Common use of NO SHORTING; NO BORROWING Clause in Contracts

NO SHORTING; NO BORROWING. The Adviser agrees that neither it nor any of its officers or employees shall take any short position in the shares of the Portfolio. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the Investment Company Act. The Adviser agrees that neither it nor any of its officers or employees shall borrow from the Portfolio or pledge or use the Portfolio's assets in connection with any borrowing not directly for the Portfolio's benefit. For this purpose, failure to pay any amount due and payable to the Portfolio for a period of more than thirty (30) days shall constitute a borrowing.

NO SHORTING; NO BORROWING. The Adviser Advisor agrees that neither it nor any of its officers or employees shall take any short position in the shares of the Portfolio. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Adviser Advisor or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the Investment Company Act. The Adviser Advisor agrees that neither it nor any of its officers or employees shall borrow from the Portfolio or pledge or use the Portfolio's assets in connection with any borrowing not directly for the Portfolio's benefit. For this purpose, failure to pay any amount due and payable to the Portfolio for a period of more than thirty (30) days shall constitute a borrowing.