Common use of Necessary Authority Clause in Contracts

Necessary Authority. The Fund has all necessary governmental, regulatory and commodity exchange approvals and licenses and has effected all filings and registrations required to conduct its business and perform its obligations as described in the Prospectus. The Fund will use its best efforts to be and remain qualified to offer and sell the Units in those jurisdictions in which the Units will be offered. The Fund is not and, upon implementation or consummation of the transactions contemplated by this Agreement and the limited partnership agreement, will not be an investment company within the meaning of the Investment Company Act of 1940, as amended.