Common use of Assumptions Regarding Structure Clause in Contracts

Assumptions Regarding Structure. For the sake of clarity and construction, the parties hereto hereby set forth their acknowledgment and agreement that: (a) some of the Borrowers under this Agreement are separate Portfolios of a Fund, and as such are not separately existing legal entities entitled to enter into contractual agreements or to execute instruments and for these reasons, each such Fund is executing this Agreement and each of the other Credit Documents on behalf of its Portfolios, as Borrowers, (b) the obligations of each Borrower hereunder are several and not joint, and (c) the assets of any Borrower hereunder shall not be used to discharge the obligations of any other Borrower under this Agreement.