Common use of Clearing of All Trades Clause in Contracts

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. 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, willful 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. The Trading Advisor shall ---------------------- clear orders for all commodity interest transactions for the Company Account through such commodity broker or brokers as the Company Fund shall designate from time to time in its sole discretion (the “Clearing Broker”Fund initially so designating MLF). The Trading Advisor will not, without the consent of the ManagerFund, trade on a “"give up” " basis through floor brokers not associated with the Clearing BrokerMLF. The Manager Fund will review and approve or disapprove all executing brokers proposed by the Trading Advisor for the Company’s Fund's account. The Manager Fund 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 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. Even if such floor float brokers receive the Manager’s Fund consent to execute trades on behalf of the CompanyFund, all such trades will be “"given-up” " to be carried by the Clearing BrokerMLF. The Trading Advisor shall receive copies of all daily and monthly brokerage statements for the Company Account directly from the Clearing BrokerMLF. 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 MLIP shall provide adequate dealing lines of credit for the Trading Advisor to place orders for spot and forward currency contracts on behalf of the CompanyFund.

Clearing of All Trades. The Trading Advisor shall clear orders for all commodity interest transactions for the Company through such commodity prime 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 contracts, FX options and Gold on behalf of the Company.

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. The Trading Advisor may use any of the brokers and/or dealers and platforms in Appendix E that are approved by the Manager.

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 wilful default or bad faith fraud 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. 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 with the prior consent of the Trading Advisor (which consent will not be unreasonably withheld or delayed) (the “Clearing Broker”). The Trading Advisor will not, without the consent of the Manager, trade on a “give up” basis through floor executing 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 gross negligence, misconduct or bad faith on the part of the Trading AdvisorAdvisor in selecting and monitoring such executing broker. Even if such floor executing brokers receive the Manager’s consent to execute trades on behalf of or with the Company, all such trades will be “given-up” to or otherwise be carried by caused to clear at the Clearing Broker. The Company shall cause the Trading Advisor shall to 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.