Common use of NO SHORTING; NO BORROWING Clause in Contracts

NO SHORTING; NO BORROWING. The Sub-Adviser agrees that neither it nor any of its officers or employees shall take any short position in the shares of the Fund. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Sub-Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Act. The Manager agrees that neither it nor any of its officers or employees shall borrow from the Fund or pledge or use the Fund’s assets in connection with any borrowing not directly for the Fund’s benefit. For this purpose, failure to pay any amount due and payable to the Fund for a period of more than thirty (30) days shall constitute a borrowing.

NO SHORTING; NO BORROWING. The Sub-Adviser agrees that neither it nor any of its officers or employees shall take any short position in the shares of the Fund. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Sub-Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Act. The Manager Adviser agrees that neither it nor any of its officers or employees shall borrow from the Fund or pledge or use the Fund’s 's assets in connection with any borrowing not directly for the Fund’s 's benefit. For this purpose, failure to pay any amount due and payable to the Fund for a period of more than thirty (30) days shall constitute a borrowing.

NO SHORTING; NO BORROWING. The Sub-Adviser agrees that neither it nor any of its officers or employees shall take any short position in the shares of the FundFunds. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Sub-Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Investment Company Act. The Manager Adviser agrees that neither it nor any of its officers or employees shall borrow from the Fund Funds or pledge or use the Fund’s Funds’ assets in connection with any borrowing not directly for the Fund’s Funds’ benefit. For this purpose, failure to pay any amount due and payable to the a Fund for a period of more than thirty (30) days days’ shall constitute a borrowing.

NO SHORTING; NO BORROWING. The Sub-Adviser agrees that neither it nor any of its officers or employees shall take any short position in the shares of the FundFunds. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Sub-Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Investment Company Act. The Manager Adviser agrees that neither it nor any of its officers or employees shall borrow from the Fund Funds or pledge or use the Fund’s Funds’ assets in connection with any borrowing not directly for the Fund’s Funds’ benefit. For this purpose, failure to pay any amount due and payable to the Fund Funds for a period of more than thirty (30) days days’ shall constitute a borrowing.

NO SHORTING; NO BORROWING. The Sub-Adviser agrees that neither it nor any of its ------------------------- officers or employees shall take any short position in the shares of the Fund. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Sub-Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Investment Company Act. The Manager Adviser agrees that neither it nor any of its officers or employees shall borrow from the Fund or pledge or use the Fund’s 's assets in connection with any borrowing not directly for the Fund’s 's benefit. For this purpose, failure to pay any amount due and payable to the Fund for a period of more than thirty (30) days shall constitute a borrowing.

NO SHORTING; NO BORROWING. The Sub-Adviser agrees that neither it nor any of its officers or employees shall take any short position in the shares of the Fund. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Sub-Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Act. The Manager agrees that neither it nor any of its officers or employees shall borrow from the Fund or pledge or o.t use the Fund’s 's assets in connection with any borrowing not directly for the Fund’s 's benefit. For this purpose, failure to pay any amount due and payable to the Fund for a period of more than thirty (30) days shall constitute a borrowing.

NO SHORTING; NO BORROWING. The Sub-Adviser agrees that neither it nor any of its officers or employees shall take any short position in the shares of the FundFunds. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Sub-Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Investment Company Act. The Manager Adviser agrees that neither it nor any of its officers or employees shall borrow from the Fund Funds or pledge or use the Fund’s Funds’ assets in connection with any borrowing not directly for the Fund’s Funds' benefit. For this purpose, failure to pay any amount due and payable to the Fund Funds for a period of more than thirty (30) days shall constitute a borrowing.

NO SHORTING; NO BORROWING. The Sub-Adviser Advisor agrees that neither it nor any of its officers or employees shall take any short position in the shares of the Fund. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Sub-Adviser Advisor or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Act. The Manager Advisor agrees that neither it nor any of its officers or employees shall borrow from the Fund or pledge or use the Fund’s 's assets in connection with any borrowing not directly for the Fund’s 's benefit. For this purpose, failure to pay any amount due and payable to the Fund for a period of more than thirty (30) days shall constitute a borrowing.

NO SHORTING; NO BORROWING. The Sub-Adviser agrees that neither ------------------------- it nor any of its officers or employees shall take any short position in the shares of the Fund. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Sub-Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Investment Company Act. The Manager Adviser agrees that neither it nor any of its officers or employees shall borrow from the Fund or pledge or use the Fund’s 's assets in connection with any borrowing not directly for the Fund’s 's benefit. For this purpose, failure to pay any amount due and payable to the Fund for a period of more than thirty (30) days shall constitute a borrowing.

NO SHORTING; NO BORROWING. The Sub-Adviser agrees that neither it nor any of its officers or employees shall take any short position in the shares of the any Fund. This prohibition shall not prevent the purchase of such shares by any of the officers or employees of the Sub-Adviser or any trust, pension, profit-sharing or other benefit plan for such persons or affiliates thereof, at a price not less than the net asset value thereof at the time of purchase, as allowed pursuant to rules promulgated under the 1940 Act. The Manager Adviser agrees that neither it nor any of its officers or employees shall borrow from the any Fund or pledge or use the any Fund’s assets in connection with any borrowing not directly for the Fund’s benefit. For this purpose, failure to pay any amount due and payable to the a Fund for a period of more than thirty (30) days shall constitute a borrowing.