Common use of Avoidance of Inconsistent Position Clause in Contracts

Avoidance of Inconsistent Position. The Investment Manager or its agent shall arrange for the placing of all orders for the purchase and sale of Company Investments with brokers or dealers (including Xxxxxxx Sachs & Co. LLC or an affiliate thereof), foreign currency dealers, futures commission merchants or other parties selected by the Investment Manager. In the selection of such brokers or dealers (including Xxxxxxx Xxxxx & Co. LLC or an affiliate thereof) and the placing of such orders, the Investment Manager is directed at all times to seek to obtain the best net results for the Company, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the brokerage firm and the brokerage firm’s risk and skill in positioning blocks of securities. Subject to applicable legal requirements, the Investment Manager may select a broker based partly upon brokerage or research services provided to the Company, the Investment Manager and any of its other accounts. It is also understood that it is desirable for the Company that the Investment Manager have access to supplemental investment and market research and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to the Company than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and efficient execution. Therefore, the Investment Manager is authorized to place orders for the purchase and sale of securities for the Company with such brokers, subject to review by the Board of Managers from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Investment Manager in connection with its services to other clients. If any occasion should arise in which the Investment Manager gives any advice to its clients concerning the Units, it will act solely as investment counsel for such clients and not in any way on behalf of the Company. The Investment Manager may, on occasions when it deems the purchase or sale of a security to be in the best interests of the Company as well as its other customers (including any investment company or advisory account for which the Investment Manager or any of its affiliates acts as an investment adviser), aggregate, to the extent permitted by applicable laws and regulations, the securities to be sold or purchased in order to obtain the best net price and the most favorable execution.

Avoidance of Inconsistent Position. The Investment Manager In connection with purchases or its sales ---------------------------------- of portfolio securities for the account of the Funds, neither you nor any of your partners, officers or employees will act as a principal, except as otherwise permitted by the 1940 Act. You or your agent shall arrange for the placing of all orders for the purchase and sale of Company Investments portfolio securities for each Fund's account with brokers or dealers (including Xxxxxxx Xxxxxxx, Sachs & Co. LLC or an affiliate thereof), foreign currency dealers, futures commission merchants or other parties Co.) selected by the Investment Manageryou. In the selection of such brokers or dealers (including Xxxxxxx Xxxxxxx, Xxxxx & Co. LLC or an affiliate thereofCo.) and the placing of such orders, the Investment Manager is you are directed at all times to seek to obtain the best net results for the Company, taking into account such factors as Funds the most favorable execution and net price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the brokerage firm and the brokerage firm’s risk and skill in positioning blocks of securities. Subject to applicable legal requirements, the Investment Manager may select a broker based partly upon brokerage or research services provided to the Company, the Investment Manager and any of its other accountsavailable. It is also understood that it is desirable for the Company Funds that the Investment Manager you have access to supplemental investment and market research and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to the Company a Fund than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and efficient execution. Therefore, the Investment Manager is you are authorized to place orders for the purchase and sale of securities for the Company Funds with such brokers, subject to review by the Board of Managers Registrant's Trustees from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Investment Manager you in connection with its your services to other clients. If any occasion should arise in which the Investment Manager gives you give any advice to its your clients concerning the UnitsShares of the Funds, it you will act solely as investment counsel for such clients and not in any way on behalf of the Companyany Fund. The Investment Manager You may, on occasions when it deems you deem the purchase or sale of a security to be in the best interests of the Company a Fund as well as its your other customers (including any other Series or any other investment company or advisory account for which the Investment Manager you or any of its your affiliates acts as an investment adviser), aggregate, to the extent permitted by applicable laws and regulations, the securities to be sold or purchased in order to obtain the best net price and the most favorable execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by you in the manner you consider to be the most equitable and consistent with your fiduciary obligations to the Fund and to such other customers. In addition, you are authorized to take into account the sale of Shares of the Registrant in allocating purchase and sale orders for portfolio securities to brokers or dealers (including brokers and dealers that are affiliated with you), provided that you believe that the quality of the transaction and the commission is comparable to what they would be with other qualified firms.

Avoidance of Inconsistent Position. The Investment Manager or its agent shall arrange for the placing of all orders for the purchase and sale of Company Investments with brokers or dealers (including Xxxxxxx Sachs Xxxxx & Co. LLC or an affiliate thereof), foreign currency dealers, futures commission merchants or other parties selected by the Investment Manager. In the selection of such brokers or dealers (including Xxxxxxx Xxxxx Sachs & Co. LLC or an affiliate thereof) and the placing of such orders, the Investment Manager is directed at all times to seek to obtain the best net results for the Company, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the brokerage firm and the brokerage firm’s risk and skill in positioning blocks of securities. Subject to applicable legal requirements, the Investment Manager may select a broker based partly upon brokerage or research services provided to the Company, the Investment Manager and any of its other accounts. It is also understood that it is desirable for the Company that the Investment Manager have access to supplemental investment and market research and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to the Company than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and efficient execution. Therefore, the Investment Manager is authorized to place orders for the purchase and sale of securities for the Company with such brokers, subject to review by the Board of Managers from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Investment Manager in connection with its services to other clients. If any occasion should arise in which the Investment Manager gives any advice to its clients concerning the Units, it will act solely as investment counsel for such clients and not in any way on behalf of the Company. The Investment Manager may, on occasions when it deems the purchase or sale of a security to be in the best interests of the Company as well as its other customers (including any investment company or advisory account for which the Investment Manager or any of its affiliates acts as an investment adviser), aggregate, to the extent permitted by applicable laws and regulations, the securities to be sold or purchased in order to obtain the best net price and the most favorable execution.

Avoidance of Inconsistent Position. The Investment Manager In connection with purchases or its sales ---------------------------------- of portfolio securities for the account of the Funds, neither you nor any of your partners, officers or employees will act as a principal, except as otherwise permitted by the 1940 Act. You or your agent shall arrange for the placing of all orders for the purchase and sale of Company Investments portfolio securities for each Fund's account with brokers or dealers (including Xxxxxxx Sachs Xxxxxxx, Xxxxx & Co. LLC or an affiliate thereof), foreign currency dealers, futures commission merchants or other parties Co.) selected by the Investment Manageryou. In the selection of such brokers or dealers (including Xxxxxxx Xxxxx Xxxxxxx, Sachs & Co. LLC or an affiliate thereofCo.) and the placing of such orders, the Investment Manager is you are directed at all times to seek to obtain the best net results for the Company, taking into account such factors as Funds the most favorable execution and net price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the brokerage firm and the brokerage firm’s risk and skill in positioning blocks of securities. Subject to applicable legal requirements, the Investment Manager may select a broker based partly upon brokerage or research services provided to the Company, the Investment Manager and any of its other accountsavailable. It is also understood that it is desirable for the Company Funds that the Investment Manager you have access to supplemental investment and market research and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to the Company a Fund than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and efficient execution. Therefore, the Investment Manager is you are authorized to place orders for the purchase and sale of securities for the Company Funds with such brokers, subject to review by the Board of Managers Registrant's Trustees from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Investment Manager you in connection with its your services to other clients. If any occasion should arise in which the Investment Manager gives you give any advice to its your clients concerning the UnitsShares of the Funds, it you will act solely as investment counsel for such clients and not in any way on behalf of the Companyany Fund. The Investment Manager You may, on occasions when it deems you deem the purchase or sale of a security to be in the best interests of the Company a Fund as well as its your other customers (including any other Series or any other investment company or advisory account for which the Investment Manager you or any of its your affiliates acts as an investment adviser), aggregate, to the extent permitted by applicable laws and regulations, the securities to be sold or purchased in order to obtain the best net price and the most favorable execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by you in the manner you consider to be the most equitable and consistent with your fiduciary obligations to the Fund and to such other customers. In addition, you are authorized to take into account the sale of Shares of the Registrant in allocating purchase and sale orders for portfolio securities to brokers or dealers (including brokers and dealers that are affiliated with you), provided that you believe that the quality of the transaction and the commission is comparable to what they would be with other qualified firms.

Avoidance of Inconsistent Position. The Investment Manager Adviser or its agent shall arrange for the placing of all orders for the purchase and sale of Company Investments with brokers or dealers (including Xxxxxxx Sachs Xxxxx & Co. LLC or an affiliate thereof), foreign currency dealers, futures commission merchants or other parties ) selected by the Investment ManagerAdviser. In the selection of such brokers or dealers (including Xxxxxxx Xxxxx Sachs & Co. LLC or an affiliate thereof) and the placing of such orders, the Investment Manager Adviser is directed at all times to seek to obtain the best net results for the Company, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the brokerage firm and the brokerage firm’s risk and skill in positioning blocks of securities. Subject to applicable legal requirements, the Investment Manager Adviser may select a broker based partly upon brokerage or research services provided to the Company, the Investment Manager Adviser and any of its other accounts. It is also understood that it is desirable for the Company that the Investment Manager Adviser have access to supplemental investment and market research and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to the Company than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and efficient execution. Therefore, the Investment Manager Adviser is authorized to place orders for the purchase and sale of securities for the Company with such brokers, subject to review by the Board of Managers Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Investment Manager Adviser in connection with its services to other clients. If any occasion should arise in which the Investment Manager Adviser gives any advice to its clients concerning the Unitsshares of the Company, it will act solely as investment counsel for such clients and not in any way on behalf of the Company. The Investment Manager Adviser may, on occasions when it deems the purchase or sale of a security to be in the best interests of the Company as well as its other customers (including any investment company or advisory account for which the Investment Manager Adviser or any of its affiliates acts as an investment adviser), aggregate, to the extent permitted by applicable laws and regulations, the securities to be sold or purchased in order to obtain the best net price and the most favorable execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Investment Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Company and to such other customers.

Avoidance of Inconsistent Position. The Investment Manager or its agent shall arrange for the placing of all orders for the purchase and sale of Company Fund Investments with brokers or dealers (including Xxxxxxx Sachs Xxxxx & Co. LLC or an affiliate thereof), foreign currency dealers, futures commission merchants or other parties selected by the Investment Manager. In the selection of such brokers or dealers (including Xxxxxxx Xxxxx Sachs & Co. LLC or an affiliate thereof) and the placing of such orders, the Investment Manager is directed at all times to seek to obtain the best net results for the CompanyFund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the brokerage firm and the brokerage firm’s risk and skill in positioning blocks of securities. Subject to applicable legal requirements, the Investment Manager may select a broker based partly upon brokerage or research services provided to the CompanyFund, the Investment Manager and any of its other accounts. It is also understood that it is desirable for the Company Fund that the Investment Manager have access to supplemental investment and market research and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to the Company Fund than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and efficient execution. Therefore, the Investment Manager is authorized to place orders for the purchase and sale of securities for the Company Fund with such brokers, subject to review by the Board of Managers Trustees from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Investment Manager in connection with its services to other clients. If any occasion should arise in which the Investment Manager gives any advice to its clients concerning the UnitsShares, it will act solely as investment counsel for such clients and not in any way on behalf of the CompanyFund. The Investment Manager may, on occasions when it deems the purchase or sale of a security to be in the best interests of the Company Fund as well as its other customers (including any investment company or advisory account for which the Investment Manager or any of its affiliates acts as an investment adviser), aggregate, to the extent permitted by applicable laws and regulations, the securities to be sold or purchased in order to obtain the best net price and the most favorable execution.

Avoidance of Inconsistent Position. The Investment Manager Adviser or its agent shall arrange for the placing of all orders for the purchase and sale of Company Fund Investments with brokers or dealers (including Xxxxxxx Sachs Xxxxx & Co. LLC LLC, or an affiliate thereof), foreign currency dealers, futures commission merchants or other parties ) selected by the Investment ManagerAdviser. In the selection of such brokers or dealers (including Xxxxxxx Xxxxx & Co. LLC or an affiliate thereof) and the placing of such orders, the Investment Manager Adviser is directed at all times to seek to obtain the best net results for the CompanyFund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the brokerage firm and the brokerage firm’s risk and skill in positioning blocks of securities. Subject to applicable legal requirements, the Investment Manager Adviser may select a broker based partly upon brokerage or research services provided to the CompanyFund, the Investment Manager Adviser and any of its other accounts. It is also understood that it is desirable for the Company Fund that the Investment Manager Adviser have access to supplemental investment and market research and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to the Company Fund than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and efficient execution. Therefore, the Investment Manager Adviser is authorized to place orders for the purchase and sale of securities for the Company Fund with such brokers, subject to review by the Board of Managers Directors from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Investment Manager Adviser in connection with its services to other clients. If any occasion should arise in which the Investment Manager Adviser gives any advice to its clients concerning the Unitsshares of the Fund, it will act solely as investment counsel for such clients and not in any way on behalf of the CompanyFund. The Investment Manager Adviser may, on occasions when it deems the purchase or sale of a security to be in the best interests of the Company Fund as well as its other customers (including any investment company or advisory account for which the Investment Manager Adviser or any of its affiliates acts as an investment adviser), aggregate, to the extent permitted by applicable laws and regulations, the securities to be sold or purchased in order to obtain the best net price and the most favorable execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Investment Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Fund and to such other customers.

Avoidance of Inconsistent Position. The Investment Manager In connection with purchases or its sales ---------------------------------- of portfolio securities for the account of the Funds, neither you nor any of your partners, officers or employees will act as a principal, except as otherwise permitted by the 1940 Act. You or your agent shall arrange for the placing of all orders for the purchase and sale of Company Investments portfolio securities for each Fund's account with brokers or dealers (including Xxxxxxx Sachs Xxxxxxx, Xxxxx & Co. LLC or an affiliate thereof), foreign currency dealers, futures commission merchants or other parties Co.) selected by the Investment Manageryou. In the selection of such brokers or dealers (including Xxxxxxx Xxxxx Xxxxxxx, Sachs & Co. LLC or an affiliate thereofCo.) and the placing of such orders, the Investment Manager is you are directed at all times to seek to obtain the best net results for the Company, taking into account such factors as Funds the most favorable execution and net price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the brokerage firm and the brokerage firm’s risk and skill in positioning blocks of securities. Subject to applicable legal requirements, the Investment Manager may select a broker based partly upon brokerage or research services provided to the Company, the Investment Manager and any of its other accountsavailable. It is also understood that it is desirable for the Company Funds that the Investment Manager you have access to supplemental investment and market research and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to the Company a Fund than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and efficient execution. Therefore, the Investment Manager is you are authorized to place orders for the purchase and sale of securities for the Company Funds with such brokers, subject to review by the Registrant's Board of Managers Trustees from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Investment Manager you in connection with its your services to other clients. If any occasion should arise in which the Investment Manager gives you give any advice to its your clients concerning the UnitsShares of the Funds, it you will act solely as investment counsel for such clients and not in any way on behalf of the Companyany Fund. The Investment Manager You may, on occasions when it deems you deem the purchase or sale of a security to be in the best interests of the Company a Fund as well as its your other customers (including any other Series or any other investment company or advisory account for which the Investment Manager you or any of its your affiliates acts as an investment adviser), aggregate, to the extent permitted by applicable laws and regulations, the securities to be sold or purchased in order to obtain the best net price and the most favorable execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by you in the manner you consider to be the most equitable and consistent with your fiduciary obligations to the Fund and to such other customers. In addition, you are authorized to take into account the sale of shares of the Registrant in allocating purchase and sale orders for portfolio securities to brokers or dealers (including brokers and dealers that are affiliated with you), provided that you believe that the quality of the transaction and the commission is comparable to what they would be with other qualified firms.

Avoidance of Inconsistent Position. The Investment Manager or its agent shall arrange for the placing of all orders for the purchase and sale of Company Fund Investments with brokers or dealers (including Xxxxxxx Sachs Goxxxxx Xaxxx & Co. LLC or an affiliate thereof), foreign currency dealers, futures commission merchants or other parties selected by the Investment Manager. In the selection of such brokers or dealers (including Xxxxxxx Xxxxx Goxxxxx Xachs & Co. LLC or an affiliate thereof) and the placing of such orders, the Investment Manager is directed at all times to seek to obtain the best net results for the CompanyFund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the brokerage firm and the brokerage firm’s risk and skill in positioning blocks of securities. Subject to applicable legal requirements, the Investment Manager may select a broker based partly upon brokerage or research services provided to the CompanyFund, the Investment Manager and any of its other accounts. It is also understood that it is desirable for the Company Fund that the Investment Manager have access to supplemental investment and market research and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to the Company Fund than may result when allocating brokerage to other brokers on the basis of seeking the most favorable price and efficient execution. Therefore, the Investment Manager is authorized to place orders for the purchase and sale of securities for the Company Fund with such brokers, subject to review by the Board of Managers Trustees from time to time with respect to the extent and continuation of this practice. It is understood that the services provided by such brokers may be useful to the Investment Manager in connection with its services to other clients. If any occasion should arise in which the Investment Manager gives any advice to its clients concerning the UnitsShares, it will act solely as investment counsel for such clients and not in any way on behalf of the CompanyFund. The Investment Manager may, on occasions when it deems the purchase or sale of a security to be in the best interests of the Company Fund as well as its other customers (including any investment company or advisory account for which the Investment Manager or any of its affiliates acts as an investment adviser), aggregate, to the extent permitted by applicable laws and regulations, the securities to be sold or purchased in order to obtain the best net price and the most favorable execution.