Liability of the Portfolio. It is expressly agreed that the obligations of the Portfolio hereunder shall not be binding upon any of the Directors, shareholders, nominees, officers, agents or employees of the Portfolio personally, but shall bind only the Portfolio and the property of the Portfolio. The execution and delivery of this Agreement have been authorized by the Directors, and it has been signed by an officer of the Portfolio, acting as such, and neither such authorization by such Directors nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of the Portfolio. [remainder of page intentionally left blank]
