Common use of Portfolio Securities Transactions Clause in Contracts

Portfolio Securities Transactions. The Adviser, subject to and in accordance with any directions that the Company's Board may issue from time to time, shall place orders for the execution of the Company's securities transactions. When placing orders, the Adviser shall seek to obtain the best net price and execution ("best execution") for the Company, but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Parties recognize that there are likely to be many cases in which different brokers are equally able to provide best execution and that, in selecting among such brokers with respect to particular trades, it may be desirable to choose those brokers who furnish research, statistical, quotations and other information to the Company, as well as the Adviser, in accordance with the standards set forth below. Moreover, to the extent that it continues to be lawful to do so and so long as the Board determines that the Company will benefit, directly or indirectly, by doing so, the Adviser may place orders with a broker who charges a commission for a securities transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of "brokerage and research services" (as defined in Section 28(e)(3) of the Securities Exchange Act of 1934) provided by that broker. Accordingly, the Company and the Adviser agree that the Adviser shall select brokers for the execution of the Company's transactions from among: (i) those brokers and dealers who provide quotations and other services to the Company, specifically including the quotations necessary to determine the aggregate assets of the Company, in such amount of total brokerage as may reasonably be required in light of such services; and (ii) those brokers and dealers who supply research, statistical and other data to the Adviser or its affiliates, which the Adviser or its affiliates may lawfully and appropriately use in their investment advisory capacities, which relate directly to securities, actual or potential, of the Company, or which place the Adviser in a better position to make decisions in connection with the management of the Company's assets, whether or not such data may also be useful to the Adviser and its affiliates in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser shall render regular reports to the Company, not less frequently than quarterly, of how much total brokerage business has been placed by the Adviser with brokers falling into each of the categories referred to above and the manner in which the allocation has been accomplished. The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser's paramount duty to obtain the best execution for the Company.

Portfolio Securities Transactions. The AdviserAdvisor, subject to and in accordance with any directions that the Company's Board may issue from time to time, shall place orders for the execution of the Companyeach Portfolio's securities transactions. When placing orders, the Adviser Advisor shall seek to obtain the best net price and execution ("best execution") for the Companyeach Portfolio, but this requirement shall not be deemed to obligate the Adviser Advisor to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Parties recognize that there are likely to be many cases in which different brokers broker-dealers are equally able to provide best execution and that, in selecting among such brokers broker-dealers with respect to particular trades, it may be desirable to choose those brokers broker-dealers who furnish research, statistical, quotations and other information to the CompanyCompany and its Portfolios, as well as the AdviserAdvisor, in accordance with the standards set forth below. Moreover, to the extent that it continues to be lawful to do so and so long as the Board determines that the Company a Portfolio will benefit, directly or indirectly, by doing so, the Adviser Advisor may place orders with a broker broker-dealer who charges a commission for a securities transaction which is in excess of the amount of commission that another broker broker-dealer would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of "brokerage and research services" (as defined in Section 28(e)(3) of the Securities Exchange Act of 1934) provided by that broker-dealer. Accordingly, the Company Company, on behalf of each Portfolio, and the Adviser Advisor agree that the Adviser Advisor shall select brokers broker-dealers for the execution of the Companyeach Portfolio's transactions from among: (i) those brokers and broker-dealers who provide quotations and other services to the Company, with respect to one or more Portfolios, specifically including the quotations necessary to determine the aggregate net assets of the CompanyPortfolios, in such amount of total brokerage as may reasonably be required in light of such services; and (ii) those brokers and broker-dealers who supply research, statistical and other data to the Adviser Advisor or its affiliates, which the Adviser Advisor or its affiliates may lawfully and appropriately use in their investment advisory capacities, which relate directly to securities, actual or potential, of the CompanyPortfolios, or which place the Adviser Advisor in a better position to make decisions in connection with the management of the Companyeach Portfolio's assets, whether or not such data may also be useful to the Adviser Advisor and its affiliates in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser Advisor also may consider the sale of Portfolio shares as a factor in the selection of broker-dealers to execute each Portfolio's securities transactions, subject to the Advisor's obligation to seek best execution for each Portfolio. The Advisor shall render regular reports to the Company, not less frequently than quarterly, of how much total brokerage business has been placed by the Adviser Advisor with brokers broker-dealers falling into each of the categories referred to above and the manner in which the allocation has been accomplished. The Adviser Advisor agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the AdviserAdvisor's paramount duty to obtain the best execution for the Company.

Portfolio Securities Transactions. The AdviserAdvisor, subject to and in accordance with any directions that which the Company's Board may issue from time to time, shall place orders for the execution of the Companyeach Portfolio's securities transactions. When placing orders, the Adviser Advisor shall seek to obtain the best net price and execution ("best execution") for the Companyeach Portfolio, but this requirement shall not be deemed to obligate the Adviser Advisor to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in this section have been satisfied. The Parties recognize that there are likely to be many cases in which different brokers are equally able to provide best execution and that, in selecting among such brokers with respect to particular trades, it may be desirable to choose those brokers who furnish research, statistical, quotations and other information to the CompanyCompany and its Portfolios, as well as the AdviserAdvisor, in accordance with the standards set forth below. Moreover, to the extent that it continues to be lawful to do so and so long as the Board determines that the Company a Portfolio will benefit, directly or indirectly, by doing so, the Adviser Advisor may place orders with a broker who charges a commission for a securities transaction which is in excess of the amount of commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of "brokerage and research services" (as defined in Section 28(e)(3) of the Securities Exchange Act of 1934) provided by that broker. Accordingly, the Company Company, on behalf of each Portfolio, and the Adviser Advisor agree that the Adviser Advisor shall select brokers for the execution of the Companyeach Portfolio's transactions from among: (i) those brokers and dealers who provide quotations and other services to the Company, with respect to one or more Portfolios, specifically including the quotations necessary to determine the aggregate net assets of the CompanyPortfolios, in such amount of total brokerage as may reasonably be required in light of such services; and (ii) those brokers and dealers who supply research, statistical and other data to the Adviser Advisor or its affiliates, which the Adviser Advisor or its affiliates may lawfully and appropriately use in their investment advisory capacities, which relate directly to securities, actual or potential, of the CompanyPortfolios, or which place the Adviser Advisor in a better position to make decisions in connection with the management of the Companyeach Portfolio's assets, whether or not such data may also be useful to the Adviser Advisor and its affiliates in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required. The Adviser Advisor also may consider the sale of Portfolio shares as a factor in the selection of broker-dealers to execute each Portfolio's securities transactions, subject to the Advisor's obligation to seek best execution for each Portfolio. The Advisor shall render regular reports to the Company, not less frequently than quarterly, of how much total brokerage business has been placed by the Adviser Advisor with brokers falling into each of the categories referred to above and the manner in which the allocation has been accomplished. The Adviser Advisor agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the AdviserAdvisor's paramount duty to obtain the best execution for the Company.