Common use of Appointment of the Managing Dealer Clause in Contracts

Appointment of the Managing Dealer. The Partnership hereby engages the Managing Dealer to sell Units and to select and recommend Soliciting Dealers to serve on a non-exclusive, best efforts basis, to solicit and obtain applications and orders for the purchase of Units in the Fund to investors who meet the suitability standards established in the Prospectus and by applicable law upon the terms described in the Prospectus as required by applicable law and pursuant to this Agreement. The Managing Dealer and every Soliciting Dealer, will be, at the time of appointment and continuously during the time of their performance hereunder, members in good standing of the National Association of Securities Dealers, Inc. (the "NASD"), and will serve as independent contractors to the Partnership for the purpose of soliciting subscriptions for Units on a "best efforts" basis in accordance with the terms and conditions set forth herein and in the Prospectus.