Common use of SCOPE OF TRUST'S OBLIGATIONS Clause in Contracts

SCOPE OF TRUST'S OBLIGATIONS. A copy of each Trust's Declaration of Fund of is on file with the Secretary of State of The Commonwealth of Massachusetts. The Custodian acknowledges that the obligations of or arising out of this Agreement with respect to a Fund are not binding upon any of the Fund's trustees, officers, employees, agents or shareholders individually, but are binding solely upon the assets and property of the Fund in accordance with its proportionate interest hereunder. The Custodian further acknowledges that the assets and liabilities of each Fund are separate and distinct, and that the obligations of or arising out of this Agreement are binding solely upon the assets or property of the Fund on behalf of which the Trust has executed this instrument. The Custodian also agrees that the obligations of each Trust and Fund hereunder shall be several and not joint, in accordance with its proportionate interest hereunder, and agrees not to proceed against any Fund or portfolio for the obligations of another Fund or portfolio.

SCOPE OF TRUST'S OBLIGATIONS. A copy of each Trust's Declaration of Fund Trust of is on file with the Secretary of State of The Commonwealth of Massachusetts. The Custodian acknowledges that the obligations of or arising out of this Agreement with respect to a Fund Trust are not binding upon any of the FundTrust's trustees, officers, employees, agents or shareholders individually, but are binding solely upon the assets and property of the Fund Trust in accordance with its proportionate interest hereunder. The Custodian further acknowledges that the assets and liabilities of each Fund Portfolio are separate and distinct, and that the obligations of or arising out of this Agreement are binding solely upon the assets or property of the Fund Portfolio on behalf of which the Trust has executed this instrument. The Custodian also agrees that the obligations of each Trust and Fund Portfolio hereunder shall be several and not joint, in accordance with its proportionate interest hereunder, and agrees not to proceed against any Fund Trust or portfolio Portfolio for the obligations of another Fund Trust or portfolioPortfolio.