Common use of Capital Accounts and General Financial Allocations Clause in Contracts

Capital Accounts and General Financial Allocations. (a) A Capital Account shall be established for each Unit, and for the Sponsor on a Unit-equivalent basis. The balance of each Unit’s Capital Account shall be the amount contributed to the Series with respect to such Unit, which amount shall be equal to the Net Asset Value per Unit (or, in the case of an initial offering of a Series, a price per Unit as determined by the Sponsor) on the date each Unit is purchased after all accrued fees and expenses, including performance fee accruals at the Trading Fund level which may, in fact, never be paid. As of the close of business (or as determined by the Sponsor) on the last day of each month, any increase or decrease in a Series’ Net Asset Value as compared to the last such determination of Net Asset Value shall be credited or charged equally to the Capital Accounts of all Units then outstanding; provided that for purposes of maintaining such Capital Accounts, amounts paid or payable to the Sponsor for items such as Sponsor’s Fees shall be treated as if paid or payable to a third party and shall not be credited to the Capital Account held by the Sponsor. (b) For purposes of this Article III, unless specified to the contrary, Units Redeemed as of the end of any month shall be considered outstanding as of the end of such month, but not as of the beginning of the immediately following month. (c) As of the end of each calendar month, the Sponsor’s Fees and Administrative Fee charged to the applicable Series shall be allocated equally to all Units of such Series. Such Sponsor’s Fees and Administrative Fees shall reduce each Unit’s Capital Account balance as of the date when such Sponsor’s Fees and Administrative Fees become payable (rather than only accrued), irrespective of when actually paid.

Capital Accounts and General Financial Allocations. (a) A Capital Account shall be established for each Unit, and for the Sponsor on a Unit-equivalent basis. The balance of each Unit’s 's Capital Account shall be the amount contributed to the Series with respect to such Unit, which amount shall be equal to the Net Asset Value per Unit (or, in the case of an initial offering of a Series, a price per Unit as determined by the Sponsor) on the date each Unit is purchased after all accrued fees and expenses, including performance fee accruals at the Trading Fund level which may, in fact, never be paid. As of the close of business (or as determined by the Sponsor) on the last day of each month, any increase or decrease in a Series’ ' Net Asset Value as compared to the last such determination of Net Asset Value shall be credited or charged equally to the Capital Accounts of all Units then outstanding; provided that for purposes of maintaining such Capital Accounts, amounts paid or payable to the Sponsor for items such as Sponsor’s 's Fees shall be treated as if paid or payable to a third party and shall not be credited to the Capital Account held by the Sponsor. (b) For purposes of this Article III, unless specified to the contrary, Units Redeemed as of the end of any month shall be considered outstanding as of the end of such month, but not as of the beginning of the immediately following month. (c) As of the end of each calendar month, the Sponsor’s 's Fees and Administrative Fee charged to the applicable Series shall be allocated equally to all Units of such Series. Such Sponsor’s 's Fees and Administrative Fees shall reduce each Unit’s 's Capital Account balance as of the date when such Sponsor’s 's Fees and Administrative Fees become payable (rather than only accrued), irrespective of when actually paid.

Capital Accounts and General Financial Allocations. (a) A Capital Account shall be established for each Unit, and for the Sponsor on a Unit-equivalent basis. The balance of each Unit’s Capital Account shall be the amount contributed to the Series with respect to such Unit, which amount shall be equal to the Net Asset Value per Unit (or, in the case of an initial offering of a Series, a price per Unit as determined by the Sponsor) on the date each Unit is purchased after all accrued fees and expenses, including performance fee accruals at the Trading Fund level which may, in fact, never be paid. As of the close of business (or as determined by the Sponsor) on the last day of each month, any increase or decrease in a Series’ Net Asset Value as compared to the last such determination of Net Asset Value shall be credited or charged equally to the Capital Accounts of all Units then outstanding; provided that for purposes of maintaining such Capital Accounts, amounts paid or payable to the Sponsor for items such as Sponsor’s Fees (if any) shall be treated as if paid or payable to a third party and shall not be credited to the Capital Account held by the Sponsor. (b) For purposes of this Article III, unless specified to the contrary, Units Redeemed as of the end of any month shall be considered outstanding as of the end of such month, but not as of the beginning of the immediately following month. (c) As of the end of each calendar month, the Sponsor’s Fees (if any) and Administrative Service Provider Fee (if any) charged to the applicable Series shall be allocated equally to all Units of such Series. Such Sponsor’s Fees (if any) and Administrative Service Provider Fees (if any) shall reduce each Unit’s Capital Account balance as of the date when such Sponsor’s Fees (if any) and Administrative Service Provider Fees (if any) become payable (rather than only accrued), irrespective of when actually paid.

Capital Accounts and General Financial Allocations. (a) A Capital Account shall be established for each Unit, and for the Sponsor on a Unit-equivalent basis. The balance of each Unit’s 's Capital Account shall be the amount contributed to the Series with respect to such Unit, which amount shall be equal to the Net Asset Value per Unit (or, in the case of an initial offering of a Series, a price per Unit as determined by the Sponsor) on the date each Unit is purchased after all accrued fees and expenses, including performance fee accruals at the Trading Fund level which may, in fact, never be paid. As of the close of business (or as determined by the Sponsor) on the last day of each month, any increase or decrease in a Series’ ' Net Asset Value as compared to the last such determination of Net Asset Value shall be credited or charged equally to the Capital Accounts of all Units then outstanding; provided that for purposes of maintaining such Capital Accounts, amounts paid or payable to the Sponsor for items such as Sponsor’s 's Fees shall be treated as if paid or payable to a third party and shall not be credited to the Capital Account held by the Sponsor. (b) For purposes of this Article III, unless specified to the contrary, Units Redeemed as of the end of any month shall be considered outstanding as of the end of such month, but not as of the beginning of the immediately following month. (c) As of the end of each calendar month, the Sponsor’s 's Fees and Administrative Fee charged to the applicable Series shall be allocated equally to all Units of such Series. Such Sponsor’s 's Fees and Administrative Fees shall reduce each Unit’s 's Capital Account balance as of the date when such Sponsor’s 's Fees and Administrative Fees become payable (rather than only accrued), irrespective of when actually paid.