Common use of Directions Clause in Contracts

Directions. All Directions shall be given in one of the methods authorized by Section 2.3 below and shall be given by an Authorized Individual (as defined below). The Client and each Investment Manager shall, from time to time, provide to the Custodian a certificate, substantially in the form set out in Schedule "B" hereto, signed by the President, a Vice- President or the Secretary of the Client or the Investment Manager, as the case may be, stating the name(s) and title(s) of the authorized officer(s), person(s) or representative(s) authorized to act on behalf of the Client or the Investment Manager, as the case may be, together with specimen signatures of all such authorized officers, persons or representatives (“Authorized Individuals”). The Client and each Investment Manager shall keep the Custodian informed as to any changes in its authorized signatories, and the Custodian shall be entitled to rely upon the identification of such persons as specified in each such certificate as the persons entitled to act on behalf of the Client and such Investment Manager for the purposes of this Agreement until a later certificate respecting the same is delivered to the Custodian. Without limiting the foregoing, in the case of Directions sent through one of the Custodian’s secured access channels, including Investor Services Online, or sent directly between electromechanical or electronic terminals (including, subject to Section 2.7, the internet or unsecured lines of communication), the parties acknowledge that it may not be possible for such Directions to be executed, however the Custodian shall nevertheless be protected in relying on such Directions as if they were written Directions from the Client or the Investment Manager, as the case may be, executed by an authorized signatory of the Client or the Investment Manager, as the case may be. The Custodian shall be entitled, without further inquiry or investigation, to assume that such Directions have been duly and properly issued by the Client or the Investment Manager, as the case may be, and that the sender(s) is/are duly authorized to act, and to provide Directions, on behalf of the Client and the Investment Manager, as case the may be. Without limitation, the Custodian shall:

Directions. All Directions shall be given in one of the methods authorized by Section 2.3 below and shall be given by an Authorized Individual (as defined below). The Client and each Investment Manager shall, from time to time, provide to the Custodian a certificate, substantially in the form set out in Schedule "BE" hereto, signed by the President, a Vice- Vice-President or the Secretary of the Client or the Investment Manager, as the case may be, stating the name(s) and title(s) of the authorized officer(s), person(s) or representative(s) authorized to act on behalf of the Client or the Investment Manager, as the case may be, together with specimen signatures of all such authorized officers, persons or representatives (“Authorized Individuals”). The Client and each Investment Manager shall keep the Custodian informed as to any changes in its authorized signatories, and the Custodian shall be entitled to rely upon the identification of such persons as specified in each such certificate as the persons entitled to act on behalf of the Client and such Investment Manager for the purposes of this Agreement until a later certificate respecting the same is delivered to the Custodian. Without limiting the foregoing, in the case of Directions sent through one of the Custodian’s secured access channels, including Investor Services RBC Dexia Online, or sent directly between electromechanical or electronic terminals (including, subject to Section 2.7, the internet or unsecured lines of communication), the parties acknowledge that it may not be possible for such Directions to be executed; however, however the Custodian shall nevertheless be protected in relying on such Directions as if they were written Directions from the Client or the Investment Manager, as the case may be, executed by an authorized signatory of the Client or the Investment Manager, as the case may be. The Custodian shall be entitled, without further inquiry or investigation, to assume that such Directions have been duly and properly issued by the Client or the Investment Manager, as the case may be, and that the sender(s) is/are duly authorized to act, and to provide Directions, on behalf of the Client and the Investment Manager, as case the may be. Without limitation, the Custodian shall:

Directions. All Directions shall be given in one of the methods authorized by Section 2.3 below and shall be given by an Authorized Individual (authorized officer, person or other representative of the Manager or, if otherwise required hereunder, the Fund acting by the Trustee, as defined below)the case may be. The Client Fund and each Investment the Manager shall, from time to time, provide to the Custodian a certificate, substantially in the form set out in Schedule "B" “A” hereto, signed by the Chief Executive Officer, President, a Vice- Vice-President or the Secretary of the Client Trustee or the Investment Manager, as the case may be, stating the name(s) and name(s)and title(s) of the authorized officer(s), person(s) or representative(s) authorized to act on behalf of the Client Fund or the Investment Manager, as the case may be, together with specimen signatures of all such authorized officers, persons or representatives (“Authorized Individuals”)representatives. The Client Fund and each Investment the Manager shall keep the Custodian informed as to any changes in its authorized signatories, and the Custodian shall be entitled to rely upon the identification of such persons as specified in each such certificate as the persons entitled to act on behalf of the Client and such Investment Fund or the Manager for the purposes of this Agreement until a later certificate respecting the same is delivered to the Custodian. Without limiting the foregoing, in the case of Directions sent through one of the Custodian’s secured access channels, including Investor Services RBC Dexia Online, or sent directly between electromechanical or electronic terminals (including, subject to Section 2.7, the internet or unsecured lines of communication), the parties acknowledge that it may not be possible for such Directions to be executed, however the Custodian shall nevertheless be protected in relying on such Directions as if they were written Directions from the Client Fund or the Investment Manager, as the case may be, executed by an authorized signatory of the Client Fund or the Investment Manager, as the case may be. The Custodian shall be entitled, without further inquiry or investigation, to assume that such Directions have been duly and properly issued by the Client Fund or the Investment Manager, as the case may be, and that the sender(s) is/are duly authorized to act, and to provide Directions, on behalf of the Client and Fund or the Investment Manager, as case the may be. Without limitation, the Custodian shall:

Directions. All Directions shall be given in one of the methods authorized by Section 2.3 18.4 below and shall be given by an Authorized Individual (authorized officer, person or other representative of the Manager or the Investment Advisor, as defined below)the case may be. The Client Manager and each Investment Manager Advisor shall, from time to time, provide to the Custodian Trustee a certificate, substantially in the form set out in Schedule "BE" hereto, signed by the President, a Vice- Vice-President or the Secretary of the Client Manager or the Investment ManagerAdvisor, as the case may be, stating the name(s) and name(s)and title(s) of the authorized officer(s), person(s) or representative(s) authorized to act on behalf of the Client Manager or the Investment ManagerAdvisor, as the case may be, together with specimen signatures of all such authorized officers, persons or representatives (“Authorized Individuals”)representatives. The Client Manager and each Investment Manager Advisor shall keep the Custodian Trustee informed as to any changes in its authorized signatories, and the Custodian Trustee shall be entitled to rely upon the identification of such persons as specified in each such certificate as the persons entitled to act on behalf of the Client Manager, and such Investment Manager Advisor for the purposes of this Agreement until a later certificate respecting the same is delivered to the CustodianTrustee. Without limiting the foregoing, in the case of Directions sent through one of the CustodianTrustee’s secured access channels, including Investor Services OnlineViewFinder, or sent directly between electromechanical or electronic terminals (including, subject to Section 2.718.8, the internet or unsecured lines of communication), the parties acknowledge that it may not be possible for such Directions to be executedsigned, however the Custodian Trustee shall nevertheless be protected in relying on such Directions as if they were written Directions from the Client Manager or the Investment ManagerAdvisor, as the case may be, executed by an authorized signatory of the Client Manager or the Investment ManagerAdvisor, as the case may be. The Custodian Trustee shall be entitled, without further inquiry or investigation, to assume that such Directions have been duly and properly issued by the Client Manager or the Investment ManagerAdvisor, as the case may be, and that the sender(s) is/are duly authorized to act, and to provide Directions, on behalf of the Client Manager and the Investment ManagerAdvisor, as case the may be. Without limitation, the Custodian Trustee shall:

Directions. All Directions shall be given in one of the methods authorized by Section 2.3 below and shall be given by an Authorized Individual (as defined below). The Client and each Investment Manager shall, from time to time, provide to the Custodian a certificate, substantially in the form set out in Schedule "“B" ” hereto, signed by the President, a Vice- Vice-President or the Secretary of the Client or the Investment Manager, as the case may be, stating the name(s) and title(s) of the authorized officer(s), person(s) or representative(s) authorized to act on behalf of the Client or the Investment Manager, as the case may be, together with specimen signatures of all such authorized officers, persons or representatives (“Authorized Individuals”). The Client and each Investment Manager shall keep the Custodian informed as to any changes in its authorized signatories, and the Custodian shall be entitled to rely upon the identification of such persons as specified in each such certificate as the persons entitled to act on behalf of the Client and such Investment Manager for the purposes of this Agreement until a later certificate respecting the same is delivered to the Custodian. Without limiting the foregoing, in the case of Directions sent through one of the Custodian’s secured access channels, including Investor Services RBC Dexia Online, or sent directly between electromechanical or electronic terminals (including, subject to Section 2.7, the internet or unsecured lines of communication), the parties acknowledge that it may not be possible for such Directions to be executed, however the Custodian shall nevertheless be protected in relying on such Directions as if they were written Directions from the Client or the Investment Manager, as the case may be, executed by an authorized signatory of the Client or the Investment Manager, as the case may be. The Custodian shall be entitled, without further inquiry or investigation, to assume that such Directions have been duly and properly issued by the Client or the Investment Manager, as the case may be, and that the sender(s) is/are duly authorized to act, and to provide Directions, on behalf of the Client and the Investment Manager, as case the may be. Without limitation, the Custodian shall: