Common use of Errors; Account Statements Clause in Contracts

Errors; Account Statements. The Advisor shall notify the Partnership as soon as reasonably practicable after the Advisor becoming aware of any single human error in the transmission of an order for the Account that directly result in a loss to the Account equal to or greater than 50 basis points (0.5%) of the notional trading level of the Account (“Material Loss”), such Material Loss being determined by the Advisor, acting reasonably and in good faith, in accordance with the Advisor’s allocation policy (a “Material Trading Error”). In such circumstances, the Advisor shall provide the Partnership with all information that may be reasonably required by the Partnership in order to determine the nature and circumstances of the Material Trading Error, and the Advisor shall agree with the Partnership as soon as reasonably practicable the appropriate action (if any) to take. Subject to the following, all risks relating to transactions on behalf of the Account (including any trading or system error) shall be borne by the Partnership as principal and, accordingly, all gains or losses accruing on the Account shall belong to or be borne by the Partnership. However, the Advisor shall assume financial responsibility for each Material Trading Error to the extent that such Material Trading Error arises as a direct result of the bad faith, willful misconduct or negligence of the Advisor.

Errors; Account Statements. The Advisor shall notify the Partnership as soon as reasonably practicable after the Advisor becoming aware of any single human error in the transmission of an order for the Account that directly result in a loss to the Account equal to or greater than 50 basis points (0.5%) of the notional trading level of the Account (“Material Loss”), such Material Loss being determined by the Advisor, acting reasonably and in good faith, in accordance with the Advisor’s allocation policy (a “Material Trading Error”). In such circumstances, the Advisor shall provide the Partnership with all information that may be reasonably required by the Partnership in order to determine the nature and circumstances of the Material Trading Error, and the Advisor shall agree with the Partnership as soon as reasonably practicable the appropriate action (if any) to take. Subject to the following, all risks relating to transactions on behalf of the Account (including any trading or system error) shall be borne by the Partnership as principal and, accordingly, all gains or losses accruing on the Account shall belong to or be borne by the Partnership. However, the Advisor shall assume financial responsibility for each Material Trading Error to the extent that such Material Trading Error arises as a direct result of the bad faith, willful misconduct or negligence of the Advisor.