Limitation of Liability of Trustees and Shareholders. With respect to each Company organized as a Massachusetts business trust (or a Fund which is a series thereof) where the trustees, officers, employees, representatives, agents, or shareholders of such business trust (or series thereof) may be held personally liable for its acts or obligations, the Administrator acknowledges and agrees that, to the extent such trustees are regarded as entering into this Agreement, they do so only as trustees and not individually and that the obligations under this Agreement are not binding upon any such trustee, officer, employee, representative, agent, or shareholder individually, but are binding only upon the assets and property of said Company or Fund. The Administrator further agrees that such trustees, officers, employees, representatives, agents, or shareholders shall not be personally liable for any acts or obligations of said Company or Fund and that the Administrator shall look solely to the property of the Fund for the performance of this Agreement or payment of any claim against the Fund. Each Fund that is, or may in the future be, a series of an investment company shall be liable solely for its own acts and obligations under this Agreement and shall not be liable for the acts or obligations of any other series of the investment company.
Appears in 8 contracts
Sources: Master Administration Agreement (Value Line Core Bond Fund), Master Administration Agreement (Value Line Mid Cap Focused Fund, Inc.), Master Administration Agreement (Value Line Select Growth Fund, Inc.)