Document:

efc9-0666_ex41.htm

    Exhibit
4.1

     

    
      APM
– ECKHARDT FUTURES FUND, L.P.

       

      EXHIBIT
A

       

      Agreement
of Limited Partnership

       

      

       

      This
Agreement of Limited Partnership (Agreement) is made in Evergreen, Colorado, and
is effective as of March 2009, by and between Altegris Portfolio Management,
Inc. 1202 Bergen Parkway, Suite 212, Evergreen, Colorado, 80439 (the General
Partner), and each other party who shall execute this Agreement, as amended,
whether in counterpart, by separate instrument or otherwise (including through
Power of Attorney), as limited partners (collectively Limited Partners) (the
General Partner and Limited Partners are sometimes collectively referred to as
Partners).

       

      The
parties desire to form a limited partnership for the purpose of conducting the
business described below.  The parties agree:

       

      1.           Formation
and Name.

       

      The
parties form a limited partnership under the Delaware Uniform Limited
Partnership Act, as amended and in effect on the date of this Agreement (the
Act).  The name of the limited partnership is APM - Eckhardt Futures
Fund, L.P. (the Partnership).  The General Partner shall execute and
file a Certificate of Limited Partnership in accordance with the provisions of
the Act and execute, file, record and publish (as appropriate) those amendments,
assumed name certificates and other documents as are or become necessary or
advisable in connection with the operation of the Partnership, as it
determines.  Each Limited Partner undertakes to furnish to the General
Partner, if the General Partner so requests, a power of attorney which may be
filed in those jurisdictions as the General Partner may deem appropriate with
the Certificate of Limited Partnership and any amendments and any additional
information as is required from the General Partner to complete any documents,
including Certificates of Limited Partnership, this Agreement, amendments
thereto and assumed name certificates, and to execute and cooperate in the
filing, recording and publishing of those documents at the request of the
General Partner. The General Partner shall not be
required to deliver a Certificate of Limited Partnership to each Limited
Partner.

       

      2.           Principal
Office.

       

      The
address of the principal office of the Partnership shall be c/o Altegris
Portfolio Management, Inc., 1202 Bergen Parkway, Suite 212, Evergreen, Colorado,
80439 or such other place as the General Partner may designate from time to
time.  The General Partner shall act as the Partnership’s agent for
service of process.

       

      3.           Business.

       

      The
Partnership’s business and purpose is to trade, buy, sell or otherwise acquire,
hold or dispose of commodities, spot and forward foreign exchange, futures,
options, forwards, swaps, exchange of futures for physical transactions and
exchange of physical for futures transactions (EFPs) and other derivative
instruments traded on markets and exchanges worldwide, both regulated and
over-the-counter and any options thereon, securities, debt obligations,
repurchase agreements and physical commodities including but not limited to
currencies (Commodity Interests).  The 

      
         

         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 1

                      

              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

      

       

       

      Partnership
may also engage in hedge, arbitrage and cash trading of Commodity Interests and
it may purchase, borrow or lend securities.  The objective of the
Partnership’s business is appreciation of its assets.

       

      4.           Term,
Dissolution and Fiscal Year.

       

      (a)           Term.  The term of the
Partnership shall commence on the day on which the Certificate of Limited
Partnership is filed in the Office of the Secretary of State of Delaware,
pursuant to the provisions of the Act and shall end upon the first to occur of
the following:

       

      (i)           receipt
by a General Partner of an election to dissolve the Partnership at a specified
time by Limited Partners owning more than 50% of the Interests then outstanding,
notice of which is sent by registered mail to the General Partner not less than
ninety (90) days prior to the effective date of such dissolution;

       

      (ii)          withdrawal
(including withdrawal after suspension of trading), admitted or court decreed
insolvency or dissolution of the General Partner unless at such time there is at
least one remaining General Partner of the Partnership;

       

      (iii)         termination
of the Partnership pursuant to Paragraphs 10 or 17; or

       

      (iv)         any
event which shall make it unlawful for the existence of the Partnership to be
continued or requiring termination of the Partnership.

       

      If the
Partnership is dissolved as the result of subsection (a)(iii) above, the
Partnership may be re-constituted by the Limited Partners pursuant to the

      provisions
of Paragraph 17 of this Agreement.

       

      (b)           Dissolution.  Upon the
occurrence of an event causing the dissolution of the Partnership, the
Partnership shall be dissolved and terminated.  Termination, payment
of creditors and indemnitees and distribution of the Partnership’s assets shall
be effected as soon as practicable in accordance with the Act and this
Agreement, and the General Partner and each Limited Partner (and any assignee)
shall share in the assets of the Partnership pro rata in accordance with its or
his respective Interests in the Partnership, less any amount owing by any
Partner (or assignee) to the Partnership.

       

      (c)           Fiscal
Year. The
Partnership’s tax year shall be the calendar year unless changed by the General
Partner with the consent of the Internal Revenue Service.

       

      5.           Net
Worth of General Partner.

       

      The
General Partner agrees that at all times so long as it remains General Partner
of the Partnership, it will maintain a net worth, if any, at an amount which
does not affect the classification of the Partnership as a partnership for tax
purposes and not as an association taxable as a corporation. For purposes of
this Paragraph 5, Net Worth shall include, at face value, any notes or stock
subscriptions received including ones from affiliates or shareholder(s) of the
General Partner.

       

      6.           Capital
Contributions and Interests of Limited Partnership Interest.

       

      The
General Partner may purchase General Partnership Interests or Limited
Partnership Interests (Interests) and may redeem any such General Partnership
Interest as of any month end on the same terms as any Limited
Partner.

      
         

         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 2

                      

              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

      

       

      Interests
in the Partnership shall be Limited Partnership Interests (Interests or,
individually, an Interest).  An Interest shall represent a percentage
of the Partnership’s Net Assets.  No certificates will be
issued.  The General Partner and the initial Limited Partner have each
contributed $1,000 in cash to the capital of the Partnership in order to form
the Partnership.  Upon
the admission of additional Limited Partners, the initial Limited Partner may
withdraw from the Partnership as the initial Limited Partner. The
Partnership may, in accordance with its latest Offering Memorandum (Memorandum),
issue and sell Interests to other persons (including the General Partner and its
affiliates).  As set forth in Paragraph 12 of this Agreement,
following termination of the initial offering of the Interests, additional
Interests may be sold.

       

      If the
Partnership does not obtain during the initial period of the offering of the
Interests (Initial Offering Period) subscriptions for at least $5 million, this
Agreement may terminate, and the initial contribution of the General Partner and
the initial Limited Partner will be returned to them.  The Partnership
shall not commence trading operations unless and until the General Partner has
accepted subscriptions (which may include Interests subscribed for by the
General Partner or any affiliate of the General Partner, any Selling Agent,
Advisor or affiliate) for at least $5 million, not including the Interest
initially purchased by the initial Limited Partner.  The General
Partner may terminate the offering of Interests at any time.  The
aggregate of all capital contributions shall be available to the Partnership to
carry on its business and no interest shall be paid by the Partnership to
subscribers on any funds after their contribution to the
Partnership.

       

      All
Interests are subscribed for upon receipt of a check, draft or wire transfer of
the subscriber and are issued subject to the collection of the funds represented
by the check, draft or wire transfer.  If a check or draft of a
subscriber for Interests representing payment for Interests is returned unpaid,
the Partnership shall cancel the Interests issued to that subscriber represented
by the returned check or draft and the General Partner shall file an amendment
to the Partnership’s Certificate of Limited Partnership reflecting the
cancellation in any jurisdiction where the filing may be
necessary.  Any losses or profits sustained by the Partnership in
connection with the Partnership’s commodity trading allocable to any canceled
Interests shall be deemed an increase or decrease in Net Asset Value and
allocated among the remaining Partners as described in Paragraph
7.  Each subscriber agrees to reimburse the Partnership for any
expense or losses incurred in connection with any cancellation of Interests
issued to him.

       

      7.           Allocation
of Profits and Losses.

       

      (a)           Capital
Accounts.  A Partner’s Capital Account shall consist of
the  following:

       

      (i)           an
amount equal to its original Capital Contribution;

       

      (ii)          the
additions, if any, to such account by reason of Capital Contributions;
and

       

      (iii)         the
adjustments, if any, to such account in accordance with the provisions of
Section 7(e), Section 7(f), and any other provision hereunder requiring such
adjustment.

       

      (b)           Certain
Adjustments to Capital Accounts.  The amount
of

       

      (i)           withdrawals,
if any, made by a Partner, and

       

      (ii)          any
distributions made to Partners shall be deducted from such Partner’s Capital
Account as of the date of such withdrawal.

      
         

         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 3

                      

              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

      

       

      (c)           Maintenance and
Modification of Capital Accounts.  The provisions of the
Agreement relating to the maintenance of Capital Accounts are intended to comply
with Internal Revenue Code (the Code) Regulation 1.704-1(b), and shall be
interpreted and applied in a manner consistent with such
Regulation.  If the General Partner determines that it is prudent to
modify the manner in which the Capital Accounts, or any debits or credits
thereto (including, without limitation, debits or credits relating to
liabilities which are secured by contributed or distributed property or which
are assumed by the Partnership, the General Partner or the Limited Partners) are
computed in order to comply with such Regulations, the General Partner may make
such modification without regard to Section 16 of this Agreement, provided that
it is not likely to have a material effect on the amounts distributable to any
Partner.  The General Partner also shall make any adjustments that are
necessary or appropriate to maintain equality between the Capital Accounts of
the Partners and the amount of Partnership capital reflected on the
Partnership’s balance sheet, as computed for book purposes, in accordance with
Regulations sections 1.704-1(b)(2)(iv) (f) and (q), and make any appropriate
modifications in the event this Agreement is deemed not to comply with
Regulations section 1.704-1(b).

       

      (d)           Transferees.  Generally,
a transferee (including an Assignee) of an Interest shall succeed to a pro rata
portion of the Capital Account of the transferor; provided, however, that, if
the transfer causes a termination of the Partnership under Section 708(b)(1)(B)
of the Code, the Partnership’s properties shall be deemed solely for federal
income tax purposes, to have been distributed in liquidation of the Partnership
to the holders of Partnership Interests (including such transferee) and
recontributed by such persons in reconstitution of the
Partnership.  In such event, the carrying values of the Partnership
properties shall be adjusted immediately prior to such deemed
distribution.  The Capital Accounts of such reconstituted Partnership
shall be maintained in accordance with the principles of this
Agreement.

       

      
        (e)           Allocation of Net Profits and Net
Losses.

         

      

      (i)           With
respect to each Limited Partner, there shall be deducted from the Capital
Account of such Limited Partner the Management Fee and the Continuing
Compensation, applicable to their Capital Account for such month.  The
terms Management Fee and Continuing Compensation shall have the meanings
ascribed to them in the Partnership’s Memorandum, as from time to time
amended.

      

      (ii)          Any
remaining net profits or net losses during any month shall be allocated as of
the end of such month to the Capital Accounts of all the Partners in the
proportion which each Partner’s Capital Account as of the beginning of such
month bore to the sum of the Capital Accounts of all the Partners as of the
beginning of such month.

       

      (iii)         With
respect to each Limited Partner who has been allocated Trading Profits to its
Capital Account for a month, there shall be deducted from the Capital Account of
such Limited Partner the Incentive Fee payable to the Partnership’s
advisor.  The terms Trading Profits and Incentive Fee shall have the
meanings ascribed to them in the Partnership’s Memorandum, as from time to time
amended.

       

       (f)           Allocation of
Profit and Loss for Federal Income Tax Purposes.  As of the end of
each fiscal year, the Partnership’s income and expense and capital gain or loss
from trading shall be allocated among the Partners pursuant to the following
subparagraphs for federal income tax 

      
         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 4

                      

              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

         

      

      purposes.
Allocations shall be pro rata from short-term capital gain or loss and long-term
capital gain or loss and operating income or loss realized and recognized by the
Partnership.

       

      (i)            Items
of ordinary income, such as interest, and expense, such as fees, brokerage
commissions and administrative expenses, shall be allocated pro rata among the
Partners based on their respective capital accounts as of the end of each month
in which the items of ordinary income and expense accrue.

       

      (ii)          Capital
gain or loss from the Partnership’s trading activities shall be allocated as
follows:

       

      There
shall be established a tax basis account with respect to each outstanding
Interest.  The initial balance of each tax basis account shall be the
amount paid to the Partnership for each Partner’s Interest.  As of the
end of each fiscal year:

       

      (A)           Each
tax basis account shall be increased by the amount of income allocated to the
Partner or his assignee pursuant to subparagraph (f)(i) above and subparagraph
(iv) below.

       

      (B)           
Each tax basis account shall be decreased by the amount of expense or loss
allocated to the Partner or his assignee pursuant to subparagraph (f)(i) above
and subparagraph (vi) below and by the amount of any distribution received by
the Partner or his assignee with respect to the Interest, other than on
redemption of Interests.

       

      (C)           
When an Interest is redeemed, the tax basis account attributable to such
Interest or redeemed portion of such Interest shall be eliminated.

       

      (iii)         Capital
gain shall be allocated first to each Partner who has redeemed an Interest
during the fiscal year up to any excess of the amount received upon redemption
of the Interest over the tax basis account maintained for the redeemed
Interest.

       

      (iv)         Capital
gain remaining after the allocation in subparagraph (f)(iii) shall be allocated
among all Partners whose capital accounts are in excess of their tax basis
accounts after the adjustments in subparagraph (f)(iii) in the ratio that each
such Partner’s excess bears to all such Partners’ excesses.  If the
gain to be so allocated is greater than the excess of all such Partners’ capital
accounts over all such tax basis accounts, the excess shall be allocated among
all Partners in the ratio that each Partner’s capital account bears to all
Partners’ capital accounts.

       

      (v)          Capital
loss shall be allocated first to each Partner who has redeemed an Interest
during a fiscal year up to any excess of the tax basis account maintained for
the redeemed Interest over the amount received upon redemption of the
Interest.

       

      (vi)         Capital
loss remaining after the allocation in subparagraph (7)(v) shall be allocated
among all Partners whose tax basis accounts are in excess of their capital
accounts after the adjustments in subparagraph (7)(v) in the ratio that each
such Partner’s excess bears to all such Partners’ excesses.  If the
loss to be so allocated is greater than the excess of all tax basis accounts
over all Partners’ capital accounts, the excess loss shall be allocated among
all Partners in the ratio that each Partner’s capital account bears to all
Partners’ capital account.

       

      (vii)        Any
gain or loss required to be taken into account in accordance with Section 1256
of the Code shall be considered a realized capital gain or loss for purposes of
this Section 7(f).  Certain foreign currency gain or loss attributable
to transactions specified in Section 988 of the Code, as amended, shall be
treated as ordinary income or loss for the purposes of this Section
7(f).

      
         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 5

                      

              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

         

      

      (viii)       The
tax allocations prescribed by this Section 7(f) shall be made to each holder of
an Interest, whether or not the holder is a substituted Limited
Partner.

       

      (ix)          The
allocation of profit and loss for federal income tax purposes set forth in this
Agreement is intended to allocate taxable profit and loss among Partners
generally in the ratio and to the extent that profit and loss are allocated to
such Partners so as to eliminate, to the extent possible, any disparity between
a Partner’s capital account and his tax basis account, consistent with
principles set forth in Section 704 of the Code.

      

      (g)           Expenses.  The Partnership
shall bear all of its liabilities, costs and expenses including the costs
associated with the distribution of the Partnership.

       

      (h)           Limited Liability
of Limited Partners.  Each Interest,
when purchased in accordance with this Agreement, shall be fully paid and
non-assessable.  Any provisions of this Agreement to the contrary
notwithstanding, no Limited Partner shall be liable for Partnership obligations
in excess of the capital contributed by him plus his share of profits remaining
in the Partnership, if any, and any other amounts as he or she may be liable for
pursuant to the Act.

       

      (i)           Return of Limited
Partners’ Capital Contributions.  Except to the
extent that a Limited Partner shall have the right to withdraw capital in
accordance with the terms of this Agreement, no Limited Partner shall have any
right to demand the return of his capital contribution or any profits added
thereto, except upon dissolution and termination of the
Partnership.  In no event shall a Limited Partner be entitled to
demand or receive property other than cash.

       

      (j)           Determination and
Calculation of Liabilities.  The liabilities
of the Partnership shall be deemed to include: (i) all of its bills and
accounts payable; (ii) all of its accrued or payable expenses;
(iii) the current market value of all of its short sale obligations after
accounting for or reflecting any hedge or other offsetting positions; and
(iv) all of its other liabilities, present or future, including
Reserves.  For purposes of determining the Partnership’s liabilities
at a particular time, the General Partner may estimate expenses that are
incurred on a regular or recurring basis over yearly or other periods and treat
the amount of any such estimate as accruing in equal portions over any such
period.  The General Partner may establish such reserves for the
Partnership for contingent, unknown or unfixed debts, liabilities or obligations
of the Partnership as the General Partner may reasonably determine to be
advisable, whether or not in accordance with generally accepted accounting
principles (“Reserves”).  Any such Reserve, if and when reversed,
shall be allocated among the Capital Accounts of those Persons who were Partners
at the time such Reserve was established unless the General Partner determines
that it would be more equitable to allocate such reversal among the Capital
Accounts of the Partners who are Partners at the time of such
reversal.

      
         

        8.           Management
of the Partnership.

         

      

      The
General Partner, to the exclusion of all Limited Partners, shall conduct the
business of the Partnership.  No Limited Partner shall be entitled to
any salary, draw or other compensation from the Partnership on account of his
investment in the Partnership.  The General Partner shall have sole
discretion in determining what distributions of profits and income, if any,
shall be made to the Partners (subject to the allocation provisions of this
Agreement), shall execute various documents on behalf of the Partnership and the
Partners pursuant to powers of attorney and supervise the liquidation of the
Partnership if any event causing termination of the Partnership
occurs.  In order to 

      
         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 6

                      

              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

         

      

      facilitate
the foregoing, each Limited Partner shall execute a power of attorney as
described in Paragraph 13.

       

      The
General Partner may cause the Partnership to buy, sell, hold or otherwise
acquire or dispose Commodity Interests and, securities, debt obligations and
other assets.  In addition, the General Partner on behalf of the
Partnership may retain a trading manager (including affiliates of
the  General Partner) to select trading advisors or the General
Partner may select and retain trading advisors to make any or all trading
decisions regarding the Partnership and may delegate complete trading discretion
to the manager and/or trading advisors.  The General Partner may
engage, and compensate on behalf of the Partnership from funds of the
Partnership, persons, firms or corporations, including the General Partner and
any affiliated person or entity, as in its sole judgment they shall deem
advisable for the conduct and operation of the business of the Partnership. The
General Partner is specifically authorized to enter into the Commodity Brokerage
Agreement, the Advisory Contract and any selling agreement described in the
Memorandum and each Limited Partner consents to the terms of those agreements
(including, in particular, the fees set forth in those agreements).

       

      The
General Partner may subdivide or combine the Interests in its discretion,
provided that no subdivision or combination shall affect the aggregate Net Asset
Value of any Partner’s Interest in the Partnership.  The Partnership
may issue multiple classes or series of Interests or, at the sole discretion of
the General Partner, declare any Limited Partner a “Special Limited
Partner.”  The assets belonging to a particular series or class shall
belong to that series or class for all purposes, and to no other series or
class, subject only to the rights of creditors of that series class. In
addition, any assets, income, earnings, profits, or payments and proceeds with
respect thereto, which are not readily identifiable as belonging to any
particular series or class shall be allocated by the General Partner between and
among one or more of the series or class for all purposes and such assets,
income, earnings, profits, or funds, or payments and proceeds with respect
thereto, shall be assets belonging to that series or class. The fees charged to
Special Limited Partners may be different than those charged to Limited
Partners.

       

      The
objective of the Partnership is to achieve appreciation of its
assets.  No assurance is given that the Partnership’s objective will
be met.  In the future, the Partnership may retain one or more
additional or replacement trading managers or trading advisors which may trade
other Commodity Interests and use different trading strategies or
systems.  If a new advisor is selected, the Partnership will notify
all Limited Partners.  The Partnership’s ability to make a profit will
depend largely on the success of its advisor or advisors in anticipating market
trends and buying or selling accordingly.

       

      If the
General Partner shall, in its sole discretion, determine that any trading
instruction issued by an advisor to the Partnership violates established the
Partnership’s objectives, the General Partner may cause those trades to be
reversed.

       

      No person
dealing with the General Partner shall be required to determine its authority to
make any undertaking on behalf of the Partnership, nor to determine any fact or
circumstance bearing upon the existence of their authority.

      
         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 7

                      

              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

         

        
          
             

            9.           Audits
and Reports to Limited Partners.

          

        

      

       

      The
Partnership books shall be audited annually by an independent certified public
accountant. The Partnership will use its best efforts to send:

       

      (a)           within
ninety (90) days after the close of each fiscal year, certified financial
statements (including a balance sheet and statement of income) of the
Partnership for the fiscal year then ended;

       

      (b)           tax
information as is necessary for a Limited Partner to complete his federal income
tax return; and

       

      (c)           any
other annual and monthly information as the Commodity Futures Trading Commission
(CFTC) may by regulation require.

       

       The
General Partner is authorized to expend Partnership funds to provide the
foregoing information and to notify the Limited Partners of other information,
as the General Partner may deem appropriate.  Limited Partners or
their authorized representatives may inspect the Partnership books and records
during normal business hours upon reasonable written notice to the General
Partner.

       

      
        
          
            10.           Assignability
of Interests; Redemption of Interests.

          

        

      

       

      (a)           Assignments.  Each Limited Partner
expressly agrees that he will not assign, transfer or dispose of, by gift or
otherwise, any of his Interest or any part of all of his right, title and
interest in the capital or profits of the Partnership without the written
consent of the General Partner.  No transfer of Interests may be made
without the written consent of the General Partner.  No assignment or
transfer will be permitted unless the General Partner is satisfied
that:

       

      (i)           the
assignment or transfer would not violate the Securities Act of 1933 or the laws
of any state;

       

      (ii)          notwithstanding
such assignment or transfer, the Partnership shall continue to be classified as
a partnership and not a corporation or association under the Code;
and

       

      (iii)         such
transfer shall not cause the Partnership to become a publicly traded partnership
under the Code.

       

       The
General Partner may require an opinion of counsel from the assignor or
transferor confirming (i), (ii) and (iii) above.  All costs related to
such transfer (including attorney’s fees) shall be borne by the
assignor/transferor.  If an assignment, transfer or disposition occurs
by reason of the death of a Limited Partner or assignee, written notice may be
given by the duly authorized representative of the estate of the Limited Partner
or assignee and shall be supported by proof of legal authority as may reasonably
be requested by the General Partner.  Any request for assignment or
transfer shall be in writing to the General Partner.  The written
notice required by this paragraph shall specify the name and address of the
assignee and the date of assignment, shall include a statement by the assignee
that he agrees to give the above described written notice to the General Partner
upon any subsequent assignment and to be bound by the terms of this Agreement
and authorizes the General Partner, should they consent to the admission of the
assignee as a substituted Limited Partner, to sign such assignee’s name to this
Agreement and to an amendment to the Partnership’s Certificate of Limited
Partnership (should such an amendment be advisable) as such assignee’s
attorney-in-fact.  The General Partner may, in its sole discretion,
waive receipt of the above described notice or waive any defect
therein.  No assignee, except upon consent of the General

      
         

         

         

        
          
            
              
                	 	 
	
                         

                        APM
      - Eckhardt Futures Fund, L.P.

                      	
                         

                        Exhibit
      A - 8

                      

              

            

          

        

         

         

         

        
          
            
            

          

          
            
            

            
            

          

          
            
            

          

        

         

      

       

       

      Partner
(which consent may be withheld at its sole and absolute discretion), may become
a substituted Limited Partner nor will the estate or any beneficiary of a
deceased Limited Partner or assignee have any right to withdraw any capital or
profits from the Partnership except by redemption of Interests.  A
substituted Limited Partner shall have all the rights and powers and shall be
subject to all the restrictions and liabilities of his assignor; provided,
however, that a substituted Limited Partner shall not be subject to those
liabilities of which he was ignorant at the time he became a substituted Limited
Partner and which could not be ascertained from the Certificate of Limited
Partnership or this Agreement.  Each Limited Partner agrees that with
the consent of the General Partner any assignee may become a substituted Limited
Partner without the further act or consent of any Limited
Partner.  Each Limited Partner agrees that he or she has no right to
consent to and will not consent to any person or entity becoming a substituted
Limited Partner, except as set forth in the preceding sentence.  If
the General Partner withholds consent, an assignee shall not become a
substituted Limited Partner and shall not have any of the rights of a Limited
Partner, except that the assignee shall be entitled to receive that share of
capital or profits and shall have the right of redemption to which his assignor
would otherwise have been entitled.  An assigning Limited Partner
shall remain liable to the Partnership as provided in the Act, regardless of
whether his assignee becomes a substituted Limited Partner.

       

      (b)          
Redemptions.  Limited
Partners may require the Partnership to redeem some or all of their Interest at
their Net Asset Value per Interest as of the end of any month on fifteen (15)
days’ prior written notice to the General Partner.  The General
Partner may declare additional redemption dates upon notice to the Limited
Partners.  Redemptions will be paid only if:

       

      (i)          
all
liabilities, contingent or otherwise, of the Partnership (except any liability
to Partners on account of their capital contributions) have been paid or there
remains property of the Partnership sufficient to pay them, and

       

      (ii)         
the
General Partner has received a timely Request for Redemption, as defined
below.

       

      The
General Partner may, but need not, permit redemption of partial
Interests.  Upon redemption, a Partner (or any assignee of whom the
General Partner has received notice as described below) shall receive from the
Partnership for each Interest redeemed, an amount equal to the Net Asset Value
of the Interest less any amount owing by such Partner (and assignees, if any) to
the Partnership pursuant to Paragraph 16(b) hereof.  If redemption is
requested by an assignee, all amounts owed under Paragraph 16(b) by the Partner
to whom such Interest was sold by the Partnership, as well as all amounts owed
by all other assignees who owned such Interest prior to the current assignee
shall be deducted from the amount paid to such assignee upon redemption of his
Interest.  As described above, an assignee shall not be entitled to
redemption until the General Partner has received written notice of the
assignment, transfer or disposition under which the assignee claims an interest
in the Interests to be redeemed and shall have no claim against the Partnership
or the General Partner with respect to distributions or amounts paid on
redemption of Interests prior to the receipt by the General Partner of the
notice.

       

       As
used in this Agreement, a Request for Redemption shall mean a letter, in the
form specified by the General Partner, sent by a Limited Partner (or any
assignee of whom the General Partner have received a written notice as described
above) and received by the General Partner at least fifteen (15) days, or such
lesser period as shall be acceptable to the General Partner, in advance of the
requested effective date of redemption.  A form of Request for
Redemption is included in the 

      
        
           

           

           

          
            
              
                
                  	 	 
	
                           

                          APM
      - Eckhardt Futures Fund, L.P.

                        	
                           

                          Exhibit
      A - 9

                        

                

              

            

          

           

           

           

          
            
              
              

            

            
              
              

              
              

            

            
              
              

            

          

           

        

         

      

       

      Memorandum.  Additional
forms of Request for Redemption may be obtained by written request to the
General Partner.

       

      The
Partnership or the General Partner may call and redeem Interests owned by any or
all Limited Partners at their Net Asset Value on the date of the
call.  Notwithstanding anything herein to the contrary, the General
Partner, on behalf of the Partnership, may take any and all action including,
but not limited to, refusing to admit persons as Limited Partners or refusing to
accept additional capital contributions, and requiring the redemption of the
Interest of any Limited Partner, as may be necessary or desirable to assure that
at all times less than twenty-five percent (25%) of the total value of each
class of equity interests in the Partnership is held by benefit plan
investors.

       

      Payment
generally will be made within thirty (30) business days after the effective date
of redemption, except that under special circumstances, including but not
limited to inability to liquidate commodity positions as of a date of
redemption, including a special redemption date, or default or delay in payments
due the Partnership from commodity brokers, banks, commodity pools or other
persons, the Partnership may in turn delay payment to Partners requesting
redemption of Interests of the proportionate part of the Net Asset Value of the
Interests equal to that proportionate part of the Partnership’s Net Asset Value
represented by the sums which are the subject of such default or
delay.

       

      11.           Offering
of Interests of Limited Partnership Interest.

       

      The
General Partner, on behalf of the Partnership, shall (a) use its best efforts to
qualify or exempt Interests for sale under the securities laws of the States of
the U. S. or other jurisdictions as the General Partner shall deem advisable and
(b) take action with respect to the matters described above as the General
Partner shall deem advisable or necessary.

       

      The
General Partner is authorized to take the actions and make arrangements for the
sale of the Interests as it deems appropriate, subject to the provisions of
Paragraph 12.

       

      12.           Admission
of Additional Partners.

       

      After the
initial offering of Interests has been terminated by the General Partner, the
General Partner may, in its discretion, make additional offerings of the
Interests.  Pursuant to Paragraph 10, the General Partner may consent
to and admit any assignee of Interests as substituted Limited
Partners.

       

      Additional
or substitute general partners may be admitted to the Partnership pursuant to
Paragraph 17.  Upon the admission of any substitute or additional
general partner or general partners, this Agreement shall be amended (and each
Limited Partner consents to such amendment) so that the provisions of this
Agreement shall apply to such general partner or general partners in the same
manner as now applicable to the General Partner, to the extent
practicable.

       

      
        13.           Special
Power of Attorney.

         

      

      Each
Limited Partner by executing this Agreement does irrevocably constitute and
appoint the General Partner with power of substitution, as his true and lawful
attorney-in-fact, in his name, place and stead to:

      
        
          
             

             

             

            
              
                
                  
                    	 	 
	
                             

                            APM
      - Eckhardt Futures Fund, L.P.

                          	
                             

                            Exhibit
      A - 10

                          

                  

                

              

            

             

             

             

            
              
                
                

              

              
                
                

                
                

              

              
                
                

              

            

             

          

           

        

      

       

      (a)           execute,
acknowledge, swear to (and deliver as may be appropriate) on his behalf and file
and record in the appropriate public offices and publish (as may be
appropriate):

       

      (i)           this
Agreement, including any amendments adopted as provided herein,

       

      (ii)          certificates
of limited partnership in various jurisdictions, and amendments thereto, and
certificates of assumed name or doing business under a fictitious name with
respect to the Partnership,

       

      (iii)         all
conveyances and other instruments which the General Partner deems appropriate to
qualify or continue the Partnership in the jurisdictions in which the
Partnership may conduct business which may be required to be filed by the
Partnership or the Partners under the laws of any jurisdiction to reflect the
dissolution or termination of the Partnership or to reorganize or refile the
Partnership in a different jurisdiction, provided that the reorganization or
refiling does not result in a material change in the rights of the
partners;

       

      (b)         
admit
additional Limited Partners and, to the extent that it is
necessary  under the laws of any jurisdiction, to file amended
certificates or agreements of limited partnership or other instruments to
reflect such admission, to execute, file and deliver such certificates,
agreements and instruments;

       

      (c)          
file,
prosecute, defend, settle or compromise litigation, claims or arbitrations on
behalf of the Partnership;  and

       

      (d)          enter
into agreements with third parties (including affiliates of the General Partner)
to carry out the Partnership’s business.

       

      The Power
of Attorney granted herein shall be irrevocable and deemed to be a power coupled
with an Interest and shall survive the incapacity or death of a Limited
Partner.  Each Limited Partner agrees to be bound by any
representation made by the General Partner and by any successor thereto, acting
in good faith pursuant to such Power of Attorney, and each Limited Partner
hereby waives any and all defenses which may be available to contest, negate or
disaffirm the action of the General Partner and any successor thereto, taken in
good faith under such Power of Attorney.  In addition to this Power of
Attorney, each Limited Partner agrees to execute a special Power of Attorney on
a document separate from this Agreement.  The form of Power of
Attorney to be executed is included in the Subscription Agreement attached to
the Memorandum.  In the event of any conflict between this Agreement
and any instruments filed by such attorney pursuant to the Power of Attorney
granted in this Paragraph 13, this Agreement shall control.

       

      14.           Withdrawal
of a Partner.

       

      The Partnership shall be dissolved and
terminate upon the withdrawal, dissolution, admitted or court decreed insolvency
or the removal of the General Partner (unless a substitute general partner has
been appointed or the Partnership is continued pursuant to the terms of
Paragraph 17).  In addition, the General Partner may withdraw from the
Partnership at any time on written notice in person, by first class mail,
postage prepaid or express mail, to each Limited Partner (without breach of this
Agreement) and the withdrawal will be effective on the date set forth in the
Notice or if no date is given on the 90th day following the date on which the
notice is given or mailed.  The death, incompetency, withdrawal,
insolvency or dissolution of a Limited Partner shall not terminate or dissolve
the Partnership, and a Limited Partner, his estate, custodian or personal
representative shall have no right to withdraw or value the Limited Partner’s
Interest in the Partnership except as 

       

      
        
          
            
               

               

               

              
                
                  
                    
                      	 	 
	
                               

                              APM
      - Eckhardt Futures Fund, L.P.

                            	
                               

                              Exhibit
      A - 11

                            

                    

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                  

                

                
                  
                  

                

              

               

            

            
              provided
in Paragraph 10.  Each Limited Partner (and any assignee of a Limited
Partner’s Interest) waives on behalf of himself and his estate, and directs the
legal representatives of his estate and any person interested therein to waive,
the furnishing of any inventory, accounting or appraisal of the assets of the
Partnership and any right to an audit or examination of the books of the
Partnership other than as provided for in this
Agreement.

            

          

        

      

       

      15.           No
Personal Liability for Return of Capital.

       

      The
General Partner shall not be liable for the return or repayment of all or any
portion of the capital or profits of any Partner (or assignee), it being
expressly agreed that any return of capital or profits made pursuant to this
Agreement shall be made solely from the assets (which shall not include any
right of contribution from the General Partner) of the Partnership.

       

      16.           Indemnification.

       

      (a)           By the
Partnership.  The General Partner, and any Affiliate of the
General Partner engaged in the performance of services on behalf of the
Partnership, shall be indemnified for any liability or loss suffered by the
General Partner or such Affiliate and shall have no liability to the Partnership
or to any Limited Partner for any liability or loss suffered by the Partnership
which arises out of any action or inaction of the General Partner or such
Affiliate if (i) the General Partner has determined, in good faith, that such
course of conduct was in the best interests of the Partnership and (ii) such
liability or loss was not the result of negligence or misconduct by the General
Partner or any such Affiliate.

      

      Notwithstanding
the foregoing, the General Partner, and any Affiliate engaged in the performance
of services on behalf of the Partnership, shall not be indemnified by the
Partnership for any liability imposed by judgment, and costs associated
therewith, including attorney’s fees, arising from or out of a violation of
state or federal securities laws or rules.  The General Partner and
such Affiliates shall be indemnified for settlements and related expenses of
lawsuits alleging securities law violations, and for expenses incurred in
successfully defending such lawsuits, provided that a court either (i) approves
the settlement and finds that indemnification of the settlement and related
costs should be made, or (ii) approves indemnification of litigation costs if a
successful defense is made.

       

      Any
amounts payable to the General Partner or its Affiliates pursuant to the
foregoing are recoverable only out of the assets of the Partnership and not from
the Limited Partners.  The Partnership shall not incur the cost of
that portion of liability insurance which insures the General Partner and its
Affiliates for any liability as to which the General Partner and its Affiliates
are prohibited from being indemnified.

       

      The
Partnership may advance to the General Partner and its Affiliates legal expenses
and other costs incurred as a result of legal action initiated against it or its
Affiliates is permissible if the following conditions are
satisfied:  (i) the legal action relates to the performance of duties
or services by the General Partner or its Affiliates on behalf of the
Partnership; (ii) the General Partner or its Affiliates undertake to repay the
advanced funds to the Partnership in cases in which they would not be entitled
to indemnification.

       

      For the
purpose of this Section 16, the term “Affiliate(s)” shall mean any persons
performing services on behalf of the Partnership who:  (i) directly or
indirectly controls, is controlled by, or is under common control with the
General Partner; or (ii) owns or controls 10% or more of the 

      
        
          
            
               

               

              
                
                  
                    
                      	 	 
	
                               

                              APM
      - Eckhardt Futures Fund, L.P.

                            	
                               

                              Exhibit
      A - 12

                            

                    

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                  

                

                
                  
                  

                

              

               

            

            outstanding voting securities of the General Partner; or (iii) an
officer or director of the General Partner; or (iv) is a company for which the
General Partner is an officer, director, partner or trustee.

          

        

         

      

      (b)           By the
Partners.  If the
Partnership is made a party to any claim, dispute or litigation or otherwise
incurs any loss or expense as a result of or in connection with any Partner’s
(or assignee’s) actions unrelated to the Partnership’s business, the Partner (or
assignees, cumulatively) shall indemnify and reimburse the Partnership for all
loss and expense incurred, including reasonable attorney’s fees.  In
addition, if the Partnership is obligated to pay any amount to a governmental
agency (or otherwise makes a payment) because of a Partner’ status or otherwise
specifically attributable to a Partner (including, without limitation, federal
withholding taxes with respect to foreign partners, state personal property
taxes, state unincorporated business taxes, etc.), then such Partner shall
indemnify the Partnership in full for the entire amount paid (including without
limitation, any interest, penalties and expenses associated with such
payments).  The amount to be indemnified shall be charged against the
Capital Account of such Partner, and, at the option of the General Partner,
either:

       

      (i)           promptly
upon notification of an obligation to indemnify the Partnership, such Partner
shall make a cash payment to the Partnership equal to the full amount to be
indemnified (and the amount paid shall be added to the Partner’s Capital
Account), or

       

      (ii)          the
Partnership shall reduce subsequent distributions which would otherwise be made
to the Partners, until the Partnership has recovered the amount to be
indemnified, or

       

      (iii)         the
Partnership shall redeem sufficient Interests held by such Partner and retain
the proceeds for its benefit up to the amount needed for the Partnership to
recover the amount to be indemnified.

       

      17.           Amendments;
Meetings.

       

      (a)          
Amendments with
Consent of the General Partner.  If at any time
during the term of the Partnership the General Partner shall deem it necessary
or desirable to amend this Agreement, it may proceed to do so, provided that the
amendment shall be effective only if embodied in an instrument signed by the
General Partner and by Limited Partners owning more than 50% of the Interests
then owned by the Limited Partners and if made in accordance with and to the
extent permissible under the Act.  Such approvals may be obtained by
the General Partner by means of written notice to the Limited Partners requiring
them to respond in the negative by a specified time, or to be deemed to have
approved of the proposed amendment.  Any supplemental or amendatory
agreement shall be adhered to and have the same effect from and after its
effective date as if the same had originally been embodied in and formed a part
of this Agreement, provided, however, that no supplemental or amendatory
agreement shall, without the consent of all Limited Partners, change or alter
this Paragraph 16, extend the term of the Partnership, reduce the capital
account of any Partner or modify the percentage of profits, losses or
distributions to which any Partner is entitled.  In addition,
reduction of the capital account of any assignee or modifications of the
percentage of profits, losses or distributions to which an assignee is entitled
shall not be affected by amendment or supplement to this Agreement without the
assignee’s consent.  No meeting procedure or specified notice period
is required in the case of amendments made with the consent of the General
Partner, mere receipt of an adequate number of unrevoked consents being
sufficient.  The General Partner 

       

      
        
          
            
               

               

               

              
                
                  
                    
                      	 	 
	
                               

                              APM
      - Eckhardt Futures Fund, L.P.

                            	
                               

                              Exhibit
      A - 13

                            

                    

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                  

                

                
                  
                  

                

              

               

            

             

          

        

         

      

       

      may, but
is not required to, amend this Agreement without the consent of the Limited
Partners in order to:

       

      (i)           clarify
any clerical inaccuracy, ambiguity or reconcile any inconsistency (including any
inconsistency between the Agreement and the Memorandum);

       

      (ii)          appoint
a substitute or additional general partner or add to the representations, duties
or obligations of the General Partner or surrender any right or power of the
General Partner for the benefit of the Limited Partners or appoint a substitute
general partner;

       

      (iii)         amend
this Agreement to effect the intent of the allocations proposed herein to the
maximum extent possible in the event of a change in the Code or the
interpretations thereof affecting such allocations;

       

      (iv)         attempt
to ensure that the Partnership is not taxed as an association for federal income
tax purposes and to prevent the Partnership from becoming classified as a
publicly traded partnership;

       

      (v)          qualify
or maintain the qualification of the Partnership as a limited partnership in any
jurisdiction;

       

      (vi)         delete
or add any provision of or to this Agreement required to be deleted or added by
the Staff of the Securities and Exchange Commission or any other federal agency
or any state “Blue Sky” official or similar official or in order to opt to be
governed by any amendment or successor statute to the Act;

       

      (vii)        change
the name of the Partnership and make any modifications to this Agreement to
reflect the admission of an additional or substitute general partner and to
reflect any modification to the Net Worth requirements applicable to the General
Partner and any other general partner, as contemplated by paragraph 5
hereof;

       

      (viii)       make
any amendment to this Agreement which the General Partner deems advisable,
provided that such amendment is not adverse to the Limited Partners, or that is
required by law;

       

      (ix)          make
any amendment that is appropriate or necessary, in the opinion of the General
Partner, to prevent the Partnership or the General Partner or its directors,
officers or controlling persons from in any manner being subjected to the
provisions of the Investment Company Act of 1940, as amended, the Investment
Advisers Act of 1940, as amended, to avoid the assets of the Partnership being
treated for any purposes of the Employee Retirement Income Security Act of 1974
(ERISA) or Section 4975 of the Code as assets of any “employee benefit plan” as
defined in and subject to ERISA or of any “plan” as defined in and subject to
Section 4975 of the Code (or any corresponding provisions of succeeding law) or
to avoid the Partnership’s engaging in a prohibited transaction as defined in
Section 406 of ERISA or Section 4975(c) of the Code; and

       

      (x)           make
any amendment necessary to obtain that Partnership income not be deemed to
constitute “unrelated business taxable income” or be adversely affected by the
“passive loss” rules under the Code.

       

      (b)           Meetings.  Any Limited
Partner upon written request addressed to the General Partner shall be entitled
to obtain from the General Partner, at the Limited Partner’s expense, a list of
the names and addresses of record of all Limited Partners; provided that the
Limited Partner 

      
        
          
            
               

               

               

              
                
                  
                    
                      	 	 
	
                               

                              APM
      - Eckhardt Futures Fund, L.P.

                            	
                               

                              Exhibit
      A - 14

                            

                    

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                  

                

                
                  
                  

                

              

               

            

             

          

        

         

      

       

      represents
that the list will not be used for commercial purposes.  Upon receipt
of a written request, signed by Limited Partners owning at least 10% of the
Interests then owned by Limited Partners, that a meeting of the Partnership be
called to vote upon any matter which the Limited Partners may vote upon pursuant
to this Agreement, the General Partner shall, by written notice to each Limited
Partner of record mailed within fifteen days after such receipt, call a meeting
of the Partnership.  The meeting shall be held at least thirty but not
more than sixty days after the mailing of the notice, and the notice shall
specify the date of, a reasonable place and time for, and the purpose of the
meeting.

       

      (c)           Amendments and
Actions without Consent of the General Partner.  At any meeting
called pursuant to Paragraph 16(b), upon the affirmative vote (which may be in
person or by proxy) of Limited Partner owning more than 50% of the Interests
then owned by the Limited Partners (or as otherwise provided for by state law),
the following actions may be taken, irrespective of whether the General Partner
concurs:

       

      (i)           this
Agreement may be amended in accordance with and only to the extent permissible
under the Act, provided, however, that consent of all Limited Partners shall be
required in the case of amendments which require the consent of all Limited
Partners, i.e., changing or altering this Paragraph 17, extending the term of
the Partnership, reducing the capital account of any Partner or modifying the
percentage of profits, losses or distributions to which any Partner is entitled;
in addition, reduction of the capital account of any assignee or modification of
the percentage of profits, losses or distributions to which an assignee is
entitled shall not be effected by amendment or supplement to this Agreement
without such assignee’s consent;

       

      (ii)          the
Partnership may be dissolved;

       

      (iii)         the
General Partner may be removed and replaced;

       

      (iv)         a
new general partner or general partners may (to the extent permitted by the Act)
be elected if the General Partner elects to withdraw from the Partnership and no
substitute general partner has been appointed by the General
Partner;

       

      (v)          the
sale of all or substantially all of the assets of the Partnership may be
approved; and

       

      (vi)         any
contract for services with the General Partner or its affiliates may be canceled
on sixty (60) days written notice without penalty.

       

       If
the General Partner is removed or withdraws, its General Partnership Interest
shall be valued on an Interest equivalent basis and immediately
redeemed.

      

      18.           Governing
Law.

       

      The
validity and construction of this Agreement shall be determined and governed by
the laws of the State of Delaware.

       

      19.           Miscellaneous.

       

      (a)           Priority among
Limited Partners.
No Limited Partner shall be entitled to any priority or preference over
any other Limited Partner in regard to the affairs of the Partnership, except to
the extent that this Agreement may be deemed to establish a priority or
preference.

      
        
          
            
               

               

               

              
                
                  
                    
                      	 	 
	
                               

                              APM
      - Eckhardt Futures Fund, L.P.

                            	
                               

                              Exhibit
      A - 15

                            

                    

                  

                

              

               

               

               

              
                
                  
                  

                

                
                  
                  

                  
                  

                

                
                  
                  

                

              

               

            

             

          

        

         

      

      (b)          
Notices.  All notices under
this Agreement shall be in writing and, except as set forth in the following
sentence, shall be effective upon personal delivery, or if sent by first class
mail, postage prepaid addressed to the last known address of the party to whom
the notice is to be given, upon the deposit of the notice in the U.S.
mails.  Requests for Redemption and notices of assignment, transfer or
disposition of Interests or any interest therein shall be effective upon receipt
by the General Partner.  Any notice required to be sent or received
under this Agreement shall, for purposes herein, be deemed to have been sent or
received if sent or received by the General Partner.

       

      (c)          
Binding
Effect. This
Agreement shall inure to and be binding upon all of the parties, their
successors and assigns, custodians, heirs and personal
representatives.  For purposes of determining the rights of any
Partner or assignee, the Partnership and the General Partner may rely upon the
Partnership records as to who are Partners and assignees and all Partners and
assignees agree that their rights shall be determined and that they shall be
bound thereby, including all rights which they may have under Paragraph 10 to 17
hereof.

       

      (d)           Captions. Captions in no way define,
limit, extend or describe the scope of this Agreement nor the effect of any of
its provisions.

      

      

      IN
WITNESS WHEREOF, the parties have executed this Agreement of Limited Partnership
as of the date and year first above written.

      

      

       

       

    

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	GENERAL
      PARTNER:	 	 	LIMITED
      PARTNER:	 
	 	 	 	 	 
	Altegris
      Portfolio Management, Inc.	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	By:  	
              /s/ Robert J.
      Amedeo

            	 	By:	/s/ Jon
    Sundt	 
	 	     
      Robert J. Amedeo, Vice President	 	 	     
      Jon Sundt	 
	 	 	 	 	 	 

    

     

     

     

     

      
         

        
          
             

            
              
                
                  
                    	 	 
	
                             

                            APM
      - Eckhardt Futures Fund, L.P.

                          	
                             

                            Exhibit
      A - 16efc9-0666_ex101.htm

    Exhibit
10.1

     

     

    APM
ECKHARDT FUTURES FUND, L.P.

    ADVISORY
CONTRACT

    

    

    This
advisory contract (Agreement) made as of this 28th day of May, 2009 between APM
Eckhardt Futures Fund, L.P. (the Partnership), Altegris Portfolio Management,
Inc. (the General Partner) and Eckhardt Trading Company (the Advisor) is made on
the following premises, terms and conditions:

    

    RECITALS

    

    WHEREAS,
the Partnership has been organized to trade speculatively in commodities, spot
and forward foreign exchange, futures, options, forwards, swaps, exchange of
futures for physical transactions and exchange of physical for futures
transactions (“EFPs”) and other derivative instruments traded on markets and
exchanges worldwide, both regulated and over-the-counter (Commodity Interests);
and

    

    WHEREAS,
the General Partner is, pursuant to the Partnership's Agreement of Limited
Partnership, authorized to utilize the services of an advisor in connection with
the Commodity Interest trading activities of the Partnership; and

    

    WHEREAS,
the Advisor’s current business is advising and making trading decisions with
respect to the purchase and sale of Commodity Interests; and

    

    WHEREAS,
the Partnership, the General Partner and the Advisor wish to enter into this
Agreement in order to set forth the terms and conditions upon which the Advisor
will render and implement advisory and management services in connection with
the conduct by the Partnership of certain of its Commodity Interest trading
activities during the term of this Agreement;

    

    NOW,
THEREFORE, the parties hereto agree as follows:

    

    AGREEMENTS

    

    1.           Preparation of Offering
Memorandum.  The Advisor will cooperate with the Partnership in
the Partnership’s endeavors (a) to prepare or cause to be prepared an Offering
Memorandum relating to the offer and sale by the Partnership of Limited
Partnership Interests (the Interests) and to prepare or cause to be prepared
such amendments or supplements to the Offering Memorandum as are deemed
necessary by the Partnership and the General Partner, each such amended
disclosure document being deemed an Offering Memorandum as that term is used in
this Agreement; and (b) to furnish any supplemental information as may be
reasonably requested by the Securities & Exchange Commission (SEC), the
Commodity Futures Trading Commission (CFTC) , any self regulatory body or by any
securities division or examiner thereof in any state where sales of the
Interests are contemplated.

    

    The
Advisor agrees to make all necessary disclosures regarding itself, its
principals, its trading performance, customer accounts and otherwise as are
required to be made for registration or exemption of the Interests under federal
and state securities laws.

    

    The
parties agree that the Advisor shall have no liability or responsibility for any
statistics prepared or utilized by the General Partner or the Partnership based
upon or deriving from the monthly returns provided by the Advisor to the General
Partner and the Partnership or based upon or deriving from the monthly returns
of the Partnership following its commencement of operations.  The
parties agree that the General Partner is solely responsible for the preparation
of the break-even table included in the Offering Memorandum and that the Advisor
shall have no responsibility or liability therefor.

    

    2.           Termination.  Notwithstanding
the foregoing, the Partnership or the General Partner on its behalf may withdraw
the Offering Memorandum or terminate the offering of the Interests at any
time.  Upon any such withdrawal or termination, this Agreement shall
terminate and except for the obligations set forth in 

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

     

    Section
10 neither the Partnership nor the General Partner shall have any obligation to
the Advisor under this Agreement.

     

    
      3.           Certain Representations and
Warranties.

       

      a.           The
Advisor represents and warrants to the Partnership and the General Partner and
agrees that:

    

    

    (i)           The
Advisor will use its Standard Plus trading program (the Program) to trade the
Partnership’s account until otherwise instructed by the General
Partner.  The Advisor has supplied, and has made available for review
by the General Partner or its agents substantially all documents, statements,
agreements, confirmations and workpapers relating to all accounts managed by the
Advisor and any other persons or entities controlled by the Advisor which have
heretofore been requested by the General Partner including data necessary for
the General Partner to create a pro forma table for the Program reflecting the
fees and expenses the Partnership will pay.  The Advisor agrees to
make available to the Partnership’s certified public accountants such
information as is necessary to update its past performance tables, subject to
receipt of adequate written assurances of confidentiality.

    

    (ii)          The
Advisor is duly organized and validly existing under the laws of the
jurisdiction of its incorporation, in good standing with full power and
authority to enter into this Agreement and to conduct its business as described
in the Offering Memorandum.  This Agreement has been duly and validly
authorized, executed and delivered on behalf of the Advisor and is a binding
agreement of the Advisor, enforceable in accordance with its terms.

    

    (iii)         To
the best of the Advisor’s knowledge and belief all of the information about the
Advisor delivered by the Advisor to the General Partner in writing about the
Advisor is true, accurate, and complete in all material respects and does not
contain any untrue statement of a material fact or any omit to state a material
fact necessary to make the statements made therein, in light of the
circumstances under which they were made, not misleading.  Except as
otherwise disclosed by the Advisor in writing to the General Partner, the actual
performance of all accounts directed by the Advisor and its principals during
the period of time covered by the Advisor’s performance capsules contained in
the Offering Memorandum and the explanations and footnotes thereto are fairly
presented and are true, correct, and complete in all material
respects.

    

    (iv)         The
representations and warranties made in this Agreement by the Advisor shall be
continuing during the term of this Agreement and if at any time any event has
occurred which would make or tend to make any of the representations and
warranties in this Agreement not true, of which the Advisor has knowledge or
should reasonably have knowledge, the Advisor will promptly notify the General
Partner.

     

    
      b.           The
General Partner represents and warrants to the Advisor that:

    

    

    (i)           The
Offering Memorandum does not contain any untrue statement of  a
material fact or omit to state a material fact necessary to make the statements
made therein, in light of the circumstances under which they were made, not
misleading, except that the foregoing representation does not apply to any
statement or omission concerning the Advisor in any Offering Memorandum, made in
reliance upon, and in conformity with information furnished to the Partnership
by or on behalf of the Advisor expressly for use in such Offering
Memorandum.

    

    (ii)           It
is a corporation duly organized and validly existing under the laws of the
jurisdiction of its incorporation, is in good standing with full power and
authority to enter into this Agreement and to conduct its business as described
in the Memorandum.

    .

    (iii)          It
has the capacity and authority to enter into this Agreement.

     

     

     

    
      
        
        

      

      
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    (iv)          This
Agreement has been duly and validly authorized, executed and delivered on its
behalf and is a valid and binding agreement of itself, enforceable in accordance
with its terms.

    

    (v)           It
will not, by entering into this Agreement, breach or cause to be breached any
undertaking, agreement, contract, statute, rule or regulation by which it is a
party or by which it is bound which would materially limit or affect the
performance of its duties under this Agreement.

    

    (vi)          The
offer, sale and distribution of Interests in the Partnership shall  be
made in full compliance with all applicable laws, statutes, rules, regulations,
the requests or orders of any government, court or governmental, regulatory or
self-regulatory authority (the “Laws”) having jurisdiction there
over  including but not limited to applicable requirements regarding
identification of indirect investors in the Partnership, if any, and
verification of the source of the funds invested. In connection with the offer
and sale of Interests in the Partnership, the General Partner shall (A) use its
reasonable best efforts to ensure that each placement agreement entered into
with any affiliated and third party placement agents shall contain
representations and warranties from such placement agents that such placement
agents shall comply fully at all times with all federal, state and foreign
securities laws, rules and regulations applicable to the offer and sale of the
Interests in the Partnership; and (B) in the event that the General Partner
becomes aware of any material breach by the placement agent of the
representations and warranties of the placement agent referred to in (A) above,
the General Partner shall terminate such placement agent agreement
immediately.

    

    (vii)          It
has received, read and it understands the Advisor’s most recent commodity
trading advisor disclosure document dated February 28, 2009.

    

    (viii)        With
respect to the Partnership, the General Partner is registered as a commodity
pool operator under the U.S. Commodity Exchange Act, as amended (CE Act), and is
a member of the NFA in such capacity.

    

    (ix)           It
shall not prepare, utilize or distribute any promotional materials (including
the Offering Memorandum, any prospectus or other type of offering document)
which identify the Advisor without obtaining the Advisor’s prior written
approval of such promotional materials.

    

    (x)            It
shall not allow any assets of the Partnership to constitute "plan assets" for
purposes of the U.S. Employee Retirement Income Act of 1974, as amended (ERISA)
or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended
(Code).

    

    (xi)           The
representations and warranties made in this Agreement by the General Partner
shall be continuing during the term of this Agreement and if at any time any
event has occurred which would make or tend to make any of the representations
and warranties in this Agreement not true, of which the General Partner has
knowledge or should reasonably have knowledge, the General Partner will promptly
notify the Advisor.

     

    
      c.           The
Partnership represents and warrants to the Advisor that:

    

    

    (i)           
The Offering Memorandum does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made therein,
in light of the circumstances under which they were made, not misleading, except
that the foregoing representation does not apply to any statement or omission
concerning the Advisor in any Offering Memorandum, made in reliance upon, and in
conformity with information furnished to the Partnership by or on behalf of the
Advisor expressly for use in such Offering Memorandum,.

    

    (ii)           The
Partnership is a limited partnership duly organized under the laws of the State
of Delaware, is in good standing with full power and authority to enter into
this Agreement and to conduct its business as described in the
Memorandum.

    

    (iii)           The
Partnership has the capacity and authority to enter into this
Agreement.

     

     

     

    
      
        
        

      

      
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    (iv)           This
Agreement has been duly and validly authorized, executed and delivered on behalf
of the Partnership and is a valid and binding agreement of the Partnership,
enforceable in accordance with its terms.

    

    (v)           The
Partnership will not, by entering into this Agreement, breach or cause to be
breached any undertaking, agreement, contract, statute, rule or regulation to
which it is a party or by which it is bound which would materially limit or
affect the performance of its duties under this Agreement.

    

    (vi)           The
offer, sale and distribution of Interests in the Partnership shall  be
made in full compliance with all applicable Laws having jurisdiction there over
including but not limited to applicable requirements regarding identification of
indirect investors in the Partnership, if any, and verification of the source of
the funds invested.  In connection with the offer and sale of
Interests in the Partnership, the Partnership shall: (A) use its reasonable best
efforts to ensure that each placement agreement entered into with any affiliated
and third party placement agents shall contain representations and warranties
from such placement agents that such placement agents shall comply fully at all
times with all federal, state and foreign securities laws, rules and regulations
applicable to the offer and sale of the Interests in the Partnership; and (B) in
the event that the Partnership becomes aware of any material breach by the
placement agent of the representations and warranties of the placement agent
referred to in (A) above, the Partnership shall terminate such placement agent
agreement immediately.

    

    (vii)          It
has received, read and it understands the Advisor’s most recent commodity
trading advisor disclosure document dated February 28, 2009.

    

    (viii)         It
shall not prepare, utilise or distribute any promotional materials (including
the Offering Memorandum, any prospectus or other type of offering document)
which identify the Advisor without obtaining the Advisor’s prior written
approval of such promotional materials.

    

    (ix)           
It shall not allow any assets of the Partnership to constitute "plan assets" for
purposes of ERISA the Code.

    

    (x)           
The Partnership will make all disclosures required by law pertaining to the
selection of the Advisor as a trading advisor for the Partnership.

    

    (xi)           The
representations and warranties made in this Agreement by the Partnership shall
be continuing during the term of this Agreement and if at any time any event has
occurred which would make or tend to make any of the representations and
warranties in this Agreement not true, of which the Partnership has knowledge or
should reasonably have knowledge, the Partnership will promptly notify the
Advisor.

    

    As used
in this Agreement, the terms “principal” and “direct” shall have the same
meaning given to such terms in Section 4.10(e) and (f) of the Regulations under
the CE Act and the term "affiliate" shall mean an individual or entity
(including a stockholder, director, officer, employee, agent or principal) that
directly or indirectly controls, is controlled by or is under common control
with any other individual entity.

    
      

      4.           Duties of the
Advisor.  Upon allocation of assets to the Advisor, the Advisor
shall have sole authority and responsibility for directing the Partnership’s
commodity trading activities for the period set forth in this Agreement and in
accordance with the objectives set forth in the Offering
Memorandum.  If the General Partner, in its sole discretion,
determines that any trading instructions issued by the Advisor violate those
objectives, then upon prior notice to the Advisor, the General Partner may cause
any position placed in violation to be reversed.  The Advisor will
exercise its reasonable efforts in determining the trades in Commodity Interests
with respect to the Partnership’s assets allocated to it.  The Advisor
has advised the Partnership that the past performance of the Advisor and its
principals as set forth in the Offering Memorandum is the result of the
Advisor’s trading methods as modified and refined from time to
time.  Material changes in those trading methods will not be made
without prior written notice to the General Partner.  Changes in
Commodity Interests traded shall not be deemed material changes in the Advisor’s
trading methods. The Advisor shall use the trading program described in the
Offering Memorandum in trading the 

       

       

       

      
        
          
          

        

        
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      Partnership’s
account.  Until further notice, all trades for the account of the
Partnership shall be cleared through MF Global, Inc.  The Advisor may
also place Commodity Interests orders for the Partnership through exchange floor
brokers, give-up brokers, prime brokers, dealers, automated order routing
systems or other executing entities or facilities selected by the Advisor in its
sole and absolute discretion. The Advisor shall have full authority to enter in
its own name but for the account, benefit and risk of the Partnership into any
give-up agreements, EFP agreements, and any automated order routing agreement
for executing orders through an automated order routing system, to make the
necessary representations and warranties set forth in such agreements and to
negotiate the applicable give-up fees and applicable automated order routing
commissions, if any. The parties agree that all orders, entered into pursuant to
this Agreement and pursuant to any automated order routing agreement, are being
entered into by the Advisor as the Partnership’s agent for the account, benefit
and risk of the Partnership.  All brokerage commissions, prime
brokerage fees, automated order routing or similar fees, dealer spreads,
mark-ups, exchange fees, give up fees, execution fees, National Futures
Association (“NFA”) fees and other related transactional fees and expenses of
such Commodity Interests trading will be paid by the
Partnership.

    

     

    
      5.           Independence of the
Advisor.  The Advisor shall for all purposes herein
be  deemed
to be an independent contractor and shall, unless otherwise expressly provided
or authorized, have no authority to act for or represent the Partnership in any
way or otherwise be deemed an agent of the Partnership or the General
Partner.  Nothing contained herein shall create or constitute any of
the Partnership and the General Partner on the one hand and the Advisor on the
other hand as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity.   The Advisor
shall not offer or sell or solicit any offers to purchase Partnership
Interests.  The parties acknowledge that the Advisor has not, either
alone or in conjunction with the General Partner, been an organizer or promoter
of the Partnership.  Nothing herein contained shall be deemed to
require the Partnership to take any action contrary to its Agreement of Limited
Partnership, its Certificate of Limited Partnership or any applicable statute,
regulation or exchange rule.

    

    

    6.           Compensation.  In
consideration of and in compensation for all of the services to be
rendered by the Advisor to the Partnership under this Agreement, the Partnership
agrees that it will pay to the Advisor a management fee, payable monthly in
arrears, in an amount equal to 0.833% (1% annually) of the Net Asset Value (as
defined below) of the Partnership as of the close of business on the last
business day of each calendar month and a calendar quarterly incentive fee of
24% of Trading Profits (as defined below) attributable to each outstanding
Interest.

     

    Net Asset Value means the Partnership's
total assets less total liabilities, to be determined on the basis of U.S.
generally accepted accounting principles, consistently applied, unless otherwise
specified below. Net Asset Value will include the sum of all cash, U.S.
Government obligations or other securities at market value, accrued interest
receivable, and the current market value of all open Commodity Interest
positions, as indicated by the settlement prices determined by the exchanges on
which such positions are maintained and any other funds which the Partnership
has stated are subject to the Advisor's trading discretion but have not been
deposited in the Partnership’s account, e.g. committed funds or notional
equity.

     

    Trading Profits (for purposes
of calculating the Advisor’s incentive fees only) during a calendar quarter
means each Interest’s pro-rata share of the Partnership’s cumulative realized
and change in unrealized profits and losses during the quarter which result from
the Advisor’s trading (over and above the aggregate of previous period profits
as of the end of any prior quarter) less brokerage commissions and related
brokerage fees, the management fees payable to the Advisor and the General
Partner but not reduced by other expenses of the Partnership, including, but not
limited to the broker dealer trailing compensation, administrative and
operational expenses Interest income shall not be included in calculating
Trading Profits.

     

    Incentive fees are calculated
separately for each Partner’s Interest.  If trading profits for a
calendar quarter as to an Interest are negative, such losses shall constitute a
“Carryforward Loss” for the beginning of the next quarter.  No
incentive fees are payable as to any Interest until future trading profits, as
to that Interest, for the following quarters exceed any Carryforward
Loss.  Therefore, the Advisor will not receive an incentive fee unless
it generates new profits for an Interest. In the event that a Partner redeems
all or a 

     

     

     

    
      
        
        

      

      
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    portion
of its Interest when such Interest has a Carryforward Loss in effect, the
Carryforward Loss shall be reduced on a pro-rata basis to reflect such
redemption.  Any Carryforward Loss reductions shall not be subject to
re-instatement in the event that a Partner subscribes for an additional Interest
following a Carryforward Loss reduction.  In the event a Partner
subscribes for its Interest as of different dates, it will have a separate
capital account with respect to each Interest and will pay incentive fees to the
Advisor on an Interest by Interest basis and not on a net basis.

     

    The Partnership shall pay the Advisor
all management fees and incentive fees within fourteen (14) calendar days from
the date they become due.

    

    The
Advisor shall not receive any commissions, compensation, remunerations or
payments whatsoever from any broker with whom the Partnership carries an account
for any transactions executed in the Partnership's account.

     

    
      7.           Right to Advise
Others.  The Advisor’s present business is advising with
respect to the
purchase and sale of Commodity Interests.  The services provided by
the Advisor under this Agreement are not to be deemed exclusive.  The
General Partner acknowledges that, subject to the terms of this Agreement, the
Advisor will continue to render advisory, consulting and management services to
other clients and to trade for proprietary accounts.  The Advisor
advises and will continue to advise others and manage other accounts, including
accounts owned by the Advisor, its employees and affiliates, and other publicly
offered and private pools during the term of this Agreement and to use the same
information, computer programs and trading strategy which it obtains, produces
or utilizes in the performance of services for the Partnership.  The
Advisor represents and warrants that (i) in rendering consulting, advisory and
management services to other accounts and entities, the Advisor will use its
reasonable efforts to achieve an equitable treatment of all accounts on an
overall basis and will use a fair and reasonable system of order entry for all
accounts on an overall basis and (ii) it will not deliberately use any trading
strategies for the Partnership which it or its principals know are inferior to
those employed by other accounts; it being acknowledged that the Advisor offers
other trading programs than the Standard Plus trading program selected by the
General Partner and the Partnership and that the performance of
such  different trading programs may produce different results than
the Standard Plus trading program.

    

    

    8.           Records of the
Partnership.  The General Partner will instruct the
Partnership’s broker to furnish copies of all trade confirmations and monthly
trading reports to the Advisor.  The Advisor will maintain a record of
all trading orders and will monitor the Partnership’s open
positions.  Upon the reasonable request of the General Partner, the
Advisor shall permit the General Partner  to inspect the trading
records of the Advisor, at the offices of the Advisor.  If the General
Partner believes it is necessary to confirm that the Partnership is being
equitably treated on an overall basis by the Advisor, including with respect to
any modifications of trading strategies resulting from speculative position
limits and with respect to the assignment of priorities of order entry to the
Advisor's accounts, the General Partner may select an independent certified
public accounting firm under a written confidentiality agreement acceptable to
the Advisor at the  Partnership’s expense to determine the accuracy of
the Advisor's performance record.  Such review of the records of the
Advisor shall take place at the offices of the Advisor during the Advisor’s
normal business hours.

    

    Prior to
the commencement of trading by the Advisor for the Partnership, the General
Partner shall deliver to the Advisor, and renew when necessary, a Trading
Authorization appointing the Advisor the Partnership’s sole agent and
attorney-in-fact to trade Commodity Interests as described herein.

    

    9.           Term.  Any party may
terminate this Agreement upon written notice to the other parties.  If
this Agreement is terminated, the Advisor shall be entitled to, and the
Partnership shall pay, the management fees and incentive fee computed as if the
effective date of termination were the last day of then current calendar month
and quarter.

     

     

     

     

    
      
        
        

      

      
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    10.           Standard of Liability;
Indemnity.

    

    (a)           The
Advisor shall not be liable to the Partnership or the General Partner under the
terms of this Agreement, except for acts or omissions of the Advisor which
constitute negligence or a breach of fiduciary duty on the part of the
Advisor.  In no event shall the Advisor be liable for consequential
damages, special and/or indirect damages and/or lost profits.

    
      

      (b)           In any
threatened, pending or completed action, suit, or proceeding to which the
Advisor or its principals, officers, directors, employees, associated
persons  and their affiliates (“Principals and Affiliates”) are
parties or are threatened to be made parties by reason of (i) this Agreement,
(ii) the transactions contemplated hereby or (iii) the fact that the Advisor is
an advisor of the Partnership, the Partnership and the General Partner, jointly
and severally, shall indemnify and hold harmless, subject to a subsection (c) of
this section 10, the Advisor and its Principals and Affiliates against any loss,
liability, damage, cost, expense (including attorneys’ fees and accountants’
fees), judgments and amounts paid in settlement (Losses) actually and reasonably
incurred by them  in connection with any action, suit or proceeding if
the Advisor acted in good faith and in a manner it reasonably believed to be in
or not opposed to the best interests of the Partnership, and provided that the
Advisor’s conduct did not constitute negligence or a breach of fiduciary duty on
the part of the Advisor.  The termination of any action, suit or
proceeding by judgment, order or settlement shall not, of itself, create a
presumption that the Advisor did not act in good faith and in a manner which it
reasonably believed to be in or not opposed to the best interests of the
Partnership.

    

    

    (c)           Any
indemnification under subsection (b) above, unless ordered by a court or
administrative forum, shall be made by the Partnership and the General Partner
only as authorized in the specific case and only upon a determination by
mutually acceptable independent legal counsel in a written opinion that
indemnification is proper in the circumstances because the Advisor has met the
applicable standard of conduct set forth in subsection (a) above.

    

    (d)           If
the Advisor has been successful on the merits or otherwise in defense of any
action, suit or proceeding referred to in subsection (b) above, or in defense of
any claim, issue or matter therein, the Partnership and the General Partner,
jointly and severally, shall indemnify the Advisor and its Principals and
Affiliates against the expenses, including attorneys’ and accountants’ fees,
actually and reasonably incurred by them in connection therewith.

    

    (e)           In
any threatened, pending or completed action, suit, or proceeding to which the
General Partner or the Partnership are parties or are threatened to be made
parties, the Advisor agrees to indemnify and hold harmless the Partnership and
the General Partner and its Principals and Affiliates against all Losses
actually and reasonably incurred by them in connection with any action, suit or
proceeding which are the direct result of the Advisor’s negligence or breach of
fiduciary duty on the part of the Advisor.

    

    (f)           Any
indemnification under subsection (e) above, unless ordered by a court or
administrative forum, shall be made by the Advisor only as authorized in the
specific case and only upon a determination by mutually acceptable independent
legal counsel in a written opinion that indemnification is proper in the
circumstances because the Advisor has not met the applicable standard of conduct
set forth in subsection (a) above.

    

    (g)           If
the Partnership or the General Partner has been successful on the merits or
otherwise in defense of any action, suit or proceeding referred to in subsection
(e) above, or in defense of any claim, issue or matter therein, the Advisor
shall indemnify the Partnership and the General Partner and its Principals and
Affiliates against the expenses, including attorneys’ and accountants’ fees,
actually and reasonably incurred by them in connection therewith.

    

    (h)           If
any claim, dispute or litigation arises between the Advisor and any party other
than the Partnership or the General Partner, which claim, dispute or litigation
is unrelated  to the Partnership's business, and if the Partnership or
the General Partner are made a party to the claim, dispute or litigation by the
other party, the Advisor shall defend any actions brought in connection
therewith on behalf of the Partnership and/or the General Partner who agrees to
cooperate in the defense thereof and the Advisor shall 

     

     

     

     

    
      
        
        

      

      
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    indemnify
and hold harmless the Partnership, the General Partner and  its
Principals and Affiliates from and with respect to any amounts awarded to any
party.  If any claim, dispute or litigation arises between the
Partnership and/or the General Partner and any party other than the Advisor
which claim, dispute or litigation is unrelated to the Advisor’s business, and
if the Advisor is made a party to the claim, dispute or litigation by the other
party, the Partnership and the General Partner, jointly and severally, shall
defend any actions brought in connection therewith on behalf of the Advisor or
its Principals and Affiliates, each of whom agree to cooperate in the defense
thereof and the Partnership and the General Partner, jointly and severally,
shall indemnify and hold harmless the Advisor and its Principals and Affiliates
from and with respect to any amounts awarded to such other
party.  Notwithstanding any other provision of this subsection, if, in
any claim as to which indemnity is or may be available, any indemnified party
reasonably determines that its interests are or may be, in whole or in part,
adverse to the interests of the indemnifying party, the indemnified party may
retain its own counsel in connection with such claim and shall be indemnified by
the indemnifying party for any legal or any other expenses reasonably incurred
in connection with investigating or defending such claim.

    

    (i)           None
of the foregoing provisions for indemnification shall be applicable with respect
to default judgments, confessions of judgment or settlements entered into by the
party claiming indemnification (Indemnitee) without the prior consent of the
party obligated to indemnify the other party (Indemnitor); provided, however,
that should the Indemnitor refuse to consent to a settlement approved by the
Indemnitee, the Indemnitee may effect such settlement, pay the amount in
settlement as it shall deem reasonable and seek a judicial or regulatory
determination with respect to reimbursement by the Indemnitor of any loss,
liability, damage, cost or expense (including reasonable attorneys' and
accountants' fees) incurred by the Indemnitee in connection with the settlement
to the extent the loss, liability, damage, cost or expense (including reasonable
attorneys' and accountants' fees) was caused by or based upon violation of this
Agreement by the Indemnitor or violation of the standard of conduct set forth
herein.  Notwithstanding the foregoing, the Indemnitor shall, at all
times, have the right to offer to settle any matters and if the Indemnitor
successfully negotiates a settlement with the third party claimant and tenders
payment therefore to the Indemnitee, the Indemnitee must either use its best
efforts to dispose of the matter in accordance with the terms and conditions of
the proposed settlement or the Indemnitee may refuse to settle the matter and
continue its defense in which latter event the maximum liability of the
Indemnitor to the Indemnitee shall be the amount of said proposed
settlement.

    

    (j)           The
foregoing provisions for indemnification shall survive the termination of this
Agreement.

    

    (k)           If,
at the time of a proposed dissolution, liquidation or termination of the
Partnership or the termination of this Agreement, there exists, is pending or is
threatened in writing an action, lawsuit or other proceeding against the Advisor
which arises out of or is based upon this Agreement, then the General Partner
and the Advisor shall, acting in good faith and with due regard to what is
commercially reasonable, agree the amount of assets and length of time that such
assets need to be left in the Partnership to satisfy the Advisor’s
indemnification rights under this Section 10.

     

    
      Section
11.         Confidentiality.  (a)  Each
party shall and shall procure that its affiliates shall whilst this Agreement is
in force and at all times thereafter keep secret and confidential the existence
and terms of this Agreement, negotiations relating to this Agreement, and all
information of a confidential nature relating to the business or financial or
other affairs of the other parties or their respective affiliates which becomes
known to them in the course of dealings between the parties arising out of this
Agreement and shall not disclose the same to any person other than such of its
designees and applicable advisers (Permitted Confidants) who have a need to know
such information and who undertake to hold such information strictly
confidential to the same extent set forth herein.

       

      (b)           Each
of the Partnership and the General Partner agrees to maintain in strict
confidence any and all trading instructions, position information and
information, materials or other documents of the Advisor, which it obtains
pursuant to or in connection with this Agreement. Each of the Partnership and
the General Partner further agrees that it shall not disclose to any person,
including without limitation any person which trades for itself, or for any
other customer or proprietary account of the Partnership, the General Partner or
their affiliates, or for any other purpose, or in any manner make use of, (i)
the trading instructions and trading 

       

       

       

      
        
          
          

        

        
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      advice
provided by the Advisor, (ii) any information, materials and other documents of
the Advisor, and (iii) the terms of this Agreement, unless, in each case,
required to do so by any applicable Law or valid legal process. The Partnership
and the General Partner shall promptly provide the Advisor upon its request with
proof of the applicability of such requirement pursuant to any Law. The
Partnership and the General Partner acknowledge that the Advisory Services
constitute proprietary information of the Advisor. Nothing in this Agreement
shall require the Advisor to disclose the details of its trading systems or any
other proprietary or confidential information. Each of the Partnership and the
General Partner further agrees that it shall not, and shall take all such
actions as are necessary and appropriate to ensure that the Partnership’s and
General Partner’s affiliates and Permitted Confidants shall not, directly or
indirectly, copy, disclose, misuse, misappropriate or reverse engineer or
otherwise appropriate or make use of in any manner the investment and trading
strategies, systems, algorithms, models, techniques, methods, policies,
programs, positions, investments and analyses previously, currently or hereafter
used by the Advisor in the conduct of its business including all data, details,
components, specifications, codes, formulae, know-how (technical or otherwise),
electronic data processing systems, computer software programs and computer
hardware systems relating to the foregoing, and all embodiments, articulations,
applications, expressions and reproductions of any of the foregoing including,
without limitation, documents, notes, print-outs, work papers, charts,
diskettes, tapes and manuals. The Partnership and the General Partner shall not,
directly or indirectly, induce, encourage, procure or suggest that any other
person takes any action, or in any manner assist any other person in taking any
action, that the Partnership and the General Partner would be prohibited from
taking pursuant to this Section 11.

       

      (c)           The
provisions of this Section 11 shall survive the termination or the expiration of
this Agreement.

    

     

    12.           Complete
Agreement.  This Agreement shall constitute the entire
agreement between the Advisor, the General Partner and the Partnership and no
other agreement, verbal or otherwise, shall be binding upon the parties to this
Agreement.

    

    13.           Assignment and
Successors.  This Agreement may not be assigned nor the duties
hereunder delegated by any party without the express written consent of the
other parties.  This Agreement is made solely for the benefit of, and
shall be binding upon, the parties and their respective successors and assigns,
and no other person shall have any right or obligation under it.

    

    14.           Amendment.  This
Agreement may not be amended except by the written instrument signed by the
parties.

    

    15.           Notices.  All
notices required to be delivered under this Agreement shall be sent by facsimile
transmission with hard copy then sent by express courier or by registered or
certified mail, postage prepaid, return receipt requested, to (i) the Advisor at
Eckhardt Trading Company 1314 North Dearborn Parkway, Carriage House, Chicago IL
60610 and (ii) the General Partner or the Partnership c/o Rockwell Futures
Management, Inc., 1202 Bergen Parkway, Suite 212, Evergreen Co 80439, or to any
other address and facsimile designated by the party to receive the same by
written notice similarly given.

     

    16.           Notice of Threatened, Pending or
Completed Actions, Suits or Proceedings.

    

    (a)           The
General Partner will immediately give written notice to the Advisor of (i) any
threatened, pending or completed action, suit or proceeding to which the
Partnership or the General Partner was or is a party or is threatened to be a
party and (ii) any judgments or amounts paid by the Partnership or the General
Partner in settlement in connection with any such threatened, pending or
completed action, suit or proceeding.

    

    (b)           The
Advisor will immediately give written notice to the General Partner of any
material, (i) threatened, pending or completed action, suit or proceeding to
which the Advisor was or is a party or is threatened to be a party and (ii) any
judgments or amounts paid by the Advisor in settlement in connection with any
such threatened, pending or completed action, suit or proceeding.

     

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
 

    (c)           Written
notices required to be given pursuant to this section shall contain all
pertinent information concerning the threatened, pending or completed action,
suit or proceeding and, in the case of any pending or completed action, suit or
proceeding, shall include a copy of the complaint, petition or similar documents
asserting a claim.

    

    (d)           The
General Partner, the Partnership and the Advisor agree to use their best efforts
to maintain the confidentiality of notices received pursuant to this Section 16
and agree not to disclose the contents of such notices to persons other than
their affiliates, or except as may be required, in their good faith judgment, by
any applicable Law.

    

    17.           Governing Law.  Consent to
Jurisdiction.  Each of the parties irrevocably:

    

    (a)           consents
to any suit, action or proceeding with respect to this Agreement being brought
in the United States District Court for the District of Illinois in Chicago,
Cook County, Illinois;

    

    (b)           waives
to the fullest extent permitted by the law governing this Agreement any
objection that it may have now or hereafter to the laying of the venue of any
such suit, action or proceeding under clause (a) above in any such court and any
claim that any such suit, action or proceeding under clause (a) above has been
brought in an inconvenient forum;

    

    (c)           acknowledges
the competence of any such court, submits to the jurisdiction of any such court
in any such suit, action or proceeding and agrees that the final judgment in any
such suit, action or proceeding brought in such court shall be conclusive and
binding upon it and may be enforced in the courts of the jurisdiction in which
such entity’s or person’ principal office or residence is located, subject to
any provision of the law of such jurisdictions or general applicability relating
to enforcement proceedings, or in the District Court and that a certified or
exemplified copy of such final judgment shall be conclusive evidence of the fact
and of the amount of its obligation, provided that service of process is
effected upon it in the manner specified below or as otherwise permitted by
law.

    

    (d)           to
the extent that it has acquired or hereafter may acquire any immunity from the
jurisdiction of any such court or from any legal process therein, waives such
immunity, to the fullest extent permitted by law, and agrees not to assert, by
way of motion, as a defense, or otherwise, in any such suit, action or
proceeding, any claim that (i) it is not personally subject to the jurisdiction
of the above-named court, (ii) it is immune from any legal process (whether
through service or notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise) with respect to it or its property or (iii)
this Agreement or the subject matter hereof may not be enforced in or by such
court;

    

    (e)           consents
to the service of process in any such suit, action or proceeding in said courts
by the mailing thereof by registered or certified mail, postage prepaid, to it
at the address the parties agree to and specify in writing, or such other
address as to which the server of such process shall have been notified by the
recipient of such process in a written notice which makes reference to this
Agreement; and

    

    (f)           agrees
that this Agreement shall be deemed to be made under and construed in accordance
with the law of the State of Illinois and shall be deemed to be made under and
construed in accordance with the law of the State of Illinois without regard to
its conflicts of laws or provisions.

     

     

    
      
        
          
            
              
                
                  
                    	APM
      ECKHARDT FUTURES FUND, L.P.	 	 	ECKHARDT
      TRADING COMPANY	 
	 	 	 	 	 
	By: 
      ALTEGRIS PORTFOLIO MANAGEMENT, INC.	 	 	 	 
	
                            Its
      general partner

                          	 	 	 	 
	 	 	 	 	 
	
                            By: 
      /s/ Robert J.
      Amedeo                    
       

                          	 	 	
                            
                              By: 
      /s/ William
      Eckhardt                            
           

                            

                          	 
	
                            Robert
      J. Amedeo, Vice-President

                          	 	 	
                            William
      Eckhardt, Chairman and CEO

                          	 
	
                             

                          	 	 	
                             

                          	 

                  

                

              

            

          

        

      

    

     

    

 

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    
       

      
        
          
            
              
                
                  
                    
                      
                        	ALTEGRIS
      PORTFOLIO MANAGEMENT, INC.	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                                By: 
      /s/ Robert J.
      Amedeo                     
       

                              	 	 	
                                
                                   

                                

                              	 
	
                                Robert
      J. Amedeo, Vice-President

                              	 	 	
                                 

                              	 
	
                                 

                              	 	 	
                                 

                              	 

                      

                    

                     

                     

                     

                     

                    
                      
                        
                        

                      

                      
                        11

                        
                          

                        

                      

                      
                        
                        

                      

                    

                     

                     

                     

                     

                  

                

              

            

          

        

      

    

    APM
ECKHARDT FUTURES FUND, L.P.

    

    TRADING
AUTHORIZATION

    

    

    

    Eckhardt
Trading Company

    1314
North Dearborn Parkway

     Carriage
House

     Chicago
IL 60610

    

    

    Gentlemen:

    

    APM
Eckhardt Futures Fund, L.P. does hereby make, constitute and appoint you as its
attorney-in-fact to purchase and sell Commodity Interests in accordance with the
Advisory Contract between us dated May 28, 2009 through Newedge USA, LLC. or
such other futures commission merchant as designated by the Partnership’s
General Partner.

    

    Very
truly yours,

    

    APM
ECKHARDT FUTURES FUND, L.P.

    

    By:
Altegris Portfolio Management, Inc.

    its
General Partner

    

    

    By:  /s/ Robert J.
Amedeo           

    Robert J.
Amedeo, Vice President

     

     

     

     

    12

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