Portfolio Execution. The Investment Manager shall effect all purchases and sales of securities in a manner consistent with the principles of best execution, taking into account net price (including commissions) and execution capability and other services which the broker or other intermediary may provide. In this regard, the Investment Manager may effect transactions which cause the Company to pay a commission in excess of a commission which another broker or other intermediary would have charged; provided, however, that the Investment Manager shall have first determined that such commission is reasonable in relation to the value of the brokerage or research services performed by that broker or other intermediary or that the Company is the sole beneficiary of the services provided.
Appears in 6 contracts
Samples: Investment Management Agreement (Pennymac Financial Services, Inc.), Investment Management Agreement (Pennymac Financial Services, Inc.), Investment Management Agreement (PNMAC Mortgage Opportunity Fund, LLC)
