Common use of Oversight of Service Providers Clause in Contracts

Oversight of Service Providers. The CCO is responsible for overseeing, on behalf CLIENT, adherence to the written compliance policies and procedures of CLIENT’s service providers, including CLIENT’s adviser, sub-advisers, administrator, accountant, transfer agent, custodian and principal underwriter (collectively, the “Service Providers”). In furtherance of this duty, 1 “Federal Securities Laws” are defined by the Rule as the Securities Act of 1933, the Securities Exchange Act of 1934, the Xxxxxxxx-Xxxxx Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Xxxxx-Xxxxx-Xxxxxx Act, any SEC rules adopted under any of the foregoing laws, the Bank Secrecy Act, as it applies to registered investment companies, and any rules adopted thereunder by the SEC or the Department of Treasury. A. No later than April 17, 2009, the CCO shall obtain and review the written compliance policies and procedures of the Service Providers or summaries of such policies that have been drafted by someone familiar with them. B. The CCO shall monitor the Service Providers’ compliance with their own written compliance policies and procedures, Federal Securities Laws and CLIENT’s Indenture and Regulatory Relief. In so doing, the CCO shall interact with representatives of the Service Providers as appropriate. C. The CCO shall attempt to obtain the following representations from each Service Provider and, if it fails to obtain such representations, shall report this fact to CLIENT: 1. In connection with the documentation of its written policies and procedures governing the provision of its services to CLIENT, the Service Provider has prepared and delivered to CLIENT a summary of core services that it provides to CLIENT or, if no such summary is available, that it has delivered to CLIENT copies of the relevant policies and procedures. 2. The Service Provider will provide to CLIENT and the CCO any revisions to its written compliance policies and procedures on at least an annual basis, or more frequently in the event of a material revision. 3. The Service Provider’s written compliance policies and procedures have been reasonably designed to prevent, detect and correct violations of the applicable Federal Securities Laws and critical functions related to the services performed by Service Provider pursuant to the applicable agreement between the Service Provider and CLIENT. 4. The Service Provider has established monitoring procedures, and shall review, no less frequently than annually, the adequacy and effectiveness of its written compliance policies and procedures to check that they are reasonably designed to prevent, detect and correct violations of those applicable Federal Securities Laws and critical functions related to the services performed by the Service Provider pursuant to the applicable agreement between the Service Provider and CLIENT. D. The CCO shall design testing methods for CLIENT’s written compliance policies and procedures; E. The CCO shall perform and document periodic testing of certain key control procedures (as appropriate to the circumstances), including reviewing reports, investigating exceptions, and making inquiries of CLIENT management and Service Providers; F. The CCO shall conduct periodic site visits to advisers, sub-advisers and other Service Providers as necessary; G. The CCO shall provide training and deliver updates to CLIENT or its Service Providers, as necessary; H. The CCO shall establish a quarterly reporting process to CLIENT’s Board, including both written and oral reports. The CCO will attend regularly scheduled board meetings as well as special meetings on an as-needed basis.

Oversight of Service Providers. The CCO is responsible for overseeing, on behalf CLIENTof the Trust, adherence to the written compliance policies and procedures of CLIENTthe Trust’s service providers, including CLIENT’s adviserthe Trust, sub-advisersthe advisor, the distributor, the administrator, accountant, and the transfer agent, custodian and principal underwriter agent (collectively, the “Service Providers”). In furtherance of this duty, 1 “Federal Securities Laws” are defined by the Rule as the Securities Act of 1933, the Securities Exchange Act of 1934, the Xxxxxxxx-Xxxxx Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Xxxxx-Xxxxx-Xxxxxx Act, any SEC rules adopted under any of the foregoing laws, the Bank Secrecy Act, as it applies to registered investment companies, and any rules adopted thereunder by the SEC or the Department of Treasury. A. No later than April 17, 2009the effective date, the CCO shall obtain and review the written compliance policies and procedures of the Service Providers or summaries of such policies that have been drafted by someone familiar with them. B. The CCO shall monitor the Service Providers’ compliance with their own written compliance policies and procedures, Federal Securities Laws and CLIENT’s the Trusts’ Indenture and Regulatory Relief. In so doing, the CCO shall interact with representatives of the Service Providers as appropriate and conduct due diligence visits, including on site, as may be considered necessary or appropriate. C. The CCO shall attempt to obtain the following representations from each Service Provider and, if it fails to obtain such representations, shall report this fact to CLIENTthe Trust: 1. In connection with the documentation of its written policies and procedures governing the provision of its services to CLIENTthe Trust, the Service Provider has prepared and delivered to CLIENT the Trust a summary of core services that it provides to CLIENT the Trust or, if no such summary is available, that it has delivered to CLIENT the Trust copies of the relevant policies and procedures. 2. The Service Provider will provide to CLIENT the Trust and the CCO any revisions to its written compliance policies and procedures on at least an annual basis, or more frequently in the event of a material revisionrevision or as otherwise required. 3. The Service Provider’s written compliance policies and procedures have been reasonably designed to prevent, detect and correct violations of the applicable Federal Securities Laws and critical functions related to the services performed by Service Provider pursuant to the applicable agreement between the Service Provider and CLIENTthe Trust. 4. The Service Provider has established monitoring procedures, and shall review, no less frequently than annually, the adequacy and effectiveness of its written compliance policies and procedures to check that they are reasonably designed to prevent, detect and correct violations of those applicable Federal Securities Laws and critical functions related to the services performed by the Service Provider pursuant to the applicable agreement between the Service Provider and CLIENTthe Trust. D. The CCO shall design testing methods for CLIENT’s written compliance policies and procedures; E. The CCO shall perform and document periodic testing of certain key control procedures (as appropriate to the circumstances), including reviewing reports, investigating exceptions, and making inquiries of CLIENT management and Service Providers; F. The CCO shall conduct periodic site visits to advisers, sub-advisers and other Service Providers as necessary; G. The CCO shall provide training and deliver updates to CLIENT or its Service Providers, as necessary; H. The CCO shall establish a quarterly reporting process to CLIENT’s Board, including both written and oral reports. The CCO will attend regularly scheduled board meetings as well as special meetings on an as-needed basis.

Oversight of Service Providers. The CCO is responsible for overseeing, on behalf CLIENTof the Trust, adherence to the written compliance policies and procedures of CLIENTthe Trust’s service providers, including CLIENTthe Trustee and the Trust’s advisersponsor (the “Sponsor”) and distributor (the “Distributor”) (the Trustee, sub-advisersSponsor and Distributor, administrator, accountant, transfer agent, custodian and principal underwriter (collectively, the “Service Providers”). In furtherance of this duty, A. No later than October 5, 2004, the CCO shall obtain and review the written compliance policies and procedures of the Service Providers or summaries of such policies that have been drafted by someone familiar with them. B. The CCO shall monitor the Service Providers’ compliance with their own written compliance policies and procedures, Federal Securities Laws and the Trusts’ Indenture and Regulatory Relief. In so doing, the CCO shall interact with representatives of the Service Providers as appropriate. C. The CCO shall attempt to obtain the following representations from each Service Provider and, if it fails to obtain such representations, shall report this fact to the Sponsor: 1. In connection with the documentation of its written policies and procedures governing the provision of its services to the relevant Trust, the Service Provider has prepared and delivered to the Trust a summary of core services that it provides to the Trust or, if no such summary is available, that it has delivered to 1 “Federal Securities Laws” are defined by the Rule as the Securities Act of 1933, the Securities Exchange Act of 1934, the Xxxxxxxx-Xxxxx Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Xxxxx-Xxxxx-Xxxxxx Act, any SEC rules adopted under any of the foregoing laws, the Bank Secrecy Act, as it applies to registered investment companies, and any rules adopted thereunder by the SEC or the Department of Treasury. A. No later than April 17, 2009, . the CCO shall obtain and review the written compliance policies and procedures of the Service Providers or summaries of such policies that have been drafted by someone familiar with them. B. The CCO shall monitor the Service Providers’ compliance with their own written compliance policies and procedures, Federal Securities Laws and CLIENT’s Indenture and Regulatory Relief. In so doing, the CCO shall interact with representatives of the Service Providers as appropriate. C. The CCO shall attempt to obtain the following representations from each Service Provider and, if it fails to obtain such representations, shall report this fact to CLIENT: 1. In connection with the documentation of its written policies and procedures governing the provision of its services to CLIENT, the Service Provider has prepared and delivered to CLIENT a summary of core services that it provides to CLIENT or, if no such summary is available, that it has delivered to CLIENT Trust copies of the relevant policies and procedures. 2. The Service Provider will provide to CLIENT the Trust and the CCO any revisions to its written compliance policies and procedures on at least an annual basis, or more frequently in the event of a material revision. 3. The Service Provider’s written compliance policies and procedures have been reasonably designed to prevent, detect and correct violations of the applicable Federal Securities Laws and critical functions related to the services performed by Service Provider pursuant to the applicable agreement between the Service Provider and CLIENTthe Trust. 4. The Service Provider has established monitoring procedures, and shall review, no less frequently than annually, the adequacy and effectiveness of its written compliance policies and procedures to check that they are reasonably designed to prevent, detect and correct violations of those applicable Federal Securities Laws and critical functions related to the services performed by the Service Provider pursuant to the applicable agreement between the Service Provider and CLIENTthe Trust. D. The CCO shall design testing methods for CLIENT’s written compliance policies and procedures; E. The CCO shall perform and document periodic testing of certain key control procedures (as appropriate to the circumstances), including reviewing reports, investigating exceptions, and making inquiries of CLIENT management and Service Providers; F. The CCO shall conduct periodic site visits to advisers, sub-advisers and other Service Providers as necessary; G. The CCO shall provide training and deliver updates to CLIENT or its Service Providers, as necessary; H. The CCO shall establish a quarterly reporting process to CLIENT’s Board, including both written and oral reports. The CCO will attend regularly scheduled board meetings as well as special meetings on an as-needed basis.