Common use of Affiliated Broker-Dealers Clause in Contracts

Affiliated Broker-Dealers. Adviser may enter orders with broker-dealers or other financial institutions with which Adviser is affiliated, and Client acknowledges that such broker-dealers or other financial institutions may profit from such transactions by charging their usual and customary rates of compensation, including xxxx-ups or xxxx-xxxxx on principal transactions. Client understands that Adviser could have a conflict of interest in negotiating broker-dealer compensation with such broker-dealer or other financial institution on Client’s behalf.

Affiliated Broker-Dealers. Adviser may enter orders with broker-dealers or other financial institutions with which Adviser is affiliated, and Client acknowledges that such broker-dealers or other financial institutions may profit from such transactions by charging their usual and customary rates of compensation, including xxxxmark-ups or xxxx-xxxxx on principal transactions. Client understands that Adviser could have a conflict of interest in negotiating broker-dealer compensation with such broker-dealer or other financial institution on Client’s behalf.