Common use of Brokerage Transactions Clause in Contracts

Brokerage Transactions. The Sub-adviser will have full discretionary authority with respect to selecting the investments of the Funds; provided that the Investment Adviser shall be responsible for placing all orders for the purchase and sale of securities for the account of the Funds with such brokers, dealers or futures commission merchants as it may select. For greater clarity, in connection with purchases or sales of portfolio securities for the account of the Funds, neither the Sub-adviser nor any of its affiliated persons, will act as a principal or agent or receive directly or indirectly any compensation in connection with the purchase or sale of investment securities by the Funds, except as permitted by applicable law.

Brokerage Transactions. The Subject to the provisions of this Section 5 and absent instructions from the Investment Adviser or the Trust, the Sub-adviser will have full discretionary authority with respect to selecting the investments of the Funds; provided that the Investment Adviser shall be responsible for placing all orders for the purchase and sale of securities for the account of the Funds with such brokers, dealers or futures commission merchants as it may select. For greater clarity, in In connection with purchases or sales of portfolio securities for the account of the Funds, neither the Sub-adviser nor any of its affiliated persons, will act as a principal or agent or receive directly or indirectly any compensation in connection with the purchase or sale of investment securities by the Funds, except as permitted by applicable law.