Common use of Authority and Eligibility Clause in Contracts

Authority and Eligibility. (1) If an individual, the Subscriber (including each individual joint Subscriber) is at least 21 years old and is legally competent to execute and deliver the Program Subscription Agreement Signature Page and the Purchase and Exchange Form Signature Page and to comply with the terms of this Program Subscription Agreement and the Purchase and Exchange Form, as well as to discharge the Subscriber's obligations to FuturesAccess. If an Entity (e.g., a corporation, partnership, limited liability company or trust), the Subscriber is duly authorized and qualified to become an Investor. If the Subscriber is a passive investment vehicle, the sponsor of the Subscriber either is duly registered as a "commodity pool operator" with the Commodity Futures Trading Commission and a member in good standing of the National Futures Association in such capacity or is exempt from such registration.