Common use of Several Obligations of the Portfolios Clause in Contracts

Several Obligations of the Portfolios. This Consolidated Agreement is an agreement entered into between the Bank and each Fund listed on Appendix A hereto, with respect to each Fund’s Portfolios listed on Appendix A, and each open-end management investment company made subject to this Consolidated Agreement in accordance with Section 25 above, individually, as if this Consolidated Agreement were between such individual Fund and the Bank. With respect to any obligation of the Fund on behalf of any Portfolio arising out of this Consolidated Agreement, the Bank shall look for payment or satisfaction of such obligation solely to the assets of the Portfolio to which such obligation relates as though the Bank had separately contracted with the Fund by separate written instrument with respect to each Portfolio.

Several Obligations of the Portfolios. This Consolidated Agreement is an agreement entered into between the Bank and each Fund listed on Appendix A hereto, with respect to each Fund’s Portfolios listed on Appendix A, and each open-end management investment company made subject to this Consolidated Agreement in accordance with Section 25 above, individually, as if this Consolidated Agreement were between such individual Fund and the Bank. .. With respect to any obligation of the Fund on behalf of any Portfolio arising out of this Consolidated Agreement, the Bank shall look for payment or satisfaction of such obligation solely to the assets of the Portfolio to which such obligation relates as though the Bank had separately contracted with the Fund by separate written instrument with respect to each Portfolio.