Common use of Liabilities of Portfolios Clause in Contracts

Liabilities of Portfolios. The assets belonging to each Portfolio shall be charged with the liabilities incurred by or arising in respect of that Portfolio and all expenses, costs, charges and reserves attributable to that Portfolio, and at any time at which the Trust shall have more than one Portfolio, any general liabilities, expenses, costs, charges or reserves which are not readily identifiable as pertaining to any particular Portfolio shall be allocated and charged by the Trustees to and among any one or more of the Portfolios of the Trust in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. The liabilities, expenses, costs, charges and reserves so allocated and so charged to a particular Portfolio are herein referred to as “liabilities” of’ that Portfolio. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Portfolios for all purposes. The creditors of a particular Portfolio may look only to the assets of that Portfolio to satisfy such creditors’ claims, and the creditors of a particular Class of a Portfolio may look only to the share of that Class in the assets of the Portfolio of which it is a part to satisfy their claims.

Liabilities of Portfolios. The assets belonging to each Portfolio shall be charged with the liabilities incurred by or arising in respect of that Portfolio and all expenses, costs, charges and reserves attributable to that Portfolio, and at any time at which the Trust shall have more than one Portfolio, any general liabilities, expenses, costs, charges or reserves which are not readily identifiable as pertaining to any particular Portfolio shall be allocated and charged by the Trustees to and among any one or more of the Portfolios of the Trust in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. The liabilities, expenses, costs, charges and reserves so allocated and so charged to a particular Portfolio are herein referred to as “liabilities” "liabilities of’ " that Portfolio. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Portfolios for all purposes. The creditors of a particular Portfolio may look only to the assets of that Portfolio to satisfy such creditors’ claims, and the creditors of a particular Class of a Portfolio may look only to the share of that Class in the assets of the Portfolio of which it is a part to satisfy their ' claims.

Liabilities of Portfolios. The assets belonging to each Portfolio shall be charged with the liabilities incurred by or arising in respect of that Portfolio and all expenses, costs, charges and reserves attributable to that Portfolio, and at any time at which the Trust shall have more than one Portfolio, any general liabilities, expenses, costs, charges or reserves which are not readily identifiable as pertaining to any particular Portfolio shall be allocated and charged by the Trustees to and among any one or more of the Portfolios of the Trust in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. The liabilities, expenses, costs, charges and reserves so allocated and so charged to a particular Portfolio are herein referred to as “liabilities” of’ "LIABILITIES OF" that Portfolio. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Portfolios for all purposes. The creditors of a particular Portfolio may look only to the assets of that Portfolio to satisfy such creditors’ claims, and the creditors of a particular Class of a Portfolio may look only to the share of that Class in the assets of the Portfolio of which it is a part to satisfy their ' claims.

Liabilities of Portfolios. The assets belonging to each Portfolio shall be charged with the liabilities incurred by or arising in respect of that Portfolio and all expenses, costs, charges and reserves attributable to that Portfolio, and at any time at which the Trust shall have more than one Portfolio, any general liabilities, expenses, costs, charges or reserves which are not readily identifiable as pertaining to any particular Portfolio shall be allocated and charged by the Trustees to and among any one or more of the Portfolios of the Trust in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. The liabilities, expenses, costs, charges and reserves so allocated and so charged to a particular Portfolio are herein referred to as “liabilitiesliabilities of” of’ that Portfolio. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Portfolios for all purposes. The creditors of a particular Portfolio may look only to the assets of that Portfolio to satisfy such creditors’ claims, and the creditors of a particular Class of a Portfolio may look only to the share of that Class in the assets of the Portfolio of which it is a part to satisfy their claims.