Common use of Advisor Independence Clause in Contracts

Advisor Independence. The Advisor is and shall for all purposes herein be deemed to be an independent contractor with respect to the Trust and the Managing Owner, and shall, unless otherwise expressly authorized, have no authority to act for or to represent the Trust or the Managing Owner in any way or otherwise be deemed to be a general agent of the Trust or the Managing Owner. The Advisor may, in its discretion, purchase Units in the Trust. The Trust and the Managing Owner acknowledge that the Trading Programs, including the trading instructions, method and systems, of the Advisor are the confidential property of the Advisor. Nothing in this Agreement shall require the Advisor to disclose the confidential or proprietary details of the Trading Programs. The Trust and the Managing Owner further agree that they will keep confidential and will not disseminate the Advisor's trading advice to the Trust to any Unitholder or to any of the customers, employees, agents, officers or directors of the Trust's broker or any other party, except as, and to the extent, reasonably determined by the Managing Owner to be (i) necessary for the conduct of the business of the Trust, including the performance of brokerage services by the Trust's commodity broker(s), or (ii) required by law or regulation. All such information related to trading advice acquired by the Trust or the Managing Owner shall be used solely to monitor the Advisor's trading on behalf of the Trust.