AGREEMENT AMONG JOINTLY INSURED PARTIES
THIS AGREEMENT is made as of October 1, 2009 among and between Torrey
International Strategy Partners, LLC and Torrey U.S. Strategy
Partners, LLC, (collectively, the "Funds"), each a registered
investment company managed by Torrey Associates, LLC, the
investment adviser of each Fund.
WHEREAS, the Funds are named as Insureds under
a joint insured fidelity bond (the "Bond") issued to parties hereto
with a term of October 1, 2009 to October 1, 2010.
WHEREAS, the Insureds desire to establish criteria by which
recoveries under the Bond shall be allocated among the parties to
the Bond and in compliance with Rule 17g-1 under the Investment
Company Act of 1940, as amended (the "1940 Act").
NOW, THEREFORE, it is hereby agreed as follows:
1. In the event that the claims of loss to two
Insureds under the Bond are so related that the Insurer is
entitled to assert that the claims must be aggregated, each Fund
shall receive an equitable and proportionate share of the
recovery, but at least equal to the amount it would have received
had it provided and maintained a single insured bond with the
minimum coverage required under Rule 17g-1 (d) under the 0000 Xxx.
2. If the Insurer is willing to add as an Insured under the
Bond an investment company not listed at the head of this agreement
and such investment company may be included in the Bond pursuant to
Rule 17g-1 under the 1940 Act, the Funds agree that (a) such addition
may be made, provided that the Board of Managers of the Funds who
are not "interested persons" of the Funds (as defined in Section
2(a)(19) of the 0000 Xxx) shall approve such addition,
and (b) such investment company may become a party to this agreement
and be included within the terms "Fund" or "party", provided that
in each case (i) such investment company shall have executed and
delivered to the Funds its written agreement to become a party hereto
and be bound by the terms of this agreement, and (ii) the premium
paid by the Funds thereafter would be no more than the premium of
an individual policy for each Fund and no more than the share of the
joint premium based on the relative premiums which would apply to
individual policies taken by the jointly insured parties.
3. The obligations of the Funds under this Agreement are not
binding upon any of the Managers or shareholders of the Funds
individually, but bind only the assets of the Fund.
This Agreement among the jointly insured parties may be executed in
two or more counterparts, all of which taken together shall be
deemed one and the same instrument.
IN WITNESS WHEREOF, the parties have caused these presents to be
executed by their own officers hereunto duly authorized all as of
the day and year first above written.
Torrey International Strategy Partners, LLC
By /s/ Xxxxx X. Xxxxxx
Name: Xxxxx X. Xxxxxx
Title: Principal Executive Officer
Torrey U.S. Strategy Partners, LLC
By /s/ Xxxxx X. Xxxxxx
Name: Xxxxx X. Xxxxxx
Title: Principal Executive Officer
