Common use of Limitations on Advisory Services Clause in Contracts

Limitations on Advisory Services. The Adviser shall render investment advisory services with respect to assets held by the Funds of the Company and effect all purchases and sales of investments for each Fund thereof in a manner consistent with: (a) the investment objectives, policies and restrictions for each Fund as stated in the Registration Statement; (b) the Rules and Regulations of the Company; (c) the provisions of the Investment Company Act and the rules and regulations thereunder; and (d) the qualification of each Fund as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Any investment program undertaken by the Adviser pursuant to this Agreement shall at all times be subject to any directives of the Board of Directors of the Company or any duly constituted committee thereof acting pursuant to like authority.

Limitations on Advisory Services. The Adviser shall render -------------------------------- investment advisory services with respect to assets held by the Funds of the Company and effect all purchases and sales of investments for each Fund thereof in a manner consistent with: (a) the investment objectives, policies and restrictions for each Fund as stated in the Registration Statement; (b) the Rules and Regulations of the Company; (c) the provisions of the Investment Company Act and the rules and regulations thereunder; and (d) the qualification of each Fund as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Any investment program undertaken by the Adviser pursuant to this Agreement shall at all times be subject to any directives of the Board of Directors of the Company or any duly constituted committee thereof acting pursuant to like authority.