Common use of Designated Brokerage Clause in Contracts

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,

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-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,, (iv) Client may not be able to participate in block trade orders and (v) Client may sacrifice execution quality or pay higher commissions and fees than other clients of Adviser for whom Adviser has discretion in selecting broker-dealers for execution. Notwithstanding the foregoing, Adviser has the authority to effect transactions for the Portfolios with or through another broker-dealer or financial institution if Adviser believes that “best execution” of transactions may be obtained through such other broker-dealer or financial institution.