Common use of Obligations of the Fund and Portfolios Clause in Contracts

Obligations of the Fund and Portfolios. The parties acknowledge and agree that the obligations of each Portfolio hereunder, including as to any fees or expenses payable by such Portfolio, shall be several and independent of the obligations of any other Portfolio and neither joint nor joint and several. Notwithstanding anything to the contrary contained in this Agreement, the Transfer Agent acknowledges and agrees that the sole source of payment of the obligations of any Portfolio hereunder shall be the assets of such Portfolio and that the Transfer Agent shall have no right of recourse or offset against the revenues and assets of any other Portfolio or the Fund. This Agreement, including all covenants, representations, warranties and undertakings of any kind shall be construed so as to give effect to the intention of the parties that this Agreement constitutes a separate agreement between the Fund on behalf of each Portfolio and the Transfer Agent and no action on the part of any other Portfolio or the Fund shall effect the rights or obligations of such Portfolio hereunder.