Common use of Representative Capacity and Binding Obligation Clause in Contracts

Representative Capacity and Binding Obligation. Notice is hereby given that this Agreement is not executed on behalf of the Trustees of the Customer as individuals, and the obligations of this Agreement are not binding upon any of the Trustees, officers or shareholders of the Customer individually but are biding only upon the assets and property of the Customer. The Custodian agrees that no shareholder, trustee or officer of the Customer may be held personally liable or responsible for any obligations of the Customer arising out of this Agreement.

Representative Capacity and Binding Obligation. Notice is hereby given herebygiven that this Agreement is not executed on behalf of the Trustees of the Customer ofthe Trust as individuals, and the obligations of this Agreement are not arenot binding upon any of the Trustees, officers or shareholders of the Customer theTrust individually but are biding binding only upon the assets and property of propertyof the CustomerPortfolios. The Custodian agrees that no shareholder, trustee or officer of the Customer theTrust may be held personally liable or responsible for any obligations of obligationsof the Customer Trust arising out of this Agreement.