Document:

Unassociated Document

     

    
      EXHIBIT
10.1

    

    
 

    GRANT
PARK FUTURES FUND

    LIMITED
PARTNERSHIP

     

    ADVISORY
CONTRACT

     

    This
Advisory Contract (the “Agreement”) is made as of the [___] day of
[_____________], 2009, among Grant Park Futures Fund Limited Partnership, an
Illinois limited partnership (the “Partnership”), Dearborn Capital Management,
L.L.C., an Illinois limited liability company (the “General Partner”), [NAME OF
TRADING COMPANY, LLC], a Delaware limited liability company (the “Trading
Company”) and [NAME OF ADVISOR], a [STATE] corporation (“Advisor”), on the
following premises, terms and conditions:

     

    RECITALS

     

    WHEREAS,
the Partnership has been organized to trade in commodity interests, including,
without limitation, futures contracts, forward contracts, options on futures
contracts, forward contracts and on commodities, spot contracts and swap
contracts (“Commodity Interests”); and

     

    WHEREAS,
the General Partner is the general partner of the Partnership and the manager of
the Trading Company; and

     

    WHEREAS,
the General Partner is, pursuant to the Partnership’s Limited Partnership
Agreement, as amended from time to time (the “Partnership Agreement”),
authorized to utilize the services of one or more commodity trading advisors in
connection with the commodity trading activities of the Partnership;
and

     

    WHEREAS,
the Partnership currently offers its units of limited partnership interest
(“Units”) to the public and has registered the Units for sale with the
Securities and Exchange Commission and certain of the states; and

     

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

     

    WHEREAS,
Advisor is registered as a commodity trading advisor with the Commodity Futures
Trading Commission (“CFTC”) and is a member of the National Futures Association
(“NFA”), and will maintain such registration and membership for the term of this
Agreement; and

     

    WHEREAS,
the General Partner will allocate a portion of the Partnership’s assets to the
Trading Company to be managed and invested in Commodity Interests by Advisor;
and

     

    WHEREAS,
the General Partner wishes to engage Advisor to provide advisory services to the
Partnership and Trading Company pursuant to the terms and conditions set forth
herein.

     

    NOW,
THEREFORE, the parties hereto agree as follows:

     

    AGREEMENTS

     

    1.           Preparation of
Materials.  Advisor will cooperate with the Partnership in the
Partnership’s endeavors to prepare and update, or cause to be prepared and
updated, a registration statement on Form S-1, or such other form as may
then be available (“Registration Statement”), and prospectus and disclosure
document included therein (“Prospectus”), promotional brochures or other
marketing materials as well as any other materials reasonably requested or
required by the General Partner in connection with the organization, operation,
or marketing of the Partnership or the registration or renewal of registration
of the Units for sale to the public in all applicable jurisdictions
(collectively, with the Registration Statement and Prospectus, the
“Materials”).  In this regard, Advisor will furnish to the General
Partner such information as may be reasonably requested for inclusion in such
Materials.  Moreover, Advisor agrees to make all necessary disclosures
regarding itself, its principals, its trading performance, customer accounts and
otherwise as are required in the judgment of the General Partner to be made in
such Materials.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2.           Certain Representations and
Warranties of Advisor.  Advisor represents and warrants to the
Partnership, the General Partner and the Trading Company and agrees as
follows:

     

    (a)           The
Disclosure Document of Advisor and any other information relating to Advisor,
its businesses, principals, and past performance record that has been requested
by the General Partner, has been delivered to the General Partner and is
current, accurate and complete in all material respects and is in compliance
with all applicable laws, rules and regulations, including Part 4 of the
CFTC regulations promulgated under the Commodity Exchange Act, as amended (the
“CE Act”), and Advisor will provide the General Partner with updated or amended
copies of any such materials when and if such materials are updated or
amended.

     

    (b)           To
the extent reasonably available to it, Advisor has supplied or upon request will
supply, and has made available or upon request will make available, for review
by the General Partner or its agents substantially all documents, statements,
agreements, confirmations and workpapers relating to all accounts managed by
Advisor and any other persons or entities controlled by Advisor for the period
covered in any Materials and the General Partner shall keep such information
confidential; provided, however, that Advisor may, in its discretion, withhold
from any such materials the name of the client for whom such account is
maintained and any materials containing proprietary information relating to
Advisor’s trading methodologies.

     

    (c)           Advisor
is registered as a commodity trading advisor with the CFTC and is a member of
the NFA.

     

    (d)           Advisor
is a [STATE] corporation with full power and authority to enter into this
Agreement.

     

    (e)           This
Agreement has been duly and validly authorized, executed and delivered by, and
is a valid and binding contract of, Advisor enforceable in accordance with its
terms.

     

    (f)           The
representations and warranties made in this Agreement by 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, Advisor will promptly notify the General
Partner.

     

    3.           Certain Representations and
Warranties of the Partnership, General Partner and the Trading
Company.  The General Partner, the Partnership and the Trading
Company jointly and severally represent and warrant to Advisor
that:

     

    (a)           This
Agreement has been duly and validly authorized, executed and delivered by, and
is a valid and binding contract of each of, the General Partner, the Partnership
and the Trading Company, enforceable in accordance with its terms.

     

    (b)           The
Partnership is duly formed and validly existing as an Illinois limited
partnership, with full partnership power to carry out its obligations under this
Agreement and its Limited Partnership Agreement, as such may be amended from
time to time.

     

    
      
         

      

      
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    (c)           The
Materials do not and will not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances in which they are
made, not misleading, or omit to state any material information required to be
disclosed therein under the CE Act, the Securities Act of 1933, and the rules
promulgated thereunder; provided, however, that this representation and warranty
shall not apply to any statements or omissions made in reliance upon and in
conformity with information furnished to the General Partner by or on behalf of
Advisor, as to it, including, without limitation, all references to Advisor and
its affiliates, controlling persons, shareholders, partners, directors, officers
and employees, as well as to Advisor’s trading approach and past performance
history, which has been provided by Advisor for inclusion in the
Materials.

     

    (d)           Units
in the Partnership will be offered and sold in compliance with the requirements
set forth in the Registration Statement and the Prospectus, the Partnership
Agreement and the Subscription Agreement and Power of Attorney.  In
connection with the offer and sale of the Units, the General Partner will, and
the General Partner will use its reasonable efforts to ensure that any third
party selling agents will, comply fully at all times with all federal, state and
foreign securities laws, rules and regulations applicable to the offer and sale
of the Units to the public.

     

    (e)           The
General Partner is duly formed and validly existing as an Illinois limited
liability company with full corporate power and authority to carry out its
obligations under this Agreement and is registered with the CFTC as a commodity
pool operator and is a member of NFA.

     

    (f)           The
General Partner has received, on behalf of the Partnership and the Trading
Company, the current commodity trading advisor disclosure document of Advisor
(the “Disclosure Document”) and is familiar with the matters set forth
therein.

     

    (g)           The
Trading Company is duly formed and validly existing as a Delaware limited
liability company with full corporate power and authority to carry out its
obligations under this Agreement.

     

    (h)           The
representations and warranties made in this Agreement by the Partnership, the
General Partner and the Trading Company 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 foregoing not true, the General Partner will promptly
notify Advisor.

     

    4.           Duties of
Advisor.  Upon the allocation of assets of the Partnership to
Advisor through the Trading Company, Advisor, for that portion of the
Partnership’s assets allocated to Advisor through the Trading Company, shall
have sole authority and responsibility for directing the investment and
reinvestment in Commodity Interests during the term of this Agreement and in
accordance with the trading policies and trading strategies set forth in the
Prospectus which has been furnished to Advisor.  If the General
Partner determines in its sole discretion, that any trading instructions issued
by Advisor violate those trading policies or strategies, then the General
Partner may cause any position placed in violation to be
reversed.  Advisor will exercise its best efforts in determining the
trades in Commodity Interests.  Changes in Commodity Interests traded
shall not be deemed material changes in trading policies.  Advisor has
advised the Partnership that its past performance and the past performance of
its principals as provided to the General Partner is the result of Advisor’s
trading methods as modified and refined from time to time.  Each of
the Partnership, the General Partner and the Trading Company acknowledges that
the trading strategies of Advisor are confidential and
proprietary.  If a change in Advisor’s trading strategies is deemed
material in the sole judgment of Advisor, then Advisor will not change its
trading strategies without at least 10 days prior written notice to the General
Partner.  All commissions and expenses arising from the trading of, or
other transactions in the course of the administration of, the Trading Company’s
account shall be charged to the Trading Company’s account.  The
General Partner shall deliver to Advisor, and renew when necessary, a Commodity
Trading Authorization appointing Advisor as the Trading Company’s agent and
attorney-in-fact for the purpose of trading Commodity Interests on behalf of the
Trading Company for the Partnership.  All trades for the account of
the Trading Company directed by Advisor shall be made through such clearing
broker or brokers as the General Partner and/or the Trading Company, as the case
may be, directs (each, a “clearing broker”).  Notwithstanding the
foregoing, Advisor may place orders for Commodity Interest transactions for the
Trading Company through executing brokers or floor brokers selected by Advisor
and may execute on behalf of the Trading Company “give-up” agreements with such
executing brokers or floor brokers where necessary; provided that Advisor will
from time to time provide the General Partner and the Trading Company with a
list of the executing brokers or floor brokers Advisor is then using and the
General Partner and/or the Trading Company, as the case may be, may, within 5
days of receiving such list after consultation with Advisor, object to the use
of an executing broker or floor broker and Advisor shall cease using such broker
on behalf of the Trading Company.  Any over-the-counter contracts in
Commodity Interests transacted for the Trading Company’s trading account will be
effected through the clearing broker or its affiliates, as agreed upon between
Advisor and the General Partner and/or the Trading Company.  Advisor
also from time to time may select other dealers through which any such contracts
will be traded, with the prior written consent of the General Partner and/or the
Trading Company.  In its trading for the Trading Company’s account,
Advisor shall not engage in “pyramiding,” as such term is used in the
Prospectus.

     

    
      
         

      

      
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    5.           Independence of
Advisor.  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 General Partner, the
Partnership or the Trading Company in any way or otherwise be deemed an agent of
the General Partner, the Partnership or the Trading Company.  Advisor
shall not offer or sell or solicit any offers to purchase the
Units.  However, when requested by the General Partner at such
reasonable times and upon adequate notice as mutually agreed to, Advisor will
assist in the general explanation and presentation of Advisor’s trading
strategies and methods solely to the employees of the General Partner and, in
Advisor’s discretion, to the Partnership’s selling agents or to other agents of
the General Partner; provided, however, that nothing in this section will
require Advisor to disclose confidential and proprietary information concerning
its trading strategies and methods.  The parties acknowledge that
Advisor has, neither alone nor 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
Partnership Agreement, 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
Advisor to the Partnership and the Trading Company under this Agreement,
beginning with the first calendar quarter-end following the date of this
Agreement, Advisor shall receive compensation from the General Partner, the
Partnership and/or the Trading Company, as applicable, in the manner as set
forth in Schedule A attached hereto and made a part hereof.

     

    7.           Right to Advise
Others.  Advisor’s present business is advising with respect to
the purchase and sale of Commodity Interests.  The services provided
by Advisor under this Agreement are not to be deemed exclusive.  Each
of the General Partner, the Partnership and the Trading Company acknowledges
that, subject to the terms of this Agreement, Advisor may render advisory,
consulting and management services to other clients.  Advisor shall be
free to advise others and manage other Commodity Interest trading accounts,
including accounts owned by it or its principals, 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 and the Trading Company.  In that connection,
however, Advisor represents and warrants that:  (i) in rendering
consulting, advisory and management services to other Commodity Interest trading
accounts and entities, it will use its best efforts to achieve an equitable
treatment of all accounts and will use a fair and reasonable system of order
entry for all accounts; and (ii) it will not deliberately use any trading
strategies for the Partnership and/or the Trading Company which it or its
principals know are inferior to those currently offered by Advisor and employed
by Advisor for other accounts, provided, however, that each of the Partnership
and the Trading Company acknowledges that Advisor utilizes its [NAME OF TRADING
PROGRAM]for other clients and may in the future re-offer such Programs for
investment by current clients and a failure to so offer either or both such
Programs to the Partnership and/or the Trading Company shall not constitute a
violation of this provision.  Advisor agrees to be aware of the
position limits imposed on certain Commodity Interest contracts by the CFTC or
applicable contract market.  Advisor will be entitled to use that
portion of the applicable position limits that bears the same relationship that
the Partnership’s assets allocated to it bears to all of the Partnership’s
assets.  If, at any time during the term of this Agreement, Advisor is
required to aggregate the Partnership’s and/or the Trading Company’s Commodity
Interest positions with the positions of any other person for purposes of
applying the CFTC or exchange imposed speculative position limits, Advisor will
promptly notify the General Partner and the Trading Company if the Partnership’s
and/or the Trading Company’s positions are included in an aggregate amount which
exceeds the applicable speculative position limit.  Advisor represents
that, if speculative positions limits are reached in any Commodity Interest
contract, it will modify the trading instructions to the Partnership’s and/or
the Trading Company’s account and its other accounts in a reasonable and good
faith effort to achieve an equitable treatment of all
accounts.  Advisor currently believes and represents that such
speculative limits will not materially affect its trading recommendations or
strategy for the Partnership and/or the Trading Company given Advisor’s current
accounts and all proposed accounts for which each Advisor has a contract to act
as a commodity trading advisor.

     

    
      
         

      

      
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    8.           Records of the
Partnership.  The General Partner will instruct the clearing
broker to furnish copies of all trade confirmations and monthly trading reports
to Advisor.  Advisor will maintain a record of all trading orders for
the Trading Company’s account that have been filled and will monitor the Trading
Company’s open positions.  Upon the request of the General Partner,
Advisor shall permit the General Partner or its agent to inspect such
information as the General Partner may reasonably request for the purpose of
confirming that the Partnership and the Trading Company have been treated
equitably with respect to trading engaged in during the term of this Agreement
by all accounts controlled by Advisor or its principals.  Advisor
shall permit the General Partner to inspect the trading records of Advisor, its
principals and their other clients for the purpose of confirming that the
Partnership and the Trading Company are being treated equitably by 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 Advisor’s accounts and the General Partner shall keep such
information confidential; provided, however, that Advisor may, in its
discretion, withhold from any such inspection the name of the client for whom
such account is maintained.

     

    9.           Term and Termination; Automatic
Renewal Provision.

     

    (a)           THE
INITIAL TERM OF THIS AGREEMENT SHALL COMMENCE ON THE DATE HEREOF AND SHALL
CONTINUE UNTIL THE ONE YEAR ANNIVERSARY OF THE DATE
HEREOF.  THEREAFTER, THE TERM OF THIS AGREEMENT WILL AUTOMATICALLY BE
EXTENDED FOR ONE YEAR TERMS FROM YEAR TO YEAR, UNLESS TERMINATED BY EITHER PARTY
PURSUANT TO THE TERMS OF SUBSECTION (b) BELOW.  As used in this
Agreement, the term “term” shall mean the period commencing on the date hereof
through the effective date of the termination of this Agreement, unless the
context requires otherwise.

     

    (b)           The
General Partner, the Partnership and the Trading Company or Advisor may
terminate this Agreement at any time upon no less than 60 days’ written notice
to the other.  Notwithstanding the foregoing, this Agreement also may
be terminated on written notice at any time upon:  (i) the
General Partner’s withdrawal as General Partner of the Partnership, as provided
in the Partnership Agreement; (ii) the death, disability or loss of
services of [NAME]or upon [NAME] no longer taking an active role in the business
of Advisor; (iii) the sale of or disposition of Advisor; (iv) the
inability of Advisor to use its trading strategies for the Partnership’s and/or
the Trading Company’s benefit; (v) the suspension, revocation or withdrawal
of Advisor’s registration as a commodity trading advisor or withdrawal of the
General Partner’s registration as a commodity pool operator or the suspension or
termination of any parties’ NFA membership; (vi) a material breach of this
Agreement by Advisor or the General Partner; (vii) a violation by Advisor
of the Partnership’s trading policies; or (viii) the General Partner’s
and/or the Trading Company’s objection after consultation with Advisor to any
executing broker used by Advisor.  In the event of the termination of
this Agreement by Advisor, Advisor shall be entitled to and the Partnership, the
General Partner or the Trading Company, as the case may be as provided in
Section 6 above, shall pay the quarterly Incentive Fee (as defined in
Schedule A) and quarterly Consulting Fee (as defined in Schedule A),
computed as if the effective date of termination were the last day of the then
current calendar quarter.

     

    
      
         

      

      
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    10.           Indemnity.

     

    (a)           In
any threatened, pending or completed action, suit, or proceeding to which
Advisor, its shareholders, officers, directors, employees or associated persons
(collectively, “its affiliates”) was or is a party or is threatened to be made a
party by reason of the fact that Advisor is or was a commodity trading advisor
of the Partnership and/or the Trading Company or otherwise, the Partnership, the
Trading Company and the General Partner jointly and severally shall indemnify
and hold harmless, subject to subsection (b) below, Advisor and its
affiliates against any loss, liability, damage, cost, expenses (including
attorneys’ fees and accountants’ fees), judgments and amounts paid in settlement
actually and reasonably incurred by it or its affiliates in connection with any
action, suit or proceeding if 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 the Trading Company, and provided that its conduct does not
constitute gross negligence or a breach of its fiduciary
obligations.  The termination of any action, suit or proceeding by
judgment, order or settlement shall not, of itself, create a presumption that
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.

     

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

     

    (c)           To
the extent that Advisor or its affiliates has been successful on the merits or
otherwise in defense of any action, suit or proceeding referred to in
subsection (a) above, or in defense of any claim, issue or matter therein,
the provisions of subsection (b) above shall not apply and the Partnership,
the Trading Company and the General Partner jointly and severally shall
indemnify it or its affiliates against the expenses, including attorneys’ and
accountants’ fees, actually and reasonably incurred by it or its affiliates in
connection therewith.

     

    (d)           Expenses
incurred in defending a threatened or pending civil, administrative or criminal
action, suit or proceeding against Advisor or its affiliates may in the sole
discretion of the General Partner, be paid by the Partnership, the Trading
Company and the General Partner jointly and severally in advance of the final
disposition of such action, suit or proceeding, if and to the extent that the
person on whose behalf such expenses are paid shall agree to reimburse the
Partnership, the Trading Company and/or the General Partner, as applicable, in
the event indemnification is not permitted under this
Section 10.

     

    
      
         

      

      
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    (e)           Advisor
agrees to indemnify, defend and hold harmless the Partnership, the Trading
Company, the General Partner and the General Partner’s shareholders, officers,
directors, employees or associated persons (collectively, “its affiliates”)
against all liabilities incurred by them by reason of any act or omission of
Advisor relating to the Partnership and/or the Trading Company (including costs
and expenses of investigating and defending any claims, demand or suit and
attorneys’ and accountants’ fees) if there has been a final judicial or
regulatory determination that such act or omission materially violated the terms
of this Agreement or involved gross negligence, fraud, recklessness or
intentional misconduct on the part of Advisor.

     

    (f)           In
the event that any claim, dispute or litigation arises between Advisor and any
party other than the Partnership, the Trading Company or the General Partner,
which claim, dispute or litigation is unrelated to the Partnership’s and/or the
Trading Company’s business, and if the Partnership, the Trading Company or the
General Partner are made a party to such claim, dispute or litigation by such
other party, Advisor shall defend any actions brought in connection therewith on
behalf of the Partnership, the Trading Company and/or the General Partner each
of whom agree to cooperate in such defense and Advisor shall indemnify and hold
harmless the Partnership, the Trading Company and the General Partner from and
with respect to any amounts awarded to such other party.  If any
claim, dispute or litigation arises between the Partnership, the Trading Company
and/or the General Partner and any party other than Advisor which claim, dispute
or litigation is unrelated to Advisor’s business, and if Advisor is made a party
to such claim, dispute or litigation by such other party, the Partnership, the
Trading Company and the General Partner jointly and severally shall defend any
actions brought in connection therewith on behalf of Advisor or its principals,
each of whom agree to cooperate in such defense and the Partnership, the Trading
Company and the General Partner jointly and severally shall indemnify and hold
harmless Advisor and its affiliates from and with respect to any amounts awarded
to such other party.  Notwithstanding any other provision of this
subsection (f), 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.

     

    (g)           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 such 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 expenses (including reasonable attorneys’ and
accountants’ fees) incurred by the Indemnitee in connection with such settlement
to the extent such loss, liability, damage, cost or expense (including
reasonable attorneys’ and accountants’ fees) was caused by or resulted from a
material 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 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.

     

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

     

    
      
         

      

      
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    (i)           Advisor
acknowledges as to it that the indemnities provided in this Agreement by the
General Partner, the Trading Company and the Partnership to Advisor shall be
inapplicable in the event of any liability accruing to the extent, if any,
caused by or based upon Advisor’s misrepresentations, omissions or breach of any
warranty in this Agreement.

     

    11.           Reallocation of
Assets.  The General Partner in its sole and absolute
discretion may allocate assets away from or, with Advisor’s consent to, Advisor
as of the first day of any month on 10 days’ prior written
notice.  Any refusal by Advisor to accept an allocation of additional
assets must be communicated by Advisor to the General Partner within 8 days
prior to the proposed allocation date after having received the required notice
of the proposed allocation from the General Partner, or on such shorter notice
as is acceptable to the General Partner.  Notwithstanding the
foregoing, the General Partner may reallocate assets away from Advisor at any
time, if the purpose of the reallocation is to meet a margin call from the
Partnership’s and/or the Trading Company’s clearing broker resulting from the
trading activities of another commodity trading advisor engaged by the
Partnership and/or the Trading Company, but only to the extent that such other
commodity trading advisor, whose trading has resulted in the margin call, has no
Partnership and/or Trading Company assets not committed to Commodity Interest
positions.  The General Partner shall immediately notify Advisor and
all other affected commodity trading advisors engaged by the Partnership and/or
the Trading Company of any reallocation.

     

    12.           Complete
Agreement.  This Agreement among Advisor, the Partnership, the
Trading Company and the General Partner shall constitute all agreements between
Advisor, the Partnership and the Trading Company shall supersede any prior
agreements among Advisor, the Partnership and the General Partner, including,
without limitation, the Prior Advisory Contract, and no other agreements, 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 either party without the express written consent of the
other party.  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 a written instrument signed by the
parties.

     

    15.           Notices.  All
notices required to be delivered under this Agreement shall be delivered
personally or by registered or certified mail, postage prepaid, return receipt
requested, to (i) Advisor at [ADDRESS]; (ii) to the Partnership, the
Trading Company and the General Partner at Dearborn Capital Management, L.L.C.,
555 West Jackson Boulevard, Suite 600, Chicago, Illinois 60661,
Attn:  David M. Kavanagh; (iii) with a copy to Jennifer
Durham King, Esq., Vedder Price P.C., 222 N. LaSalle St., Ste. 2600, Chicago,
Illinois 60601; or (iv) to any other address 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 Advisor
of:  (i) any threatened, pending or completed action, suit or
proceedings (including without limitation any reparations proceedings or
administrative proceeding threatened or instituted under the CE Act) to which
the Partnership was or is a party or is threatened to be a party; and
(ii) any judgments or amounts paid by the Partnership in settlement in
connection with any such threatened, pending or completed action, suit or
proceeding.

     

    (b)           Advisor
will immediately give written notice to the General Partner
of:  (i) any threatened, pending or completed action, suit or
proceeding (including without limitation any reparations proceeding or
administrative proceeding threatened or instituted under the CE Act) to which
Advisor was or is a party or is threatened to be a party; and (ii) any
judgments or amounts paid by Advisor in settlement in connection with any such
threatened, pending or completed action, suit or proceeding.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    (c)           Written
notices required to be given pursuant to this Section 16 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 Trading Company and 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 or regulation.

     

    17.           Governing Law.  This
Agreement shall be governed by and construed in accordance with the laws of the
State of Illinois applicable to contracts made in that State without reference
to its conflicts of laws provisions.

     

    18.           Notional Funds
Disclosure.  The CFTC requires Advisor to make the following
disclosure to the Partnership (“you”):

     

    (a)           You
should request your commodity trading advisor to advise you of the amount of
cash or other assets (Actual Funds) which should be deposited to the advisor’s
trading program for your account to be considered “Fully
Funded.”  This is the amount upon which the commodity trading advisor
will determine the number of contracts traded in your account and should be an
amount sufficient to make it unlikely that any further cash deposits would be
required from you over the course of your participation in the commodity trading
advisor’s program;

     

    (b)           You
are reminded that the account size you have agreed to in writing (the “nominal”
or “notional” account size) is not the maximum possible loss that your account
may experience; and

     

    (c)           You
should consult the account statements received from your futures commission
merchant in order to determine the actual activity in your account, including
profits, losses and current cash equity balance.  To the extent that
the equity in your account is at any time less than the nominal account size,
you should be aware of the following:

     

    (i)           Although
your gains and losses, fees and commissions measured in dollars will be the
same, they will be greater when expressed as a percentage of account
equity.

     

    (ii)           You
may receive more frequent and larger margin calls.

     

    (iii)           The
disclosures which accompany the performance table may be used to convert the
rates of return (“RORs”) in the performance table to the corresponding RORs for
particular partial funding levels.

     

    19.           Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be
deemed to be an original, but such counterparts shall, together, constitute only
one instrument.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    This
Agreement has been executed for and on behalf of the undersigned as of the date
first set forth above.

     

    NOTICE:  THIS
AGREEMENT CONTAINS AN AUTOMATIC RENEWAL PROVISION IN SECTION 9
HEREIN.

     

    
      
        	
                GRANT
      PARK FUTURES FUND LIMITED PARTNERSHIP

                 

                By:   Dearborn
      Capital Management, L.L.C.

                 

                By:   Dearborn
      Capital Management, Ltd.,

                        
      its Managing Member

                 

              
	
                By:   __________________________________

                 
             David M. Kavanagh,

                   
           its President

                 

              
	
                DEARBORN
      CAPITAL MANAGEMENT, L.L.C.

                 

                By:   Dearborn
      Capital Management, Ltd.,

                     
         its Managing Member

              
	
                 

                By:   __________________________________

                       
       David M. Kavanagh,

                 
             its President

                 

              
	
                [NAME
      OF TRADING COMPANY]

                 

              
	
                By:   Dearborn
      Capital Management, L.L.C.,

                   
           its Manager

                 

              
	
                By:   Dearborn
      Capital Management, Ltd.,

                     
         its Managing Member

                 

              
	
                By:   __________________________________

                       
       David M. Kavanagh,

                 
             its President

                 

              
	
                [NAME
      OF ADVISOR]

                 

                By:   __________________________________

                   
           [NAME],

                     
         [TITLE]

              

      

    

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    
      EXHIBIT
10.1

    

    

    SCHEDULE
A

     

    (a)           In
consideration of and in compensation for all of the services to be rendered by
Advisor to the Partnership and the Trading Company under this Agreement,
beginning with the first calendar quarter-end following the date of this
Agreement, Advisor shall receive compensation from the General Partner, the
Partnership and/or the Trading Company, as applicable, as follows:

     

    (1)           The
Trading Company will pay to Advisor a “Consulting Fee” of [__]% per year
(computed and accrued monthly on the basis of month-end “Allocated Net Assets,”
as defined in subsection (c) below but excluding notional funds, if any, and
paid quarterly) of such Advisor’s Allocated Net Assets.

     

    (2)           The
Trading Company will pay to Advisor a quarterly “Incentive Fee” of [__]% of “New
Trading Profits on the Allocated Net Assets of Advisor,” as defined in
subsection (d) below.

     

    (b)           Advisor
shall not receive any commissions, compensation, remunerations or payments
whatsoever from any clearing broker with whom the Partnership and/or the Trading
Company carries an account for any transactions executed in the Trading
Company’s account, nor shall Advisor at any time be an “affiliate” of any
clearing broker with whom the Partnership and/or the Trading Company carries an
account, as such term is used in the Partnership Agreement.

     

    (c)           “Allocated
Net Assets” means that portion of the Partnership’s Net Assets allocated to
Advisor by the General Partner through the Trading Company and subject to
Advisor’s trading discretion (including any notional funds), together with any
appreciation or depreciation in such Allocated Net Assets. “Net Assets” is
defined as the total assets of the Partnership including all cash and cash
equivalents plus the market value of all open Commodity Interest positions and
U.S. Treasury bills, but minus all accrued liabilities of the Partnership. The
market value of a Commodity Interest position shall be that price quoted on the
exchange on which each such contract is traded as of the close of each trading
day, or if any such contract is not so traded, the fair market value of each
contract, as determined by the General Partner.

     

    (d)           “New
Trading Profits on the Allocated Net Assets of Advisor” shall mean the sum of
(A) the net of any profits (excluding interest income) and losses realized on
all trades closed out during the period calculated with respect to the assets of
each class of Units of such Allocated Net Assets, plus (B) the net of any
unrealized profits and losses on open positions as of the end of such period
(after deduction for accrued brokerage commissions and all other transaction
fees and costs) calculated with respect to the assets of each class of Units of
such Allocated Net Assets, minus (C) (i) the net of any unrealized profits or
losses on open positions as of the end of the preceding period (after deduction
for accrued brokerage commissions and all other transaction fees and costs)
calculated with respect to the assets of each class of Units of such Allocated
Net Assets, and (ii) cumulative net realized or unrealized trading losses
calculated with respect to the assets of each class of Units of such Allocated
Net Assets (reduced by a proportionate share of realized and unrealized trading
losses calculated with respect to the assets of each class of Units of such
Allocated Net Assets attributable to redeemed Units or reallocated amounts as of
any redemption or reallocation date), if any, carried forward from all preceding
periods since the last period for which an Incentive Fee was payable to
Advisor.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
       

      EXHIBIT
10.1

    

    
 

    COMMODITY
TRADING AUTHORIZATION

     

    [DATE],
2009

     

    [NAME OF
ADVISOR]

    [ADDRESS]

    [ADDRESS]

    [ADDRESS]

    Attn:  [NAME]

     

    Dear
[NAME OF ADVISOR]:

     

    Dearborn
Capital Management, L.L.C. (“Dearborn”), as Manager of [NEW TRADING COMPANY,
LLC.] (the “Trading Company”) and General Partner of Grant Park Futures Fund
Limited Partnership (the “Partnership”), does hereby make, constitute and
appoint you as attorney-in-fact of the Trading Company to purchase and sell
commodity interests, including futures contracts, forward contracts, options on
futures contracts, forward contracts and on commodities, spot contracts and swap
contracts, through [NAME], as clearing broker for the Partnership and the
Trading Company in accordance with the Advisory Contract dated as of [DATE]
among you, the Partnership, the Trading Company and Dearborn.

     

    
      	 
      	
              Very
      truly yours,

               

              DEARBORN
      CAPITAL MANAGEMENT, L.L.C.

               

              By:   Dearborn
      Capital Management, Ltd.,

                      
      its Managing Member

               

              By:   _____________________________

                      
      David M. Kavanagh,

                      
      its PresidentUnassociated Document

     

    EXHIBIT
10.5

     

     

     

     

     

     

     

     

    _______________,
LLC

     

    LIMITED
LIABILITY COMPANY AGREEMENT

     

    _______________

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      TABLE
OF CONTENTS

    

     

     

     

    
      
        	 	 Page
	
                 
      ARTICLE 1        DEFINITIONS

              	
                1

              

      

    

     

    
      	
               
      

            	
              1.1

            	
              Definitions 

            	
              1

            

    

    
      	
               
      

            	
              1.2

            	
              Construction 

            	
              2

            

    

     

    
      	
               ARTICLE 2         ORGANIZATION

            	
              3

            

    

     

    
      	
               
      

            	
              2.1

            	
              Formation 

            	
              3

            

    

    
      	
               
      

            	
              2.2

            	
              Name 

            	
              3

            

    

    
      	
               
      

            	
              2.3

            	
              Purpose 

            	
              3

            

    

    
      	
               
      

            	
              2.4

            	
              Principal
      Place of Business 

            	
              3

            

    

    
      	
               
      

            	
              2.5

            	
              Duration 

            	
              3

            

    

    
      	
               
      

            	
              2.6

            	
              Filings;
      Agent for Service of Process 

            	
              3

            

    

    
      	
               
      

            	
              2.7

            	
              Mergers
      and Exchanges 

            	
              4

            

    

     

    
      	
               ARTICLE
      3         
      MEMBERSHIP

            	
              4

            

    

     

    
      	
               
      

            	
              3.1

            	
              Additional
      Members 

            	
              4

            

    

     

    
      	
               ARTICLE 4         
      TAX CLASSIFICATION AND DISTRIBUTIONS

            	
               4

            

    

     

    
      	
               
      

            	
              4.1

            	
              Classification
      of Company 

            	
              4

            

    

     

    
      	
              ARTICLE 5          
      RIGHTS AND DUTIES OF MANAGER

            	
              4

            

    

     

    
      	
               
      

            	
              5.1

            	
              Management 

            	
              4

            

    

    
      	
               
      

            	
              5.2

            	
              Action
      by Written Consent 

            	
              5

            

    

    
      	
               
      

            	
              5.3

            	
              Reimbursement 

            	
              5

            

    

    
      	
               
      

            	
              5.4

            	
              Indemnification 

            	
              5

            

    

    
      	
               
      

            	
              5.5

            	
              Expenses 

            	
              5

            

    

    
      	
               
      

            	
              5.6

            	
              Not
      Exclusive 

            	
              6

            

    

    
      	
               
      

            	
              5.7

            	
              Exculpation 

            	
              6

            

    

     

    
      	
              ARTICLE 6          
      SOLE MEMBER

            	
              6

            

    

     

    
      	
               
      

            	
              6.1

            	
              Sole
      Member’s Liability 

            	
              6

            

    

    
      	
               
      

            	
              6.2

            	
              No
      Personal Liability 

            	
              6

            

    

     

    
      	
              ARTICLE 7          
      BOOKS, RECORDS, REPORTS AND BANK ACCOUNTS

            	
               6

            

    

     

    
      	
               
      

            	
              7.1

            	
              Maintenance
      of Books 

            	
              6

            

    

    
      	
               
      

            	
              7.2

            	
              Accounts 

            	
              6

            

    

    
      	
               
      

            	
              7.3

            	
              Audit
      or Review 

            	
              6

            

    

     

    
      	
              ARTICLE 8          
      DISSOLUTION, LIQUIDATION AND TERMINATION

            	
              7

            

    

     

    
      	
               
      

            	
              8.1

            	
              Dissolution 

            	
              7

            

    

    
      	
               
      

            	
              8.2

            	
              Liquidation
      and Termination 

            	
              7

            

    

    
      	
               
      

            	
              8.3

            	
              Certificate
      of Cancellation 

            	
              7

            

    

     

    
      	
              ARTICLE 9          
      GENERAL PROVISIONS

            	
              8

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    TABLE OF
CONTENTS

    (continued)

     

     

     

    
      
        	 	 	 	 Page
	
                 
      

              	
                9.1

              	
                Offset 

              	
                8

              

      

    

    
      	
               
      

            	
              9.2

            	
              Notices 

            	
              8

            

    

    
      	
               
      

            	
              9.3

            	
              Binding
      Effect 

            	
              8

            

    

    
      	
               
      

            	
              9.4

            	
              Governing
      Law; Severability 

            	
              8

            

    

    
      	
               
      

            	
              9.5

            	
              Further
      Assurances 

            	
              8

            

    

    
      	
               
      

            	
              9.6

            	
              Waiver
      of Certain Rights 

            	
              8

            

    

    
      	
               
      

            	
              9.7

            	
              No
      Third Party Beneficiaries 

            	
              9

            

    

     

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
 

    _______________,
LLC

    LIMITED LIABILITY COMPANY
AGREEMENT

     

    THIS
LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”), dated as of
_______________, is made between _______________, LLC, a Delaware limited
liability company (the “Company”), and Grant Park Futures Fund Limited
Partnership, a Delaware limited partnership (the “Sole Member”), pursuant to
Section 18-101(7) of the Delaware Limited Liability Company Act, as amended
(the “Act”).

     

    ARTICLE 1

     

    DEFINITIONS

     

     

    1.1  Definitions.  As
used in this Agreement, the following terms have the following
meanings:

     

    “Act” has the meaning that term
is given in the introductory paragraph.

     

    “Agreement” has the meaning set
forth in the introductory paragraph.

     

    “Bankrupt Member” means any
Member (a) that (i) makes a general assignment for the benefit of
creditors; (ii) files a voluntary bankruptcy petition; (iii) becomes
the subject of an order for relief or is declared insolvent in any federal or
state bankruptcy or insolvency proceedings; (iv) files a petition or answer
seeking for the Member a reorganization, arrangement, composition, readjustment,
liquidation, dissolution, or similar relief under any law; (v) files an
answer or other pleading admitting or failing to contest the material
allegations of a petition filed against the Member in a proceeding of the type
described in subclauses (i) through (iv) of this clause (a); or
(vi) seeks, consents to, or acquiesces in the appointment of a trustee,
receiver, or liquidator of all or any substantial part of the Member’s
properties; or (b) against whom a proceeding seeking reorganization,
arrangement, composition, readjustment, liquidation, dissolution, or similar
relief under any law has been commenced and 120 days have expired without
dismissal thereof or with respect to which, without the Member’s consent or
acquiescence, a trustee, receiver, or liquidator of the Member or of all or any
substantial part of the Member’s properties has been appointed and 90 days
have expired without the appointment’s having been vacated or stayed, or
90 days have expired after the date of expiration of a stay, if the
appointment has not previously been vacated.

     

    “Business Day” means any day
other than a Saturday, a Sunday, or a holiday on which the banks in the State of
Illinois are closed.

     

    “Certificate” has the meaning
given that term in Paragraph 2.1.

     

    “Code” means the Internal
Revenue Code of 1986, as amended.

     

    “Company” has the meaning given
that term in the preamble.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Company Property” or “Property” means all real and
personal property acquired by the Company and any improvements thereto, and
shall include both tangible and intangible property.

     

    “Dispose,” “Disposing,” or “Disposition” means a sale,
assignment, transfer, exchange, mortgage, pledge, grant of a security interest,
withdrawal or other disposition or encumbrance (including, without limitation,
by operation of law), or the acts thereof.

     

    “Fiscal Year” means the period
of January 1 through December 31 of each calendar year or such other
period as the Managers may from time to time determine.

     

    “GCL” means the Delaware
General Corporation Law, as amended, and any successor statute.

     

    “Managers” means the Person or
Persons selected as the manager(s) of the Company pursuant to
Paragraph 5.1, but does not include any Person who has ceased to be a
Manager.

     

    “Member” means any Person
executing this Agreement as of the date of this Agreement as a Member or
hereafter admitted to the Company as a Member as provided in this Agreement, but
does not include any Person who has ceased to be a Member in the
Company.

     

    “Membership Interest” or “Interest” means the interest
of a Member in the Company including, without limitation, rights to
distributions (liquidating or otherwise), allocations, information, payments and
to consent or approve certain actions as provided herein.

     

    “Percentage Interest” means
with regard to a Member the percentage set forth for that Member in Exhibit A.

     

    “Person” means any individual,
corporation, trust, partnership, joint venture, limited liability company or
other entity.

     

    “Proceeding” means any action,
suit or proceeding, whether civil, criminal, administrative, arbitrative or
investigative, or any inquiry or investigation that could lead to any of the
foregoing.

     

    “Sole Member” has the meaning
that term is given in the introductory paragraph.

     

    “Treasury Regulations,” “Treas. Reg.” or “Reg.” means the final or
temporary income tax regulations promulgated under the Code, as amended from
time to time (including corresponding provisions of succeeding
regulations).

     

    Other
terms defined herein have the meanings so given them.

     

    1.2  Construction.  Whenever
the context requires, the gender of all words used in this Agreement includes
the masculine, feminine, and neuter.  All references to Articles and
Paragraphs refer to articles and paragraphs of this Agreement, and all
references to Exhibits are to Exhibits attached hereto, each of which is made a
part hereof for all purposes.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    ARTICLE 2

     

    ORGANIZATION

     

     

    2.1  Formation.

     

    (a) The
Company was organized as a Delaware limited liability company by the filing of
the Certificate of Formation (“Certificate”) under and pursuant to the Act on
_______________.

     

    (b) The Sole
Member hereby elects to have the Company and this Agreement governed by the
Act.

     

    2.2  Name.  The
name of the Company, and the name under which business of the Company shall be
conducted, is “_______________, LLC”  The Company shall hold all of
its property in the name of the Company and not in the name of a
Member.

     

    2.3  Purpose.  The
purpose and business of the Company shall be to transact any or all lawful
business for which limited liability companies may be organized under the
Act.

     

    2.4  Principal Place of
Business.  The principal place of business of the Company shall
be at 555 West Jackson Boulevard, Suite 600, Chicago, Illinois 60661 or such
other location as may be designated by the Managers from time to
time.

     

    2.5  Duration.  The
duration of the Company commenced on the date on which the Certificate was filed
in the office of the Delaware Secretary of State in accordance with the Act and
shall continue until the winding up and liquidation of the Company and its
business is completed, as provided in Article 8 hereof.

     

    2.6  Filings; Agent for Service
of Process.

     

    (a) The
Certificate has been or shall be filed in the office of the Delaware Secretary
of State in accordance with the provisions of the Act.  The Managers
shall take any and all other actions reasonably necessary to perfect and
maintain the status of the Company under the Act or the applicable laws of the
State of Delaware.  The Sole Member shall cause amendments to the
Certificate to be filed whenever required by the Act.  Such
Certificate and amendments thereto shall be executed by the Sole
Member.

     

    (b) The
Managers shall cause to be executed and filed such forms or certificates and
shall take any and all other actions as may be reasonably necessary to perfect
and maintain the status of the Company under the laws of any other states or
jurisdictions in which the Company engages in business.  Jennifer
Durham King is hereby designated as an authorized person within the meaning of
the Act to execute, deliver and file the Certificate and Jennifer Durham King
and such other persons as may be designated from time to time by the Managers
are hereby designated as authorized persons, within the meaning of the Act, to
execute, deliver and file any amendments or restatements of the Certificate and
any other certificates and any amendments or restatements thereof necessary for
the Company to qualify to do business in a jurisdiction in which the Company may
wish to conduct business.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    (c) The
registered agent for service of process on the Company in the State of Delaware,
and the address of such registered agent, shall be National Corporate Research,
Ltd. at 615 South DuPont Hwy, Dover, Delaware, 19901, County of
Kent.  The Managers may change the registered agent and appoint
successor registered agents.

     

    (d) Upon the
dissolution of the Company, the Managers shall promptly execute and cause to be
filed a Certification of Cancellation in accordance with the Act and the laws of
any other states or jurisdictions in which the Company has registered to
transact business or otherwise filed a Certificate.

     

    2.7  Mergers and
Exchanges.  The Company may be a party to any recapitalization,
acquisition, restructuring or merger in accordance with and as allowed by the
Act or the GCL.

     

    ARTICLE 3

     

    MEMBERSHIP

     

     

    3.1  Additional
Members.  Additional Persons may be admitted to the Company as
Members and Membership Interests may be created and issued to those Persons and
to existing Members on such terms and conditions as the Managers may determine
at the time of admission.  In the case of an additional Person being
admitted as a Member such that the Sole Member is no longer the only Member of
the Company, this Agreement shall be amended and restated as further set forth
in Article 4 hereof.

     

     

    ARTICLE 4

     

    TAX
CLASSIFICATION AND DISTRIBUTIONS

     

     

    4.1  Classification of
Company.  Solely for federal, state and local tax purposes and
as long as the Sole Member remains the only Member of the Company, the Company
shall be disregarded as an entity separate from its owner as contemplated in
Treas. Reg. Section 301.7701-2, and all items of income, gain, loss,
deduction and credits of the Company shall be items of income, gain, loss,
deduction and credits to the Sole Member and reflected as such on the Sole
Member’s income tax returns.  In the event the Sole Member is no
longer the only Member of the Company by reason of the application of
Paragraph 3.1 or otherwise, the Company shall, at such time the Sole Member
ceases to be the only Member of the Company, be converted to a partnership for
federal, state and local tax purposes and the Sole Member shall amend and
restate this Agreement in a manner consistent therewith.  Except as
prohibited by the Act, the Company may make distributions of cash or other
Property to the Members in accordance with their Percentage Interests, in
amounts and at such times as determined by the Managers in their sole
discretion.

     

     

    ARTICLE 5

     

    RIGHTS
AND DUTIES OF MANAGER

     

     

    5.1  Management.  The
business and affairs of the Company shall be managed by the managers, who shall
be “managers” of the Company for all purposes under the Act (the “Manager” or if there
is more than one (1) Manager, the “Managers”).  The
Manager shall initially be Dearborn Capital Management, LLC.  The
Managers shall hold office until their successors shall have been elected and
qualified.  Managers shall be elected and removed by the affirmative
vote of Grant Park Futures Fund Limited Partnership.  Managers need
not be Members of the Company.  In addition, the Managers may appoint
one or more officers who shall have and may exercise all the powers and
authority of the Managers in the management of the business, property and
affairs of the Company to the extent determined from time to time by the
Managers.  Unless authorized to do so by this Agreement or by the
Managers of the Company, no attorney-in-fact, officer, employee or other agent
of the Company shall have any power or authority to bind the Company in any way,
to pledge its credit or to render it liable for any purpose.  No
Member shall have any power or authority to bind the Company unless the Member
has been authorized by the Managers to act as an agent of the Company in
accordance with the previous sentence.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    5.2  Action by Written
Consent.  Any action required or permitted to be taken at any
meeting of the Managers may be taken without a meeting by a Managers’ written
consent thereto in writing executed by all of the Managers.  All
written consents or other such writings shall be filed with the records of the
meetings of the Managers.  Such consent shall be treated for all
purposes as the act of the Managers.

     

    5.3  Reimbursement.  The
Company shall reimburse the Managers for payments made and indemnify the
Managers for liabilities incurred by the Managers in the ordinary course of the
business of the Company or for the preservation of the business or property of
the Company. 

     

    5.4  Indemnification.  The
Company shall indemnify, in accordance with and to the full extent now or
hereafter permitted by law, any Person who was or is a party or is threatened to
be made a party to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative (including,
without limitation, an action by or in the right of the Company) by reason of
the fact that such Person is or was a Manager, member or an officer of the
Company, against any liabilities, expenses (including, without limitation,
attorneys’ fees and expenses and any other costs and expenses incurred in
connection with defending such action, suit or proceeding), judgments, fines and
amounts paid in settlement actually and reasonably incurred by such Person in
connection with such action, suit or proceeding if such Person acted in good
faith and in a manner it reasonably believed to be in or not opposed to the best
interests of the Company, and, with respect to any criminal act or proceeding,
had no reasonable cause to believe his conduct was unlawful.  The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption (a) that the Person 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 Company, or (b) with respect to any criminal action or
proceeding, that the Person had reasonable cause to believe that his conduct was
unlawful.

     

    5.5  Expenses.  Expenses
(including, without limitation, attorneys’ fees and expenses) incurred by any
Manager or Member or an officer of the Company in defending a civil, criminal,
administrative or investigative action, suit or proceeding shall be paid by the
Company in advance of the final disposition of such action, suit or proceeding
upon receipt of an undertaking by or on behalf of such Person to repay such
amount if it shall ultimately be determined that such Person is not entitled to
be indemnified by the Company under this Paragraph 5.5 or under any other
contract or agreement between such Person and the Company.  Such
expenses incurred by such Person may be so paid upon the receipt of the
aforesaid undertaking.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    5.6  Not
Exclusive.  The indemnification and advancement of expenses
provided by this Article 5 shall not be deemed exclusive of any other
rights to which those seeking indemnification or advancement of expenses may be
entitled under any by-law, agreement or otherwise, both as to action in such
Person’s official capacity and as to action in another capacity while holding
such office, and shall continue as to a Person who has ceased to be a Manager,
Member or officer and shall inure to the benefit of the successors, assigns,
heirs, executors and administrators of such Person.

     

    5.7  Exculpation.  Notwithstanding
anything to the contrary set forth in this Agreement, none of the Managers or
Members shall be liable to the Company for monetary damages for any losses,
claims, damages or liabilities arising from any act or omission of such Person
connection with this Agreement or the Company’s business or
affairs.

     

     

    ARTICLE 6

     

    SOLE
MEMBER

     

     

    6.1  Sole Member’s
Liability.  The Sole Member is not liable for any debt,
obligation, or liability of the Company solely by reason of being or acting as
the Sole Member of the Company.

     

    6.2  No Personal
Liability.  To the fullest extent permitted under the Act or
any other applicable law as currently or hereafter in effect, no Member shall
have any personal liability whatsoever, whether to the Company or to the
creditors of the Company for the debts, obligations, expenses or liabilities of
the Company or any of its losses, beyond such Member’s Capital Contribution, no
creditor of the Company shall have any right whatsoever to call or to cause the
Company to call any additional Capital Contributions and the Company shall have
no obligation to any creditor of the Company to call any additional Capital
Contributions.

     

     

    ARTICLE 7

     

    BOOKS,
RECORDS, REPORTS AND BANK ACCOUNTS

     

     

    7.1  Maintenance of
Books.  At the expense of the Company, the Managers shall
maintain records and accounts of the operations and expenditures of the Company
as is customary and usual for a business of the type engaged in by the
Company.

     

    7.2  Accounts.  The
Managers shall establish and maintain one or more separate bank and investment
accounts and arrangements for Company funds in the Company name with financial
institutions and firms that the Managers determine.

     

    7.3  Audit or
Review.  The Managers may select public accountants with
expertise in the Company’s business to audit or review the books and records of
the Company.

     

    
      
        
        

      

      
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    ARTICLE 8

     

    DISSOLUTION,
LIQUIDATION AND TERMINATION

     

     

    8.1  Dissolution.  The
Company shall dissolve and its affairs shall be wound up on the first to occur
of the following:

     

    (a) a vote of
the Sole Member to dissolve and wind up the affairs of the Company;

     

    (b) the sale
or other disposition by the Company of all or substantially all of the Company
Property and the collection of all amounts derived from any such sale or other
disposition, including all amounts payable to the Company under any promissory
notes or other evidences of indebtedness taken by the Company and the
satisfaction of contingent liabilities of the Company in connection with such
sale or other disposition (unless the Members shall elect to distribute such
indebtedness to the Members in liquidation);

     

    (c) upon the
Sole Member becoming a Bankrupt Member, or upon the occurrence of any event
which terminates the continued membership of the Sole Member in the Company (a
“Withdrawal Event”), unless the business of the Company is continued by the
consent of all of the remaining Members, if any, within ninety (90) days after
the Withdrawal Event; or

     

    (d) judicial
dissolution under Section 18-802 of the Act.

     

    8.2  Liquidation and
Termination.  On dissolution of the Company, the Managers shall
act as liquidator.  The Managers shall proceed diligently to wind up
the affairs of the Company and make final distributions as provided herein and
in the Act.  The costs of liquidation shall be treated as a Company
expense.  Until final distribution, the Managers shall continue to
operate the Company’s business.  The steps to be accomplished by the
liquidator are as follows:

     

    (a) the
liquidator shall pay, satisfy or discharge from Company Property all of the
debts, liabilities and obligations of the Company to its creditors, including
the Sole Member to the extent the Sole Member is a creditor.  Any
surplus must be applied to pay in money the net amount distributable to the Sole
Member in accordance with its right to distributions under
Paragraph 8.2(b); and

     

    (b) the Sole
Member is entitled to a distribution upon the winding up of the Company’s
business, consisting of a return of all contributions that have not previously
been returned and a distribution of any remainder.

     

    8.3  Certificate of
Cancellation.  When all debts, liabilities and obligations of
the Company have been paid and discharged or adequate provisions have been made
thereto and all of the remaining property and assets of the Company have been
distributed, a Certificate of Cancellation as required by the Act, shall be
executed in duplicate and filed with the Delaware Secretary of
State.

     

    
      
        
        

      

      
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    ARTICLE 9

     

    GENERAL
PROVISIONS

     

     

    9.1  Offset.  Whenever
the Company is to pay any sum to the Sole Member, any amounts that the Sole
Member owes to the Company may be deducted from such sum before
payment.

     

    9.2  Notices.  Except
as expressly set forth to the contrary in this Agreement, all notices, requests
or consents provided for or permitted to be given under this Agreement must be
in writing and must be given either by depositing such writing in the United
States mail, addressed to the recipient, postage paid, and registered or
certified with return receipt requested or by delivering such writing to the
recipient in Person, by courier, or by facsimile transmission; and a notice,
request, or consent given under this Agreement is effective on receipt by the
Person to receive it.  All notices, requests and consents to be sent
to the Sole Member must be sent to or made at the address of the Sole Member in
the Company’s records or such other address as the Sole Member may specify by
notice to the Company.  Any notice, request or consent to the Company
must be given at the address that constitutes the Company’s principal place of
business in Paragraph 2.4 hereof. Whenever any notice is required to be given by
law, the Certificate or this Agreement, a written waiver thereof, signed by the
Person entitled to notice, whether before or after the time for such notice,
shall be deemed equivalent to the giving of such notice.

     

    9.3  Binding
Effect.  This Agreement is binding on and inures to the benefit
of the Sole Member, the Company and their respective successors and
assigns.

     

    9.4  Governing Law;
Severability.  THIS AGREEMENT IS GOVERNED BY AND SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, EXCLUDING ANY
CONFLICT OF LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE
CONSTRUCTION OF THIS AGREEMENT TO THE LAWS OF ANOTHER
JURISDICTION.  In the event of a direct conflict between the
provisions of this Agreement and (a) any provision of the Certificate, or
(b) any mandatory provision of the Act or the GCL (to the extent such
statute is incorporated into the Act), the applicable provision of the
Certificate, the Act, the GCL or any other applicable Delaware law shall
control.  If any provision of this Agreement or the application
thereof to any Person or circumstance is held invalid or unenforceable to any
extent, the remainder of this Agreement and the application of that provision to
other Persons or circumstances is not affected thereby and such provision shall
be enforced to the greatest extent permitted by law.

     

    9.5  Further
Assurances.  In connection with this Agreement and the
transactions contemplated hereby, the Sole Member shall execute and deliver any
additional documents and instruments and perform any additional acts that may be
necessary or appropriate to effectuate and perform the provisions of this
Agreement and those transactions.

     

    9.6  Waiver of Certain
Rights.  The Sole Member irrevocably waives any right it may
have to maintain any action for partition of the Property of the
Company.

     

    
      
        
        

      

      
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    9.7  No Third Party
Beneficiaries.  Neither this Agreement nor any provision
hereof, nor any Exhibit hereto or document executed or delivered herewith, shall
create any right in favor of or impose any obligation upon any Person or entity
other than the Sole Member, the Managers, the Company and their respective
successors and assigns.

     

    [SIGNATURE
PAGE FOLLOWS]

     

     

    
      
        
        

      

      
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    Sole
Member Limited Liability Company Agreement Signature Page

     

    IN
WITNESS WHEREOF, the undersigned have executed this Limited Liability Company
Agreement as of the date first set forth above.

     

    
      	 
      	
              SOLE
      MEMBER:

               

              Grant
      Park Futures Fund Limited Partnership

               

              By:
      _________________________________                                                             

              (Authorized
      Signature)

            
	 
      	
               

              COMPANY:

               

               

              _______________,
      LLC

              By:
      Dearborn Capital Management, LLC, its Manager

               

               

              By:
      _________________________________                                                             

              
                (Authorized
      Signature)

              

            

    

     

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
 

    EXHIBIT
A

     

    Sole
Member

     

     

    
      	
              NAME
      OF

              SOLE MEMBER

            	
              MEMBER

              CAPITAL

            	
              PERCENTAGE
      INTERESTS

            
	
              Grant
      Park Futures Fund Limited Partnership

            	
              $
      ___________

            	
              100%

            

    

    

     

    
 

    
      
        
        

      

      
        11

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