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

Limitation of Liability of Trustees and Shareholders. The Adviser acknowledges the following limitation of liability: The terms “The FBR Funds” 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, such reference being inclusive of any and all amendments thereto so filed or hereafter filed. The obligations of “The FBR Funds” 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 a Fund must look solely to the assets of the Trust or Fund for the enforcement of any claims against the Trust or Fund. Obligations of any one Fund may be satisfied only by the assets of such Fund and not any other Fund.

Limitation of Liability of Trustees and Shareholders. The Adviser Sub-Advisor acknowledges the following limitation of liability: The terms “"The FBR Family of Funds” " and “"Trustees” " refer, respectively, to the trust created Trust 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, such reference being inclusive of any and all amendments thereto so filed or hereafter filed. The obligations of “"The FBR Family of Funds” " 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 a Fund must look solely to the assets of the Trust or Fund for the enforcement of any claims against the Trust or Fund. Obligations of any one Fund may be satisfied only by the assets of such Fund and not any other Fund.

Limitation of Liability of Trustees and Shareholders. The Adviser acknowledges the following limitation of liability: The terms “"The FBR Family of Funds” " 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, such reference being inclusive of any and all amendments thereto so filed or hereafter filed. The obligations of “"The FBR Family of Funds” " entered into in the name or on behalf thereof by any of the Trustees, representatives or agents are made not madenot 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 a Fund must look solely to the assets of the Trust or Fund for the enforcement of any claims against the Trust or Fund. Obligations of any one Fund may be satisfied only by the assets of such Fund and not of any other Fund.

Limitation of Liability of Trustees and Shareholders. The Sub-Adviser acknowledges the following limitation of liability: The terms “The FBR Funds” and “Trustees” refer, respectively, to the trust created Trust 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, such reference being inclusive of any and all amendments thereto so filed or hereafter filed. The obligations of “The FBR Funds” 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 a Fund must look solely to the assets of the Trust or Fund for the enforcement of any claims against the Trust or Fund. Obligations of any one Fund may be satisfied only by the assets of such Fund and not any other Fund.

Limitation of Liability of Trustees and Shareholders. The Adviser acknowledges the following limitation of liability: The terms “The "FBR Family of Funds” " 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, such reference being inclusive of any and all amendments thereto so filed or hereafter filed. The obligations of “The "FBR Family of Funds” " 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 a Fund must look solely to the assets of the Trust or Fund for the enforcement of any claims against the Trust or Fund. Obligations of any one Fund may be satisfied only by the assets of such Fund and not any other Fund.

Limitation of Liability of Trustees and Shareholders. The Adviser Sub‑Adviser acknowledges the following limitation of liability: The terms “"The FBR Funds” " and “"Trustees” " refer, respectively, to the trust created Trust 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, such reference being inclusive of any and all amendments thereto so filed or hereafter filed. The obligations of “"The FBR Funds” " 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 a Fund must look solely to the assets of the Trust or Fund for the enforcement of any claims against the Trust or Fund. Obligations of any one Fund may be satisfied only by the assets of such Fund and not any other Fund.