Based Fees. Client shall pay ▇▇▇▇▇▇▇ ▇▇▇▇▇ an annual asset-based fee (“Fee”) at the rate shown in the attached Asset-Based Fee Schedule. Client understands that the Fee includes compensation to the financial advisor and ▇▇▇▇▇▇▇ ▇▇▇▇▇ for its execution and advisory services, as well as the subadvisory fee to be paid to the Manager(s). Client agrees that the subadvisory fee paid to the Manager(s), and the financial advisor’s and ▇▇▇▇▇▇▇ ▇▇▇▇▇’▇ compensation may be changed at any time without notice to or consent from Client; however, in no event will the total Fee charged to Client’s Account be increased without Client’s consent. Client may negotiate the Fee with the financial advisor or other representative of ▇▇▇▇▇▇▇ ▇▇▇▇▇ designated by Client. Factors involved in such negotiation may include the size of the brokerage account, anticipated additional execution costs related to Managers that trade away from RJA, ▇▇▇▇▇▇▇ ▇▇▇▇▇'▇ policy with respect to discounts, and the Client's relationship with ▇▇▇▇▇▇▇ ▇▇▇▇▇'▇ financial advisor. Client understands that unless a lower rate has been negotiated by Client, Client should expect ▇▇▇▇▇▇▇ ▇▇▇▇▇ will charge Fees based upon the schedule set forth herein. Until paid, any Fee due ▇▇▇▇▇▇▇ ▇▇▇▇▇ shall constitute a lien upon the Account’s assets. Client understands the Fee does not include brokerage commissions resulting from transactions effected through or with broker- dealers other than RJA, “trading away”, or mark-ups, ▇▇▇▇-▇▇▇▇▇, spreads or other charges associated with principal transactions, if any, which may include transactions in certain fixed income securities. RJA does not separately itemize such commissions, mark- ups, ▇▇▇▇-▇▇▇▇▇, spreads, or other charges, if any. The Fee includes all execution charges except certain dealer-markups and odd lot differentials, taxes, exchange fees and any other charges imposed by law with regard to any transactions in the Account. Client may also incur charges for other services provided by RJA not directly related to the execution and clearing of transactions including, but not limited to, interest charges on margin loans and fees for legal or courtesy transfers of securities.
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Based Fees. Client shall pay ▇▇▇▇▇▇▇ ▇▇▇▇▇ an annual asset-based fee (“Fee”) at the rate shown in the attached Asset-Based Fee Schedule. Client understands that the Fee also includes compensation to the financial advisor advisor, AMS and ▇▇▇▇▇▇▇ ▇▇▇▇▇ for its execution and advisory services, as well as the subadvisory fee to be paid to the Manager(s). Client agrees that the subadvisory fee paid to the Manager(s), and the financial advisor’s, AMS’s and ▇▇▇▇▇▇▇ ▇▇▇▇▇’▇ compensation may be changed at any time without notice to or consent from Client; however, in no event will the total Fee charged to Client’s Account be increased without Client’s consent. Client may negotiate the Fee with the financial advisor or other representative of ▇▇▇▇▇▇▇ ▇▇▇▇▇ designated by Client. Factors involved in such negotiation may include the size of the brokerage account, anticipated additional execution costs related to Managers that trade away from RJA, ▇▇▇▇▇▇▇ ▇▇▇▇▇'▇ policy with respect to discounts, and the Client's relationship with ▇▇▇▇▇▇▇ ▇▇▇▇▇'▇ financial advisor. Client understands that unless a lower rate has been negotiated by Client, Client should expect ▇▇▇▇▇▇▇ ▇▇▇▇▇ will charge Fees based upon the schedule set forth herein. Until paid, any Fee due ▇▇▇▇▇▇▇ ▇▇▇▇▇ shall constitute a lien upon the Account’s assets. Client understands the Fee does not include brokerage commissions resulting from transactions effected through or with broker- dealers other than RJA, “trading away”, or mark-ups, ▇▇▇▇-▇▇▇▇▇, spreads or other charges associated with principal transactions, if any, which may include transactions in certain fixed income securities. RJA does not separately itemize such commissions, mark- ups, ▇▇▇▇-▇▇▇▇▇, spreads, or other charges, if any. The Fee includes all execution charges except certain dealer-markups and odd lot differentials, taxes, exchange fees and any other charges imposed by law with regard to any transactions in the Account. Client may also incur charges for other services provided by RJA not directly related to the execution and clearing of transactions including, but not limited to, interest charges on margin loans and fees for legal or courtesy transfers of securities.
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