Common use of AUTHORITY OF INVESTMENT MANAGERS Clause in Contracts

AUTHORITY OF INVESTMENT MANAGERS. The Custodian, in performing its duties under this Agreement, shall be entitled to rely upon Proper Instructions from any Investment Manager upon receipt from the Customer of the written notice relating to the appointment of such Investment Manager described in Section 11.1 above, with such limitations as Customer and the Custodian may by written agreement provide. In the absence of such limitations, the Custodian shall be entitled to accept Proper Instructions from the Investment Manager upon the assumption that the Investment Manager may exercise full discretion with regard to all matters under this Agreement.

AUTHORITY OF INVESTMENT MANAGERS. The Custodian, in performing its duties under this Agreement, shall be entitled to rely upon Proper Instructions from any Investment Manager upon receipt from the Customer a Fund of the written notice relating to the appointment of such Investment Manager described in Section 11.1 above, with such limitations as Customer the Fund and the Custodian may by written agreement provide. In the absence of such limitations, the Custodian shall be entitled to accept Proper Instructions from the Investment Manager upon the assumption that the Investment Manager may exercise full discretion with regard to all matters under this Agreement.