Common use of Limited Agency Clause in Contracts

Limited Agency. Distributor hereby appoints Intermediary as the Portfolios’ agent for the limited purpose of accepting Clients’ purchase and redemption orders for Shares. Other than as specifically provided herein, nothing in this Agreement shall be construed to establish a joint venture between Distributor and Intermediary or establish either of Distributor or Intermediary as an agent, partner or employee of the other, nor shall anything in this Agreement be construed to establish Intermediary or the Fund as an agent, partner or employee of the other. Intermediary understands that the Portfolios’ activities may be performed on their behalf by Distributor or the Portfolios’ investment adviser, transfer agent or other authorized service providers.

Limited Agency. Distributor hereby appoints Intermediary as the Portfolios’ ' agent for the limited purpose of accepting Clients’ ' purchase and redemption orders for Shares. Other than as specifically provided herein, nothing in this Agreement shall be construed to establish a joint venture between Distributor and Intermediary or establish either of Distributor or Intermediary as an agent, partner or employee of the other, nor shall anything in this Agreement be construed to establish Intermediary or the Fund as an agent, partner or employee of the other. Intermediary understands that the Portfolios’ ' activities may be performed on their behalf by Distributor or the Portfolios’ ' investment adviser, transfer agent or other authorized service providers.