Common use of Discretionary Authority Clause in Contracts

Discretionary Authority. By entering into this Agreement, you grant Blackfinch the full authority to manage your portfolio at our sole discretion and without prior reference to you or your Intermediary. We will acquire for your portfolio assets that Blackfinch reasonably believes at the time to be Qualifying Investments. We will abide by more specific investment objectives and restrictions (if any) that we commit to in the Blackfinch Ventures EIS Portfolios Brochure. We will, typically acting as your agent, buy and/ or sell one or more assets and otherwise act as we think appropriate in relation to the management of the portfolio, but subject always to the provisions of this Agreement. If we have express instructions from you, we will follow them and act (including as to the exercise of any voting rights) accordingly. If we do not have express instructions from you we will act (including as to the exercise of any voting rights) on your behalf using our discretion. You should note that any sale of assets by us may trigger tax consequences about which you should speak to your Intermediary or tax adviser. We are not responsible for the taxation consequences of any transaction.