Common use of PURCHASE AND SALE OF INVESTMENTS Clause in Contracts

PURCHASE AND SALE OF INVESTMENTS. (a) Selection of Broker-Dealers and other Market Intermediaries. Except to the extent otherwise instructed in writing by Client (it being understood that Client, acting on behalf of the Fund, may, in its absolute discretion and consistent with the requirements of the 1940 Act and other applicable law, direct Fund portfolio transactions for which Subadviser is responsible to any broker-dealer or market intermediary that Client may designate), Subadviser shall place all orders for the purchase or sale of investments on behalf of the Account with broker-dealers or other market intermediaries (i.e., foreign currency dealers and futures commission merchants) selected by Subadviser, but not with a person affiliated with Subadviser, as the term “affiliated person” is defined in the 1940 Act (an “Affiliate”), unless the transaction is in compliance with applicable law and with the Fund Policies, copies of which shall be provided to Subadviser.

PURCHASE AND SALE OF INVESTMENTS. (a) Selection of Broker-Dealers and other Market Intermediaries. Except to the extent otherwise instructed in writing by Client (it being understood that Client, acting on behalf of the Fund, may, in its absolute discretion and consistent with the requirements of the 1940 Act and other applicable lawApplicable Laws, direct Fund portfolio transactions for which Subadviser is responsible to any broker-dealer or market intermediary that Client may designate), Subadviser shall place all orders for the purchase or sale of investments on behalf of the Account with broker-dealers or other market intermediaries (i.e., foreign currency dealers and futures commission merchants) selected by Subadviser, but not with a person affiliated with Subadviser, as the term “affiliated person” is defined in the 1940 Act (hereinafter, an “Affiliate”), unless the transaction is in compliance with applicable law Applicable Laws and with the Fund Policies, copies of which shall be provided to Subadviser.