Common use of Avoidance of Inconsistent Position; Services Not Exclusive Clause in Contracts

Avoidance of Inconsistent Position; Services Not Exclusive. In connection with purchases or sales of portfolio securities and other investments for the account of a Series, neither you nor any of your partners, directors, officers or employees will act as a principal or agent or receive any commission. You or your agent shall arrange for the placing of all orders for the purchase and sale of portfolio securities and other investments for a Series' account with brokers or dealers selected by you in accordance with Trust or Series policies as expressed in the Registration Statement. If any occasion should arise in which you give any advice to clients of yours concerning the Shares of a Series, you will act solely as investment counsel for such clients and not in any way on behalf of a Series. Your services to the Trust and each Series pursuant to this Agreement are not to be deemed to be exclusive and it is understood that you may render investment advice, management and other services to others. In acting under this Agreement, you shall be an independent contractor and not an agent of the Trust or a Series.