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. (b) The Claims of each of the Sponsor and the Trustee with respect to all Funds, any combination of Funds or one particular Fund and their respective assets (the “Applicable Fund”) shall only be asserted and enforceable against the Applicable Fund, and such Claims shall not be asserted or enforceable for any reason whatsoever against any other Fund, the Trust generally, or any of their respective assets. (c) If the Claims of the Sponsor or the Trustee against the Applicable Fund or the Trust are secured in whole or in part, each of the Sponsor and the Trustee hereby waives (under section 1111(b) of the Bankruptcy Code) 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 Fund (other than the Applicable Fund), as the case may be. (d) In furtherance of the foregoing, if and to the extent that the Sponsor and the Trustee receive monies from a Fund or the Trust (or their respective assets), other than the Applicable Fund, the Sponsor and the Trustee shall be deemed to hold such monies in trust and shall promptly remit such monies to the Fund or the Trust that paid such amounts for investment and distribution by the Fund or the Trust in accordance with the terms hereof. (e) The foregoing segregation of the liabilities and assets of and among the Funds 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. (f) Any agreement entered into by the Trust or the Sponsor, on behalf of the Trust generally or any Fund, including, without limitation, the Authorized Participant Agreements entered into with each Authorized Participant, will include language substantially similar to the language set forth in Sections 3.5 and 3.6(a) hereof.

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. (b) Except as set forth below, any debts, liabilities, obligations, indebtedness, expenses, interests and claims of any nature and all kinds and descriptions (“Claims”), if any, of the Sponsor and the Trustee (the “Subordinated Claims”) incurred, contracted for or otherwise existing, arising from, related to or in connection with all Series, any combination of Series or one particular Series and their respective assets (the “Applicable Series”) and the assets of the Trust shall be expressly subordinate and junior in right of payment to any and all other Claims against the Trust and any Series thereof, and any of their respective assets, which may arise as a matter of law or pursuant to any contract, provided, however, that the Claims of each of the Sponsor and the Trustee (if any) against the Applicable Series shall not be considered Subordinated Claims with respect to enforcement against and distribution and repayment from the Applicable Series and the Applicable Series’ assets; and provided further that the valid Claims of either the Sponsor or the Trustee, if any, against the Applicable Series shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Applicable Series. (c) The Sponsor and the Trustee will not take, demand or receive from any Fund or the Trust or any of their respective assets (other than the Applicable Series and the Applicable Series’ assets) any payment for the Subordinated Claims. (d) The Claims of each of the Sponsor and the Trustee with respect to all Funds, any combination of Funds or one particular Fund and their respective assets (the “Applicable Fund”) Series shall only be asserted and enforceable against the Applicable Fund, Series and the Applicable Series’ assets; and such Claims shall not be asserted or enforceable for any reason whatsoever against any other FundSeries, the Trust generally, or any of their respective assets. (ce) If the Claims of the Sponsor or the Trustee against the Applicable Fund Series or the Trust are secured in whole or in part, each of the Sponsor and the Trustee hereby waives (under section 1111(b) of the Bankruptcy CodeCode (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 Fund Series (other than the Applicable FundSeries), as the case may be. (df) In furtherance of the foregoing, if and to the extent that the Sponsor and the Trustee receive monies in connection with the Subordinated Claims from a Fund or the Trust (or their respective assets), other than the Applicable FundSeries, and such Applicable Series’ assets, the Sponsor and the Trustee shall be deemed to hold such monies in trust and shall promptly remit such monies to the Fund or the Trust that paid such amounts for investment and distribution by the Fund or the Trust in accordance with the terms hereof. (eg) The foregoing segregation of the liabilities and assets of and among the Funds Series 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. (fh) Any agreement entered into by the Trust Trust, any Fund, or the Sponsor, on behalf of the Trust generally or any Fund, including, without limitation, the Authorized Participant Agreements entered into with each Authorized Participant, will include language substantially similar to the language set forth in Sections 3.5 and Section 3.6(a) hereof.

Liabilities of the Funds. (a) Except as otherwise set forth hereinThe Trust Estate belonging to each particular Fund shall be charged with the liabilities of the Trust in respect of that Fund and only that Fund; and all expenses, the debtscosts, charges, indemnities and reserves attributable to that Fund, and any general liabilities, obligations, expenses, costs, charges, interestsindemnities or reserves of the Trust which are not readily identifiable as belonging to any particular Fund, claimsshall be allocated and charged by the Managing Owner to and among any one or more of the Funds established and designated from time to time in such manner and on such basis as the Managing Owner in its sole discretion deems fair and equitable. Each allocation of liabilities, indemnities expenses, costs, charges and reserves by the Managing Owner shall be conclusive and binding upon all applicable Unitholders for all purposes. The Managing Owner shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items shall be treated as capital, and each such determination and allocation shall be conclusive and binding upon the Unitholders. Every written agreement, instrument or other undertaking made or issued by or on behalf of any nature a particular Fund may include a recitation limiting the obligation or claim represented thereby to that Fund and all kinds its assets. (b) Without limitation of the foregoing provisions of this Section, but subject to the right of the Managing Owner in its discretion to allocate general liabilities, expenses, costs, charges or reserves as herein provided, the debts, liabilities, obligations and descriptions (“Claims”) expenses incurred, contracted for, attributable to for 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 this limitation on interseries liabilities among Funds 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 DSTADelaware Trust Statute, and upon the giving of such notice in the Certificate of Trust, the statutory provisions of section Section 3804 of the DSTA Delaware Trust Statute relating to limitations on interseries liabilities among series (and the statutory effect under section Section 3804 of the DSTA of setting forth such notice in the certificate Certificate of trustTrust) are shall become applicable to the Trust and each Fund. Any Person extending credit to, contracting with series 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 ShareUnit, note, bond, contract, instrument, certificate or other undertaking made or issued by or on behalf of a particular series or Fund shall may include a recitation limiting the obligation on Shares Units represented thereby to such Fund that series, or Fund, and its assets. (bi) The Claims Except as set forth below, any debts, liabilities, obligations, indebtedness, expenses, interests and claims of each any nature and all kinds and descriptions, if any, of the Sponsor Managing Owner and the Trustee (the “Subordinated Claims”) incurred, contracted for or otherwise existing, arising from, related to or in connection with respect to all Fundsseries, any combination of Funds series or one particular Fund series and their respective assets (the “Applicable FundSeries”) and the assets of the Trust shall be expressly subordinate and junior in right of payment to any and all other debts, liabilities, obligations, indebtedness, expenses, interests and claims of any nature and all kinds and descriptions, (the “Claims”) against the Trust and any other series thereof, and any of their respective assets, which may arise as a matter of law or pursuant to any contract; provided, however, that the Claims of each of the Managing Owner and the Trustee (if any) against the Applicable Series shall not be considered Subordinated Claims with respect to enforcement against and distribution and repayment from the Applicable Series and the Applicable Series’ assets; and provided further that the valid Claims of either the Managing Owner or the Trustee, if any, against the Applicable Series shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Applicable Series; (ii) The Managing Owner and the Trustee will not take, demand or receive from any Fund or the Trust or any of their respective assets (other than the Applicable Series and the Applicable Series’ assets) any payment for the Subordinated Claims; (iii) The Claims of each of the Managing Owner and the Trustee with respect to the Applicable Series shall only be asserted and enforceable against the Applicable Fund, Series and the Applicable Series’ assets; and such Claims shall not be asserted or enforceable for any reason whatsoever against any other Fund, the Trust generally, or any of their respective assets.; (civ) If the Claims of the Sponsor Managing Owner or the Trustee against the Applicable Fund Series or the Trust are secured in whole or in part, each of the Sponsor Managing Owner and the Trustee hereby waives (under section Section 1111(b) of the Bankruptcy CodeCode (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) be treated as unsecured Claims against the Trust or any Fund (other than the Applicable FundSeries), as the case may be.; (dv) In furtherance of the foregoing, if and to the extent that the Sponsor Managing Owner and the Trustee receive monies in connection with the Subordinated Claims from a Fund or the Trust (or their respective assets), other than the Applicable FundSeries and the Applicable Series’ assets, the Sponsor Managing Owner and the Trustee shall be deemed to hold such monies in trust and shall promptly remit such monies to the Fund or the Trust that paid such amounts for investment and distribution by the Fund or the Trust in accordance with the terms hereof.; and (evi) The foregoing segregation provisions of the liabilities and assets of and among the Funds this Section 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 canceledcancelled. (fc) Any agreement entered into by the Trust Trust, any Fund, or the SponsorManaging Owner, on behalf of the Trust generally or any Fund, including, without limitation, the Authorized Participant Agreements entered into with each Authorized ParticipantCreation Order, will include language substantially similar to the language set forth in Sections 3.5 and 3.6(a) hereofSection 3.8(b).

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. (b) Except as set forth below, any debts, liabilities, obligations, indebtedness, expenses, interests and claims of any nature and all kinds and descriptions (“Claims”), if any, of the Sponsor and the Trustee (the “Subordinated Claims”) incurred, contracted for or otherwise existing, arising from, related to or in connection with all Series, any combination of Series or one particular Series and their respective assets (the “Applicable Series”) and the assets of the Trust shall be expressly subordinate and junior in right of payment to any and all other Claims against the Trust and any Series thereof, and any of their respective assets, which may arise as a matter of law or pursuant to any contract, provided, however, that the Claims of each of the Sponsor and the Trustee (if any) against the Applicable Series shall not be considered Subordinated Claims with respect to enforcement against and distribution and repayment from the Applicable Series and the Applicable Series’ assets; and provided further that the valid Claims of either the Sponsor or the Trustee, if any, against the Applicable Series shall be pari passu and equal in right of repayment and distribution with all other valid Claims against the Applicable Series. (c) The Sponsor and the Trustee will not take, demand or receive from any Fund or the Trust or any of their respective assets (other than the Applicable Series and the Applicable Series’ assets) any payment for the Subordinated Claims. (d) The Claims of each of the Sponsor and the Trustee with respect to all Funds, any combination of Funds or one particular Fund and their respective assets (the “Applicable Fund”) Series shall only be asserted and enforceable against the Applicable Fund, Series and the Applicable Series’ assets; and such Claims shall not be asserted or enforceable for any reason whatsoever against any other FundSeries, the Trust generally, or any of their respective assets. (ce) If the Claims of the Sponsor or the Trustee against the Applicable Fund Series or the Trust are secured in whole or in part, each of the Sponsor and the Trustee hereby waives (under section 1111(b) of the Bankruptcy CodeCode (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 Fund Series (other than the Applicable FundSeries), as the case may be. (df) In furtherance of the foregoing, if and to the extent that the Sponsor and the Trustee receive monies in connection with the Subordinated Claims from a Fund or the Trust (or their respective assets), other than the Applicable FundSeries and such Applicable Series’ assets, the Sponsor and the Trustee shall be deemed to hold such monies in trust and shall promptly remit such monies to the Fund or the Trust that paid such amounts for investment and distribution by the Fund or the Trust in accordance with the terms hereof. (eg) The foregoing segregation of the liabilities and assets of and among the Funds Series 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. (fh) Any agreement entered into by the Trust Trust, any Fund, or the Sponsor, on behalf of the Trust generally or any Fund, including, without limitation, the Authorized Participant Agreements entered into with each Authorized Participant, will include language substantially similar to the language set forth in Sections 3.5 and 3.6(aSection 3.7(a) hereof.