Common use of Aggregation and Allocation Clause in Contracts

Aggregation and Allocation. Client understands that the Company may aggregate purchase or sale orders for the Account with purchase or sale orders in a particular security for other clients’ accounts when such aggregation may result in a more favorable net result to all participating clients. However, the Company is under no obligation to so aggregate orders. Client further acknowledges that circumstances may arise under which the Company determines that, while it would be both desirable and 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 the Company will seek to allocate such investment opportunities equitably over time, 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 assure that each such opportunity will be proportionally allocated among participating clients. 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, the Company may average the various prices obtained in an aggregated order and charge or credit all of the participating accounts with the average price at which the orders were filled for all such participating client accounts on each applicable day.

Aggregation and Allocation. Client understands acknowledges and agrees that the Company may 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 clients’ accounts Other Accounts when such aggregation may result in a more favorable net result to all participating clients. However, the Company is under no obligation to so aggregate ordersresults for such accounts. Client further acknowledges that circumstances may arise under which the Company where Adviser determines that, while it would be both desirable and suitable 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, Client acknowledges that, while the Company Adviser will seek to allocate such investment opportunities fairly and equitably over time, the Company Adviser will not be required to assure equality of treatment among all of its clients with respect to any particular opportunity transacted nor to assure ensure that each such opportunity will be proportionally allocated among participating clientsaccounts 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, the Company Adviser may average the various prices obtained in an aggregated order and charge or credit all of the participating accounts Account with the average price at which the orders were filled for all such participating client accounts Client and Other Accounts on each applicable day.

Aggregation and Allocation. The Client understands acknowledges and agrees that the Company may 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 clients’ accounts managed by the Manager or such Sub-Adviser when such aggregation may result in a more favorable net result to all participating clientsresults for such accounts. However, the Company is under no obligation to so aggregate orders. The Client further acknowledges that circumstances may arise under which where the Company Manager or each Sub-Adviser, if any, determines that, while it would be both desirable and suitable 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 the Company Manager or each Sub-Adviser, if any, will seek to allocate such investment opportunities fairly and equitably over time, the Company Manager or such Sub-Adviser will not be required to assure equality of treatment among all of its clients with respect to any particular opportunity transacted nor to assure that each such opportunity will be proportionally allocated among participating clientsaccounts according to any 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, the Company Manager or each Sub-Adviser, if any, may average the various prices obtained in an aggregated order and charge or credit all of the participating accounts Client Accounts with the average price at which the orders were filled for all the Client Accounts and any other accounts managed by the Manager or such participating client accounts Sub-Adviser, if any, on each applicable day.

Aggregation and Allocation. Client understands that Adviser may have the Company may option to aggregate purchase or sale orders for the Account with purchase or sale orders in a particular security for other clients’ accounts when such aggregation may result in a more favorable net result to all participating clients. However, the Company Adviser is under no obligation to so aggregate orders. Client further acknowledges that circumstances may arise under which the Company Adviser determines that, while it would be both desirable and 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 the Company Adviser will seek to allocate such investment opportunities equitably over time, the Company Adviser will not be required to assure equality of treatment among all of its clients with respect to any particular opportunity transacted nor to assure that each such opportunity will be proportionally allocated among participating clients. 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, the Company Adviser may average the various prices obtained in an aggregated order and charge or credit all of the participating accounts with the average price at which the orders were filled for all such participating client accounts on each applicable day.