Common use of Limitation of Liability of Trustees and Shareholders Clause in Contracts

Limitation of Liability of Trustees and Shareholders. The Adviser and the Sub-Adviser acknowledges the following limitation of liability: The terms “The Victory Portfolios” and “Trustees” refer, respectively, to the trust created and the Trustees, as trustees but not individually or personally, acting from time to time under the Trust Instrument, to which reference is hereby made and a copy of which is on file at the office of the Secretary of State of the State of Delaware, such reference being inclusive of any and all amendments thereto so filed or hereafter filed. The obligations of The Victory Portfolios entered into in the name or on behalf thereof by any of the Trustees, representatives or agents are made not individually, but in such capacities and are not binding upon any of the Trustees, shareholders or representatives of the Trust personally, but bind only the assets of the Trust, and all persons dealing with the Trust or the Fund must look solely to the assets of the Trust or Fund for the enforcement of any claims against the Trust or Fund.

Limitation of Liability of Trustees and Shareholders. The Adviser and the Sub-Adviser acknowledges the following limitation of liability: The terms “The Victory Portfolios” and “Trustees” refer, respectively, to the trust created and the Trustees, as trustees but not individually or personally, acting from time to time under the Trust Instrument, to which reference is hereby made and a copy of which is on file at the office of the Secretary of State of the State of Delaware, such reference being inclusive of any and all amendments thereto so filed or hereafter filed. The obligations of “The Victory Portfolios Portfolios” entered into in the name or on behalf thereof by any of the Trustees, representatives or agents are made not individually, but in such capacities and are not binding upon any of the Trustees, shareholders or representatives of the Trust personally, but bind only the assets of the Trust, and all persons dealing with the Trust or the a Fund must look solely to the assets of the Trust or Fund for the enforcement of any claims against the Trust or Fund.

Limitation of Liability of Trustees and Shareholders. The Adviser and the Sub-Adviser acknowledges the following limitation of liability: The terms “The Victory Portfolios” and “Trustees” refer, respectively, to the trust created and the Trustees, as trustees but not individually or personally, acting from time to time under the Trust Instrument, to which reference is hereby made and a copy of which is on file at the office of the Secretary of State of the State of Delaware, such reference being inclusive of any and all amendments thereto so filed or hereafter filed. The obligations of “The Victory Portfolios Portfolios” entered into in the name or on behalf thereof by any of the Trustees, representatives or agents are made not individually, but in such capacities and are not binding upon any of the Trustees, shareholders or representatives of the Trust Company personally, but bind only the assets of the TrustCompany, and all persons dealing with the Trust Company or the a Fund must look solely to the assets of the Trust Company or Fund for the enforcement of any claims against the Trust Company or Fund.

Limitation of Liability of Trustees and Shareholders. The Adviser and the Sub-Adviser acknowledges the following limitation of liability: The terms “The Victory Portfolios” and “Trustees” refer, respectively, to the trust created and the Trustees, as trustees but not individually or personally, acting from time to time under the Trust Instrument, to which reference is hereby made and a copy of which is on file at the office of the Secretary of State of the State of Delaware, such reference being inclusive of any and all amendments thereto so filed or hereafter filed. The obligations of “The Victory Portfolios Portfolios” entered into in the name or on behalf thereof by any of the Trustees, representatives or agents are made not individually, but in such capacities and are not binding upon any of the Trustees, shareholders or representatives of the Trust personally, but bind only the assets of the Trust, and all persons dealing with the Trust or the a Fund must look solely to the assets of the Trust or Fund for the enforcement of any claims against the Trust or Fund.