Common use of FUND ACKNOWLEDGEMENT Clause in Contracts

FUND ACKNOWLEDGEMENT. Party A acknowledges that in connection with all foreign exchange transactions entered into by Party A or an Account (or its Investment Advisor acting on its behalf) with SSGM or any sub-custodian, SSGM and each such sub-custodian: (i) shall be acting in a principal capacity and not as broker, agent or fiduciary to Party A, the Account or its Investment Advisor; (ii) shall seek to profit from such foreign exchange transactions, and are entitled to retain and not disclose any such profit to Party A, the Account or its Investment Advisor; and (iii) shall enter into such foreign exchange transactions pursuant to the terms and conditions, including pricing or pricing methodology, (a) agreed with Party A or its Investment Advisor from time to time or (b) in the case of an indirect foreign exchange service, (i) as established by SSGM and set forth in the Client Publications with respect to the particular foreign exchange execution services selected by Party A or the Investment Advisor or (ii) as established by the sub-custodian from time to time.