EX.-10.10
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FORM OF ADVISORY AND CONSULTING AGREEMENT AMENDMENT
This ADVISORY AND CONSULTING AGREEMENT AMENDMENT dated as of January
1, 1997 by and among the funds listed on Schedule I hereto (THE "FUNDS"),
________________ (THE "ADVISOR"), XXXXXXX XXXXX INVESTMENT PARTNERS INC.
("MLIP") and XXXXXXX XXXXX FUTURES INC. ("MLF")
W I T N E S S E T H
WHEREAS, the Advisor is acting as a commodity trading advisor for the
Funds pursuant to the Advisory Agreements, and in certain cases the Consulting
Agreements, among the parties hereto (as the case may be) set forth on Schedule
II hereto (collectively. the "Advisory Agreements");
WHEREAS, the parties hereto have agreed to reduce the Consulting Fees
paid by MLF, the commodity broker of the Fund, to the Advisor;
WHEREAS, the parties hereto have agreed to adjust the Profit Share
paid by the Fund to the Advisor, including, without limitation, by providing
that the Profit Share shall be calculated on an annual rather than a quarterly
basis; and
WHEREAS, this Agreement shall be deemed to renew each of the Advisory
Agreements (on the terms set forth herein and therein) until December 31,
1997.
NOW THEREFORE, the parties hereto agree as follows:
1. REDUCTION OF CONSULTING FEE
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Beginning January 1, 1997, the Consulting Fee paid by MLF to the
Advisor will be reduced to ___% per annum (0.___% of the month-end assets each
month).
2. ADJUSTMENT OF PROFIT SHARE
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From and after January 1, 1997, the Profit Share payable by the Funds
to the Advisor will be calculated at the rate of ___% of any New Trading Profit
in excess of (i) the highest level of cumulative Trading Profit (the "high water
xxxx") achieved by the Advisor for each of the Funds, respectively, as of any
previous calendar quarter-end (including December 31, 1996); or (ii) $0 if the
Advisor has traded unprofitably for a Fund. Trading Profit shall be calculated
pursuant to Schedule C to the Advisory Agreements, after reduction for combined
Brokerage and Administrative Fees of ___% of average month-end assets per annum
(0.__% of the month-end assets each month). Furthermore, beginning January 1,
1997, Profit Shares shall be calculated not as of the end of each calendar
quarter, but rather as of the end of each calendar year and the "high water
xxxx" for purposes of determining whether Trading Profit recognized after
January 1, 1997 constitutes New Trading Profit will equal the highest level of
cumulative Trading Profit as of any calendar year-end (at such point, if any,
that cumulative Trading Profit as of a calendar year-end exceeds the "high water
xxxx" in effect with respect to each Fund as of the effective date of this
Agreement).
3. TERM
----
The current term of the Advisory Agreements will expire December 31,
1997, at which time each such Advisory Agreement will be automatically renewed,
unless (i) MLIP or one or more of the Funds gives 30 days' notice to the Advisor
of the termination of such Advisory Agreement, or (ii) from and after the end of
the period during which such Advisory Agreement may be renewed at the option of
either MLIP or the affected Fund (treating the term ending December 31, 1997 as
the current twelve month term of each such Advisory Agreement) the Advisor gives
30 days' termination notice.
Any renewal rights exercisable by one or more Funds or MLIP under the
Advisory Agreements shall remain in full force and effect as if December 31,
1997 were the end of the current twelve-month term of each such Advisory
Agreement.
4. ENTIRE AGREEMENT
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This Agreement, together with the Advisory Agreements, constitutes the
entire agreement among the parties hereto with respect to the matters referred
to herein, and no other agreement, verbal or otherwise, shall be binding as
between the parties unless it shall be in writing and signed by the part against
whom enforcement is sought.
IN WITNESS WHEREOF, the undersigned have hereto duly set forth their
hand as of the 1st day of January 1997.
THE FUNDS LISTED ON SCHEDULE I
WHICH ARE U.S. LIMITED PARTNERSHIPS
By: XXXXXXX XXXXX INVESTMENT
PARTNERS INC.
General Partner
By: ______________________________
Name:
Title:
THE FUNDS LISTED ON SCHEDULE I,
OTHER THAN ML PRINCIPAL PROTECTION
PLUS LTD., WHICH ARE CAYMAN ISLANDS
INVESTMENT COMPANIES
By: ______________________________
Name:
Title:
ML PRINCIPAL PROTECTION PLUS LTD.
By: ______________________________
Name:
Title:
XXXXXXX XXXXX FUTURES INC.
By: ______________________________
Name:
Title:
THE ADVISOR XXXXXXX XXXXX INVESTMENT PARTNERS,
INC.
By: ______________________ By: ________________________________
Name: Name:
Title: Title:
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SCHEDULE I
THE FUNDS
U.S. FUNDS CAYMAN ISLANDS FUNDS
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1. ____________________ 1. ____________________
2. ____________________ 2. ____________________
3. ____________________ 3. ____________________
4. ____________________ 4. ____________________
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SCHEDULE II
ADVISORY AGREEMENTS
Advisory Agreements with the U.S. Funds dated:
U.S. Fund No.
(See Schedule I)
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1. ________________
2. ________________
3. ________________
4. ________________
Advisory Agreements with the Cayman Islands Funds dated:
1. ________________
2. ________________
3. ________________
4. ________________
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