Given a text T, and several options, according to the question posed in the text T to choose the most appropriate option from the options as the answer, please directly output the most appropriate option, do not need to output the explanation.

Fill in the blanks with the correct words: An American waterfall distributes performance fees on a(n) ___________ basis and is more advantageous to the ___________.
Option A:deal-by-deal; LPs
Option B:aggregate fund; LPs
Option C:deal-by-deal; GP

Answer: C