Common use of Appointment of Investment Advisor Clause in Contracts

Appointment of Investment Advisor. The Investment Advisor is engaged to provide investment advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”). The Fund desires to employ and hereby appoints the Investment Advisor to act as the investment adviser of the Fund and to furnish the investment advisory services described below, subject to the policies of, review by, and overall control of the Board of Trustees of the Fund (the “Board of Trustees,” and each trustee, a “Trustee”), for the period and on the terms and conditions set out in this Agreement. The Investment Advisor accepts such appointment and agrees during such period, at its own expense, to render, or arrange for the rendering of, such services and to assume the obligations set out in this Agreement for the compensation provided for in this Agreement. The Investment Advisor for all purposes in this Agreement shall be deemed to be an independent contractor and, unless otherwise expressly provided or authorized in this Agreement, shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund. Nothing contained in this Agreement shall be construed to restrict the Fund’s right to hire its own employees or to contract for administrative services to be performed by third parties, including but not limited to, the calculation of the net asset value of the Fund’s common shares of beneficial interest (the “shares”).