Valuation of Portfolio Securities. The parties acknowledge that the Manager and a Fund may use different pricing vendors, which may result in valuation discrepancies. (f) The Manager is not authorized to subcontract or otherwise delegate any of the services contemplated hereby to any other person without the prior written consent of the Trust, the Adviser and the Sub-Adviser, which consent may be withheld for any reason. Any attempt to sub-contract or delegate any such services without such consent shall be invalid. (g) The Manager represents and warrants to the Adviser, the Sub-Adviser and the Trust that: (i) the Manager is registered as an investment adviser under the Advisers Act and is registered or licensed as an investment adviser under the laws of all jurisdictions in which its activities require it to be so registered or licensed; (ii) the Manager is duly organized and validly existing and has requisite power and authority to enter into and perform its obligations under this Agreement; and (iii) the execution, delivery and performance of this Agreement by the Manager has been duly authorized by appropriate action of the Manager. (h) Each of the Adviser and Sub-Adviser represents and warrants to the Manager (i) it is registered as an investment adviser under the Advisers Act and is registered or licensed as an investment adviser under the laws of all jurisdictions in which its activities require it to be so registered or licensed; (ii) it is duly organized and validly existing and has requisite power and authority to enter into and perform its obligations under this Agreement; and (iii) the execution, delivery and performance of this Agreement by the Adviser and Sub-Adviser has been duly authorized by appropriate action of the Adviser and Sub-Adviser. Section 4.
Valuation of Portfolio Securities. The Pricing Policies require that the securities of the Funds be valued at their last sale price on the principal exchange or over-the-counter market for each respective security. To facilitate BNY Mellon’s valuation of the securities of the Funds at such prices, the Company has entered into an agreement with the Primary Pricing Vendor and may enter into agreements with one or more Secondary Pricing Vendors for the provision of pricing information and Fair Value Prices to BNY Mellon in accordance with the Fund’s Pricing Policies. The Company hereby authorizes and directs BNY Mellon to: (a) receive from the Primary Pricing Vendor security valuation information, including Fair Value Prices (in a format reasonably required by BNY Mellon) for each of the Funds and (b) except as set forth in this Exhibit A to Schedule I, or as otherwise directed by the Company in an Oral Instruction or an Instruction in writing, value each security held by a Fund at the last sale price on the principal exchange or over-the-counter market for each such respective security as provided to it by the Primary Pricing Vendor. Except as provided in the Agreement or this Exhibit A to Schedule I, BNY Mellon shall have no obligation to verify the accuracy or fairness of any price provided by any Pricing Vendor or any Fair Market Price.
Valuation of Portfolio Securities. The Pricing Policies require that the securities of the Funds be valued at their last sale price on the principal exchange or over-the-counter market for each respective security. To facilitate PFPC’s valuation of the securities of the Funds at such prices, the Trust has entered into an agreement with the Primary Pricing Vendor and may enter into agreements with one or more Secondary Pricing Vendors for the provision of pricing information and Fair Value Prices to PFPC in accordance with the Trust’s Pricing Policies. The Trust hereby authorizes and directs PFPC to: (a) receive from the Primary Pricing Vendor security valuation information, including Fair Value Prices (in a format reasonably required by PFPC) for each of the Funds and (b) except as set forth in this Schedule D, or as otherwise be directed by the Trust in an Oral Instruction or a Written Instruction, to value each security held by a Fund at the last sale price on the principal exchange or over-the-counter market for each such respective security as provided to it by the Primary Pricing Vendor. Except as provided in the Agreement or this Schedule D, PFPC shall have no obligation to verify the accuracy or fairness of any price provided by any Pricing Vendor or any Fair Market Price.
