Common use of Appointment and Status of Sub-Adviser Clause in Contracts

Appointment and Status of Sub-Adviser. The Adviser hereby appoints the Sub-Adviser to act as its agent to provide investment advisory service to each class of shares of beneficial interest of the Trust set forth on an executed Exhibit to this Agreement (each a "Fund"), for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided. Although the Sub-Adviser shall be an agent of the Adviser, the Sub-Adviser shall for all purposes herein be deemed to be an independent contractor of the Adviser and the Trust and shall, unless otherwise expressly provided herein or authorized by the Adviser or the Board of Trustees of the Trust from time to time, have no authority to act for or represent the Adviser or the Trust in any way or otherwise be deemed an agent of the Trust.

Appointment and Status of Sub-Adviser. The Adviser hereby appoints the Sub-Adviser to act as its agent to provide investment advisory service services to each class of shares of beneficial interest the Funds, subject to the overall policies, direction and review of the Trust set forth on an executed Exhibit Trust’s Board of Trustees (the “Board”) and to this Agreement (each a "Fund")the instructions and supervision of the Adviser, for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services and assume the obligations herein set forth, for the compensation herein provided. Although , subject to the Sub-Adviser shall be an agent oversight of the Board and the Adviser, the . The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor of the Adviser and the Trust and shall, unless otherwise expressly provided herein or authorized by the Adviser or the Board of Trustees of the Trust from time to time, have no authority to act for or represent the Adviser or the Trust in any way or otherwise be deemed an agent of the Adviser or the Trust.