Common use of Brokerage Services Clause in Contracts

Brokerage Services. Adviser will place orders pursuant to its investment determinations for each Portfolio either directly with the issuer or through brokers. Adviser may enter orders for securities transactions in the Portfolios with such brokers, dealers, or issuers as Adviser may select. Orders will be entered for execution on such markets, at such prices, and at such rates of broker-dealer compensation as Adviser deem appropriate. When selecting a broker-dealer to use for the execution of trades on behalf of its clients, Client understands that Adviser, bearing in mind a Portfolio’s best interests at all times, will consider such factors as quality of execution (including the price to be paid, access to markets, timely and accurate written confirmations and the broker-dealer’s record of good and timely delivery and payment on trades), ability to handle block trades, knowledge of the market, specific industries, and securities, the financial condition of the broker-dealer and quality and value of research material and services. Client further understands that it is not Adviser’s policy to seek the lowest available commission rate when it is believed that a broker or dealer charging a higher commission rate would offer greater reliability or provide better price or execution. If Adviser decides to purchase or sell the same securities for Client and other of Adviser’s clients at about the same time, Adviser may combine the order for the Portfolios with orders for other clients to allow Adviser to negotiate better prices or lower commission rates and other transaction charges than Adviser could get for an order for the Portfolios alone. Adviser may allocate securities so purchased or sold, as well as the expenses incurred in the transaction, in the manner that Adviser considers to be equitable and consistent with Adviser’s fiduciary obligations to Client and Adviser’s other clients. Adviser may enter orders with brokers or dealers with which Adviser is affiliated, and Client acknowledges that such brokers or dealers 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 on Client’s behalf. If Client was referred to Adviser by a broker-dealer or other financial institution, or if Client has an agreement with a broker-dealer or other financial institution which provides that Client is charged a bundled fee for services (which includes brokerage) or specifies Adviser must seek to use such broker-dealer for Client transactions, then Adviser may execute trades on behalf of the Client with such broker-dealer. Client acknowledges that the commission rate charged to the Client will be the rate negotiated by Client with such broker- dealer and Client understands that Adviser will make no attempt to negotiate commissions on Client’s behalf. Adviser cannot assure best execution on trades where Adviser is instructed to use a certain broker-dealer and Client may not be able to participate in block trade orders.

Brokerage Services. Adviser will place orders pursuant to its investment determinations for each Portfolio either directly with the issuer or through brokers. Adviser may enter orders for securities transactions in the Portfolios with such brokers, dealers, or issuers as Adviser may select. Orders will be entered for execution on such markets, at such prices, and at such rates of broker-dealer compensation as Adviser deem appropriate. When selecting a broker-dealer to use for the execution of trades on behalf of its clients, Client understands that Adviser, bearing in mind a Portfolio’s best interests at all times, will consider such factors as quality of execution (including the price to be paid, access to markets, timely and accurate written confirmations and the broker-dealer’s record of good and timely delivery and payment on trades), ability to handle block trades, knowledge of the market, specific industries, and securities, the financial condition of the broker-dealer and quality and value of research material and services. Client further understands that it is not Adviser’s policy to seek the lowest available commission rate when it is believed that a broker or dealer charging a higher commission rate would offer greater reliability or provide better price or execution. If Adviser decides to purchase or sell the same securities for Client and other of Adviser’s clients at about the same time, Adviser may combine the order for the Portfolios with orders for other clients to allow Adviser to negotiate better prices or lower commission rates and other transaction charges than Adviser could get for an order for the Portfolios alone. Adviser may allocate securities so purchased or sold, as well as the expenses incurred in the transaction, in the manner that Adviser considers consider to be equitable and consistent with Adviser’s fiduciary obligations to Client and Adviser’s other clients. Adviser may enter orders with brokers or dealers with which Adviser is affiliated, and Client acknowledges that such brokers or dealers may profit from such transactions by charging their usual and customary rates of compensation, including xxxxmark-ups or xxxx-xxxxx on principal transactions. If Client was referred to Adviser by a broker or dealer, Client understands that Adviser could have a conflict of interest in negotiating broker-dealer compensation with such broker-broker or dealer on Client’s behalf. If Client was referred to Adviser by a broker-dealer or other financial institution, or if Client has an agreement with a broker-dealer or other financial institution which provides that Client is charged a bundled fee for services (which includes brokerage) or specifies Adviser must seek to use such broker-dealer for Client transactions, then Adviser may execute trades on behalf of the Client with such broker-dealer. Client acknowledges that the commission rate charged to the Client will be the rate negotiated by Client with such broker- dealer and Client understands that Adviser will make no attempt to negotiate commissions on Client’s behalf. Adviser cannot assure best execution on trades where Adviser is instructed to use a certain broker-dealer and Client may not be able to participate in block trade orders.

Brokerage Services. Adviser will place orders pursuant to its investment determinations for each Portfolio either directly with the issuer or through brokers. Adviser may enter orders for securities transactions in the Portfolios with such brokers, dealers, or issuers as Adviser may select. Orders will be entered for execution on such markets, at such prices, and at such rates of broker-dealer compensation as Adviser deem appropriate. When selecting a broker-dealer to use for the execution of trades on behalf of its clients, Client understands that Adviser, bearing in mind a Portfolio’s best interests at all times, will consider such factors as quality of execution (including the price to be paid, access to markets, timely and accurate written confirmations and the broker-dealer’s record of good and timely delivery and payment on trades), ability to handle block trades, knowledge of the market, specific industries, and securities, the financial condition of the broker-dealer and quality and value of research material and services. Client further understands that it is not Adviser’s policy to seek the lowest available commission rate when it is believed that a broker or dealer charging a higher commission rate would offer greater reliability or provide better price or execution. If Adviser decides to purchase or sell the same securities for Client and other of Adviser’s clients at about the same time, Adviser may combine the order for the Portfolios with orders for other clients to allow Adviser to negotiate better prices or lower commission rates and other transaction charges than Adviser could get for an order for the Portfolios alone. Adviser may allocate securities so purchased or sold, as well as the expenses incurred in the transaction, in the manner that Adviser considers consider to be equitable and consistent with Adviser’s fiduciary obligations to Client and Adviser’s other clients. Adviser may enter orders with brokers or dealers with which Adviser is affiliated, and Client acknowledges that such brokers or dealers may profit from such transactions by charging their usual and customary rates of compensation, including xxxx-ups or xxxx-xxxxx on principal transactions. If Client was referred to Adviser by a broker or dealer, Client understands that Adviser could have a conflict of interest in negotiating broker-dealer compensation with such broker-broker or dealer on Client’s behalf. If Client was referred to Adviser by a broker-dealer or other financial institution, or if Client has an agreement with a broker-dealer or other financial institution which provides that Client is charged a bundled fee for services (which includes brokerage) or specifies Adviser must seek to use such broker-dealer for Client transactions, then Adviser may execute trades on behalf of the Client with such broker-dealer. Client acknowledges that the commission rate charged to the Client will be the rate negotiated by Client with such broker- dealer and Client understands that Adviser will make no attempt to negotiate commissions on Client’s behalf. Adviser cannot assure best execution on trades where Adviser is instructed to use a certain broker-dealer and Client may not be able to participate in block trade orders.

Brokerage Services. Adviser will place orders pursuant to its investment determinations for each Portfolio either directly with the issuer or through brokers. Adviser may enter orders for securities transactions in the Portfolios with such brokers, dealers, or issuers as Adviser may select. Orders will be entered for execution on such markets, at such prices, and at such rates of broker-dealer compensation as Adviser deem appropriate. When selecting a broker-dealer to use for the execution of trades on behalf of its clients, Client understands that Adviser, bearing in mind a Portfolio’s best interests at all times, will consider such factors as quality of execution (including the price to be paid, access to markets, timely and accurate written confirmations and the broker-dealer’s record of good and timely delivery and payment on trades), ability to handle block trades, knowledge of the market, specific industries, and securities, the financial condition of the broker-dealer and quality and value of research material and services. Client further understands that it is not Adviser’s policy to seek the lowest available commission rate when it is believed that a broker or dealer charging a higher commission rate would offer greater reliability or provide better price or execution. Client acknowledges that Adviser may agree to commissions that are higher than those that might be negotiated otherwise in consideration of research and brokerage services that may be provided to Adviser or Adviser’s clients generally in accordance with Section 28(e) of the Securities Exchange Act of 1934. If Adviser decides to purchase or sell the same securities for Client and other of Adviser’s clients at about the same time, Adviser may combine the order for the Portfolios with orders for other clients to allow Adviser to negotiate better prices or lower commission rates and other transaction charges than Adviser could get for an order for the Portfolios alone. Adviser may allocate securities so purchased or sold, as well as the expenses incurred in the transaction, in the manner that Adviser considers to be equitable and consistent with Adviser’s fiduciary obligations to Client and Adviser’s other clients. Adviser may enter orders with brokers or dealers with which Adviser is affiliated, and Client acknowledges that such brokers or dealers 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 on Client’s behalf. If Client was referred to Adviser by a broker-dealer or other financial institution, or if Client has an agreement with a broker-dealer or other financial institution which provides that Client is charged a bundled fee for services (which includes brokerage) or specifies Adviser must seek to use such broker-dealer for Client transactions, then Adviser may execute trades on behalf of the Client with such broker-dealer. Client acknowledges that the commission rate charged to the Client will be the rate negotiated by Client with such broker- dealer and Client understands that Adviser will make no attempt to negotiate commissions on Client’s behalf. Adviser cannot assure best execution on trades where Adviser is instructed to use a certain broker-dealer and Client may not be able to participate in block trade orders.

Brokerage Services. Adviser will place orders pursuant to its investment determinations for each Portfolio either directly with the issuer or through brokers. Adviser may enter orders for securities transactions in the Portfolios with such brokers, dealers, or issuers as Adviser may select. Orders will be entered for execution on such markets, at such prices, and at such rates of broker-dealer compensation as Adviser deem appropriate. When selecting a broker-dealer to use for the execution of trades on behalf of its clients, Client understands that Adviser, bearing in mind a Portfolio’s best interests at all times, will consider such factors as quality of execution (including the price to be paid, access to markets, timely and accurate written confirmations and the broker-dealer’s record of good and timely delivery and payment on trades), ability to handle block trades, knowledge of the market, specific industries, and securities, the financial condition of the broker-dealer and quality and value of research material and services. Client further understands that it is not Adviser’s policy to seek the lowest available commission rate when it is believed that a broker or dealer charging a higher commission rate would offer greater reliability or provide better price or execution. If Adviser decides to purchase or sell the same securities for Client and other of Adviser’s clients at about the same time, Adviser may combine the order for the Portfolios with orders for other clients to allow Adviser to negotiate better prices or lower commission rates and other transaction charges than Adviser could get for an order for the Portfolios alone. Adviser may allocate securities so purchased or sold, as well as the expenses incurred in the transaction, in the manner that Adviser considers consider to be equitable and consistent with Adviser’s fiduciary obligations to Client and Adviser’s other clients. Adviser may enter orders with brokers or dealers with which Adviser is affiliated, and Client acknowledges that such brokers or dealers may profit from such transactions by charging their usual and customary rates of compensation, including xxxx-ups or xxxx-xxxxx on principal transactions. If Client understands was referred to Adviser by a broker or dealer, Client understand that Adviser could have a conflict of interest in negotiating broker-dealer compensation with such broker-broker or dealer on Client’s behalf. If Client was referred to Adviser by a broker-dealer or other financial institution, or if Client has an agreement with a broker-dealer or other financial institution which provides that Client is charged a bundled fee for services (which includes brokerage) or specifies Adviser must seek to use such broker-dealer for Client transactions, then Adviser may execute trades on behalf of the Client with such broker-dealer. Client acknowledges that the commission rate charged to the Client will be the rate negotiated by Client with such broker- dealer and Client understands that Adviser will make no attempt to negotiate commissions on Client’s behalf. Adviser cannot assure best execution on trades where Adviser is instructed to use a certain broker-dealer and Client may not be able to participate in block trade orders.