Common use of Commodity Broker Clause in Contracts

Commodity Broker. All Commodity Interests trades for the account of the Trust shall be made through such commodity broker or brokers as the Managing Owner directs. The Advisors shall have authority to communicate all orders directly to such broker(s). The Advisor shall not have any authority or responsibility in selecting or supervising any broker for execution of Commodity Interests trades of the Trust or for negotiating commission rates to be charged therefor. At the present time it is contemplated that the Trust will execute all Commodity Interests trades through Cargill Investor Services, Inc. and that brokerage commissions payable by the Trust each month will equal 1/12 of 6.5% of the Trust's month-end assets (after deduction of the Advisor's Management Fee as of the end of each month except with respect to Units owned by Unitholders eligible for Special Brokerage Fee Rates as described in the Prospectus. The Advisor shall be notified in writing by the Managing Owner if any Commodity Interests trades for the account of the Trust are to be made through any futures commission merchant other than Cargill Investor Services, Inc. Notwithstanding the foregoing, the Advisor may place trading orders for the Trust with floor brokers selected by the Advisor; any trades so executed for the benefit of the Trust shall be "given-up" to such broker or brokers as the Managing Owner shall approve. Expenses of "give-ups" shall be borne by the Trust up to a maximum of $___ per round-turn on average or a reasonable amount mutually agreed to. The Advisor agrees that it shall not receive any commission, compensation, remuneration or payment whatsoever from any broker with whom the Trust carries any account by reason of the Trust's Commodity Interests transactions.

Appears in 2 contracts

Samples: Trading Advisory Agreement (JWH Global Trust), Trading Advisory Agreement (JWH Global Portfolio Trust)

AutoNDA by SimpleDocs

Commodity Broker. All Commodity Interests Commodities trades for the account of the Trust shall be made through such commodity broker or brokers as the Managing Owner directs. The Advisors shall have authority to communicate all orders directly to directs or otherwise as may be agreed upon in accordance with such broker(s)order execution procedures as are agreed upon between the Advisor and the Managing Owner. The Advisor shall not have any authority or responsibility in selecting or supervising any broker for execution of Commodity Interests Commodities trades of the Trust or for negotiating commission rates to be charged therefor. The Advisor shall not be responsible for determining that any such bank or broker used in connection with any Commodities transactions meets the financial requirements or standards imposed by the Trust's Trading Policies and Limitations. At the present time it is contemplated that the Trust will execute and clear all Commodity Interests Commodities trades through Cargill Investor Services, Inc. and that brokerage commissions payable by the Trust each month will equal 1/12 of 6.5% of the Trust's month-end assets (after deduction of the Advisor's Management Fee as of the end of each month except with respect to Units owned by Unitholders eligible for Special Brokerage Fee Rates as described in the ProspectusPrudential Securities. The Advisor shall be notified in writing by may, however, with the consent of the Managing Owner, execute transactions at such other broker(s), and upon such terms and conditions, as the Advisor and the Managing Owner agree if any Commodity Interests trades for the account of the Trust are such broker(s) agree to be made through any futures commission merchant other than Cargill Investor Services, Inc. Notwithstanding the foregoing, the Advisor may place trading orders for the Trust with floor brokers selected by the Advisor; any trades so executed for the benefit of the Trust shall be "given-give up" all such transactions to such broker or Prudential Securities for clearance; attached hereto as Exhibit D is a list of executing brokers as and their respective give-up fees to which the Managing Owner shall approve. Expenses of "give-ups" shall be borne by the Trust up to a maximum of $___ per round-turn on average or a reasonable amount mutually agreed tohas given such consent. The Advisor agrees that it shall not receive any commissioneach of its executing brokers will "give up" all transactions to Prudential Securities for clearance, compensation, remuneration or payment whatsoever from any broker with whom and the Managing Owner will use its reasonable best efforts to ensure that Prudential Securities will accept all such "give up" transactions for clearing. To the extent that the Trust carries any account by reason determines to utilize a broker or brokers other than Prudential Securities, it will consult with the Advisor prior to directing it to utilize such broker(s), and will not retain the services of such broker(s) over the reasonable objection of the Trust's Commodity Interests transactionsAdvisor.

Appears in 2 contracts

Samples: Advisory Agreement (World Monitor Trust Series C), Advisory Agreement (World Monitor Trust Series C)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!