Common use of Aggregation and Allocation Clause in Contracts

Aggregation and Allocation. Client acknowledges and agrees that Adviser may, but shall be under no obligation to, aggregate purchase or sale orders for the Account with purchase or sale orders in a particular security for Other Accounts when such aggregation may result in favorable net results for such accounts. Client further acknowledges that circumstances may arise where Adviser determines that, while it would be both desirable and appropriate to aggregate client orders for a particular security or other investment, there is a limited supply or demand for the security or other investment. Under such circumstances, while Adviser will seek to allocate such investment opportunities fairly and equitably over time, Adviser will not be required to assure equality of treatment among all of its clients nor to ensure that each such opportunity will be proportionally allocated among participating accounts according to any particu1ar or predetermined standards or criteria. Where, because of prevailing market conditions, it is not possible to obtain the same price or time of execution for all of the securities or other investments purchased or sold for the Account, Adviser may average the various prices and charge or credit the Account with the average price at which the orders were filled for Client and Other Accounts on each applicable day.

Aggregation and Allocation. The Client acknowledges and agrees that Adviser the Manager or each Sub-Adviser, if any, may, but shall be under no obligation to, aggregate purchase or sale orders for the Client Account with purchase or sale orders in a particular security for Other Accounts other accounts managed by the Manager or such Sub-Adviser when such aggregation may result in favorable net results for such accounts. The Client further acknowledges that circumstances may arise where Adviser the Manager or each Sub-Adviser, if any, determines that, while it would be both desirable and appropriate to aggregate client orders for a particular security or other investment, there is a limited supply or demand for the security or other investment. Under such circumstances, the Client acknowledges that, while Adviser the Manager or each Sub-Adviser, if any, will seek to allocate such investment opportunities fairly and equitably over time, the Manager or such Sub-Adviser will not be required to assure equality of treatment among all of its clients nor to ensure assure that each such opportunity will be proportionally allocated among participating accounts according to any particu1ar particular or predetermined standards or criteria. Where, because of prevailing market conditions, it is not possible to obtain the same price or time of execution for all of the securities or other investments purchased or sold for the AccountClient Accounts, Adviser the Manager or each Sub-Adviser, if any, may average the various prices and charge or credit the Account Client Accounts with the average price at which the orders were filled for the Client Accounts and Other Accounts any other accounts managed by the Manager or such Sub-Adviser, if any, on each applicable day.

Aggregation and Allocation. Client acknowledges and agrees understands that Adviser may, but shall be under no obligation to, may have the option to aggregate purchase or sale orders for the Account with purchase or sale orders in a particular security for Other Accounts other clients’ accounts when such aggregation may result in a more favorable net results for such accountsresult to all participating clients. However, Adviser is under no obligation to aggregate orders. Client further acknowledges that circumstances may arise where under which Adviser determines that, while it would be both desirable and appropriate suitable to aggregate client orders for a particular security or other investment, there is a limited supply or demand for the security or other investment. Under such circumstances, Client acknowledges that, while Adviser will seek to allocate such investment opportunities fairly and equitably over time, Adviser will not be required to assure equality of treatment among all of its clients with respect to any particular opportunity transacted nor to ensure assure that each such opportunity will be proportionally allocated among participating accounts according to any particu1ar or predetermined standards or criteriaclients. Where, because of prevailing market conditions, it is not possible to obtain the same price or time of execution for all of the securities or other investments purchased or sold for the Account, Adviser may average the various prices obtained in an aggregated order and charge or credit all of the Account participating accounts with the average price at which the orders were filled for Client and Other Accounts all such participating client accounts on each applicable day.

Aggregation and Allocation. Client acknowledges and agrees understands that Adviser may, but shall be under no obligation to, the Company may aggregate purchase or sale orders for the Account with purchase or sale orders in a particular security for Other Accounts other clients’ accounts when such aggregation may result in a more favorable net results for such accountsresult to all participating clients. However, the Company is under no obligation to so aggregate orders. Client further acknowledges that circumstances may arise where Adviser under which the Company determines that, while it would be both desirable and appropriate suitable to aggregate client orders for a particular security or other investment, there is a limited supply or demand for the security or other investment. Under such circumstances, Client acknowledges that, while Adviser the Company will seek to allocate such investment opportunities fairly and equitably over time, Adviser the Company will not be required to assure equality of treatment among all of its clients with respect to any particular opportunity transacted nor to ensure assure that each such opportunity will be proportionally allocated among participating accounts according to any particu1ar or predetermined standards or criteriaclients. Where, because of prevailing market conditions, it is not possible to obtain the same price or time of execution for all of the securities or other investments purchased or sold for the Account, Adviser the Company may average the various prices obtained in an aggregated order and charge or credit all of the Account participating accounts with the average price at which the orders were filled for Client and Other Accounts all such participating client accounts on each applicable day.