Common use of Selection of Sub-Adviser(s) Clause in Contracts

Selection of Sub-Adviser(s). Subject to the prior approval of the Board and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Adviser may, from time to time, delegate to a sub-adviser any of the Adviser’s duties under this Agreement, including the management of all or a portion of the assets being managed. In all instances, however, the Adviser must oversee the provision of delegated services, the Adviser must bear the separate costs of employing any sub-adviser, and no delegation will relieve the Adviser of any of its obligations under this Agreement. No such consent or approval will be required with respect to the delegation of administrative responsibilities, provided, however, the Adviser shall report such delegation to the Board at the next regularly scheduled Board meeting, shall be responsible for overseeing the provision of the delegated services and bear the separate costs of employing each such service provider, and shall not be relieved of any of its obligations under this Agreement with respect to the delegated services.

Selection of Sub-Adviser(s). Subject to the prior approval of the Board and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Adviser may, from time to time, delegate to a sub-adviser any of the Adviser’s duties under this Agreement, including the management of all or a portion of the assets being managed. In all instances, however, the Adviser must oversee the provision of delegated services, the Adviser must must, unless otherwise agreed, bear the separate costs of employing any sub-adviser, and no delegation will relieve the Adviser of any of its obligations under this Agreement. No such consent or approval will be required with respect to the delegation of administrative responsibilities, provided, however, the Adviser shall report such delegation to the Board at the next regularly scheduled Board meeting, shall be responsible for overseeing the provision of the delegated services and bear the separate costs of employing each such service provider, and shall not be relieved of any of its obligations under this Agreement with respect to the delegated services.