Common use of Execution Services Clause in Contracts

Execution Services. Unless directed by Client in writing, Adviser may establish, maintain, and deal through accounts with one or more securities brokerage firm(s) as the Adviser may select to effect purchases or sales of securities as agent for the Account including those brokerage firms that from time to time may furnish to the Adviser “brokerage and research services” (within the meaning of Section 28(e) of the Securities Exchange Act of 1934, as amended). In selecting broker-dealers, Adviser may consider investment and market information, and other research, such as economic, securities and performance measurement research provided by such broker-dealers and the quality and reliability of brokerage services, including execution capability, performance and financial responsibility, as well as price. Client acknowledges and agrees that under some circumstances the broker-dealer compensation Adviser pays may exceed the compensation that could be obtained from another broker or dealer, particularly if such other broker or dealer does not furnish research or other services to Adviser. Client acknowledges and agrees that Adviser may aggregate orders with other clients consistent with its duties of best execution and understands and agrees that the costs for any individual account, including the Account, may not be reduced because of allocation procedures such as aggregate share pricing. Adviser shall instruct all brokers and dealers executing orders on behalf of the Account to forward to Adviser, custodian, and/or trustee copies of all confirmations promptly after execution of transactions. Adviser shall not be responsible for any loss incurred by reason of any act or omission of any broker or dealer or Account custodian. Adviser will also issue such instructions to the Account custodian or trustee as Adviser may deem appropriate in connection with the settlement of portfolio transactions. Adviser’s instructions shall be made orally and confirmed in writing sent by first-class mail as soon as practicable thereafter. Adviser is not authorized to direct delivery of securities or payment to Adviser or to direct any disposition of securities or cash from the Account except to the Client or brokers and dealers in settlement of security purchases and sales. Client agrees and understands that directing Adviser to place orders with a specific broker-dealer will result in Adviser not exercising discretion in selecting other broker-dealers on a trade-by-trade basis. Thus, Client may not receive any benefit from research available from other broker-dealers in return for business, or any benefit which could result from Adviser's batching orders for client (orders combined with those of other Clients for the purpose of obtaining better price or execution from another broker-dealer), or otherwise obtain best price and execution of transactions.

Execution Services. Unless directed by Client in writing, Adviser may establish, maintain, and deal through accounts with one or more securities brokerage firm(s) as the Adviser may select to effect purchases or sales of securities as agent for the Account including those brokerage firms that from time to time may furnish to the Adviser “"brokerage and research services” " (within the meaning of Section 28(e) of the Securities Exchange Act of 1934, as amended). In selecting broker-dealers, Adviser may consider investment and market information, and other research, such as economic, securities and performance measurement research provided by such broker-dealers and the quality and reliability of brokerage services, including execution capability, performance and financial responsibility, as well as price. Client acknowledges and agrees that under some circumstances the broker-dealer compensation Adviser pays may exceed the compensation that could be obtained from another broker or dealer, particularly if such other broker or dealer does not furnish research or other services to Adviser. Client acknowledges and agrees that Adviser may aggregate aggre- gate orders with other clients consistent with its duties of best execution and understands and agrees that the costs for any individual account, including the Account, may not be reduced because of allocation procedures such as aggregate share pricing. Adviser shall instruct all brokers and dealers executing orders on behalf of the Account to forward to Adviser, custodiancustodi- an, and/or trustee Trustee copies of all confirmations promptly after execution of transactions. Adviser shall not be responsible for any loss incurred by reason of any act or omission of any broker or dealer or Account custodiancustodian except to the extent provided by ERISA. Adviser will also issue such instructions to the Account custodian or trustee Trustee as Adviser may deem appropriate in connection con- nection with the settlement of portfolio transactions. Adviser’s 's instructions shall be made orally and confirmed in writing writ- ing sent by first-class mail as soon as practicable thereafter. Adviser is not authorized to direct delivery of securities or payment to Adviser or to direct any disposition of securities or cash from the Account except to the Client or brokers and dealers in settlement of security purchases and sales. Client agrees and understands that directing Adviser to place orders with a specific broker-dealer will result in Adviser not exercising discretion in selecting other broker-dealers on a trade-by-trade basis. Thus, Client may not receive any benefit from research available from other broker-dealers in return for business, or any benefit which could result from Adviser's batching orders for client (orders combined with those of other Clients for the purpose of obtaining better price or execution from another broker-dealer), or otherwise obtain best price and execution of transactions.