Common use of Duties of the Investment Manager Clause in Contracts

Duties of the Investment Manager. Subject to the overall supervision and review of the Board of Trustees of the Fund (“Board”), the Investment Manager will regularly provide the Fund with investment research, advice and supervision and will furnish continuously an investment program for the Fund, consistent with the investment objective and policies of the Fund. The Investment Manager will determine from time to time what securities shall be purchased for the Fund, what securities shall be held or sold by the Fund and what portion of the Fund’s assets shall be held uninvested as cash or in other liquid assets, subject always to the provisions of the Fund’s Declaration of Trust, Bylaws, and its registration statement under the 1940 Act and under the Securities Act of 1933 covering the Fund’s shares, as filed with the Securities and Exchange Commission (the “Commission”), as any of the same may be amended from time to time, and to the investment objectives of the Fund, as each of the same shall be from time to time in effect, and subject, further, to such policies and instructions as the Board may from time to time establish. To carry out such determinations, the Investment Manager will exercise full discretion and act for the Fund in the same manner and with the same force and effect as the Fund itself might or could do with respect to purchases, sales or other transactions, as well as with respect to all other things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions. Without limiting the generality of the foregoing, the Investment Manager shall, during the term and subject to the provisions of this Agreement, continuously review, supervise and (where appropriate) administer the investment program of the Fund, to (i) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Fund; (iii) perform due diligence on prospective portfolio companies; (iv) close and monitor the Fund’s investments; (v) provide the Fund with such other investment management, research and related services as the Fund may, from time to time, reasonably require for the investment of its funds.