Common use of Fund Liability Clause in Contracts

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that the Claims are satisfied and notwithstanding that the agreements in respect of such Claims are terminated, rescinded or canceled.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. 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 the 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 the Fund, including, without limitation, funds delivered to the Trust for the purchase of Shares in such the Fund. In furtherance of the Consent, the Authorized Participant agrees that (i) any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) against a of the Fund incurred, contracted for or otherwise existing and (ii) the Shares shall be subject to the following limitations: (i) except as set forth below, the Claims and Shares (collectively, the “Subordinated Claims and Shares”) shall be expressly subordinate and junior in right of payment to any and all other claims against and Shares in the Trust and any series thereof, pursuant to any contract; provided, however, that the Authorized Participant’s Claims (if any) against and Shares shall not be considered Subordinated Claims and Shares with respect to enforcement against and distribution and repayment from the Fund, the Fund Assets and the Managing Owner and its assets; and provided further that (1) the Authorized Participant’s valid Claims, if any, against the Fund shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Fund and (2) the Authorized Participant’s Shares shall be pari passu and equal in right of repayment and distribution with all other Shares in the Fund; and (ii) the Authorized Participant will not take, demand, or receive from any series or the Trust or any of their respective assets (other than the Fund, the Fund Assets and the Managing Owner and its assets) any payment for the Subordinated Claims and Shares; 2. the Claims and Shares of the Authorized Participant shall only be asserted and enforceable against a particular the Fund, the Fund Assets of such Fund and the Managing Owner and its assets and such Claims and Shares shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust generally or any of their respective assets; 23. If the Claims of the Authorized Participant against a the Fund or the Trust 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 Claims (which deficiency claims Claims may arise in the event such security is inadequate to satisfy such Claims) treated as unsecured claims Claims against the Trust or any series (other than the Fund against which the Claim is madeFund), as the case may be; 4. in furtherance of the foregoing, if and to the extent that the Authorized Participant receives monies in connection with the Subordinated Claims and Shares from a series or the Trust (or their respective assets), other than the Fund, the Fund Assets and the Managing Owner and its assets, the Authorized Participant shall be deemed to hold such monies in trust and shall promptly remit such monies to the series or the Trust that paid such amounts for distribution by the series or the Trust in accordance with the terms hereof; and 35. the foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied satisfied, the Shares are sold, transferred, redeemed or in any way disposed of and notwithstanding that the agreements in respect of such Claims and Shares are terminated, rescinded or canceled.

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 (i) 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 Claimsclaims) treated as unsecured claims 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. In accordance with Section 3.7 of the Trust Agreement, the The Authorized Participant agrees and consents (the “Consent”) to look solely to the assets (the “Fund Assets”) of the particular a Fund in controversy and to the Managing Owner and its assets for payment in respect of any claim against or obligation of such that 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 the Fund, including, without limitation, funds delivered to the Trust for the purchase of Shares in such the Fund. In furtherance of the Consent, the Authorized Participant agrees that (i) any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) against a of the Fund incurred, contracted for or otherwise existing and (ii) the Shares shall be subject to the following limitations: 1. (i) except as set forth below, the Claims and Shares (collectively, the “Subordinated Claims and Shares”) shall be expressly subordinate and junior in right of payment to any and all other claims against and Shares in the Trust and any series thereof, pursuant to any contract; provided, however, that the Authorized Participant’s Claims (if any) against and Shares shall not be considered Subordinated Claims and Shares with respect to enforcement against and distribution and repayment from the Fund, the Fund Assets and the Managing Owner and its assets; and provided further that (1) the Authorized Participant’s valid Claims, if any, against the Fund shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Fund and (2) the Authorized Participant’s Shares shall be pari passu and equal in right of repayment and distribution with all other Shares in the Fund; and (ii) the Authorized Participant will not take, demand, or receive from any series or the Trust or any of their respective assets (other than the Fund, the Fund Assets and the Managing Owner and its assets) any payment for the Subordinated Claims and Shares; 2. The Claims and Shares of the Authorized Participant shall only be asserted and enforceable against a particular the Fund, the Fund Assets of such Fund and the Managing Owner and its assets and such Claims and Shares shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust generally or any of their respective assets; 23. If the Claims of the Authorized Participant against a the Fund or the Trust 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 Claims (which deficiency claims Claims may arise in the event such security is inadequate to satisfy such Claims) treated as unsecured claims Claims against the Trust or any series (other than the Fund against which the Claim is madeFund), as the case may be; 4. In furtherance of the foregoing, if and to the extent that the Authorized Participant receives monies in connection with the Subordinated Claims and Shares from a series or the Trust (or their respective assets), other than the Fund, the Fund Assets and the Managing Owner and its assets, the Authorized Participant shall be deemed to hold such monies in trust and shall promptly remit such monies to the series or the Trust that paid such amounts for distribution by the series or the Trust in accordance with the terms hereof; and 35. the The foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied satisfied, the Shares are sold, transferred, redeemed or in any way disposed of and notwithstanding that the agreements in respect of such Claims and Shares are terminated, rescinded or canceled.

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 (i) any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) against of a Fund incurred, contracted for or otherwise existing and (ii) the Shares of such Fund shall be subject to the following limitations: (i) except as set forth below, the Claims and Shares of a Fund (collectively, the “Subordinated Claims and Shares”) shall be expressly subordinate and junior in right of payment to any and all other claims against any Shares in the Trust and any series thereof, pursuant to any contract; provided, however, that the Authorized Participant’s Claims (if any) against any Shares shall not be considered Subordinated Claims and Shares with respect to enforcement against and distribution and repayment from a Fund, the Fund Assets of such Fund and the Managing Owner and its assets; and provided further that (1) the Authorized Participant’s valid Claims, if any, against a Fund shall be pari passu and equal in right of repayment and distribution with all other valid Claims against such Fund and (2) the Authorized Participant’s Shares in a Fund shall be pari passu and equal in right of repayment and distribution with all other Shares in such Fund; and (ii) the Authorized Participant will not take, demand, or receive from any series or the Trust or any of their respective assets (other than the applicable Fund, the Fund Assets of such Fund and the Managing Owner and its assets) any payment for the Subordinated Claims and Shares; 2. the Claims and Shares 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 and Shares shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust generally or any of their respective assets; 23. If the Claims of the Authorized Participant against a Fund or the Trust 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 Claims (which deficiency claims Claims may arise in the event such security is inadequate to satisfy such Claims) treated as unsecured claims Claims against the Trust or any series (other than the Fund against which the Claim is made), as the case may be; 4. in furtherance of the foregoing, if and to the extent that the Authorized Participant receives monies in connection with the Subordinated Claims and Shares from a series or the Trust (or their respective assets), other than the Fund against which a Claim is made, the Fund Assets of such Fund and the Managing Owner and its assets, the Authorized Participant shall be deemed to hold such monies in trust and shall promptly remit such monies to the series or the Trust that paid such amounts for distribution by the series or the Trust in accordance with the terms hereof; and 35. the foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied satisfied, the Shares are sold, transferred, redeemed or in any way disposed of and notwithstanding that the agreements in respect of such Claims and Shares are terminated, rescinded or canceled.

Fund Liability. In accordance with Section 3.7 of the Trust Agreement, the The Authorized Participant agrees and consents (the “Consent”) to look solely to the assets (the “Fund Assets”) of the particular a Fund in controversy and to the Managing Owner Sponsor and its assets for payment in respect of any claim against or obligation of such that 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 the Fund, including, without limitation, funds delivered to the Trust for the purchase of Shares in such the Fund. In furtherance of the Consent, the Authorized Participant agrees that (i) any debts, liabilities, obligations, indebtedness, expenses and claims of any nature and of all kinds and descriptions (collectively, “Claims”) against a of the Fund incurred, contracted for or otherwise existing and (ii) the Shares shall be subject to the following limitations: 1. (i) except as set forth below, the Claims and Shares (collectively, the “Subordinated Claims and Shares”) shall be expressly subordinate and junior in right of payment to any and all other claims against and Shares in the Trust and any series thereof, pursuant to any contract; provided, however, that the Authorized Participant’s Claims (if any) against and Shares shall not be considered Subordinated Claims and Shares with respect to enforcement against and distribution and repayment from the Fund, the Fund Assets and the Sponsor and its assets; and provided further that (1) the Authorized Participant’s valid Claims, if any, against the Fund shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Fund and (2) the Authorized Participant’s Shares shall be pari passu and equal in right of repayment and distribution with all other Shares in the Fund; and (ii) the Authorized Participant will not take, demand, or receive from any series or the Trust or any of their respective assets (other than the Fund, the Fund Assets and the Sponsor and its assets) any payment for the Subordinated Claims and Shares; 2. The Claims and Shares of the Authorized Participant shall only be asserted and enforceable against a particular the Fund, the Fund Assets of such Fund and the Managing Owner Sponsor and its assets and such Claims and Shares shall not be asserted or enforceable for any reason whatsoever against any other series, the Trust generally or any of their respective assets; 23. If the Claims of the Authorized Participant against a the Fund or the Trust 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 Claims (which deficiency claims Claims may arise in the event such security is inadequate to satisfy such Claims) treated as unsecured claims Claims against the Trust or any series (other than the Fund against which the Claim is madeFund), as the case may be; 4. In furtherance of the foregoing, if and to the extent that the Authorized Participant receives monies in connection with the Subordinated Claims and Shares from a series or the Trust (or their respective assets), other than the Fund, the Fund Assets and the Sponsor and its assets, the Authorized Participant shall be deemed to hold such monies in trust and shall promptly remit such monies to the series or the Trust that paid such amounts for distribution by the series or the Trust in accordance with the terms hereof; and 35. the The foregoing Consent shall apply at all times notwithstanding that the Claims are satisfied satisfied, the Shares are sold, transferred, redeemed or in any way disposed of and notwithstanding that the agreements in respect of such Claims and Shares are terminated, rescinded or canceled.

Fund Liability. In accordance with Section 3.7 3.8 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 The Claims of the Authorized Participant shall only be asserted and enforceable against a particular Fund, Fund and 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 seriesFund, the Trust generally or any of their respective assets; 2. If if the Claims of the Authorized Participant against a Fund or the Trust are secured in whole or in part, the Authorized Participant hereby waives (under section Section 1111(b) of the Bankruptcy Code (11 U.S.C. § 1111(b)) any right to have any deficiency claims Claims (which deficiency claims Claims may arise in the event such security is inadequate to satisfy such Claims) treated as unsecured claims Claims against the Trust or any series Fund (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.