Express Duties Only. Custodian shall have no duties or obligations whatsoever except such duties and obligations as are specifically set forth in this Agreement, and no covenant or obligation shall be implied in this Agreement against Custodian. Custodian shall have no discretion whatsoever with respect to the management, disposition or investment of the Custody Account of any Series and is not a fiduciary to any Series or the Trust. In particular, Custodian shall not be under any obligation at any time to monitor or to take any other action with respect to compliance by any Series or the Trust with the 1940 Act, the provisions of the Trust’s declaration of trust or by-laws, or any Series' investment objectives, policies and limitations as in effect from time to time.
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Sources: Custody Agreement (Underlying Funds Trust), Custody Agreement (Underlying Funds Trust)
Express Duties Only. Custodian shall have no duties or obligations whatsoever except such duties and obligations as are specifically set forth in this Agreement, and no covenant or obligation shall be implied in this Agreement against Custodian. Custodian shall have no discretion whatsoever with respect to the management, disposition or investment of the Custody Account of any Series Portfolio and is not a fiduciary to any Series Portfolio or the Trust. In particular, Custodian shall not be under any obligation at any time to monitor or to take any other action with respect to compliance by any Series Portfolio or the Trust with the 1940 Act, the provisions of the Trust’s declaration of trust 's charter documents or by-laws, or any Series' Portfolio's investment objectives, policies and limitations as in effect from time to time.
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