Common use of Trading Level Clause in Contracts

Trading Level. The “Trading Level” of each Member’s investment in a particular Series equals (A) the balance of the Member’s Capital Account with respect to such Series prior to deduction for any accrued fees and expenses of such Series, including any management fees and incentive allocations payable to the corresponding Trading Advisor which are not yet due (B) multiplied by the Member’s selected leverage for such Series, where applicable.

Trading Level. The “Trading Level” of each Member’s investment in a particular Series equals (A) the balance of the Member’s Capital Account with respect to such Series prior to deduction for Series, net of any accrued fees and expenses of such Series, including any management fees and incentive allocations payable to the corresponding Trading Advisor which are not yet due (B) multiplied by the Member’s selected leverage for such Series, where applicable.