Common use of Trading for the Fund Clause in Contracts

Trading for the Fund. The Trading Advisor shall act as a trading advisor for the Fund. The Trading Advisor, the Manager and the Fund agree that in managing the Fund, the Trading Advisor shall implement the trading program and strategies (the “Trading Program”) as provided by the Trading Advisor for incorporation into the Memorandum. The Trading Advisor shall have sole and exclusive authority and responsibility for directing the Fund’s trading, subject to the Manager’s fiduciary authority to intervene to overrule or unwind trades if the Manager deems that doing so is necessary or advisable for the protection of the Fund. The Fund or the Manager may also override the trading instructions of the Trading Advisor to the extent necessary: (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Fund’s expenses; and/or (iii) to comply with speculative position limits; provided that the Fund and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority. Subject to Section 12, the Trading Advisor shall have no liability for the results of any action (or non-action) of the Manager or Fund overriding the Trading Advisor including pursuant to clauses (i)-(ii) above. The Trading Advisor shall give the Fund at least 30 days’ prior written notice of any proposed material change in the Trading Program and shall not make any such proposed material change without the Manager’s consent. The addition and/or deletion of commodity interests from the Fund’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Fund or the Manager shall not be required therefor, except as set forth in Section 2(b) below.

Trading for the Fund. The Trading Advisor shall act as a the exclusive commodity trading advisor for the Master Fund. The Manager, and not the Trading Advisor, shall be responsible for the management of any of the Master Fund’s excess cash. Subject to Sections 2(b)(i), 2(b)(ii) and 2(b)(iii) and any other restrictions on trading set forth herein, the Trading Advisor, the Manager and the Master Fund agree that in managing the Master Fund, the Trading Advisor shall implement the trading program and strategies presently employed by Highbridge Quantitative Commodities Master Fund, L.P. (the “Trading ProgramHighbridge Fund”) as described in the disclosure provided by the Trading Advisor for incorporation into the MemorandumMemorandum (the “Trading Program”). The Trading Advisor shall have sole and exclusive authority and responsibility for directing the Master Fund’s commodities trading, subject to the Manager’s fiduciary authority to trade the Master Fund’s portfolio or otherwise intervene to effectively overrule trades, by causing the Master Fund to take positions opposite of existing positions, or unwind trades if the Manager deems that doing so is necessary or advisable for the protection of the FundFunds. The Master Fund or the Manager may also override the liquidate trading instructions of positions or instruct the Trading Advisor to cause the Master Fund to liquidate trading positions to the extent necessarynecessary to: (i) to fund any distributions or redemptions of Units Interests to be made by the Master Fund; (ii) to pay the Master Fund’s expenses; and/or (iii) to comply with speculative position limitslimits which may apply to the Trading Advisor and/or the Manager and subject to applicable rules requiring the aggregation of positions; provided that the Master Fund and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(iii) and (ii) above, and as set forth in clause (iii) above if such liquidation is being done solely to comply with speculative position limits applicable to the Trading Advisor, prior to exercising its override authorityauthority to liquidate positions. Subject to Section 12, the Trading Advisor shall have no liability for the results of any action (or non-action) action of the Manager or Master Fund overriding the Trading Advisor including in liquidating Master Fund positions pursuant to clauses (i)-(iii)-(iii); provided that, if action was taken pursuant to (iii) aboveabove in order to comply with speculative position limits applicable to the Trading Advisor, the Trading Advisor shall have no liability only if the Manager’s intervention is proven to be an error and the Trading Advisor was in fact in compliance with all speculative position limits applicable to the Trading Advisor. The Trading Advisor shall not change in any material way its Trading Program or the manner in which trading decisions are to be made or implemented as described in the Trading Advisor Disclosure Document and as applied to the Master Fund without using its commercially reasonable efforts to give the Fund at least 30 days’ prior written notice of to the Master Fund and the Manager; provided that any proposed such material change necessary to address extreme market conditions or other change in circumstances that was not reasonably foreseeable by the Trading Program and Advisor may be made on shorter notice or no prior notice if prior notice is not reasonably practicable; provided further that in all cases the Trading Advisor shall not make any provide notice as soon as practicable following such proposed material change without the Manager’s consentchange. The addition and/or deletion inclusion or exclusion of particular commodity interests from the Master Fund’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Master Fund or the Manager shall not be required therefor, except as set forth in Section 2(b) below.

Trading for the Fund. The Trading Advisor shall act as a trading advisor for the Master Fund. The Trading Advisor, the Manager and the Master Fund agree that in managing the Master Fund, the Trading Advisor shall implement substantially the same trading program and strategies presently employed by Ortus Fund (Cayman) Limited (the “Reference Fund”), (such program called the “Trading Program”) as described in the disclosure provided by the Trading Advisor for incorporation into the Memorandum. The Trading Advisor shall have sole and exclusive authority and responsibility for directing the Master Fund’s trading, subject to the Manager’s fiduciary authority to intervene to overrule or unwind trades if the Manager deems that doing so is necessary or advisable for the protection of the FundFunds. The Master Fund or the Manager may also override the trading instructions of the Trading Advisor to the extent necessarynecessary to: (i) to fund any distributions or redemptions of Units Interests to be made by the Master Fund; (ii) to pay the Master Fund’s expenses; and/or (iii) to comply with speculative position limitslimits which may apply to the Trading Advisor and/or the Manager and subject to applicable rules requiring the aggregation of positions; provided that the Master Fund and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority. Subject to Section 12, the Trading Advisor shall have no liability for the results of any action (or non-action) action of the Manager or Master Fund in overriding the Trading Advisor including Advisor, pursuant to clauses (i)-(ii) above. The Trading Advisor shall give the Master Fund at least 30 days’ prior written notice of any proposed material change in the Trading Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change affecting the Master Fund without the Manager’s consent. The addition and/or deletion of commodity interests from the Master Fund’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Master Fund or the Manager shall not be required therefor, except as set forth in Section 2(b) below. Notwithstanding any other provision of the Agreement including Section 2(b) below, the Trading Advisor shall not trade any instrument that is a “security” as defined under either the Investment Company Act of 1940, as amended (the “Investment Company Act”), or the 1933 Act. For the avoidance of doubt, the Trading Advisor shall not settle foreign exchange (“FX”) contracts and futures in a manner which results in delivery of any security to the Master Fund.

Trading for the Fund. The Trading Advisor shall act as a trading advisor for the Fund. The Trading Advisor, the Manager and the Fund agree that in managing the Fund, the Trading Advisor shall implement the trading program and strategies (the “Trading Program”) as provided by the Trading Advisor for incorporation into the Memorandum. The Trading Advisor shall have sole and exclusive authority and responsibility for directing the Fund’s trading, subject to the Manager’s fiduciary authority to intervene to overrule or unwind trades if the Manager deems that doing so is necessary or advisable for the protection of the Fund. The Fund or the Manager may also override the trading instructions of the Trading Advisor to the extent necessary: (i) to fund any distributions or redemptions of Units to be made by the Fund; (ii) to pay the Fund’s expenses; and/or (iii) to comply with speculative position limits; provided that the Fund and the Manager shall permit the Trading Advisor three days in which to liquidate positions for the purposes set forth in clauses (i)-(ii) prior to exercising its override authority. Subject to Section 12, the Trading Advisor shall have no liability for the results of any action (or non-action) action of the Manager or Fund in overriding the Trading Advisor including pursuant to clauses (i)-(ii) above. The Trading Advisor shall give the Fund at least 30 days’ prior written notice of any proposed material change in the Trading Program and shall not make any such proposed material change without the Manager’s consent. The addition and/or deletion of commodity interests from the Fund’s portfolio managed by the Trading Advisor shall not be deemed a change in the Trading Advisor’s trading approach and prior written notice to the Fund or the Manager shall not be required therefor, except as set forth in Section 2(b) below.