CPO Registration. The Manager is registered with the CFTC as a CPO and is a member of the NFA. The Manager shall maintain such registration or license in effect and in good standing at all times during the term of this Agreement to the extent required for the Manager to perform its duties hereunder.
CPO Registration. The Lead Adviser is registered with the CFTC as a commodity pool operator (“CPO”) and is a member of the National Futures Association (“NFA”). The Lead Adviser shall maintain any necessary registrations, licenses, or exemptions in good standing at all times during the term of this Agreement to the extent required for the Lead Adviser to perform its duties hereunder. The Lead Adviser acknowledges that the Manager intends to rely on an exclusion from registration as a CPO with respect to the Funds pursuant to Regulation 4.5 adopted by the CFTC under the CEA (the “Regulation 4.5 Exclusion”) and agrees to notify the Manager of any intent to engage in activities on behalf of the Funds that would prevent the Manager from relying on the Regulation 4.5 Exclusion in advance of actually engaging in such activities.
