Common use of Collateral Investment Direction Clause in Contracts

Collateral Investment Direction. The Fund hereby authorizes and directs BBH&CO to cause to be invested, on the Fund's behalf and at the Fund's sole risk, all Collateral in the form of cash by effecting purchase and sales and/or subscriptions and redemptions of such Collateral in any Permitted Investment set forth on Schedule 5 hereto (which may from time to time be updated in writing by the Fund). BBH&CO shall, where applicable, send timely instructions to the transfer agent of the Permitted Investment with respect to any cash transfers required to be completed in conjunction with any subscription or redemption in a Permitted Investment.

Collateral Investment Direction. The Fund hereby authorizes and directs BBH&CO BBH&Co. to cause to be invested, on the Fund's ’s behalf and at the Fund's ’s sole risk, all Collateral in the form of cash by effecting purchase and sales and/or subscriptions and redemptions of such Collateral in any Permitted Investment set forth on Schedule 5 hereto hereto. Upon receipt of instructions (which may be in the form of a standing instruction) from time to time be updated in writing by the Fund), BBH&Co. BBH&CO shall, where applicable, send timely instructions to the transfer agent of the a Permitted Investment with respect to any cash transfers required to be completed in conjunction with any subscription or redemption in a one or more Permitted InvestmentInvestments.

Collateral Investment Direction. The Fund hereby authorizes and directs BBH&CO BBH&Co. to cause to be invested, on the Fund's ’s behalf and at the Fund's ’s sole risk, all Collateral in the form of cash by effecting purchase and sales and/or subscriptions and redemptions of such Collateral in any Permitted Investment set forth on Schedule 5 4 hereto (which may from time to time be updated in writing by the Fund). BBH&CO Upon receipt of instructions (which may be in the form of a standing instruction) from the Fund, BBH&Co. shall, where applicable, send timely instructions to the transfer agent of the a Permitted Investment with respect to any cash transfers required to be completed in conjunction with any subscription or redemption in a one or more Permitted InvestmentInvestments.

Collateral Investment Direction. The Fund hereby authorizes and directs BBH&CO BBH&Co. to cause to be invested, on the Fund's ’s behalf and at the Fund's ’s sole risk, all or substantially all Collateral in the form of cash by effecting purchase and sales and/or subscriptions and redemptions of such Collateral in any Permitted Investment set forth on Schedule 5 hereto hereto. Upon receipt of instructions (which may be in the form of a standing instruction) from time to time be updated in writing by the Fund), BBH&Co. BBH&CO shall, where applicable, send timely instructions to the transfer agent of the a Permitted Investment with respect to any cash transfers required to be completed in conjunction with any subscription or redemption in a one or more Permitted InvestmentInvestments.

Collateral Investment Direction. The Fund hereby authorizes and directs BBH&CO BBH&Co. to cause to be invested, on the Fund's behalf and at the Fund's sole risk, all Collateral in the form of cash by effecting purchase and sales and/or subscriptions and redemptions of such Collateral in any Permitted Investment set forth on Schedule 5 hereto hereto. Upon receipt of instructions (which may be in the form of a standing instruction) from time to time be updated in writing by the Fund), BBH&Co. BBH&CO shall, where applicable, send timely instructions to the transfer agent of the a Permitted Investment with respect to any cash transfers required to be completed in conjunction with any subscription or redemption in a one or more Permitted InvestmentInvestments.

Collateral Investment Direction. The Fund hereby authorizes and directs BBH&CO BBH&Co. to cause to be invested, on the Fund's behalf and at the Fund's sole risk, all Collateral in the form of cash by effecting purchase and sales and/or subscriptions and redemptions of such Collateral in any Permitted Investment set forth on Schedule 5 hereto (which may from time to time be updated in writing by the Fund). BBH&CO BBH&Co. shall, where applicable, send timely instructions to the transfer agent of the Permitted Investment with respect to any cash transfers required to be completed in conjunction with any subscription or redemption in a Permitted Investment.

Collateral Investment Direction. The Fund hereby authorizes and directs BBH&CO to cause to be invested, on the Funda Portfolio's behalf and at the Fund's sole riskrisk of the Fund and such Portfolio, all Collateral in the form of cash by effecting purchase and sales and/or subscriptions and redemptions of such Collateral in any Permitted Investment set forth on Schedule 5 hereto (which may from time to time be updated in writing by the Fund). BBH&CO shall, where applicable, send timely instructions to the transfer agent of the Permitted Investment with respect to any cash transfers required to be completed in conjunction with any subscription or redemption in a Permitted Investment.

Collateral Investment Direction. The Fund hereby authorizes and directs BBH&CO BBH&Co. to cause to be invested, on the Fund's ’s behalf and at the Fund's ’s sole risk, all or substantially all Collateral in the form of cash by effecting purchase and sales and/or subscriptions and redemptions of such Collateral in any Permitted Investment set forth on Schedule 5 hereto hereto. Upon receipt of instructions (which may be in the form of a standing instruction) from time to time be updated in writing by the Fund), BBH&Co. BBH&CO shall, where applicable, send timely instructions to the transfer agent of the a Permitted Investment with respect to any cash transfers required to be completed in conjunction with any subscription or redemption in one or more Permitted Investments. BBH&Co. may, in its sole discretion, liquidate any Permitted Investment and credit the net proceeds to a Permitted InvestmentCollateral Account.