Common use of Laws Applicable to Trust Clause in Contracts

Laws Applicable to Trust. Trust Company acknowledges that the Trust, as a registered investment company under the Act, is subject to the provisions of the Act and the rules and regulations thereunder, and that the offer and sale of the Trust's Shares are subject to the provisions of federal and state laws and regulations applicable to the offer and sale of securities. The Trust acknowledges that Trust Company is not responsible for the Trust's compliance with such laws, rules and regulations. If the Trust 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 Trust 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.