Common use of Limitation on Duties Clause in Contracts

Limitation on Duties. 31 8.20 Contractual Statute of Limitations..................................................32 8.21 Matters Not Provided For; Compliance With Law.......................................32 ASA HEDGED EQUITY FUND LLC LIMITED LIABILITY COMPANY OPERATING AGREEMENT THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT of ASA Hedged Equity Fund LLC (the "Fund") is dated as of June 30, 2003 by and among Aspen Strategic Alliance LLC, a Delaware limited liability company, as the Adviser and Organizational Member and those persons hereinafter admitted as Members.

Limitation on Duties. 31 8.20 Contractual Statute of Limitations....................................................................................32 8.21 Matters Not Provided For; Compliance With Law..............................................................32 ASA HEDGED EQUITY MANAGED FUTURES FUND LLC LIMITED LIABILITY COMPANY OPERATING AGREEMENT THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT of ASA Hedged Equity Managed Futures Fund LLC (the "Fund") is dated as of June 30, 2003 by and among Aspen Strategic Alliance LLC, a Delaware limited liability company, as the Adviser and Organizational Member and those persons hereinafter admitted as Members.

Limitation on Duties. 31 8.20 Contractual Statute of Limitations..................................................32 8.21 Matters Not Provided For; Compliance With Law.......................................32 ASA HEDGED EQUITY DEBT ARBITRAGE FUND LLC LIMITED LIABILITY COMPANY OPERATING AGREEMENT THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT of ASA Hedged Equity Debt Arbitrage Fund LLC (the "Fund") is dated as of June 30, 2003 by and among Aspen Strategic Alliance LLC, a Delaware limited liability company, as the Adviser and Organizational Member and those persons hereinafter admitted as Members.

Limitation on Duties. 31 8.20 Contractual Statute of Limitations..................................................32 8.21 Matters Not Provided For; Compliance With Law.......................................32 ASA HEDGED MARKET NEUTRAL EQUITY FUND LLC LIMITED LIABILITY COMPANY OPERATING AGREEMENT THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT of ASA Hedged Market Neutral Equity Fund LLC (the "Fund") is dated as of June 30, 2003 by and among Aspen Strategic Alliance LLC, a Delaware limited liability company, as the Adviser and Organizational Member and those persons hereinafter admitted as Members.