Common use of Status of Client Clause in Contracts

Status of Client. Custodian understands that the Client is an exchange-traded investment company, registered with the SEC under the 1940 Act. The Client issues several separate Funds and the Client’s Securities and Cash, as well as its liabilities, are, and shall be, allocated to each such Fund in accordance with the Client’s Instructions. This Agreement is executed by the Client with respect to each of its Funds and the obligations hereunder are not binding upon any of the trustees, officers, or shareholders of the Client individually. Notwithstanding any other provision in this Agreement to the contrary, each and every obligation, liability or undertaking of a particular Fund under this Agreement shall constitute solely an obligation, liability or undertaking of, and be binding upon, such particular Fund and shall be payable solely from the available assets of such particular Fund and shall not be binding upon any other Fund.

Status of Client. Custodian understands that the Client is an exchange-traded investment company, registered with the SEC under the 1940 Act. The Client issues several separate Funds and the Client’s Securities and Cash, as well as its liabilities, are, and shall be, allocated to each such Fund in accordance with the Client’s Instructions. This Agreement is executed by the Client with respect to each of its Funds and the obligations hereunder are not binding upon any of the trustees, officers, officers or shareholders of the Client individually. Notwithstanding any other provision in this Agreement to the contrary, each and every obligation, liability or undertaking of a particular Fund under this Agreement shall constitute solely an obligation, liability or undertaking of, and be binding upon, such particular Fund and shall be payable solely from the available assets of such particular Fund and shall not be binding upon or affect any assets of any other Fund.