Clearing of All Trades. The Trading Advisor shall clear orders for all commodity interest transactions for the Company through such commodity broker or brokers as the Company shall designate from time to time in its sole discretion (the “Clearing Broker”). The Trading Advisor will not, without the consent of the Manager, trade on a “give up” basis through floor brokers not associated with the Clearing Broker. The Manager will review and approve or disapprove all executing brokers proposed by the Trading Advisor for the Company’s account. The Manager agrees that it will only disapprove a proposed executing broker suggested by the Trading Advisor for cause and that, if an executing broker is approved, the Company will not hold the Trading Advisor liable for any error or breach of contract by any such executing broker, barring negligence, misconduct or bad faith on the part of the Trading Advisor. Even if such floor brokers receive the Manager’s consent to execute trades on behalf of the Company, all such trades will be “given-up” to be carried by the Clearing Broker. The Trading Advisor shall receive copies of all daily and monthly brokerage statements for the Company directly from the Clearing Broker. The parties acknowledge that the Trading Advisor has no authority or responsibility for selecting a commodity broker or dealers or for the negotiation of brokerage commission rates. If necessary for the Trading Advisor to trade pursuant to the Program, the Company shall provide adequate dealing lines of credit for the Trading Advisor to place orders for spot and forward currency contracts on behalf of the Company.

Clearing of All Trades. (i) Except as provided in Section 6(d), the Trading Advisor shall clear orders for all commodity interest transactions for the Trading Entity through such commodity broker or brokers as the Trading Entity shall designate from time to time in its sole discretion. Currently, the Trading Entity has so designated the FCM. In the event that the Trading Entity designates a new or different FCM, then the Trading Entity shall provide five (5) Business Days’ prior written notice to the Trading Advisor of such change. Currently, the Trading Advisor trades on a “give up” basis through Societe Generale Newedge UK Limited and X.X. Xxxxxx Securities Ltd., and may trade on a “give up” basis through other floor brokers, give-up brokers, prime brokers, dealers or other executing entities or facilities (collectively, “executing brokers”) not affiliated with the FCM. The Trading Advisor will provide the Trading Entity with five days’ written notice prior to commencing trading with any new executing broker not previously notified to the Trading Entity. All such trades will be “given-up” to be carried by the FCM. The Trading Advisor shall not, with respect to transactions effected for the Trading Entity, use the Trading Advisor or any affiliated person (as defined in Section 2(a)(3) of the 1940 Act) of the Trading Advisor as an executing broker or a counterparty. The Trading Advisor shall receive copies of all daily and monthly brokerage statements for the Trading Entity directly from the FCM. (ii) The Trading Entity will be subject to per side commission rates as determined from time to time by the FCM. (iii) The Trading Advisor agrees that in the placement of the Trading Entity’s orders with the FCM it will utilize a fair, equitable and reasonable order entry and execution system. (iv) Neither party to this Agreement shall assume any responsibility for the actions or omissions of any FCM selected by the Trading Entity so long as such party’s conduct does not constitute disabling conduct (as defined in Section 14).

Clearing of All Trades. The Trading Advisor shall clear orders for all commodity interest transactions for the Fund through such commodity broker or brokers as the Fund shall designate from time to time in its sole discretion (the Fund currently so designating Xxxxxxx Xxxxx). The Trading Advisor shall not trade on a “give up” basis through floor brokers, give-up brokers, prime brokers, dealers or other executing entities or facilities (collectively, “executing brokers”) unless the Manager has entered into an industry standard give-up agreement with such brokers. The Fund will not hold the Trading Advisor liable for any error or breach of contract by any such executing broker, barring negligence, misconduct or bad faith on the part of the Trading Advisor. Irrespective of whether floor executing brokers unaffiliated with Xxxxxxx Xxxxx receive the Manager’s consent to execute trades on behalf of the Fund, all such trades will be “given-up” to be carried by Xxxxxxx Xxxxx. The Trading Advisor shall receive electronic copies of all daily and monthly brokerage statements for the Fund directly from Xxxxxxx Xxxxx. The Fund agrees to assume all liabilities associated with orders entered into using an automated routing system and agrees, subject to the standard of liability set forth in Section 12 of this Agreement, that the Trading Advisor shall have no liability for such transactions.

Clearing of All Trades. The Trading Advisor shall clear orders for all commodity interest transactions for the Master Fund through such commodity broker or brokers as the Manager shall designate from time to time in its sole discretion (the Master Fund currently so designating Xxxxxxx Xxxxx). The Trading Advisor will not, without the consent of the Manager, trade on a “give up” basis through floor brokers, give-up brokers, prime brokers, dealers or other executing entities or facilities (collectively, “executing brokers”) not affiliated with Xxxxxxx Xxxxx. The Manager will review and approve or disapprove all executing brokers proposed by the Trading Advisor for the Master Fund’s account. If an executing broker is approved, neither the Manager nor the Master Fund will hold the Trading Advisor liable for any action, inaction, error or breach of contract by any such executing broker, subject to Section 12. Irrespective of whether floor executing brokers unaffiliated with Xxxxxxx Xxxxx receive the Manager’s consent to execute trades on behalf of the Master Fund, all such trades will be “given-up” to be carried by Xxxxxxx Xxxxx. The Trading Advisor shall receive electronic copies of all daily and monthly brokerage statements for the Master Fund directly from Xxxxxxx Xxxxx.

Clearing of All Trades. All commodity interest transactions executed by the Trading Advisor on the behalf of the Company shall be cleared through such commodity broker or brokers as the Company shall designate from time to time in its sole discretion (collectively, the “Clearing Broker”). The Trading Advisor may trade on a “give up” basis through executing brokers and other floor brokers not associated with the Clearing Broker provided that the Company, the executing broker, the Clearing Broker and the Trading Advisor have entered into a give-up agreement. The Manager, when acting on the behalf of the Company, shall have the right to review and approve or disapprove all executing brokers proposed by the Trading Advisor for the Company’s account; provided that the Manager agrees that it will only disapprove a proposed executing broker suggested by the Trading Advisor for cause and that, if an executing broker is approved, neither the Manager nor the Company will hold the Trading Advisor responsible for the performance or non-performance of such executing broker. All trades executed away from the Clearing Broker on behalf of the Company, shall thus be “given-up” to be carried by the Clearing Broker. The Trading Advisor shall receive electronic copies of all daily and monthly brokerage statements for the Company directly from the Clearing Broker. The parties acknowledge that the Trading Advisor has no authority or responsibility for selecting a commodity broker or dealers or for the negotiation of brokerage commission rates. If necessary for the Trading Advisor to trade pursuant to the Program, the Company shall provide adequate dealing lines of credit for the Trading Advisor to place orders for spot and forward currency contracts on behalf of the Company.

Clearing of All Trades. The Trading Advisor shall enter orders for all commodity interest transactions for the Fund through such commodity broker or brokers as the Fund shall designate from time to time in its sole discretion (the Fund currently so designating Xxxxxxx Xxxxx). The Trading Advisor will not, without the consent of the Manager, trade on a “give up” basis through floor brokers, give-up brokers, prime brokers, dealers or other executing entities or facilities (collectively, “executing brokers”) not affiliated with Xxxxxxx Xxxxx. The Manager will review and approve or disapprove all executing brokers proposed by the Trading Advisor for the Fund’s account, such approval not to be unreasonably withheld or delayed. If an executing broker is approved, the Fund will not hold the Trading Advisor liable for any error or breach of contract by any such executing broker subject to the standard of liability set forth in Section 12(a). Irrespective of whether executing brokers unaffiliated with Xxxxxxx Xxxxx receive the Manager’s consent to execute trades on behalf of the Fund, all such trades will be “given-up” to be carried by Xxxxxxx Xxxxx. The Trading Advisor shall receive copies of all daily and monthly brokerage statements for the Fund directly from Xxxxxxx Xxxxx. The Trading Advisor shall have full authority to enter in its own name but for the account, benefit and risk of the Fund into any automated order routing agreement, if and when required by any executing broker, for executing orders through an automated order routing system, to make the necessary representations and warranties set forth in such agreement and to negotiate the applicable automated order routing commissions, if any. The parties agree that all orders, entered into pursuant to this Agreement and pursuant to any automated order routing agreement, are being entered into by the Trading Advisor as the Fund’s agent for the account, benefit and risk of the Fund. The Fund agrees to assume all liabilities associated with the orders entered into using an automated order routing system and agrees, subject to the standard of liability set forth in Section 12(a) of this Agreement, that the Trading Advisor shall have no liability for such transactions.

Clearing of All Trades. The Trading Advisor shall clear orders for all commodity interest transactions for the Fund through such commodity broker or brokers as the Fund shall designate from time to time in its sole discretion (the Fund currently so designating MLPF&S). The Trading Advisor will not, without the consent of the Manager, trade on a “give up” basis through floor brokers, give-up brokers, prime brokers, dealers or other executing entities or facilities (collectively, “executing brokers”) not affiliated with Xxxxxxx Xxxxx. The Manager will review and approve or disapprove all executing brokers proposed by the Trading Advisor for the Fund’s account. If an executing broker is approved, the Fund will not hold the Trading Advisor liable for any error or breach of contract by any such executing broker, except to the extent attributable to the Trading Advisor’s negligence, misconduct or bad faith on the part of the Trading Advisor. Irrespective of whether executing brokers unaffiliated with Xxxxxxx Xxxxx receive the Manager’s consent to execute trades on behalf of the Fund, all such trades will be “given-up” to be carried by MLPF&S. The Trading Advisor shall receive copies of all daily and monthly brokerage statements for the Fund directly from MLPF&S.

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