Approval by Participant. Advisor agrees that all Securities acquired for Participant’s Individual Account shall be: (i) approved in advance of purchase or sale by an authorized representative of Participant identified in Section 2; (ii) purchased or sold directly from or to primary dealers in the relevant Securities or from the issuers of such Securities or, except in the case of the purchase or sale of a Certificate of Deposit (“CD”), through such brokers as Participant may approve in advance; and
Approval by Participant. The Advisor and Participant agree that all CDs acquired by Participant under the Program shall be: (i) approved in advance of purchase by an authorized representative of Participant as stated above; and (ii) purchased directly from the issuers of such CDs or through such brokers as the Advisor selects.
Approval by Participant. Advisor and Participant agree that all CDs acquired by Participant shall: (i) have the maturity and yield approved in advance of purchase by an authorized representative of Participant as stated above; and (ii) be purchased directly from the issuers of such CDs or through brokers or a designated custodian financial institution selected by the Advisor. Notwithstanding the foregoing, each CD will be issued by the financial institution in book-entry form and the book-entry registration shall be maintained by the financial institution. A safekeeping receipt or copy of the CD will be provided by the financial institution to Advisor and will be provided to Participant by Advisor upon request. Participant authorizes Advisor, in its capacity as transfer agent of the Fund, to redeem shares in Participant’s Fund Account, and Participant authorizes the Custodian to wire cash from Participant’s Fund Account to financial institutions that will issue CDs being purchased by Participant.
