Common use of Collateral Investment Direction Clause in Contracts

Collateral Investment Direction. The Fund hereby authorizes and directs BBH&Co. to cause to be invested, on the Fund’s behalf and at the Fund’s sole risk, all or substantially all Collateral in the form of cash by effecting purchase and sales and/or subscriptions and redemptions of such Collateral in any Permitted Investment set forth on Schedule 5 hereto. Upon receipt of instructions (which may be in the form of a standing instruction) from the Fund, BBH&Co. shall, where applicable, send timely instructions to the transfer agent of a Permitted Investment with respect to any cash transfers required to be completed in conjunction with any subscription or redemption in one or more Permitted Investments. BBH&Co. may, in its sole discretion, liquidate any Permitted Investment and credit the net proceeds to a Collateral Account.

Collateral Investment Direction. The Except as provided in Section 5.3 above, the Fund hereby authorizes and directs BBH&Co. to cause to be invested, on the Fund’s behalf and at the Fund’s sole risk, all or substantially all cash Collateral in the form of cash by effecting purchase purchases and sales and/or subscriptions and redemptions of such said Collateral in any Permitted Investment set forth on Schedule 5 4 hereto. Upon receipt of instructions (which may be in the form of a standing instruction) from the Fund, BBH&Co. shall., where when applicable, shall send timely instructions to the transfer agent of a Permitted Investment with respect to any cash transfers required to be completed in conjunction connection with any subscription or redemption in one or more Permitted Investments. BBH&Co. may., in its BBH&Co.’s sole discretion, may liquidate any Permitted Investment and credit the net proceeds to a Collateral Account.