Common use of Not an Investment Adviser; No Fiduciary Duty Clause in Contracts

Not an Investment Adviser; No Fiduciary Duty. The Investment Manager acknowledges that Stifel is not providing any advice hereunder as to the value of securities or regarding the advisability of purchasing or selling any securities for the Fund’s portfolio. No provision of this Agreement shall be considered as creating, nor shall any provision create, any obligation on the part of Stifel, and Stifel is not agreeing hereby, to: (i) furnish any advice or make any recommendations regarding the purchase or sale of portfolio securities; or (ii) render any opinions, valuations or recommendations of any kind or to perform any such similar services. The Investment Manager hereby acknowledges that Stifel’s engagement under this Agreement is as an independent contractor and not in any other capacity, including as a fiduciary. Furthermore, the Investment Manager agrees that it is solely responsible for making its own judgments in connection with the matters covered by this Agreement (irrespective of whether Stifel has advised or are currently advising the Investment Manager on related or other matters). The Investment Manager’s engagement of Stifel is not intended to confer rights upon any person (including the Fund or any holders of the Common Shares, employees or creditors of the Investment Manager or the Fund) not a party hereto as against Stifel or its affiliates, or their respective directors, officers, employees or agents, successors or assigns.

Not an Investment Adviser; No Fiduciary Duty. The Investment Manager Adviser acknowledges that Stifel is not providing any advice hereunder as to the value of securities or regarding the advisability of purchasing or selling any securities for the Fund’s portfolio. No provision of this Agreement shall be considered as creating, nor shall any provision create, any obligation on the part of Stifel, and Stifel is not agreeing hereby, to: (i) furnish any advice or make any recommendations regarding the purchase or sale of portfolio securities; or (ii) render any opinions, valuations or recommendations of any kind or to perform any such similar services. The Investment Manager Adviser hereby acknowledges that Stifel’s engagement under this Agreement is as an independent contractor and not in any other capacity, including as a fiduciary. Furthermore, the Investment Manager Adviser agrees that it is solely responsible for making its own judgments in connection with the matters covered by this Agreement (irrespective of whether Stifel has advised or are currently advising the Investment Manager Adviser on related or other matters). The Investment ManagerAdviser’s engagement of Stifel is not intended to confer rights upon any person (including the Fund or any holders of the Common Shares, employees or creditors of the Investment Manager Adviser or the Fund) not a party hereto as against Stifel or its affiliates, or their respective directors, officers, employees or agents, successors or assigns.

Not an Investment Adviser; No Fiduciary Duty. The Investment Manager Adviser acknowledges that Stifel is the Banks are not providing any advice hereunder as to the value of securities or regarding the advisability of purchasing or selling any securities for the FundCompany’s portfolio. No provision of this Agreement shall be considered as creating, nor shall any provision create, any obligation on the part of Stifelthe Banks, and Stifel is the Banks are not agreeing hereby, to: (i) furnish any advice or make any recommendations regarding the purchase or sale of portfolio securities; securities or (ii) render any opinions, valuations or recommendations of any kind or to perform any such similar services. The Investment Manager Adviser hereby acknowledges that Stifeleach Bank’s engagement under this Agreement is as an independent contractor and not in any other capacity, including as a fiduciary. Furthermore, the Investment Manager Adviser agrees that it is solely responsible for making its own judgments in connection with the matters covered by this Agreement (irrespective of whether Stifel has the Banks have advised or are currently advising the Investment Manager Adviser on related or other matters). The Investment ManagerAdviser’s engagement of Stifel the Banks is not intended to confer rights upon any person (including the Fund Company or any holders of the Common SharesStock, employees or creditors of the Investment Manager Adviser or the FundCompany) not a party hereto as against Stifel the Banks or its their affiliates, or their respective directors, officers, employees or agents, successors or assigns.

Not an Investment Adviser; No Fiduciary Duty. The Investment Manager Adviser acknowledges that Stifel is not providing any advice hereunder as to the value of securities or regarding the advisability of purchasing or selling any securities for the Fund’s portfolio. No provision of this Agreement shall be considered as creating, nor shall any provision create, any obligation on the part of Stifel, and Stifel is not agreeing hereby, to: (i) furnish any advice or make any recommendations regarding the purchase or sale of portfolio securities; or (ii) render any opinions, valuations or recommendations of any kind or to perform any such similar services. The Investment Manager Adviser hereby acknowledges that Stifel’s engagement under this Agreement is as an independent contractor and not in any other capacity, including as a fiduciary. Furthermore, the Investment Manager Adviser agrees that it is solely responsible for making its own judgments in connection with the matters covered by this Agreement (irrespective of whether Stifel has advised or are currently advising the Investment Manager Adviser on related or other matters). The Investment ManagerAdviser’s engagement of Stifel is not intended to confer rights upon any person (including the Fund or any holders of the Common Shares, employees or creditors of the Investment Manager Adviser or the Fund) not a party hereto as against Stifel or its affiliates, or their respective directors, officers, employees or agents, or successors or assigns.

Not an Investment Adviser; No Fiduciary Duty. The Investment Manager acknowledges that Stifel is not providing any advice hereunder as to the value of securities or regarding the advisability of purchasing or selling any securities for the Fund’s portfolio. No provision of this Agreement shall be considered as creating, nor shall any provision create, any obligation on the part of Stifel, and Stifel is not agreeing hereby, to: (i) furnish any advice or make any recommendations regarding the purchase or sale of portfolio securities; or (ii) render any opinions, valuations or recommendations of any kind or to perform any such similar services. The Investment Manager hereby acknowledges that Stifel’s engagement under this Agreement is as an independent contractor and not in any other capacity, including as a fiduciary. Furthermore, the Investment Manager agrees that it is solely responsible for making its own judgments in connection with the matters covered by this Agreement (irrespective of whether Stifel has advised or are currently advising the Investment Manager on related or other matters). The Investment Manager’s engagement of Stifel is not intended to confer rights upon any person (including the Fund or any holders of the Common Shares, employees or creditors of the Investment Manager or the Fund) not a party hereto as against Stifel or its affiliates, or their respective directors, officers, employees or agents, successors or assigns.

Not an Investment Adviser; No Fiduciary Duty. The Investment Manager Adviser acknowledges that Stifel is not providing any advice hereunder as to the value of securities or regarding the advisability of purchasing or selling any securities for the Fund’s portfolio. No provision of this Agreement shall be considered as creating, nor shall any provision create, any obligation on the part of Stifel, and Stifel is not agreeing hereby, to: (i) furnish any advice or make any recommendations regarding the purchase or sale of portfolio securities; or (ii) render any opinions, valuations or recommendations of any kind or to perform any such similar services. The Investment Manager Adviser hereby acknowledges that Stifel’s engagement under this Agreement is as an independent contractor and not in any other capacity, including as a fiduciary. Furthermore, the Investment Manager Adviser agrees that it is solely responsible for making its own judgments in connection with the matters covered by this Agreement (irrespective of whether Stifel has advised or are currently advising the Investment Manager Adviser on related or other matters). The Investment ManagerAdviser’s engagement of Stifel is not intended to confer rights upon any person (including the Fund or any holders of the Common Shares, employees or creditors of the Investment Manager Adviser or the Fund) not a party hereto as against Stifel or its affiliates, or their respective directors, officers, employees or agents, successors or assigns.