Common use of Liability of Unitholders Clause in Contracts

Liability of Unitholders. No Unitholder or annuitant shall be held to have any personal liability as such and no resort shall be had to his private property for satisfaction of any obligation or claim arising out of or in connection with any contract or obligation of the Funds, the Manager or the Trustee or any obligation which a Unitholder or annuitant would otherwise have to indemnify the Trustee for any personal liability incurred by the Trustee as such, but rather the assets of the Funds only are intended to be liable and subject to levy or execution for such satisfaction. If any Fund acquires any investments subject to existing contractual obligations, the Manager or the Trustee on direction of the Manager, as the case may be shall use its best efforts to have any such obligations modified so as to achieve disavowal of contractual liability contemplated herein.