Common use of Restriction of the Clause in Contracts

Restriction of the. Local Manager's Powers (a) The Local Manager shall not commit the Fund to any extent beyond the amount of the cash and securities placed by the Fund under the control of the Local Manager. (b) In carrying out its duties hereunder the Local Manager shall comply with all reasonable instruction of the Fund or VKAM in connection therewith. Such instructions may be given by letter, fax or e-mail, 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. (c) 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 1940 Act). (d) Upon reasonable prior notice, 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 Fund's transactions at the registered office of the Local Manager at any time during normal business hours. Such records, in relation to each transaction effected by the Local Manager on behalf of the Fund shall be maintained by the Local Manager for a period of seven years from the date of such transaction. Confidential data or information relating to other clients of the Local Manager will not be disclosed by the Local Manager.

Restriction of the. Local Manager's Powers (a) The Local Manager shall not commit the Fund to any extent beyond the amount of the cash and securities placed by the Fund under the control of the Local Manager. (b) In carrying out its duties hereunder the Local Manager shall comply with all reasonable instruction of the Fund or VKAM in connection therewith. Such instructions may be given by letter, fax or e-mail, by the Trustees Directors or by any other person authorized by a resolution of the Trustees Directors provided a certified copy of such resolution has been supplied to the Local Manager. (c) 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 Directors as custodian and one or more "Eligible Foreign Custodians" (as defined in Rule 17f-5 under the 1940 Act). (d) Upon reasonable prior notice, persons authorized by resolution of the Trustees Directors shall have the right to inspect and copy contracts, notes, vouchers, and copies of entries in books or electronic recording media relating to the Fund's transactions at the registered office of the Local Manager at any time during normal business hours. Such records, in relation to each transaction effected by the Local Manager on behalf of the Fund shall be maintained by the Local Manager for a period of seven years from the date of such transaction. Confidential data or information relating to other clients of the Local Manager will not be disclosed by the Local Manager.