Speculative Trading. As of the date of this Agreement, the Trading Advisor shall act as a trading advisor for the Company, acting independently from any other advisors or managers selected to direct accounts on behalf of the Global Horizons Fund. The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize its Crabel Diversified Futures Program (the “Program”) as described as Class G Interests in the Trading Advisor’s Crabel Fund, L.P. Private Placement Memorandum dated November 30, 2012 (the “Crabel Memorandum”). The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Programs pursuant to and in accordance with the Trading Advisor’s best judgment and its approach as described in the Crabel Memorandum, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals currently employed by the Trading Advisor and listed in Appendix A are permitted to implement trades for the Company. Notwithstanding the foregoing, the Company or the Manager may override the trading instructions of the Trading Advisor to the extent necessary to comply with applicable law, including speculative position limits. The Company and the Manager both specifically acknowledge that in agreeing to manage the Company, the Trading Advisor is not making any guarantee of profits or of protections against loss. The Trading Advisor shall give the Company and the Manager prompt written notice of any proposed material change in the Program or the manner in which trading decisions are to be made or implemented and shall not make any such proposed material change with respect to trading for the Company without having given the Company and the Manager at least 30 days’ prior written notice of such change. The addition and/or deletion of commodity interests from the Company’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 Company or the Manager shall not be required therefor, except as set forth in section 2(b) below; provided that, with respect to the Company, the Trading Advisor may trade a different tr...
Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company, acting independently from any other advisors or managers selected to direct accounts on behalf of the Fund. The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize the investment policy and strategy (the “Program”) as described in the Confidential Private Placement Memorandum for CCP Quantitative Fund LP dated September 24, 2009 (the “Disclosure Document”). The Trading Advisor may trade a substantively different portfolio in managing the Company only with the consent of the Manager. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of the Company’s assets utilizing the Programs pursuant to and in accordance with the Trading Advisor’s best judgment and its approach as described in the Disclosure Document, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein. Only those individuals employed by the Trading Advisor and authorized by the Trading Advisor to do so are permitted to implement trades for the Company. A current list of these individuals is included Appendix A. At the Manager’s request, the Trading Advisor shall provide a quarterly update to the Company and the Manager regarding any individuals who have (x) had their authority to implement trades for the Company revoked or (y) been added during the quarter as permitted to implement trades for the Company. Notwithstanding the foregoing, the Company or the Manager may 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 Company’s or the Fund’s expenses; and/or (iii) to comply with speculative position limits; provided that the Company 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. The Trading Advisor will have no liability for the results of any of the Manager’s interventions in (i)-(ii), above. For any trade where the Trading Advisor has received no specific instructions from the Company or the Manager, the Trading Advisor shall arrange for the execution of such trade in accor...
Speculative Trading. The Company shall not, and shall not permit any Subsidiary to (a) engage in transactions in futures contracts and options to purchase or sell futures contracts for speculative purposes other than as part of normal business operations as a risk-management strategy and/or a hedge against changes resulting from market conditions, or (b) enter into any Swap Contract or any other similar agreement other than to protect the Company against fluctuations in interest rates, currency exchange rates or commodity prices.
Speculative Trading. Company shall not, and will not permit any ------------------- Subsidiary to, enter into or become bound by any transaction respecting Speculative Trading or make any payment on account of any Speculative Trading.
Speculative Trading. The Borrowers shall not engage in any speculative trading activity which exposes the Borrowers to risks in excess of $1,000,000.00.
Speculative Trading. The Borrower shall not, nor shall it permit any of its Subsidiaries to, purchase, assume, or hold a speculative position in any commodities market or futures market or enter into any Hydrocarbon Hedge Agreement, Interest Hedge Agreement or similar hedge arrangements for speculative purposes; provided that any hedge arrangements which cover anticipated production volumes attributable to Proven Reserves of the Borrower and its Subsidiaries within the limits set forth in Section 6.02(g) shall not be considered “speculative”.
Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a trading advisor for the Company. The Trading Advisor and the Company agree that in managing the assets of the Company, the Trading Advisor shall utilize its Global Program (the “Program”) as described in the Trading Advisor’s Disclosure Document dated June 9, 2009 (the “Disclosure Document”). The Trading Advisor may trade a different portfolio for the Company only with the consent of the Manager. Except as provided otherwise in this
Speculative Trading. Enter into any transaction providing (i) for the hedging, forward sale, swap or any derivation thereof of crude oil or natural gas or other commodities; or (ii) for a swap, collar, floor, cap, option, corridor or other contract which is intended to reduce or eliminate risk of fluctuation of interest rates, as such terms are referred in the capital markets, except the foregoing prohibitions shall not apply to: (a) transactions consented to in writing by the Lender.
Speculative Trading. No Insider may engage in transactions of a speculative nature at any time. All Insiders are prohibited from short-selling Oramed common stock or engaging in transactions involving Oramed-based derivative securities. “Derivative Securities” are options, warrants, stock appreciation rights or similar rights whose value is derived from the value of an equity security, such as Oramed common stock. This prohibition includes, but is not limited to, trading in Oramed-based put and call option contracts, transacting in straddles, and the like. However, as indicated below, holding and exercising options or other derivative securities granted under Oramed’s employee stock option or equity incentive plans is not prohibited by this policy.
Speculative Trading. As of the date of this Agreement, the Trading Advisor acts as a sole trading advisor for the Company. The Trading Advisor and the Company agree that in managing the commodity interests of the Company held in the Clearing Broker Account (as defined below), the Trading Advisor shall utilize its Discus Program (the “Program”) as described in Appendix D. Except as provided otherwise in this Section 2, the Trading Advisor shall have sole and exclusive authority and responsibility for directing the investment and reinvestment of assets credited to the Clearing Broker Account utilizing the Program pursuant to and in accordance with the Trading Advisor’s best judgment and its approach as described in Appendix D, and as refined and modified from time to time in the future in accordance herewith, for the period and on the terms and conditions set forth herein.
