Common use of Agency Cross Transactions Clause in Contracts

Agency Cross Transactions. From time to time, the Investment Sub-Adviser or brokers or dealers affiliated with the Investment Sub-Adviser may find themselves in a position to buy for certain of their brokerage clients (each an "Account") securities which the Investment Sub-Adviser's investment advisory clients wish to sell, and to sell for certain of their brokerage clients securities which advisory clients wish to buy. Where one of the parties is an advisory client, the Investment Sub-Adviser or the affiliated broker or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf of an advisory client and retain commissions from both parties to the transaction without the advisory client's consent. This is because in a situation where an Investment Sub-Adviser is making the investment decision (as opposed to a brokerage client who makes his own investment decisions), and the Investment Sub-Adviser or an affiliate is receiving commissions from one or both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the Investment Sub-Adviser's part regarding the advisory client. The SEC has adopted a rule under the Advisers Act which permits an Investment Sub-Adviser or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given written consent in advance. By execution of this Agreement, the Trust authorizes the Investment Sub-Adviser or its affiliates to participate in agency cross transactions involving an Account. The Trust may revoke its consent at any time by written notice to the Investment Sub-Adviser.

Agency Cross Transactions. From time to time, the Investment Sub-Adviser or ------------------------- brokers or dealers affiliated with the Investment Sub-Adviser it may find themselves in a position to buy for certain of their brokerage clients (each an "Account") securities which the Investment Sub-Adviser's investment advisory clients wish to sell, and to sell for certain of their brokerage clients securities which advisory clients wish to buy. Where one of the parties is an advisory client, the Investment Sub-Adviser or the affiliated broker or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf of an advisory client and retain commissions from both parties to the transaction without the advisory client's consent. This is because in a situation where an Investment the Sub-Adviser is making the investment decision (as opposed to a brokerage client who makes his own investment decisions), and the Investment Sub-Adviser or an affiliate is receiving commissions from one or both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the Investment Sub-Adviser's part regarding the advisory client. The SEC Securities and Exchange Commission has adopted a rule under the Investment Advisers Act of 1940, as amended which permits an Investment the Sub-Adviser or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given written consent in advance. By execution of this Agreement, the Trust authorizes the Investment Sub-Adviser or its affiliates to participate in agency cross transactions involving an Account. The Trust may revoke its consent at any time by written notice to the Investment Sub-Adviser.

Agency Cross Transactions. From time to time, the Investment Sub-Adviser or ------------------------- brokers or dealers affiliated with the Investment Sub-Adviser it may find themselves in a position to buy for certain of their brokerage clients (each an "Account") securities which the Investment Sub-Adviser's investment advisory clients wish to sell, and to sell for certain of their brokerage clients securities which advisory clients wish to buy. Where one of the parties is an advisory client, the Investment Sub-Adviser or the affiliated broker or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf of an advisory client and retain commissions from both parties to the transaction without the advisory client's consent. This is because in a situation where an Investment Sub-the Sub- Adviser is making the investment decision (as opposed to a brokerage client who makes his own investment decisions), and the Investment Sub-Adviser or an affiliate is receiving commissions from one or both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the Investment Sub-Sub- Adviser's part regarding the advisory client. The SEC Securities and Exchange Commission has adopted a rule under the Investment Advisers Act of 1940, as amended which permits an Investment the Sub-Adviser or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given written consent in advance. By execution of this Agreement, the Trust authorizes the Investment Sub-Adviser or its affiliates to participate in agency cross transactions involving an Account. The Trust may revoke its consent at any time by written notice to the Investment Sub-Adviser.

Agency Cross Transactions. From time to time, the Investment Sub-Adviser Sub-Advisor or brokers or dealers affiliated with the Investment Sub-Adviser it may find themselves in a position to buy for certain of their brokerage clients (each an "“Account"”) securities which the Investment Sub-Adviser's Sub-Advisor’s investment advisory clients wish to sell, and to sell for certain of their brokerage clients securities which advisory clients wish to buy. Where one of the parties is an advisory client, the Investment Sub-Adviser Advisor or the affiliated broker or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf of an advisory client and retain commissions from both parties to the transaction without the advisory client's ’s consent. This is because in a situation where an Investment the Sub-Adviser Sub-Advisor is making the investment decision (as opposed to a brokerage client who makes his own investment decisions), and the Investment Sub-Adviser Sub-Advisor or an affiliate is receiving commissions from one or both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the Investment Sub-Adviser's Sub-Advisor’s part regarding the advisory client. The SEC has adopted a rule under the Advisers Act which permits an Investment the Sub-Adviser Sub-Advisor or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given written consent in advance. By execution of this Agreement, the Trust Fund authorizes the Investment Sub-Adviser Sub-Advisor or its affiliates to participate in agency cross transactions involving an Account. The Trust Fund may revoke its consent at any time by written notice to the Investment Sub-AdviserAdvisor.

Agency Cross Transactions. From time to time, the Investment Sub-Sub-Adviser or brokers or dealers affiliated with the Investment Sub-Adviser it may find themselves in a position to buy for certain of their brokerage clients (each an "“Account"”) securities which the Investment Sub-Sub-Adviser's ’s investment advisory clients wish to sell, and to sell for certain of their brokerage clients securities which advisory clients wish to buy. Where one of the parties is an advisory client, the Investment Sub-Adviser or the affiliated broker or dealer cannot participate in this type of transaction (known as a cross transaction) on behalf of an advisory client and retain commissions from both parties to the transaction without the advisory client's ’s consent. This is because in a situation where an Investment the Sub-Sub-Adviser is making the investment decision (as opposed to a brokerage client who makes his own investment decisions), and the Investment Sub-Sub-Adviser or an affiliate is receiving commissions from one or both sides of the transaction, there is a potential conflicting division of loyalties and responsibilities on the Investment Sub-Sub-Adviser's ’s part regarding the advisory client. The SEC has adopted a rule under the Advisers Act which permits an Investment the Sub-Sub-Adviser or its affiliates to participate on behalf of an Account in agency cross transactions if the advisory client has given written consent in advance. By execution of this Agreement, the Trust Fund authorizes the Investment Sub-Sub-Adviser or its affiliates to participate in agency cross transactions involving an Account. The Trust Fund may revoke its consent at any time by written notice to the Investment Sub-Adviser.