Shares in such Fund.
Fund Liability. Any other provision to the contrary notwithstanding, any liability of the Trust under this Agreement or in connection with the transactions contemplated herein shall be discharged only out of the assets of the Fund. This Agreement has been and any other agreement or instrument executed and delivered in connection herewith shall have been, executed by an officer of the Trust acting under the Declaration of Trust, and the obligations of the Trust under this Agreement or any other such agreement or instrument are not binding upon any of the Trustees, officers or Shareholders personally.
Fund Liability. The Warranty Provider agrees that it shall look only to the assets of the Fund, and not the assets of any other series of the Trust, for payment of any fees, expenses or other liabilities or obligations owed by the Fund to the Warranty Provider under the Transaction Documents. The Warranty Provider understands that the Transaction Documents are executed on behalf of the Fund by authorized officers of the Trust acting in such capacity and not individually, and the obligations of the Fund under the Transaction Documents are not binding upon any of the Trustees, officers, agents, or shareholders of the Fund, but are binding only upon the assets and property of the Fund.
Fund Liability. 35 Section 8.4. Limitation of Liability of the Warranty Provider..............35 Section 8.5. Adviser Liability for Actions of Subadviser...................35
Fund Liability. 37 Section 8.4 Limitation of Liability of the Bank.........................37 Section 8.5 Adviser Liability for Actions of Subadviser.................37 Section 8.6 Fees and Expenses...........................................38 ARTICLE IX CONFIDENTIALITY....................................................38 Section 9.1 Confidentiality Obligations of the Bank.....................38 Section 9.2 Trading Information and Other Information...................38 Section 9.3 Confidentiality Obligations of the Adviser and the Fund.....39 Section 9.4 Independent Verifier........................................39 ARTICLE X THE INDEPENDENT VERIFIER............................................39
Fund Liability. 28 Section 8.03 Liability of the Insurer............................ 28 ARTICLE IX CONFIDENTIALITY Section 9.01 Confidentiality..................................... 28 Section 9.02 Trading Information and Other Information........... 29 Section 9.03 Independent Verifier................................ 29 ARTICLE X THE INDEPENDENT VERIFIER Section 10.01 Retention of Independent Verifier................... 29 Section 10.02 Responsibilities of Independent Verifier............ 29 Section 10.03 Adviser Cooperation................................. 29
