Common use of Laws Applicable to Fund Clause in Contracts

Laws Applicable to Fund. Trust Company acknowledges that the Fund, as a registered investment company under the 1940 Act, is subject to the provisions of the 1940 Act and the rules and regulations thereunder, and that the offer and sale of the Fund's Shares are subject to the provisions of federal and state laws and regulations applicable to the offer and sale of securities. The Fund acknowledges that Trust Company is not responsible for the Fund's compliance with such laws, rules and regulations. If the Fund advises Trust Company that a procedure of Trust Company related to the discharge of its obligations hereunder has or may have the effect of causing the Fund to violate any of such laws or regulations, Trust Company shall use its best efforts to develop an alternative procedure which does not have such effect.

Laws Applicable to Fund. Trust Company acknowledges that the Fund, as a registered investment company under the 1940 Act, is subject to the provisions of the 1940 Act and the rules and regulations thereunder, and that the offer and sale of the Fund's Shares are subject to the provisions of federal and state laws and regulations applicable to the offer and sale of securities. The Fund acknowledges that Trust Company is not responsible for the Fund's compliance with such laws, rules and regulations. If the Fund advises Trust Company that a procedure of Trust Company related to the discharge of its obligations hereunder has or may have the effect of causing the Fund to violate any of such laws or regulations, Trust Company shall use its best efforts to develop an alternative procedure which does not have such effect.