Common use of Authority of Investment Manager Clause in Contracts

Authority of Investment Manager. Subject to section 4 of this Agreement, Sub-Investment Manager shall have the discretionary authority to manage and control the assets in the Client Accounts, including the power to acquire assets for and dispose of assets in the Client Accounts. When exercising its authority under this section 3, Sub-Investment Manager shall be under no obligation to consult with or obtain the consent of Investment Manager, subject to any written instructions and procedures which Investment Manager shall communicate to Sub-Investment Manager. Provided Sub-Investment Manager manages the Client Accounts in accordance with the guidelines set out in Schedule B (as altered from time to time by agreement in writing), neither Sub-Investment Manager nor any of its agents, executives or employees shall be liable for any depreciation in the value of the Client Accounts or the consequences of any investment decisions made in good faith and in the absence of negligence or willful default. In this connection, Investment Manager accepts and agrees to the provisions of Schedule E (Ratification, Indemnity and Exclusion of Liability) which forms part of this Agreement. All transactions shall be subject to IMRO rules and the rules of any other regulatory authority to which Sub-Investment Manager is subject and to the dealing, settlement and other applicable rules or customs of the market or exchange (if any) on which such transaction is effected. In the event of any conflict between the terms of this Agreement and any such rules or customs, the latter shall prevail. The authority given to Sub-Investment Manager to manage the Client Accounts shall be irrevocable until this Agreement is terminated pursuant to clause 12 below and shall continue in force despite any event which might otherwise terminate it, until Sub-Investment Manager has actual notice of such event.

Authority of Investment Manager. Subject to section 4 of this Agreement, Sub-Investment Manager shall have the discretionary authority to manage and control the assets in the Client Accounts, including the power to acquire assets for and dispose of assets in the Client Accounts. When exercising its authority under this section 3, Sub-Investment Manager shall be under no obligation to consult with or obtain the consent of Investment Manager, subject to any written instructions and procedures which Investment Manager shall communicate to Sub-Investment Manager. Provided Sub-Investment Manager manages the Client Accounts in accordance with the guidelines set out in Schedule SCHEDULE B (as altered from time to time by agreement in writing), neither Sub-Investment Manager nor any of its agents, executives or employees shall be liable for any depreciation in the value of the Client Accounts or the consequences of any investment decisions made in good faith and in the absence of gross negligence or willful default. In this connection, Investment Manager accepts and agrees to the provisions of Schedule SCHEDULE E (Ratification, Indemnity and Exclusion of Liability) which forms part of this Agreement. All transactions shall be subject to IMRO rules and the rules of any other regulatory authority to which Sub-Investment Manager is subject and to the dealing, settlement and other applicable rules or customs of the market or exchange (if any) on which such transaction is effected. In the event of any conflict between the terms of this Agreement and any such rules or customs, the latter shall prevail. The authority given to Sub-Investment Manager to manage the Client Accounts shall be irrevocable until this Agreement is terminated pursuant to clause 12 below and shall continue in force despite any event which might otherwise terminate it, until Sub-Investment Manager has actual notice of such event.

Authority of Investment Manager. Subject to section 4 of this Agreement, ------------------------------- Sub-Investment Manager shall have the discretionary authority to manage and control the assets in the Client Accounts, including the power to acquire assets for and dispose of assets in the Client Accounts. When exercising its authority under this section 3, Sub-Investment Manager shall be under no obligation to consult with or obtain the consent of Investment Manager, subject to any written instructions and procedures which Investment Manager shall communicate to Sub-Sub- Investment Manager. Provided Sub-Investment Manager manages the Client Accounts in accordance with the guidelines set out in Schedule B (as altered from time to time by agreement ---------- in writing), neither Sub-Investment Manager nor any of its agents, executives or employees shall be liable for any depreciation in the value of the Client Accounts or the consequences of any investment decisions made in good faith and in the absence of gross negligence or willful default. In this connection, Investment Manager accepts and agrees to the provisions of Schedule E ---------- (Ratification, Indemnity and Exclusion of Liability) which forms part of this Agreement. All transactions shall be subject to IMRO rules and the rules of any other regulatory authority to which Sub-Investment Manager is subject and to the dealing, settlement and other applicable rules or customs of the market or exchange (if any) on which such transaction is effected. In the event of any conflict between the terms of this Agreement and any such rules or customs, the latter shall prevail. The authority given to Sub-Investment Manager to manage the Client Accounts shall be irrevocable until this Agreement is terminated pursuant to clause 12 below and shall continue in force despite any event which might otherwise terminate it, until Sub-Investment Manager has actual notice of such event.