Common use of Foreign Exchange with the Custodian as Principal Clause in Contracts

Foreign Exchange with the Custodian as Principal. The Custodian may enter into foreign exchange transactions with the Fund, on behalf of a Portfolio. If a foreign exchange transaction with the Custodian as principal is initiated by Instruction and the parties have not otherwise entered into an agreement specific to such transaction(s), the transaction will be performed and subject to the FX Terms and Conditions (available at: hxxx://xxx.xxx.xxx/xxxxxxxxxxxxxxxxxxxx) incorporated into the BBH Online Terms and Conditions ( the “FX Terms and Conditions”), which terms may be updated from time to time in accordance with the procedures set forth in the BBH Online Terms and Conditions. The Custodian shall provide notice of any material change to the FX Terms and Conditions to the Fund at least ten (10) business days prior to their taking effect, unless the Custodian determines that the circumstances require that a shorter period apply. Foreign exchange transactions that occur or are placed on or after the effective date of such updates, as stated in the applicable notice, shall be governed by the FX Terms and Conditions, as so modified. The Fund represents and warrants, each and every time an Instruction to execute a foreign exchange transaction with the Custodian as principal is initiated, that it is an eligible contract participant, as that term is used under the Commodity Exchange Act and the regulations thereunder, as amended from time to time.

Foreign Exchange with the Custodian as Principal. The Custodian may enter into foreign exchange transactions with the Fund, Fund on behalf of a Portfolio. If a foreign exchange transaction with the Custodian as principal is initiated by Instruction and the parties have not otherwise entered into an agreement specific to such transaction(s), the transaction will be performed and subject to the FX Terms and Conditions (available at: hxxx://xxx.xxx.xxx/xxxxxxxxxxxxxxxxxxxxxxxx://xxx.xxx.xxx/fxtermsandconditions) incorporated into the BBH Online Terms and Conditions ( the “"FX Terms and Conditions”"), which terms may be updated from time to time in accordance with the procedures set forth in the BBH Online Terms and Conditions. The Custodian shall provide notice of any material change to the FX Terms and Conditions to the Fund at least ten (10) business days prior to their taking effect, unless the Custodian determines that the circumstances require that a shorter period apply. Foreign exchange transactions that occur or are placed on or after the effective date of such updates, as stated in the applicable notice, shall be governed by the FX Terms and Conditions, as so modified. The Fund represents and warrants, each and every time an Instruction to execute a foreign exchange transaction with the Custodian as principal is initiated, that it is an eligible contract participant, as that term is used under the Commodity Exchange Act and the regulations thereunder, as amended from time to time.