Common use of Specific Strategies Clause in Contracts

Specific Strategies. In the Specialty Finance BDC strategy, Confluence utilizes a rotational process to alternate the trading order between discretionary accounts for which Confluence has discretion to select broker/dealers. Within the latter group, a random generator protocol is used to alternate the trading order among Eligible Broker/Dealers. There will be circumstances that cause a particular eligible broker/dealer to not be able to receive trade instructions in accordance with Confluence’s trade rotation which will result in such entities moving to the end of the rotation. In such circumstances, such entities can receive different and perhaps less favorable prices for their transactions than they would have had such entities been able to receive the trade instructions in the original trade rotation.

Specific Strategies. In the Specialty Finance BDC strategy, Confluence utilizes a rotational an alternating process to alternate in the trading order between discretionary accounts for which Confluence has discretion to select broker/dealersdealers on the one hand and wrap accounts and other designated broker accounts on the other hand. Within the latter group, a random generator protocol is used to alternate the trading order among Eligible Broker/Dealers. There will be circumstances that cause a particular eligible broker/dealer to not be able to receive trade instructions in accordance with Confluence’s trade rotation which will result in such entities moving to the end of the rotation. In such circumstances, such entities can receive different and perhaps less favorable prices for their transactions than they would have had such entities been able to receive the trade instructions in the original trade rotation.