Common use of Properly Registered Clause in Contracts

Properly Registered. The Adviser is registered as an investment adviser under the Advisers Act, is subject to no statutory disqualification from such registration, and will remain so registered and will avoid such disqualification for the duration of this Agreement. The Adviser is not prohibited by the Advisers Act or the 1940 Act from performing the services contemplated by this Agreement, and to the best knowledge of the Adviser, there is no proceeding or investigation that is reasonably likely to result in the Adviser being prohibited from performing the services contemplated by this Agreement. The Adviser agrees to promptly notify the Trust of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser to an investment company. The Adviser is in compliance in all material respects with all applicable federal and state law in connection with its investment management operations.

Properly Registered. The Adviser is registered as an investment adviser under the Advisers Act, is subject to no statutory disqualification from such registrationand, if applicable, as a commodity pool operator under the Commodities Exchange Act, and will remain so registered and will avoid such disqualification for the duration of this Agreement. The Adviser is not prohibited by the Advisers Act or the 1940 Act from performing the services contemplated by this Agreement, and to the best knowledge of the Adviser, there is no proceeding or investigation that is reasonably likely to result in the Adviser being prohibited from performing the services contemplated by this Agreement. The Adviser agrees to promptly notify the Trust of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser to an investment company. The Adviser is in compliance in all material respects with all applicable federal and state law in connection with its investment management operations.