Common use of MANAGED ACCOUNTS Clause in Contracts

MANAGED ACCOUNTS. It is understood that when the General Partner or the Investment Advisor determines that it would be appropriate for the Partnership and one or more of the Managed Accounts to participate in an investment opportunity, the General Partner or the Investment Advisor shall seek to execute orders for, or otherwise allocate such opportunities to, the Partnership and such Managed Accounts on an equitable basis. In such situations, the General Partner or the Investment Advisor may place orders for the Partnership and each Managed Account simultaneously and if all such orders are not filled at the same price, the General Partner or the Investment Advisor may cause the Partnership and each Managed Account to pay or receive the average of the prices at which such orders were filled for the Partnership and all other Managed Accounts. If all such orders cannot be fully executed under prevailing market conditions, the General Partner or the Investment Advisor, as applicable, may allocate among the Partnership and the Managed Accounts the securities traded in a manner which the it considers in its reasonable discretion equitable, taking into account the size of the order placed for the Partnership and each such Managed Account as well as any other factors which it deems relevant. However, neither General Partner nor the Investment Advisor is obligated to devote any specific amount of time to its duties under this Agreement and is not required to accord exclusivity or priority to the Partnership in the event of limited investment opportunities arising from the application of speculative position limits or other factors.