Common use of EMPLOYMENT OF SMC Clause in Contracts

EMPLOYMENT OF SMC. The Fund hereby employs SMC to act as investment adviser to the Fund with respect to the investment of its assets and to supervise and arrange for the purchase of securities for the Fund and the sale of securities held in the portfolio of the Fund, subject always to the supervision of the Board of Directors of the Fund (or a duly appointed committee thereof), during the period and upon and subject to the terms and conditions described herein. SMC agrees to maintain sufficient trained personnel and equipment and supplies to perform its responsibilities under this Agreement and in conformity with the current Prospectus of the Fund and such other reasonable standards of performance as the Fund may from time to time specify. SMC hereby accepts such employment and agrees to perform the services required by this Agreement for the compensation herein provided.

EMPLOYMENT OF SMC. The Fund hereby employs SMC to act as investment adviser to the Fund with respect to the investment of its assets and to supervise and arrange for the purchase of securities for of the Fund and the sale sales of securities held in the portfolio of the Fund, subject always to the supervision of the Board of Directors of the Fund (or a duly appointed committee thereof), during the period and upon and subject to the terms and conditions described herein. SMC agrees to maintain sufficient trained personnel and equipment and supplies to perform its responsibilities under this Agreement and in conformity with the current Prospectus of the Fund and such other reasonable standards of performance as the Fund may from time to time specify. SMC hereby accepts such employment and agrees to perform the services required by this Agreement for the compensation herein provided.