Common use of Scope of Investment Authority Clause in Contracts

Scope of Investment Authority. (a) Subject to the supervision of the Board of Trustees of the Trust (the “Board”) and Adviser, Subadviser will manage the investments and determine the composition of all or a portion of the assets of the Fund, as designated by Adviser, on a discretionary basis and provide the services under this Agreement in accordance with the Fund’s investment objective or objectives, strategies, policies, restrictions and limitations as stated in the Registration Statement, copies of which shall be sent to Subadviser by the Adviser prior to the commencement of this Agreement and promptly following any amendment. In the event Adviser determines that Subadviser is unable by an event or circumstance to fulfill its responsibilities under this Agreement, including, but not limited to, a result of force majeure, loss of regulatory permission, loss of key personnel, and subject to approval of the Board and notice to Subadviser, the Adviser or any if its affiliates reserves the right and retains its complete authority immediately to assume direct responsibility for any function delegated to Subadviser under this Agreement. For the avoidance of doubt nothing in this clause restricts Adviser from exercising its complete authority to assume direct responsibility for any function delegated to Subadviser.