Common use of Contingent Liability Investments Clause in Contracts

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of the Investment Adviser’s position. Contingent liability investments which are margined require a Portfolio (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local Manager, as part of the Investment Guidelines, to trade for a Portfolio in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local Manager, on the Investment Adviser’s behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of the Investment Adviser’s position. Contingent liability investments which are margined require a Portfolio Fund (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local Manager, as part of the Investment Guidelines, to trade for a Portfolio Fund in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local Manager, on the Investment Adviser’s behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of the Investment Adviser’s position. Contingent liability investments which are margined require a Portfolio Fund (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local Manager, as part of the Investment Guidelines, to trade for a Portfolio Fund in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local Manager, on the Investment Adviser’s behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of the Investment Adviser’s 's position. Contingent liability investments which are margined require a Portfolio the Fund (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local Manager, as part of the Investment Guidelines, to trade for a Portfolio the Fund in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local Manager, on the Investment Adviser’s 's behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s 's other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s 's position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.. 7.3

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of the Investment Adviser’s 's position. Contingent liability investments which are margined require a Portfolio (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local Manager, as part of the Investment Guidelines, to trade for a Portfolio in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local Manager, on the Investment Adviser’s 's behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s 's other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s 's position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.. 7.3

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls fails to be completed or upon the earlier closing out of the Investment Adviser’s position. Contingent liability investments which are margined require a Portfolio Fund (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local Manager, as part of the Investment Guidelines, to trade for a Portfolio Fund in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local Manager, on the Investment Adviser’s behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of the Investment Adviser’s position. Contingent liability investments which are margined require a Portfolio Fund (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local ManagerMSIM, as part of the Investment Guidelines, to trade for a Portfolio Fund in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local ManagerMSIM, on the Investment Adviser’s behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls fails to be completed or upon the earlier closing out of the Investment Adviser’s position. Contingent liability investments which are margined require a Portfolio the Fund (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local ManagerMSIM, as part of the Investment Guidelines, to trade for a Portfolio the Fund in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local ManagerMSIM, on the Investment Adviser’s behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of the Investment Adviser’s 's position. Contingent liability investments which are margined require a Portfolio the Fund (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local Manager, as part of the Investment Guidelines, to trade for a Portfolio the Fund in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local Manager, on the Investment Adviser’s 's behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s 's other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s 's position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of the Investment Adviser’s position. Contingent liability investments which are margined require a Portfolio the Fund (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local Manager, as part of the Investment Guidelines, to trade for a Portfolio the Fund in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local Manager, on the Investment Adviser’s behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of the Investment Adviser’s 's position. Contingent liability investments which are margined require a Portfolio the Fund (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local Manager, as part of the Investment Guidelines, to trade for a Portfolio the Fund in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local Manager, on the Investment Adviser’s 's behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s 's other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s 's position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was Sch. 3-6 entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of the Investment Adviser’s position. Contingent liability investments which are margined require a Portfolio (or the Investment Adviser if there are insufficient assets in the FundTrust) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local Manager, as part of the Investment Guidelines, to trade for a Portfolio in futures, contracts for differences or write or otherwise deal on margin in options for the FundTrust, the Investment Adviser may sustain a total loss of the margin which the Local Manager, on the Investment Adviser’s behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund Trust (or the Investment Adviser’s other assets if there are insufficient assets in the FundTrust) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund Trust to substantially greater risks.

Contingent Liability Investments. Contingent liability investments are derivatives under the terms of which the Client will or may be liable to make further payments (other than charges, and whether or not secured by margin) when the transaction falls to be completed or upon the earlier closing out of the Investment Adviser’s 's position. Contingent liability investments which are margined require a Portfolio Fund (or the Investment Adviser if there are insufficient assets in the Fund) to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. If the Investment Adviser permits the Local Manager, as part of the Investment Guidelines, to trade for a Portfolio Fund in futures, contracts for differences or write or otherwise deal on margin in options for the Fund, the Investment Adviser may sustain a total loss of the margin which the Local Manager, on the Investment Adviser’s 's behalf, deposits with a broker to establish or maintain a position. If the market moves against the Investment Adviser, the Investment Adviser may be called upon to pay out of the Fund (or the Investment Adviser’s 's other assets if there are insufficient assets in the Fund) substantial additional margin at short notice to maintain the position. If the Investment Adviser fails to do so within the time required, the Investment Adviser’s 's position may be liquidated at a loss and the Investment Adviser will be liable for any resulting deficit. Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when the contract was entered into. Contingent liability investments which are not traded on or under the rules of a regulated market may expose the Investment Adviser and the Fund to substantially greater risks.. 7.3