Designated Brokerage. 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 (or “wrap”) fee for services (which includes brokerage) or specifies that Adviser must seek to use such broker-dealer for Client transactions, or if Client has otherwise designated a broker-dealer or other financial institution to provide trade execution services for the Portfolio assets, then Adviser may execute trades on behalf of the Client with such broker-dealer or other financial institution. Client acknowledges that the commission rate charged to Client will be the rate negotiated by Client with such broker-dealer or other financial institution and Client understands that Adviser will make no attempt to negotiate commissions on Client’s behalf. Client acknowledges the limitations of designated brokerage, including that (i) the commission rate charged to Client will be the rate negotiated by Client with such designated broker-dealer, (ii) Adviser will make no attempt to negotiate commissions on Client’s behalf, (iii) Adviser cannot assure best execution on trades where Adviser is instructed to use a certain broker-dealer,
