Common use of Outside Businesses; Transactions with Affiliates Clause in Contracts

Outside Businesses; Transactions with Affiliates. Any Trustee, or Affiliated Person of such Trustee or of the Trust, may engage in or possess an interest in other business ventures or investments of any nature or description, whether presently existing or hereafter created, independently or with others, including ones in competition with the Trust, with no obligation to offer to the Trust the right to participate therein, and the Trust shall have no rights by virtue of this Agreement in and to such business or investment or the income or profits derived from any of them, and the pursuit of any such business or investment shall not be deemed wrongful or improper. The Trust may transact business with any Trustee or any Affiliated Person of such Trustee unless prohibited by applicable provisions of the 1940 Act.