Common use of Authority of the Adviser Clause in Contracts

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board of Trustees of the Trust may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Trust in any way or otherwise be deemed an agent of the Trust. However, one or more members, officers or employees of the Adviser may serve as trustees and/or officers of the Trust, but without compensation or reimbursement of expenses for such services from the Trust. Nothing herein contained shall be deemed to require the Trust to take any action contrary to its charter documents, as amended or supplemented, or any applicable statute or regulation, or to relieve or deprive the Board of Trustees of the Trust of its responsibility for and control of the affairs of the Trust.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the each Fund, and, subject to such policies as the Board of Trustees trustees of the Trust may determine, direct the purchase and sale of investment securities in the day to day management of the each Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Trust or any Fund in any way or otherwise be deemed an agent of the TrustTrust or any Fund. However, one or more membersshareholders, officers officers, directors or employees of the Adviser may serve as trustees and/or officers of the Trust, but without compensation or reimbursement of expenses for such services from the Trust. Nothing herein contained shall be deemed to require the Trust to take any action contrary to its charter documentsCertificate of Trust or Trust Instrument, as each may be amended or supplementedfrom time to time, or any applicable statute or regulation, or to relieve or deprive the Board of Trustees trustees of the Trust of its their responsibility for for, and control of of, the affairs of the Trust.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the each Fund, and, subject to such policies as the Board of Trustees trustees of the Trust may determine, direct the purchase and sale of investment securities in the day to day management of the each Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Trust or any Fund in any way or otherwise be deemed an agent of the TrustTrust or any Fund. However, one or more membersshareholders, officers officers, directors, or employees of the Adviser may serve as trustees and/or officers a trustee or officer of the Trust, but without compensation or reimbursement of expenses for such services from the Trust unless otherwise determined by the Trust’s Board of Trustees, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act) of the Trust. Nothing herein contained shall be deemed to require the Trust to take any action contrary to its charter documentsTrust Instrument, as it may be amended or supplementedfrom time to time, or any applicable statute or regulation, or to relieve or deprive the Board of Trustees trustees of the Trust of its their responsibility for for, and control of of, the affairs of the Trust.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the each Fund, and, subject to such policies as the Board of Trustees trustees of the Trust may determine, direct the purchase and sale of investment securities in the day to day management of the each Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Trust or any Fund in any way or otherwise be deemed an agent of the TrustTrust or any Fund. However, one or more membersshareholders, officers officers, directors or employees of the Adviser may serve as trustees and/or officers of the Trust, but without compensation or reimbursement of expenses for such services from the Trust. Nothing herein contained shall be deemed to require the Trust to take any action contrary to its charter documentsAgreement and Declaration of Trust, as it may be amended or supplementedfrom time to time, or any applicable statute or regulation, or to relieve or deprive the Board of Trustees trustees of the Trust of its their responsibility for for, and control of of, the affairs of the Trust.

Authority of the Adviser. The Adviser shall supervise and manage the investment portfolio of the Fund, and, subject to such policies as the Board of Trustees of the Trust may determine, direct the purchase and sale of investment securities in the day to day management of the Fund. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Trust in any way or otherwise be deemed an agent of the Trust. However, one or more members, officers or employees of the Adviser may serve as trustees and/or officers of the Trust, but without compensation or reimbursement of expenses for such services from the Trust. Nothing herein contained shall be deemed to require the Trust to take any action contrary to its charter documents, as amended or supplemented, or any applicable statute or regulation, or to relieve or deprive the Board of Trustees of the Trust of its responsibility for and control of the affairs of the Trust. 3.