AMENDMENT TO THE MANAGEMENT AGREEMENT
EXHIBIT 10.1
AMENDMENT TO THE MANAGEMENT AGREEMENT
This AMENDMENT dated as of the 1st day of January, 2012, to the MANAGEMENT AGREEMENT made as of the 1st day of March, 2001, among CERES MANAGED FUTURES LLC (formerly XXXXX XXXXXX FUTURES MANAGEMENT LLC), a Delaware limited liability company (“CMF”), DIVERSIFIED MULTI-ADVISOR FUTURES FUND L.P. (formerly XXXXX XXXXXX DIVERSIFIED FUTURES FUND L.P.), a New York limited partnership (the “Partnership”) and XXXXXX CAPITAL MANAGEMENT LIMITED, a United Kingdom company (the “Advisor”).
W I T N E S S E T H:
WHEREAS, CMF, the Partnership and the Advisor wish to amend the Management Agreement dated as of March 1, 2001, to increase the amount of leverage used to manage the Partnership’s assets.
NOW, therefore, the parties agree as follows:
1. The first sentence of Paragraph 1(c) shall be deleted and replaced by the following:
The allocation of the Partnership’s assets to the Advisor will be made to the Advisor’s Diversified Program (the “Program”) as described in the Disclosure Document, provided that CMF and the Partnership agree that the amount of leverage applied to the assets of the Partnership allocated to the Advisor by CMF shall be up to (but not in excess of) 1.5 times the assets of the Partnership allocated to the Advisor by CMF (the “Trading Level”), unless otherwise agreed by the parties hereto in writing. The Advisor shall trade the Partnership’s assets on the basis of the Trading Level.
2. In all other respects the Management Agreement remains unchanged and of full force and effect.
THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK
IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of the day and year first above written.
CERES MANAGED FUTURES LLC
By /s/ Xxxxxx Xxxxx
Xxxxxx Xxxxx
President
By: Ceres Managed Futures LLC
(General Partner)
By /s/ Xxxxxx Xxxxx
Xxxxxx Xxxxx
President
XXXXXX CAPITAL MANAGEMENT LIMITED
By /s/ Xxxxxx Xxxxx
Xxxxxx Xxxxx
Director, Xxxxxx Capital Management Limited
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