Common use of Right to Advise Others; Uniformity of Acts and Practices Clause in Contracts

Right to Advise Others; Uniformity of Acts and Practices. During the term of this Agreement, the Trading Advisor and its affiliates shall be free to advise other investors (including, without limitation, other commodity pools) as to the purchase and sale of commodity interests, to manage and trade other investors' commodity interest accounts and to trade for and on behalf of their own proprietary commodity interest accounts. However, under no circumstances shall the Trading Advisor or any of its affiliates knowingly or deliberately favor any commodity interest account directed by any of them (regardless of the date on which they began or shall begin to direct such account) over the Trading Company's account in any way or manner. Differences in performance between different programs shall not in itself constitute favoring an account over another. The Trading Advisor understands and agrees that it and its affiliates shall have a fiduciary responsibility to the Trading Company under this Agreement. For purposes of this Agreement, the Trading Advisor and its affiliates shall not be deemed to be favoring another commodity interest account over the Trading Company's account if the Trading Advisor or its affiliates, in accordance with specific instructions of the owner of such account, trade such account pursuant to a different program than that used for the Trading Company or trade such account at a degree of leverage or in accordance with trading policies which shall be different than that which shall normally be applied to substantially all of the Trading Advisor's other accounts or if the Trading Advisor or its affiliates, in accordance with the Trading Advisor's money management principles, shall not trade certain commodity interest contracts for an account based on the amount of equity in such account. Subject to any confidentiality restrictions imposed by a third party, at the request of the Trading Company, the Trading Advisor and its affiliates shall promptly make available to the Trading Company copies of the normal daily, monthly, quarterly and annual, as the case may be, written reports reflecting the performance of all commodity pool accounts advised, managed, owned or controlled by the Trading Advisor or its affiliates required to be delivered to pool participants pursuant to the CEA and similar written information, including monthly account statements, reflecting the performance of all other commodity, interest accounts advised, managed, owned or controlled by the Trading Advisor or its affiliates, with respect to which accounts reports shall not be required to be delivered to the owners thereof pursuant to the CEA. At the request of the Trading Company, the Trading Advisor or its affiliates shall immediately deliver to the Trading Company a satisfactory written explanation, in the judgment of the Trading Company, of differences, if any, in the performance between the Trading Company's account and such other commodity interest accounts traded utilizing the same program (subject to the need to preserve the secrecy of proprietary information concerning the Trading Advisor's trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor's clients).

Right to Advise Others; Uniformity of Acts and Practices. During the term of this Agreement, the Trading Advisor Parties shall, subject to the capacity undertaking set forth herein and its affiliates shall the exclusivity undertaking of the Letter Agreement, be free to advise other investors (including, without limitation, other commodity pools) as to the purchase and sale of commodity interests, to manage and trade other investors' commodity interest interests accounts and to trade for and on behalf of their own proprietary commodity interest interests accounts. However, under no circumstances shall the any Trading Advisor or any of its affiliates Party knowingly or and deliberately favor any commodity interest interests account directed by any of them (regardless of the date on which they began or shall begin to direct such account) over the Trading CompanyFund's account in any way or manner. Differences in performance between different programs shall not in itself constitute favoring an account over another. The Trading Advisor understands and agrees that it and its affiliates shall have a fiduciary responsibility account, giving due consideration to the Trading Company under this Agreement. For purposes of this Agreement, trading program which the Manager has requested the Trading Advisor and its affiliates to trade on behalf of the Fund. For the avoidance of doubt, no Trading Advisor Party shall not be deemed to be favoring another commodity interest account over the Trading CompanyFund's account if the Trading Advisor or its affiliatesParty, in accordance with specific instructions of the owner of such account, trade such account pursuant to a different program than that used for the Trading Company or trade such account at a degree of leverage or in accordance with trading policies which shall be different than from that which shall is normally be applied to substantially all of the Trading Advisor's other accounts or if the Trading Advisor or its affiliates, in accordance with the Trading Advisor's money management principles, shall not trade certain commodity interest contracts futures or securities for an account certain accounts based on the amount of equity in such accountaccounts. Subject The Trading Advisor Parties, on behalf of other accounts, shall be free to any confidentiality restrictions imposed by a third party, at trade on the request basis of the Trading Company, the Trading Advisor and its affiliates shall promptly make available to the Trading Company copies same trading approach employed on behalf of the normal dailyFund's account or an approach that is materially different from that employed on behalf of the Fund's account, monthly, quarterly and annual, shall be free to compete for the same futures and securities as the case may beFund's account or take positions opposite to those taken on behalf of the Fund's account, written reports reflecting provided such actions do not knowingly or deliberately favor any such other accounts over the performance of all commodity pool accounts advised, managed, owned or controlled by the Trading Advisor or its affiliates required to be delivered to pool participants pursuant to the CEA and similar written information, including monthly account statements, reflecting the performance of all other commodity, interest accounts advised, managed, owned or controlled by the Trading Advisor or its affiliates, with respect to which accounts reports shall not be required to be delivered to the owners thereof pursuant to the CEAFund's account. At the request of the Trading CompanyFund, the Trading Advisor or its affiliates shall immediately promptly deliver to the Trading Company Fund a satisfactory written explanation, in the judgment of the Trading CompanyFund, of the differences, if any, in the performance between the Trading CompanyFund's account and such other commodity interest accounts traded utilizing the same program or portfolio (subject to the need to preserve the secrecy confidentiality of proprietary information concerning the Trading Advisor's trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor's clients).

Right to Advise Others; Uniformity of Acts and Practices. During the term of this Agreement, the Trading Advisor and its affiliates shall be free to advise other investors (including, without limitation, other commodity pools) as to the purchase and sale of commodity interests, to manage and trade other investors' commodity interest accounts accounts, and to trade for and on behalf of their own proprietary commodity interest accounts. The compensation which the Trading Advisor receives from other accounts may be more or less than that received from -9- the Trust. However, under no circumstances shall the Trading Advisor or any of its affiliates knowingly or deliberately favor any commodity interest account directed by any of them (regardless of the date on which they began or shall begin to direct such account) over the Trading CompanyTrust's account in any way or manner. Differences in performance between , provided that trading different programs portfolios for other accounts, trading other accounts at different leverage, or charging different fees to different accounts shall not in itself be considered to constitute favoring an account such accounts over anotherthe Trust's account. The Trading Advisor understands and agrees that it and its affiliates shall have a fiduciary responsibility to the Trading Company under this Agreement. For purposes of this Agreement, the Trading Advisor and its affiliates also shall not be deemed to be favoring another commodity interest account over the Trading CompanyTrust's account if the Trading Advisor or his or its affiliates, in accordance with specific instructions of the owner of such account, trade such account pursuant to a different program than that used for the Trading Company or shall trade such account at a degree of leverage or in accordance with trading policies which shall be different than from that which shall would normally be applied to substantially all of the Trading Advisor's other accounts or if the Trading Advisor or its affiliates, in accordance with the Trading Advisor's money management principles, shall not trade certain commodity interest contracts for an account based on the amount of equity in such account. Subject The Trading Advisor agrees that in the event the Trading Advisor determines to any confidentiality restrictions imposed trade or is now trading another client commodity interest account pursuant to a trading approach materially different from the trading approach utilized by a third party, at the request Trading Advisor in trading on behalf of the Trading CompanyTrust, the Trading Advisor will disclose such trading approach to the Trust, subject to reasonable assurances of confidentiality, and its affiliates will, if the Trust so elects, utilize any such trading approach in trading the Allocated Assets in the future, provided that the Trading Advisor shall promptly not hereby be required to use, on behalf of the Trust, any approach used solely in trading, experimental or proprietary accounts or any approach which the Trading Advisor reasonably believes to be inappropriate for the Trust's account or any approach which is trading at full capacity. At the reasonable request of the Trust and to the extent that they are available without undue expense or burden, the Trading Advisor shall make available to the Trading Company Trust copies of the normal daily, monthly, quarterly quarterly, and annual, as the case may be, written reports prepared by the Trading Advisor in the ordinary course, reflecting the performance of all commodity pool accounts advised, managed, owned or controlled by the Trading Advisor or its affiliates required to be delivered to pool participants pursuant to the CEA and similar written information, including monthly account statements, statements reflecting the performance of all other commodity, pools and commodity interest accounts advised, managed, owned owned, or controlled by the Trading Advisor or its affiliatesAdvisor, in each case which implement the same strategy used for the Trust (with respect to which accounts reports shall not be required to be delivered to the owners thereof pursuant to the CEAnames of clients deleted). At the reasonable request of the Trading CompanyTrust, the Trading Advisor or its affiliates shall immediately deliver provide to the Trading Company a satisfactory written explanation, in the judgment Trust an explanation of the Trading Company, of differences, if any, in the performance between the Trading CompanyTrust's account and such other commodity interest accounts traded utilizing the same program (subject to the need to preserve the secrecy of proprietary information concerning the Trading Advisor's trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor's clients).

Right to Advise Others; Uniformity of Acts and Practices. During the term of this Agreement, the Trading Advisor shall, subject to the capacity undertaking set forth in Section 2(c)(i), and its affiliates shall the exclusivity undertaking of the Letter Agreement, be free to advise other investors (including, without limitation, other commodity pools) as to the purchase and sale of commodity interests, to manage and trade other investors' ’ commodity interest interests accounts and to trade for and on behalf of their own proprietary commodity interest interests accounts. However, under no circumstances shall the Trading Advisor or any of its affiliates knowingly or deliberately favor any commodity interest interests account directed by any of them (regardless of the date on which they began or shall begin to direct such account) over the Fund’s account on an overall basis, giving due consideration to the trading program and leverage subset which the Manager has requested the Trading Company's account Advisor to trade on behalf of the Fund. Nothing contained in any way or manner. Differences in performance between this Section 8 shall preclude the Trading Advisor from charging different programs shall not in itself constitute favoring an account over anothermanagement and/or incentive fees to its clients. The Fund and the Manager acknowledge and agree that the Trading Advisor understands has granted and agrees that it may continue to grant preferential treatment, including but not limited to access to capacity, the waiver of all advisory fees and its affiliates shall have a fiduciary responsibility other rights and benefits to accounts currently or hereafter managed by the Trading Company under this Agreement. For purposes Advisor for current and/or former principals and/or Affiliates of this Agreement, the Trading Advisor and its affiliates their Affiliates and the Trading Advisor’s granting of such preferential treatment shall not be deemed to be favoring another commodity interest account such accounts over the Trading Company's Fund’s account if the Trading Advisor or its affiliates, in accordance with specific instructions of the owner of such account, trade such account pursuant to a different program than that used for the Trading Company or trade such account at a degree of leverage or in accordance with trading policies which shall be different than that which shall normally be applied to substantially all of the Trading Advisor's other accounts or if the Trading Advisor or its affiliates, in accordance with the Trading Advisor's money management principles, shall not trade certain commodity interest contracts for on an account based on the amount of equity in such account. Subject to any confidentiality restrictions imposed by a third party, at the request of the Trading Company, the Trading Advisor and its affiliates shall promptly make available to the Trading Company copies of the normal daily, monthly, quarterly and annual, as the case may be, written reports reflecting the performance of all commodity pool accounts advised, managed, owned or controlled by the Trading Advisor or its affiliates required to be delivered to pool participants pursuant to the CEA and similar written information, including monthly account statements, reflecting the performance of all other commodity, interest accounts advised, managed, owned or controlled by the Trading Advisor or its affiliates, with respect to which accounts reports shall not be required to be delivered to the owners thereof pursuant to the CEAoverall basis. At the request of the Trading CompanyManager, the Trading Advisor or its affiliates shall immediately promptly deliver to the Trading Company Manager a satisfactory written explanation, in the reasonable judgment of the Trading CompanyManager, of the differences, if any, in the gross trading performance between the Trading Company's Fund’s account and such other commodity interest accounts traded utilizing the same program Trading Program (subject to the need to preserve the secrecy confidentiality of proprietary information concerning the Trading Advisor's ’s trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor's ’s clients).

Right to Advise Others; Uniformity of Acts and Practices. During the term of this Agreement, the Trading Advisor and its affiliates shall be free to advise other investors (including, without limitation, other commodity pools) as to the purchase and sale of commodity interests, to manage and trade other investors' commodity interest interests accounts and to trade for and on behalf of their own proprietary commodity interest interests accounts. However, under no circumstances shall the Trading Advisor or any of its affiliates knowingly or deliberately favor any commodity interest interests account directed by any of them (regardless of the date on which they began or shall begin to direct such account) over the Trading CompanyPartnership's account in any way or manner. Differences in performance between different programs shall not in itself constitute favoring an account over another. The account, giving due consideration to the trading program which the General Partner has requested the Trading Advisor understands and agrees that it and its affiliates shall have a fiduciary responsibility to trade on behalf of the Trading Company under this AgreementPartnership. For purposes of this Agreement, the Trading Advisor and its affiliates shall not be deemed to be favoring another commodity interest interests account over the Trading CompanyPartnership's account if the Trading Advisor or its affiliates, in accordance with specific instructions of the owner of such account, trade such account pursuant to a different program than that used for the Trading Company or trade such account at a degree of leverage or in accordance with trading policies which shall be different than from that which shall normally be applied to substantially all of the Trading Advisor's other accounts or if the Trading Advisor or its affiliates, in accordance with the Trading Advisor's money management principles, shall not trade certain commodity interest interests contracts for an account based on the amount of equity in such account. Subject The Trading Advisor's conduct shall be governed by the standard of a fiduciary in accordance with applicable law with respect to any confidentiality restrictions imposed by a third partyits advisory services under this Agreement. The parties hereto acknowledge that the Trading Advisor may, at the instruction of the General Partner, trade a limited portfolio for the Trading Partnership, which may significantly underperform the more diversified programs offered by the Trading Advisor. The reasons for this include numerous material differences among accounts, including: (1) the period during which accounts are active; (2) the trading approach used -- although all accounts may be traded in accordance with the same trading approach, such approach can and does change periodically as a result of an ongoing program of research and development by the Trading Advisor; (3) the size of accounts -- which influences the number of commodities and the number of contracts in each commodity traded by the account; (4) investor's goals and the policies by which accounts are traded -- some accounts are more highly leveraged at the investor's request producing commensurately larger gains or losses than other accounts; (5) the rates of brokerage commissions paid by accounts and when such commissions are charged to accounts; (6) the amount of interest income earned by accounts, which will depend on the portion of the account's assets invested in interest-bearing obligations such as United States Treasury Bills; (7) the rate of management and/or incentive fees and amount of administrative costs paid by accounts -- some pay management and incentive fees, some pay incentive fees only and some pay no fees at all; (8) the timing of orders to open or close positions; and (9) the market conditions in which accounts are traded, which in part determines the quality of trade executions. At the request of the Trading CompanyParent, the Trading Advisor and its affiliates shall promptly make available to the Trading Company Parent copies of the normal daily, monthly, quarterly and annual, as the case may be, written reports prepared by the Trading Advisor in the ordinary course, reflecting the performance of all commodity pool accounts advised, managed, owned or controlled by the Trading Advisor or its affiliates required to be delivered to pool participants pursuant to the CEA and similar written information, including monthly account statements, reflecting the performance of all other commodity, commodity interest accounts advised, managed, owned or controlled by the Trading Advisor or its affiliates, with respect to which accounts account reports shall not be required to be delivered to the owners thereof pursuant to the CEACEA (subject to the need to preserve the confidentiality of proprietary information concerning the Trading Advisor's trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor's clients). At the request of the Trading CompanyParent, the Trading Advisor or its affiliates shall immediately promptly deliver to the Trading Company Partnership a satisfactory written explanation, in the judgment of the Trading CompanyParent, of the differences, if any, in the performance between the Trading CompanyPartnership's account and such other commodity interest accounts traded utilizing the same program or portfolio (subject to the need to preserve the secrecy confidentiality of proprietary information concerning the Trading Advisor's trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor's clients).

Right to Advise Others; Uniformity of Acts and Practices. (a) During the term of this Agreement, the Trading Advisor and its affiliates shall be free to advise other investors (including, without limitation, other commodity pools) as to the purchase and sale of commodity interests, to manage and trade other investors' ’ commodity interest interests accounts and to trade for and on behalf of their own proprietary commodity interest interests accounts. However, under no circumstances shall the Trading Advisor or any of its affiliates knowingly or deliberately favor any commodity interest interests account directed by any of them (regardless of the date on which they began or shall begin to direct such account) over the Company’s account, giving due consideration to the trading program which the Manager has requested the Trading Advisor to trade on behalf of the Company's account ; provided, however, that each of (i) allocations of investment opportunities made on a fair and equitable basis in accordance with the Trading Advisor’s investment allocation policy, (ii) allocations of expenses made in good faith in accordance with the expense allocation disclosure under “Expenses” in the Disclosure Document and (iii) actions taken with respect to commodity interests accounts directed by the Trading Advisor or any way or manner. Differences of its affiliates (including the Company) consistent with the “Conflicts of Interest” disclosure in performance between different programs the Disclosure Document shall not in itself constitute favoring an be deemed to favor any account over another. The Trading Advisor understands and agrees that it and its affiliates shall have a fiduciary responsibility to the Trading Company under another for purposes of this Agreement. For purposes of this Agreement, the Trading Advisor and its affiliates shall not be deemed to be favoring another commodity interest interests account over the Trading Company's ’s account if the Trading Advisor or its affiliates, in accordance with specific instructions of the owner of such account, trade such account pursuant to a different program than that used for the Trading Company or trade such account at a degree of leverage or in accordance with trading policies which shall be different than from that which shall normally be applied to substantially all of the Trading Advisor's ’s other accounts accounts, or if the Trading Advisor or its affiliates, in accordance with the Trading Advisor's ’s money management principles, shall not trade certain commodity interest interests contracts for an account based on the amount of equity in such account. Subject to any confidentiality restrictions imposed by a third party, at the request of the Trading Company, the Trading Advisor and its affiliates shall promptly make available or if other accounts trade instruments or using strategies that have been proposed to the Trading Company copies of or the normal daily, monthly, quarterly and annual, as the case may be, written reports reflecting the performance of all commodity pool accounts advised, managed, owned or controlled Manager but not accepted for trading by the Trading Advisor or its affiliates required to be delivered to pool participants pursuant to the CEA and similar written information, including monthly account statements, reflecting the performance of all other commodity, interest accounts advised, managed, owned or controlled by the Trading Advisor or its affiliates, with respect to which accounts reports shall not be required to be delivered to the owners thereof pursuant to the CEA. At the request of the Trading Company, the Trading Advisor or its affiliates shall immediately deliver to the Trading Company a satisfactory written explanation, in the judgment of the Trading Company, of differences, if any, in the performance between the Trading Company's account and such other commodity interest accounts traded utilizing the same program (subject to the need to preserve the secrecy of proprietary information concerning the Trading Advisor's trading systems, methods, models, strategies and formulas and the identity of the Trading Advisor's clients)as provided herein.