Master Commitment Holders and Commitment Holders are Investor/Clients.  If trading is on a best efforts basis, then the Platform/Trader usually splits the GROSS trading profits with the Investor/Client 50/50, then the Investor/Client pays any fees out of their gross 50%.  Total distribution of profit per tranche: 50% to Platform/Trader, 50% to Investor/Client. Of the 50% GROSS to Investor/Client, the Investor/Client NETs 85% of that (85% NET), because of the typical fees of 10% PPA for Platform Fees (bankers and attorneys), and 5% to Intermediaries.  However, when the Investment Agreement lists a contractual return, the Platform/Trader just pays the Investor/Client the stipulated amount and keeps the rest, regardless of what the Gross trading profits per tranche were, and then the Investor/Client pays the 10% PPA and 5% intermediary fee as usual.