[CarlosChadha]

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I raise in this spot.

Seat 1 could have 2 pair, trip 5s or even a four flush (he would have seen only 2 clubs go by so his equity is pretty good, unless he is pretty nitty) or a four flush that has a J of clubs in the hole. We are likely behind a fair bit, even so, I raise.

Reasons:

The pot is pretty decent and I am not folding yet.
I don't want to make a winning Aces up and find the guy behind me has made trip 3s or hit a gut shot or something. He is unlikely to reraise with 2 pair fearing your Aces up.

You have to discount trips a bit, as most players would go for a checkraise on fifth, specially as the other boards are not too threatening.

If you get re-raised, well then the call gets interesting.

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This explanation is perfect. On 6th you should check call (assuming you both rag). If he check behind on 5th, you can be sure he was on a flush draw, so you check call the river no matter what, and if he bets then you can be sure he has at least two pair, so you fold the river UI or bet if you improve.

If 5th gets 3B, be prepared to call him down unimproved because he could easily be doing this with 2Js+4 clubs.

Either way, if he catches a club on 6th, you should check call, even if you improve. If you make Aces up on the river check call. If you make 3 aces I'd bet out and call a raise if it comes.

Carlos