Common use of Foreign Exchange Trading Clause in Contracts

Foreign Exchange Trading. The Sub-Adviser will direct foreign exchange trading for portfolio trading purposes in unrestricted markets to broker/dealers on the basis of the Sub-Adviser’s best execution analysis. Conversion of currencies into and out of the base currency of the Fund in restricted markets will be the responsibility of the Fund’s custodian (“Custodian”), not of the Sub-Adviser. Unless otherwise agreed by Sub-Adviser in a writing signed on behalf of the Sub-Adviser, income repatriation transactions will be the responsibility of the Custodian, not of the Sub-Adviser. To the extent that the Custodian performs foreign exchange transactions, the Sub-Adviser shall not have the ability to control such transactions and will be limited in its ability to assess the quality of such transactions. In addition, whether a market is considered to be restricted will depend on a number of factors, including, but not limited to, country specific statutory documentation requirements, country specific structural risks, operational constraints, and convertibility issues. In addition, the Adviser and the Fund understand that the Sub-Adviser’s and Custodian’s list of restricted and unrestricted markets may change over time and that the Sub-Adviser’s and Custodian’s lists may also differ depending on the type of transaction. Accordingly, the Sub-Adviser shall be entitled to consult with third parties, including, but not limited to, broker-dealers and custodians, and rely upon such information in making a good faith determination on whether a market is considered restricted.

Foreign Exchange Trading. The Sub-Adviser will direct foreign exchange trading for portfolio trading purposes in unrestricted markets to broker/dealers on the basis of the Sub-Adviser’s 's best execution analysis. Conversion of currencies into and out of the base currency of the Fund in restricted markets will be the responsibility of the Fund’s 's custodian (“"Custodian”"), not of the Sub-Adviser. Unless otherwise agreed by Sub-Adviser in a writing signed on behalf of the Sub-Adviser, income repatriation transactions will be the responsibility of the Custodian, not of the Sub-Adviser. To the extent that the Custodian performs foreign exchange transactions, the Sub-Adviser shall not have the ability to control such transactions and will be limited in its ability to assess the quality of such transactions. In addition, whether a market is considered to be restricted will depend on a number of factors, including, but not limited to, country specific statutory documentation requirements, country specific structural risks, operational constraints, and convertibility issues. In addition, the Adviser and the Fund understand that the Sub-Adviser’s 's and Custodian’s 's list of restricted and unrestricted markets may change over time and that the Sub-Adviser’s 's and Custodian’s 's lists may also differ depending on the type of transaction. Accordingly, the Sub-Adviser shall be entitled to consult with third parties, including, but not limited to, broker-dealers and custodians, and rely upon such information in making a good faith determination on whether a market is considered restricted.