Common use of CFTC Clause in Contracts

CFTC. In the event the Funds(s) engages in trading certain derivative contracts subject to CFTC regulation, Adviser represents that, with respect to the Fund(s): (a) pursuant to Commodity Futures Trading Commission Rule 4.5 (“Rule 4.5”), the Adviser has policies and procedures in place that are reasonably designed to limit and monitor the investments of the Funds such that neither Adviser nor any other party is required to be registered as a “commodity pool operator” under the Commodity Exchange Act; (b) a notice of eligibility claiming exclusion from registration has been filed in accordance with Rule 4.5; and (c) during the term of this Agreement, Adviser will have policies and procedures in place that are reasonably designed to ensure that all requirements necessary in order to claim an exclusion from registration under Rule 4.5 are satisfied. Adviser represents that, with respect to the Fund(s), it is exempt from registration as a commodity trading adviser or will notify Sub-Adviser if Adviser determines to register with respect to the Fund(s).

CFTC. In the event the Funds(s) engages in trading certain derivative contracts subject to CFTC regulation, the Adviser represents that, with respect to the Fund(s): (a) pursuant to Commodity Futures Trading Commission Rule 4.5 (“"Rule 4.5”"), the Adviser has policies and procedures in place that are reasonably designed to limit and monitor the investments of the Funds such that neither the Adviser nor any other party is required to be registered as a “commodity pool operator” under the Commodity Exchange Act; (b) a notice of eligibility claiming exclusion from registration has been filed in accordance with Rule 4.5; and (c) during the term of this Agreement, the Adviser will have policies and procedures in place that are reasonably designed to ensure that all requirements necessary in order to claim an exclusion from registration under Rule 4.5 are satisfied. The Adviser represents that, with respect to the Fund(s), it is exempt from registration as a commodity trading adviser or will notify the Sub-Adviser if the Adviser determines to register with respect to the Fund(s).