Common use of Restriction of the Clause in Contracts

Restriction of the. Local Manager's Powers (i) In carrying out its duties hereunder, the Local Manager shall comply with all reasonable instructions of the Trust or VKAM in connection therewith. Such instructions may be given by letter, telex, telefax or telephone confirmed by telex, by the Trustees or by any other person authorized by a resolution of the Trustees provided a certified copy of such resolution has been supplied to the Local Manager. (ii) All securities, cash and other assets of the Fund shall be placed and maintained in the care of a member bank of the Federal Reserve System of the United States approved by the Trustees as custodian and one or more "Eligible Foreign Custodians" (as defined in Rule 17f-5 under the Investment Company Act. (iii) Persons authorized by resolution of the Trustees shall have the right to inspect and copy contracts, notes, vouchers, and copies of entries in books or electronic recording media relating to the Trust's transactions at the registered office of the Local Manager at any time during normal business hours provided that reasonable prior notice of such inspection is provided to the Local Manager. Such records, in relation to each transaction effected by the Local Manager on behalf of the Trust shall be maintained by the Local Manager for a period of seven years from the date of such transaction.