JOINT LIABILITY INSURANCE AGREEMENT
Exhibit 99.(k)(3)
JOINT LIABILITY INSURANCE AGREEMENT
AGREEMENT dated the 27th day of September, 2024 between the Infinity Core Alternative Fund, First Trust Alternative Opportunities Fund, Variant Alternative Income Fund, Variant Impact Fund, Agility Multi-Asset Income Fund, Keystone Private Income Fund, Aspiriant Risk-Managed Real Assets Fund, Aspiriant Risk-Managed Capital Appreciation Fund, AFA Private Credit Fund, The Optima Dynamic Alternatives Fund, First Trust Real Assets Fund, First Trust Private Credit Fund, First Trust Private Assets Fund, Destiny Alternative Fund LLC, Destiny Alternative Fund (TEI) LLC, Xxxxxx Real Estate Credit Fund, Xxxxxxxxx Private Markets Fund, First Trust Hedged Strategies Fund, FT Vest Hedged Equity Income Fund: Series A2, FT Vest Hedged Equity Income Fund: Series A3, FT Vest Hedged Equity Income Fund: Series A4, FT Vest Total Return Income Fund: Series A2, First Trust Enhanced Private Credit Fund, Variant Alternative Lending Fund, FT Vest Total Return Income Fund: Series A3, FT Vest Total Return Income Fund: Series A4 and FT Vest Rising Dividend Achievers Total Return Fund (collectively, the “Funds” and individually, a “Fund”).
WHEREAS, each Fund is an affiliate of each other Fund under the 1940 Act;
NOW, THEREFORE in consideration of the mutual covenants contained herein, the Funds hereby agree:
5. Allocation of Recoveries and Deductibles.
(i) The term "Loss" shall mean any Loss (as such term or similar term is defined in the Policy) for which payment is made under the Policy by the Insurer on behalf of the Funds, or their respective managers, executives, officers or employees, or for which payment would have been made by the Insurer under the Policy if the limits of the Insurer's liability under the Policy had not been exceeded. The term "Recovery" shall mean the aggregate amount paid by the Insurer on behalf of the Funds (or their respective managers, executives, officers or employees) in respect of a Loss.
(ii) Subject to the next sentence, if a Fund sustains a Loss as a result of one or more claims made during a single annual coverage period for which a Recovery is received under the Policy, such Fund shall receive an amount equal to the actual Loss. If a Recovery is less than the amount required to indemnify fully the Funds sustaining a related Loss, then the Recovery shall be allocated among the Funds which have not been fully indemnified for their Losses in the same proportion as their premiums bear to one another.
(iii) In each case of Loss, the applicable deductible under the Policy will be allocated among the Funds sustaining Losses in proportion to the relative share of Recovery received by each Fund.
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9. Governing Law. This Agreement shall be construed in accordance with the laws of the State of Delaware.
10. No Assignment. This Agreement is not assignable.
UMB Fund Services, Inc.
000 X. Xxxxxx Xx.
Attention: Legal Department
Re: Infinity Core Alternative Fund, First Trust Alternative Opportunities Fund, Variant Alternative Income Fund, Variant Impact Fund, Agility Multi-Asset Income Fund, Keystone Private Income Fund, Aspiriant Risk-Managed Real Assets Fund, Aspiriant Risk-Managed Capital Appreciation Fund, AFA Private Credit Fund, The Optima Dynamic Alternatives Fund, First Trust Real Assets Fund, First Trust Private Credit Fund, First Trust Private Assets Fund, Destiny Alternative Fund LLC, Destiny Alternative Fund (TEI) LLC, Xxxxxx Real Estate Credit Fund, Xxxxxxxxx Private Markets Fund, First Trust Hedged Strategies Fund, FT Vest Hedged Equity Income Fund: Series A2, FT Vest Hedged Equity Income Fund: Series A3, FT Vest Hedged Equity Income Fund: Series A4, FT Vest Total Return Income Fund: Series A2, First Trust Enhanced Private Credit Fund, Variant Alternative Lending Fund, FT Vest Total Return Income Fund: Series A3, FT Vest Total Return Income Fund: Series A4 and FT Vest Rising Dividend Achievers Total Return Fund.
Infinity Core Alternative Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary |
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First Trust Alternative Opportunities Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary |
Variant Alternative Income Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
Variant Impact Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
Agility Multi-Asset Income Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
Keystone Private Income Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
Aspiriant Risk-Managed Real Assets Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary |
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Aspiriant Risk-Managed Capital Appreciation Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
AFA Private Credit Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
The Optima Dynamic Alternatives Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
First Trust Real Assets Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
First Trust Private Credit Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
First Trust Private Assets Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary |
Destiny Alternative Fund LLC | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary |
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Destiny Alternative Fund (TEI) LLC | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
Xxxxxx Real Estate Credit Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
Xxxxxxxxx Private Markets Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
First Trust Hedged Strategies Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
FT Vest Hedged Equity Income Fund: Series A2 | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary |
FT Vest Hedged Equity Income Fund: Series A3 | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary |
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FT Vest Hedged Equity Income Fund: Series A4 | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary |
FT Vest Total Return Income Fund: Series A2 | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
First Trust Enhanced Private Credit Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
Variant Alternative Lending Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
FT Vest Total Return Income Fund: Series A3 | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary | |
FT Vest Total Return Income Fund: Series A4 | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary |
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FT Vest Rising Dividend Achievers Total Return Fund | ||
By: | /s/ Xxx Xxxxxx | |
Name: | Xxx Xxxxxx | |
Title: | Secretary |
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