Common use of Control by Board of Trustees Clause in Contracts

Control by Board of Trustees. As is the case with respect to the Adviser under the Investment Advisory Agreement, any investment activities undertaken by the Sub-Adviser pursuant to this Agreement, as well as any other activities undertaken by the Sub-Adviser with respect to the Portfolios, shall at all times be subject to any directives of the Board of Trustees of the Trust. Without limiting the right of the Board of Trustees of the Trust to issue directives, the Board of Trustees shall take into consideration any views or opinions that may be expressed by the Adviser or Sub-Adviser in formulating policies, procedures and directives. The Sub-Adviser shall not be obligated to conform its activities to any directive of the Board of Trustees of the Trust to the extent that compliance with such directive would be in contravention of any law, rule or regulation applicable to the Sub-Adviser.

Control by Board of Trustees. As is the case with respect to the Adviser under the Investment Advisory Agreement, any investment activities undertaken by the Sub-Adviser pursuant to this Agreement, as well as any other activities undertaken by the Sub-Adviser with respect to the Master Portfolios, shall at all times be subject to any directives of the Board of Trustees of the Trust. Without limiting the right of the Board of Trustees of the Trust to issue directives, the Board of Trustees shall take into consideration any views or opinions that may be expressed by the Adviser or Sub-Adviser in formulating policies, procedures and directives. The Sub-Adviser shall not be obligated to conform its activities to any directive of the Board of Trustees of the Trust to the extent that compliance with such directive would be in contravention of any law, rule or regulation applicable to the Sub-Adviser.

Control by Board of Trustees. As is the case with respect to the Adviser under the Investment Advisory Agreement, any investment activities undertaken by the Sub-Adviser pursuant to this Agreement, as well as any other activities undertaken by the Sub-Adviser with respect to the PortfoliosFunds, shall at all times be subject to any directives of the Board of Trustees of the Trust. Without limiting the right of the Board of Trustees of the Trust to issue directives, the Board of Trustees shall take into consideration any views or opinions that may be expressed by the Adviser or of the Sub-Adviser in formulating policies, procedures and directives. The Sub-Adviser shall not be obligated to conform its activities to any directive of the Board of Trustees of the Trust to the extent that compliance with such directive would be in contravention of any law, rule or regulation applicable to the Sub-Adviser.

Control by Board of Trustees. As is the case with respect to the Adviser under the Investment Advisory Agreement, any investment activities undertaken by the Sub-Adviser pursuant to this Agreement, as well as any other activities undertaken by the Sub-Adviser with respect to the Master Portfolios, shall at all times be subject to any directives of the Board of Trustees of the Trust. Without limiting the right of the Board of Trustees of the Trust to issue directives, the Board of Trustees shall take into consideration any views or opinions that may be expressed by the Adviser or of Sub-Adviser in formulating policies, procedures and directives. The Sub-Adviser shall not be obligated to conform its activities to any directive of the Board of Trustees of the Trust to the extent that compliance with such directive would be in contravention of any law, rule or regulation applicable to the Sub-Adviser.

Control by Board of Trustees. As is the case with respect to the Adviser under the Investment Advisory Agreement, any investment activities undertaken by the Sub-Adviser pursuant to this Agreement, as well as any other activities undertaken by the Sub-Adviser with respect to the Portfolios, shall at all times be subject to any directives of the Board of Trustees of the Trust. Without limiting the right of the Board of Trustees of the Trust to issue directives, the Board of Trustees shall take into consideration any views or opinions that may be expressed by the Adviser or of Sub-Adviser in formulating policies, procedures and directives. The Sub-Adviser shall not be obligated to conform its activities to any directive of the Board of Trustees of the Trust to the extent that compliance with such directive would be in contravention of any law, rule or regulation applicable to the Sub-Adviser.