Common use of Directed Brokerage Clause in Contracts

Directed Brokerage. The Advisor may direct the Subadvisor to use a particular broker or dealer for one or more trades if, in the sole opinion of the Advisor, it is in the best interest of the Fund to do so. Notwithstanding the foregoing, the Advisor acknowledges that directed brokerage may result in the Fund paying higher commissions than would be the case if the Subadvisor were able to select brokers freely. Directed brokerage limits the Subadvisor's ability to negotiate commissions for the Fund and its ability to aggregate orders and may result in an inability to obtain volume discounts or best execution for the Fund in some transactions.