Common use of General Prohibitions Clause in Contracts

General Prohibitions. The Trust shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b) Borrow money from or loan money to any Unitholder (including the Managing Owner) or other Person, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Index Instruments and/or Instruments positions, as applicable, or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust is prohibited from incurring any indebtedness on a non-recourse basis; (c) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker to close out sufficient Index Instruments, and/or Instruments, as applicable, positions of the Trust so as to restore the Trust’s account to proper margin status in the event that the Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; (d) Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder; (e) Engage in Pyramiding of its Index Instruments and/or positions in Instruments, as applicable; provided, however, that the Managing Owner may take into account open trade equity positions in determining generally whether to require additional Index Instruments and/or positions in Instruments, as applicable; (f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (g) Permit the Managing Owner to share in any portion of brokerage fees related to commodity brokerage services paid with respect to the purchase or sale of Index Instruments; (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of Units) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’s-length negotiations; (i) Permit churning of its commodity trading account(s) for the purpose of generating excess brokerage commissions; (j) Enter into any exclusive brokerage contract; (k) Operate the Trust or a series in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or (l) Cause the Trust to elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes.

General Prohibitions. The Trust or any Series shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b) Borrow money from or loan money to any Unitholder (including the Managing Owner) Interestholder or other PersonPerson or any other Series, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Index Instruments and/or Instruments positions, as applicable, each Series’ Commodities positions or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust each Series is prohibited from incurring any indebtedness on a non-recourse basis; (cb) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker commodity broker to close out sufficient Index Instruments, and/or Instruments, as applicable, commodities positions of the Trust each Series so as to restore the Trust’s Series’ account to proper margin status in the event that the Trust Series fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; (dc) Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder, or with those of any other Series; (d) Directly or indirectly pay or award any finder’s fees, commissions or other compensation to any Persons engaged by a potential Limited Owner for investment advice as an inducement to such advisor to advise the potential Limited Owner to purchase Limited Interests in the Trust; (e) Engage in Pyramiding of its Index Instruments and/or positions in Instruments, as applicableCommodities positions; provided, however, that the Managing Owner a Trading Advisor(s) may take into account the Series’ open trade equity on existing positions in determining generally whether to require acquire additional Index Instruments and/or Commodities positions in Instruments, as applicableon behalf of the Series; (f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (g) Permit the Managing Owner Trading Advisor(s) to share in any portion of brokerage fees related to commodity brokerage services paid by a Series with respect to the purchase or sale of Index Instrumentsits commodity trading activities; (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of UnitsInterests) (i) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or (ii) for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’sarms-length negotiations; (i) Permit churning of its commodity Commodity trading account(s) for the purpose of generating excess brokerage commissions; (j) Enter into any exclusive brokerage contract;; and (k) Operate the Trust or a series in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section section 3804 of the Delaware Business Trust Statute; or (l) Cause the Trust to elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes.

General Prohibitions. The Trust shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b) Borrow money from or loan money to any Unitholder (including the Managing Owner) Interest Holder or other Person, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Index Instruments and/or Instruments positions, as applicable, the Trust’s Commodities positions or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust is prohibited from incurring any indebtedness on a non-non- recourse basis; (cb) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker commodity broker to close out sufficient Index Instruments, and/or Instruments, as applicable, commodities positions of the Trust each Series so as to restore the Trust’s Series’ account to proper margin status in the event that the Trust Series fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; (dc) Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder; (d) Directly or indirectly pay or award any finder’s fees, commissions or other compensation to any Persons engaged by a potential Limited Owner for investment advice as an inducement to such advisor to advise the potential Limited Owner to purchase Limited Interests in the Trust; (e) Engage in Pyramiding of its Index Instruments and/or positions in Instruments, as applicable; provided, however, that the Managing Owner may take into account open trade equity positions in determining generally whether to require additional Index Instruments and/or positions in Instruments, as applicableCommodities positions; (f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (g) Permit the Managing Owner to share in any portion of brokerage fees related to commodity brokerage services paid with respect to the purchase or sale of Index Instruments; (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of UnitsInterests) (i) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or (ii) for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’sarms-length negotiations; (ih) Permit churning of its commodity Commodity trading account(s) for the purpose of generating excess brokerage commissions; (ji) Enter into any exclusive brokerage contract; (kj) Operate the Trust or a series in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section section 3804 of the Delaware Statutory Trust StatuteAct; orand (lk) Cause the Trust to elect to be classified treated as an association taxable as a corporation for U.S. federal income tax purposes.

General Prohibitions. The Trust or any Series shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b) Borrow money from or loan money to any Unitholder (including the Managing Owner) Interestholder or other PersonPerson or any other Series, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Index Instruments and/or Instruments positions, as applicable, each Series' Commodities positions or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust each Series is prohibited from incurring any indebtedness on a non-recourse basis; (cb) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker commodity broker to close out sufficient Index Instruments, and/or Instruments, as applicable, commodities positions of the Trust each Series so as to restore the Trust’s Series' account to proper margin status in the event that the Trust Series fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s 's compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s's, warehousemen’s's, carrier’s's, workmen’s's, materialmen’s 's or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; (dc) Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder, or with those of any other Series; (d) Directly or indirectly pay or award any finder's fees, commissions or other compensation to any Persons engaged by a potential Limited Owner for investment advice as an inducement to such advisor to advise the potential Limited Owner to purchase Limited Interests in the Trust; (e) Engage in Pyramiding of its Index Instruments and/or positions in Instruments, as applicableCommodities positions; provided, however, that the Managing Owner a Trading Advisor(s) may take into account the Series' open trade equity on existing positions in determining generally whether to require acquire additional Index Instruments and/or Commodities positions in Instruments, as applicableon behalf of the Series; (f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (g) Permit the Managing Owner Trading Advisor(s) to share in any portion of brokerage fees related to commodity brokerage services paid by a Series with respect to the purchase or sale of Index Instrumentsits commodity trading activities; (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of UnitsInterests) (i) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or (ii) for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’sarms-length negotiations; (i) Permit churning of its commodity Commodity trading account(s) for the purpose of generating excess brokerage commissions; (j) Enter into any exclusive brokerage contract;; and (k) Operate operate the Trust or a series in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section section 3804 of the Delaware Business Trust Statute; or (l) Cause the Trust to elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes.

General Prohibitions. The Trust or any Series shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b) Borrow money from or loan money to any Unitholder (including the Managing Owner) Interestholder or other PersonPerson or any other Series, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Index Instruments and/or Instruments positions, as applicable, each Series’ Commodities positions or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust each Series is prohibited from incurring any indebtedness on a non-recourse basis; (cb) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker commodity broker to close out sufficient Index Instruments, and/or Instruments, as applicable, commodities positions of the Trust each Series so as to restore the Trust’s Series’ account to proper margin status in the event that the Trust Series fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; (dc) Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder, or with those of any other Series; (d) Directly or indirectly pay or award any finder’s fees, commissions or other compensation to any Persons engaged by a potential Limited Owner for investment advice as an inducement to such advisor to advise the potential Limited Owner to purchase Limited Interests in the Trust; (e) Engage in Pyramiding of its Index Instruments and/or positions in Instruments, as applicableCommodities positions; provided, however, that the Managing Owner a Trading Advisor(s) may take into account the Series’ open trade equity on existing positions in determining generally whether to require acquire additional Index Instruments and/or Commodities positions in Instruments, as applicableon behalf of the Series; (f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (g) Permit the Managing Owner Trading Advisor(s) to share in any portion of brokerage fees related to commodity brokerage services paid by a Series with respect to the purchase or sale of Index Instrumentsits commodity trading activities; (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of UnitsInterests) (i) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or (ii) for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’sarms-length negotiations; (i) Permit churning of its commodity Commodity trading account(s) for the purpose of generating excess brokerage commissions; (j) Enter into any exclusive brokerage contract;; and (k) Operate operate the Trust or a series in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section section 3804 of the Delaware Business Trust Statute; or (l) Cause the Trust to elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes.

General Prohibitions. The Trust Partnership shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b1) Borrow money from or loan money to any Unitholder (including the Managing Owner) Partner or other Personperson, except that the foregoing is not intended to prohibit (i) the deposit on of margin with respect to the initiation and maintenance of Index Instruments and/or Instruments positions, as applicablethe Partnership's Commodities Positions, or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust Partnership is prohibited from incurring any indebtedness on a non-recourse basis; (c) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker to close out sufficient Index Instruments, and/or Instruments, as applicable, positions of the Trust so as to restore the Trust’s account to proper margin status in the event that the Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; (d2) Commingle its assets with those of any other Personperson, except to the extent permitted under the CE Act Commodity Exchange Act, as amended, and the regulations promulgated thereunder; (e3) Directly or indirectly pay or award any finder's fees, commissions or other compensation to any persons engaged by a potential limited partner for investment advice as an inducement to such advisor to advise the potential limited partner to purchase Limited Partnership Units in the Partnership; (4) Engage in Pyramiding of its Index Instruments and/or positions in Instruments, as applicable; Commodities Positions provided, however, that the Managing Owner Advisor may take into account the Partnership's open trade equity on existing positions in determining generally whether to require acquire additional Index Instruments and/or positions in Instruments, as applicableCommodities Positions on behalf of the Partnership; (f5) Permit rebates or give-ups to be received by the Managing Owner General Partner or any Affiliate of the Managing OwnerGeneral Partner, or permit the Managing Owner General Partner or any Affiliate of the Managing Owner General Partner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (g6) Permit the Managing Owner any Trading Manager to share in any portion of brokerage fees related to commodity brokerage services paid by the Partnership with respect to the purchase or sale of Index Instrumentsits commodity trading activities; (h7) Enter into any contract with the Managing Owner General Partner or an Affiliate of the Managing Owner General Partner (except for selling agreements for the sale of Units) (a) which has a term of more than one year and which does not provide that it may be canceled cancelled by the Trust Partnership without penalty on sixty (60) days days, prior written notice or (b) for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’sarm's-length negotiations; (i8) Purchase, sell or trade in securities or options on securities (other than securities in which "customer" funds may be invested under the Commodity Exchange Act, as amended), which shall not include futures contracts or options on futures contracts on securities and securities indices that are approved by the Commodity Futures Trading Commission ("CFTC") for trading on commodity exchanges and other commodity options; (9) Permit churning of its commodity trading account(s) for the purpose of generating excess brokerage commissions; (j10) Enter into any exclusive brokerage contract; (k) Operate the Trust or a series in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or (l) Cause the Trust to elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes.

General Prohibitions. The Trust and each Fund, as applicable, shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b) Borrow money from or loan money to any Unitholder (including the Managing Owner) or other Person, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Index Instruments and/or Instruments Commodity Interest positions, as applicable, or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust is prohibited from incurring any indebtedness on a non-recourse basis; (c) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker to close out sufficient Index Instruments, and/or InstrumentsCommodity Interests, as applicable, positions of the Trust or any Fund so as to restore the Trust’s or the Funds’ account to proper margin status in the event that the Trust or any Fund fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; (d) Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder; (e) Engage in Pyramiding of its Index Instruments and/or positions in Instruments, as applicableIndex Commodity Interests; provided, however, that the Managing Owner may take into account open trade equity positions in determining generally whether to require additional Index Instruments and/or positions in Instruments, as applicableIndex Commodity Interests; (f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (g) Permit the Managing Owner to share in any portion of brokerage fees related to commodity brokerage services paid with respect to the purchase or sale of Index InstrumentsCommodity Interests; (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of Units) which has a term of more than one year and which does not provide that it may be canceled cancelled by the Trust and the Funds without penalty on sixty (60) days prior written notice or for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’s-length negotiations; (i) Permit churning of its commodity trading account(s) for the purpose of generating excess brokerage commissions; (j) Enter into any exclusive brokerage contract; (k) Operate the Trust or a series Fund in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or (l) Cause the Trust or any Fund to elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes.

General Prohibitions. The Trust Partnership shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b1) Borrow money from or loan money to any Unitholder (including the Managing Owner) Partner or other Personperson, except that the foregoing is not intended to prohibit (i) the deposit on of margin with respect to the initiation and maintenance of Index Instruments and/or Instruments positions, as applicablethe Partnership’s Commodities Positions, or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust Partnership is prohibited from incurring any indebtedness on a non-recourse basis; (c) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker to close out sufficient Index Instruments, and/or Instruments, as applicable, positions of the Trust so as to restore the Trust’s account to proper margin status in the event that the Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; (d2) Commingle its assets with those of any other Personperson, except to the extent permitted under the CE Act Commodity Exchange Act, as amended, and the regulations promulgated thereunder; (e3) Directly or indirectly pay or award any finder’s fees, commissions or other compensation to any persons engaged by a potential limited partner for investment advice as an inducement to such advisor to advise the potential limited partner to purchase Limited Partnership Units in the Partnership; (4) Engage in Pyramiding of its Index Instruments and/or positions in Instruments, as applicable; Commodities Positions provided, however, that the Managing Owner Advisor may take into account the Partnership’s open trade equity on existing positions in determining generally whether to require acquire additional Index Instruments and/or positions in Instruments, as applicableCommodities Positions on behalf of the Partnership; (f5) Permit rebates or give-ups to be received by the Managing Owner General Partner or any Affiliate of the Managing OwnerGeneral Partner, or permit the Managing Owner General Partner or any Affiliate of the Managing Owner General Partner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (g6) Permit the Managing Owner any Trading Manager to share in any portion of brokerage fees related to commodity brokerage services paid by the Partnership with respect to the purchase or sale of Index Instrumentsits commodity trading activities; (h7) Enter into any contract with the Managing Owner General Partner or an Affiliate of the Managing Owner General Partner (except for selling agreements for the sale of Units) (a) which has a term of more than one year and which does not provide that it may be canceled cancelled by the Trust Partnership without penalty on sixty (60) days days, prior written notice or (b) for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’s-length negotiations; (i8) Purchase, sell or trade in securities or options on securities (other than securities in which “customer” funds may be invested under the Commodity Exchange Act, as amended), which shall not include futures contracts or options on futures contracts on securities and securities indices that are approved by the Commodity Futures Trading Commission (“CFTC”) for trading on commodity exchanges and other commodity options; (9) Permit churning of its commodity trading account(s) for the purpose of generating excess brokerage commissions; (j10) Enter into any exclusive brokerage contract; (k) Operate the Trust or a series in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or (l) Cause the Trust to elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes.

General Prohibitions. The Trust Master Fund shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b) Borrow money from or loan money to any Unitholder Shareholder (including the Managing Owner) or other Person, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Index Instruments and/or Instruments positions, as applicable, Commodities positions or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust Master Fund is prohibited from incurring any indebtedness on a non-recourse basis; (cb) Create, incur, assume or suffer to exist any lien, mortgage, pledge pledge, conditional sales or other title retention agreement, charge, security interest or encumbrance, except except: (i) the right and/or obligation of a Commodity Broker to close out sufficient Index Instruments, and/or Instruments, as applicable, Commodities positions of the Trust Master Fund so as to restore the TrustMaster Fund’s account to proper margin status in the event that the Trust Master Fund fails to meet a Margin Call, ; (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, ; (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, ; (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, ; or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principlesGAAP, and liens arising under ERISA; (dc) Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder; (ed) Engage in Pyramiding of its Index Instruments and/or positions in Instruments, as applicableCommodities positions; provided, however, that the Managing Owner may take into account open trade equity positions in determining generally whether to require additional Index Instruments and/or positions in Instruments, as applicableCommodities positions; (fe) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (gf) Permit the Managing Owner to share in any portion of brokerage fees related to commodity brokerage services paid with respect to the purchase or sale of Index Instrumentscommodity trading activities; (hg) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of UnitsShares) which has a term of more than one (1) year and which does not provide that it may be canceled by the Trust Master Fund without penalty on sixty (60) days prior written notice or for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’s-length negotiations; (i) Permit churning of its commodity trading account(s) for the purpose of generating excess brokerage commissions; (j) Enter into any exclusive brokerage contract; (k) Operate the Trust or a series in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or (l) Cause the Trust to elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes.sixty

General Prohibitions. The Trust shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b) Borrow money from or loan money to any Unitholder (including the Managing Owner) Interestholder or other Personperson, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Index Instruments and/or Instruments positions, as applicable, the Trust’s Commodities positions or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust is prohibited from incurring any indebtedness on a non-recourse basis; (cb) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker commodity broker to close out sufficient Index Instruments, and/or Instruments, as applicable, Commodities positions of the Trust so as to restore the Trust’s account to proper margin status in the event that the Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; (dc) Commingle its assets with those of any other Personperson, except to the extent permitted under the CE Act Act, and the regulations promulgated thereunder; (d) Directly or indirectly pay or award any finder’s fees, commissions or other compensation to any persons engaged by a potential Limited Owner for investment advice as an inducement to such advisor to advise the potential Limited Owner to purchase Limited Interests in the Trust; (e) Engage in Pyramiding of its Index Instruments and/or positions in Instruments, as applicableCommodities positions; provided, however, that the Managing Owner a Trading Manager(s) may take into account the Trust’s open trade equity on existing positions in determining generally whether to require acquire additional Index Instruments and/or Commodities positions in Instruments, as applicableon behalf of the Trust; (f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (g) Permit the Managing Owner Trading Manager(s) to share in any portion of brokerage fees related to commodity brokerage services paid by the Trust with respect to the purchase or sale of Index Instrumentsits commodity trading activities; (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of UnitsInterests) (i) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or (ii) for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’sarms-length negotiations; (i) Permit permit churning of its commodity Commodity trading account(s) for the purpose of generating excess brokerage commissions;; and (j) Enter into any exclusive brokerage contract; (k) Operate the Trust or a series in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or (l) Cause the Trust to elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes.

General Prohibitions. The Trust shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b) Borrow money from or loan money to any Unitholder (including the Managing Owner) or other Person, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Index Instruments and/or Instruments Commodities positions, as applicable, or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust is prohibited from incurring any indebtedness on a non-recourse basis; (c) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker to close out sufficient Index Instruments, and/or Instruments, as applicable, Commodities positions of the Trust so as to restore the Trust’s account to proper margin status in the event that the Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; (d) Commingle its assets with those of any other Person, except to the extent permitted under the CE Act and the regulations promulgated thereunder; (e) Engage in Pyramiding of its Index Instruments and/or positions in InstrumentsCommodities positions, as applicable; provided, however, that the Managing Owner may take into account open trade equity positions in determining generally whether to require additional Index Instruments and/or positions in Instruments, as applicableCommodities positions; (f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (g) Permit the Managing Owner to share in any portion of brokerage fees related to commodity brokerage services paid with respect to the purchase or sale of Index Instrumentscommodity trading activities; (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of Units) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’s-arm’s length negotiations; (i) Permit churning of its commodity Commodity trading account(s) for the purpose of generating excess brokerage commissions; (j) Enter into any exclusive brokerage contract; (k) Operate the Trust or a series in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or (lk) Cause the Trust to elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes.

General Prohibitions. The Trust shall not: (a) Redeem the Units other than to fund a redemption request from a Participant; (b) Borrow money from or loan money to any Unitholder (including the Managing Owner) Interestholder or other Person, except that the foregoing is not intended to prohibit (i) the deposit on margin with respect to the initiation and maintenance of Index Instruments and/or Instruments positions, as applicable, the Trust’s Commodities positions or (ii) obtaining lines of credit for the trading of forward contracts; provided, however, that the Trust is prohibited from incurring any indebtedness on a non-recourse basis; (cb) Create, incur, assume or suffer to exist any lien, mortgage, pledge conditional sales or other title retention agreement, charge, security interest or encumbrance, except (i) the right and/or obligation of a Commodity Broker commodity broker to close out sufficient Index Instruments, and/or Instruments, as applicable, Commodities positions of the Trust so as to restore the Trust’s account to proper margin status in the event that the Trust fails to meet a Margin Call, (ii) liens for taxes not delinquent or being contested in good faith and by appropriate proceedings and for which appropriate reserves have been established, (iii) deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws or under unemployment insurance, (iv) deposits or pledges to secure contracts (other than contracts for the payment of money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business, or (v) mechanic’s, warehousemen’s, carrier’s, workmen’s, materialmen’s or other like liens arising in the ordinary course of business with respect to obligations which are not due or which are being contested in good faith, and for which appropriate reserves have been established if required by generally accepted accounting principles, and liens arising under ERISA; (dc) Commingle its assets with those of any other Person, except to the extent permitted under the CE Act Act, and the regulations promulgated thereunder; (d) Directly or indirectly pay or award any finder’s fees, commissions or other compensation to any Persons engaged by a potential Limited Owner for investment advice as an inducement to such advisor to advise the potential Limited Owner to purchase Limited Interests in the Trust; (e) Engage in Pyramiding of its Index Instruments and/or positions in Instruments, as applicableCommodities positions; provided, however, that the Managing Owner a Trading Manager(s) may take into account the Trust’s open trade equity on existing positions in determining generally whether to require acquire additional Index Instruments and/or Commodities positions in Instruments, as applicableon behalf of the Trust; (f) Permit rebates to be received by the Managing Owner or any Affiliate of the Managing Owner, or permit the Managing Owner or any Affiliate of the Managing Owner to engage in any reciprocal business arrangements which would circumvent the foregoing prohibition; (g) Permit the Managing Owner Trading Manager(s) to share in any portion of brokerage fees related to commodity brokerage services paid by the Trust with respect to the purchase or sale of Index Instrumentsits commodity trading activities; (h) Enter into any contract with the Managing Owner or an Affiliate of the Managing Owner (except for selling agreements for the sale of UnitsInterests) (i) which has a term of more than one year and which does not provide that it may be canceled by the Trust without penalty on sixty (60) days prior written notice or (ii) for the provision of goods and services, except at rates and terms at least as favorable as those which may be obtained from third parties in arm’sarms-length negotiations; (i) Permit permit churning of its commodity Commodity trading account(s) for the purpose of generating excess brokerage commissions;; and (ji) Enter into any exclusive brokerage contract; (k) Operate the Trust or a series in any manner so as to contravene the requirements to preserve the limitation on interseries liability set forth in Section 3804 of the Delaware Trust Statute; or (l) Cause the Trust to elect to be classified as an association taxable as a corporation for U.S. federal income tax purposes.