Document:

EX10.1

			
	CONFIDENTIAL	  	Exhibit 10.1

 Amended & Restated Master Services Agreement 

This Amended & Restated Master Services Agreement (the “Agreement”) is entered into and effective as of March 31, 2015 (the
“Effective Date”) by and among: 
  

	1.	SS&C Technologies, Inc., a corporation incorporated under the laws of the State of Delaware (“SS&C”); 

 

	2.	Each of the collective investment vehicles listed in Schedule C (each a “Fund” and collectively, the “Funds”); and 

 

	3.	Ceres Managed Futures LLC, a limited liability company organized under the laws of the State of Delaware in its capacity as (a) either (i) the general partner of those Funds organized as limited
partnerships or (ii) the managing member of those funds organized as limited liability companies and (b) the commodity pool operator of each Fund (“Ceres”). 

The Funds and Ceres may be referred to collectively as “Client.” SS&C and Client may be referred to individually as a
“Party” or collectively as “Parties.” 
  

	1.	Definitions; Interpretation 

  

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

 (a)
“Action” means any civil, criminal, regulatory or administrative lawsuit, arbitration or proceeding, in each case, made, asserted, commenced by any person (including any Government Authority), regardless of the legal, equitable or
other theory. 
 (b) “Affiliate” means, with respect to any person, any other person that is controlled by, controls, or is
under common control with such person and “control” of a person means: (i) ownership of, or possession of the right to vote, more than 25% of the outstanding voting equity of that person or (ii) the right to control the
appointment of the board of directors or analogous governing body, management or executive officers of that person. 
 (c) “Business
Day” means a day on which the New York Stock Exchange is open for business. 
 (d) “Claim” means any Action arising
out of the subject matter of, or in any way related to, this Agreement, its formation or the Services. 
 (e) “Client Data”
means all data of Client, including data related to securities trades and other transaction data, investment returns, issue descriptions, and the like, and all output and derivatives thereof, necessary to enable SS&C to perform the Services.

 (f) “governing documents” means the constitutional documents of an entity and, with respect to a Fund, all minutes of
meetings of the board of directors or analogous governing body and of Fund investors, and any offering memorandum, subscription materials and other disclosure documents utilized by a Fund in connection with the offering of any of its securities to
investors, all as amended from time to time. 
 (g) “Government Authority” means any relevant administrative, judicial,
executive, legislative or other governmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction. 

(h) “Losses” means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary,
enhanced or other damages, settlement payments, attorneys’ fees, costs, damages, charges, expenses, or other losses of any kind. 
 (i)
“person” means any natural person or corporate or unincorporated entity or organization and that person’s personal representatives, successors and permitted assigns. 

(j) “Services” means the services listed in Schedule A. 

(k) “SS&C Associates” means SS&C and each of its Affiliates, members, shareholders, directors, officers, partners,
employees, agents, successors or assigns. 
 (l) “SS&C Property” means all hardware, software, source code, data, report
designs, spreadsheet formulas, information gathering or reporting techniques, know-how, technology and all other property commonly referred to as intellectual property used by SS&C in connection with its performance of the Services. 

 1.2 Other capitalized terms used in this Agreement but not defined in this Section 1 shall have the meanings
ascribed thereto. 
 1.3 Section and Schedule headings shall not affect the interpretation of this Agreement. 

1.4 Words in the singular include the plural and words in the plural include the singular. The words “including,” “includes,”
“included” and “include”, when used, are deemed to be followed by the words “without limitation.” Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “hereof,” “herein” and “hereunder” and words of analogous import shall refer to this Agreement as a whole and not to any particular provision of this Agreement. “Law” includes applicable statutes, rules,
regulations, interpretations and orders of any Government Authority. 
 1.5 The Parties’ duties and obligations are governed by and limited to the
express terms and conditions of this Agreement, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party. The Parties have mutually
negotiated the terms hereof and, accordingly, there shall be no presumption of law relating to the interpretation of contracts against the drafter. 
  

	2.	Services and Fees 

 2.1 SS&C will perform the Services in consideration of the fees, expenses
and related payment terms listed in Schedule B. SS&C shall be under no obligation or duty to perform any service or take any action unless it is specifically listed in Schedule A and no obligations or duties (including, fiduciary or analogous
duties) other than those specifically provided for herein shall be implied. 
 2.2 In carrying out its duties pursuant to this Agreement, some or all
Services may be delegated by SS&C to one or more of its Affiliates, with the prior written approval of Client. If SS&C delegates any Services, such delegation shall not relieve SS&C of its duties and obligations hereunder and SS&C
shall remain responsible to Client for the actions of such Affiliates in the course of performing any Services. 
  

	3.	Management and Client Responsibilities 

 3.1 The management and control of each Fund is vested
exclusively with Ceres, subject to the terms and provisions of such Fund’s governing documents. Ceres will make all decisions, perform all management functions relating to the operation of each Fund and authorize all transactions. Without
limiting the foregoing, Ceres, on behalf of each Fund shall: 
 (a) Designate properly qualified individuals to oversee the record-keeping
and administrative Services provided by SS&C; 
 (b) Evaluate the results of the Services performed. Review and approve all reports,
analyses and books and records resulting from the Services and promptly inform SS&C of any errors it is in a position to identify; 
 (c)
Evaluate the accuracy of the Services; and 
 (d) Provide SS&C with timely information required by SS&C in order to perform the
Services and its duties hereunder. 
 3.2 Each Client is solely and exclusively responsible for ensuring that it complies with law and its governing
documents. SS&C is not responsible for monitoring Client’s compliance with (i) law, (ii) their respective governing documents or (iii) any investment restrictions or compliance with the investment restrictions. 

3.3 Notwithstanding anything in this Agreement to the contrary, SS&C (i) shall be entitled, without further enquiry, for all purposes in relation to
dealings with all persons, to rely on the authenticity and accuracy of any and all information and communications of whatever nature and howsoever received by SS&C in good faith, in connection with the performance of the Services and its duties
hereunder, and (ii) shall not be responsible or liable to any person for any Losses arising by virtue of any such information or communication not being authentic and/or accurate. 

3.4 Client shall promptly notify SS&C of any material Action against it. 

 3.5 Client shall deliver, and procure that its various agents deliver, to SS&C, all Client Data and the then
most current version of all Fund governing documents and any agreement between Fund and Ceres. Client shall arrange with each such agent that SS&C will not have to enter any agreements with that person in order for SS&C to provide the
Services. 
  

	4.	Term 

 4.1 The initial term of this Agreement will be from the Effective Date through
December 31, 2016. Thereafter, this Agreement will automatically renew for successive terms of 1 year each. After December 31, 2016 either Party may terminate this Agreement as of a calendar quarter end upon 180 days’ written notice.
In the event of the termination of this Agreement, SS&C shall provide exit assistance by promptly supplying Client Data to the Client or any other party designated by the Client in formats already prepared in the course of providing the
Services; provided that all fees and expenses have been paid. In the event that Client wishes to retain SS&C to perform additional transition services, including providing data and reports in new formats, Client and SS&C shall agree in
writing to the additional services and related fees and expenses in advance. 
  

	5.	Termination 

 5.1 In addition to the provisions of Section 4, either Party may, by written
notice to the other Party, terminate this Agreement if any of the following events occur: 
 (a) The other Party breaches any material term,
condition or provision of this Agreement, which breach, if capable of being cured, is not cured within thirty (30) calendar days after the non-breaching Party gives the other Party written notice of such breach. 

(b) The other Party terminates or suspends its business. If any such event occurs, termination will become effective immediately or on the date
stated in the written notice of termination, which date shall not be greater than ninety (90) days after the event. Termination of this Agreement for any reason shall not affect: (i) any liabilities or obligations of either Party arising
before such termination (including payment of fees and expenses) or (ii) any damages or other remedies to which a Party may be entitled for breach of this Agreement or otherwise. 

5.2 Sections 6, 8, 9, 10, 11, 12 and 15 of this Agreement shall survive the termination of this Agreement. To the extent any services that are Services are
performed by SS&C for Client after the termination of this Agreement all of the provisions of this Agreement except Schedule A shall survive the termination of this Agreement for so long as those services are performed. 

5.3 Ceres shall notify SS&C in writing at least twenty (20) days in advance of the date that it wishes to have an additional fund join this Agreement
and become a Fund hereunder. Any such notification shall be provided as described in Schedule D. No entity shall become a Party hereunder without the consent of SS&C, which consent shall not be unreasonably withheld or delayed (including with
respect to the fees payable with respect to that entity). 
  

	6.	Limitation of Liability and Indemnification 

 6.1 Notwithstanding anything in this Agreement to
the contrary, SS&C Associates shall not be liable to Client for any action or inaction of any SS&C Associate except to the extent of Losses resulting from the gross negligence, willful misconduct or fraud of SS&C in the performance of
SS&C’s duties or obligations under this Agreement. The maximum amount of liability of SS&C Associates to Client for Losses arising out of the subject matter of, or in any way related to, this Agreement, except to the extent of Losses
resulting from the, willful misconduct or fraud of SS&C Associates in the performance of SS&C’s duties or obligations under this Agreement, shall not exceed (a) if such Losses occur in the first sixty (60) months after the
Effective Date (the “Initial Period”), an amount equal to the product of (i) the actual amount of fees paid by Client to SS&C during the Initial Period divided by the number of months that have elapsed in the Initial Period and
(ii) sixty (60) and (b) if such Losses occur after the Initial Period, the fees paid by Client to SS&C under this Agreement for the most recent sixty (60) months immediately preceding the date of the event giving rise to the
Claim or, if the Agreement had been effective for less than 60 months, the fees payable since the Effective Date times a number equal to 60 months divided by the months since the Effective Date. For the avoidance of doubt, the maximum of liability
of SS&C Associates for Losses arising from the willful misconduct or fraud of SS&C Associates shall be to the maximum extent permissible by law. 

 6.2 For the avoidance of doubt, SS&C shall not be liable for indirect, special, incidental, consequential,
punitive, exemplary or enhanced or other similar damages (including lost profits and diminution of value) arising out of the subject matter of this Agreement, whether they were foreseeable, whether or not advised of their possibility and
notwithstanding the failure of any agreed or other remedy of its essential purpose. Any fines or penalties assessed on a Party by a Government Authority under applicable law arising out of the other party’s breach of this Agreement are direct
damages. 
 6.3 To the maximum extent permissible by law, Client shall indemnify and hold harmless the SS&C Associates from and against any third party
claims, liabilities, costs and expenses (including legal fees to enforce this provision) that the SS&C Associates suffer, incur, or pay as a result of any Claim except to the extent they result from the gross negligence, willful misconduct or
fraud of SS&C Associates. SS&C will promptly notify Client of any such Claim and will reasonably cooperate with Client in the defense of such Claim, at Client’s expense. 

6.4 To the maximum extent permissible by law, SS&C shall indemnify and hold harmless the Client and each of its Affiliates, members, shareholders,
directors, officers, partners, employees, agents, successors or assigns from and against any third party claims, liabilities, costs and expenses (including legal fees to enforce this provision) that they suffer, incur, or pay as a result of a Claim
arising out of or relating to the provision or utilization of any Services or any portion thereof that constitutes an infringement, violation, contravention or breach of any patent, copyright, trademark, license or other intellectual property right
of any third party. Client will promptly notify SS&C of any such Claim and will reasonably cooperate with SS&C in the defense of such Claim, at SS&C’s expense. 

6.5 A Party indemnifying under Sections 6.3 or 6.4 will have the right to conduct the defense of any such Claim and all negotiations for its settlement or
compromise except that the other Party may in its sole discretion participate in the defense of any such Claim at the indemnifying Parties’ expense. Notwithstanding the foregoing, a Party may not, without the other Party’s prior written
consent, settle, compromise or consent to the entry of any judgment in any such Claim, unless such settlement, compromise or consent: (i) includes an unconditional release of the relevant Parties that are being indemnified from all liability
arising out of such Claim and (ii) is solely monetary in nature and does not include a statement as to, or an admission of fault, culpability or failure to act by or on behalf of, any Parties that is being indemnified or otherwise adversely
affect any such Party. If a Party fails to appoint an attorney within ten (10) days after the other Party has notified it of an indemnifiable Claim, or after it becomes aware of such Claim, whichever is earlier, the other Party will have the
right to select and appoint an alternative attorney and the reasonable cost and expense thereof will be paid by it. 
  

	7.	Representations and Warranties 

  

	7.1	Each Party represents and warrants to each other Party that: 

 (a) It is a legal entity duly
created, validly existing and in good standing under the law of the jurisdiction in which it is created, and is in good standing in each other jurisdiction where the failure to be in good standing would have a material adverse effect on its business
or its ability to perform its obligations under this Agreement; 
 (b) It has all necessary legal power and authority to own, lease and
operate its assets and to carry on its business as presently conducted and as it will be conducted pursuant to this Agreement and will comply in all material respects with all law to which it may be subject; 

(c) It has all necessary legal power and authority to enter into this Agreement and to perform its obligations hereunder, the execution and
delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary actions on its part, and performance hereunder does not violate the terms of any contract, covenant or agreement
between it and any unrelated third party; 
 (d) The person signing on its behalf has the authority to contractually bind it to the terms and
conditions in this Agreement and that this Agreement constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms; 

(e) It is not a party to, and is not bound or affected by or subject to, any instrument, agreement, charter or by-law provision, law or
judgment which would be contravened or breached as a result of the execution or performance of this Agreement; and 
 (f) To the best of its
knowledge and belief, it is not the subject of any Action that would prevent it from performing its obligations under this Agreement. 

 7.2 The General Partner of each Fund represents and warrants to SS&C that it has actual authority to provide
instructions and directions on behalf of Fund and that all such instructions and directions are consistent with the governing documents of Client and other corporate actions of Client. 

7.3 The Fund represents and warrants to SS&C that (i) it is not registered or required to be registered as an investment company under the U.S.
Investment Company Act of 1940, as amended, and (ii) if its securities are publicly registered or required to be publicly registered in the U.S. or the EU, that fact is disclosed in the Fund’s offering documents. 

7.4 SS&C represents and warrants that: 
 (a)
All Services will be performed with reasonable care, skill and diligence in a professional and workmanlike manner using suitably qualified and experienced personnel and with the necessary number of people to meet deadlines; 

(b) None of the Services nor the provision or utilization thereof as contemplated under this Agreement, do or will infringe, violate, or in any
manner contravene or breach or constitute the unauthorized use or misappropriation of any intellectual property rights of any third party; 

(c) No deliverables provided in the course of the provision of the Services will contain, and SS&C will not insert in those deliverables
any computer code (i) designed to disrupt, disable, harm, or otherwise impede the operation of the software or firmware or any computer or network (referred to as “viruses” or “worms”) and/or (ii) that would disable the
software or firmware or any computer or network or impair in any way their operation based on the elapsing of a period of time, the exceeding of an authorized number of copies, or the advancement to a particular date or other numeral (referred to as
“time bombs”, “time locks”, or “drop dead” devices); and/or (iii) that would permit SS&C or any third party to access the software or firmware or any computer or network system (referred to as
“traps”, “access codes” or “trap door” devices) of Client or its Affiliates; 
 (d) It shall use reasonable
efforts to provide the Services contemplated under this Agreement in compliance with applicable law; and 
 (e) SS&C and SS&C’s
shareholders, directors, officers, and employees, and SS&C’s agents or representatives, if any, will comply with applicable anti-corruption laws. 
  

	8.	Client Data 

 8.1 Client will provide or ensure that other persons provide all Client Data to
SS&C in an electronic format that is as specified in advance by SS&C (or as otherwise agreed in writing). SS&C shall not be responsible or liable for the accuracy, completeness, integrity or timeliness of any Client Data provided to
SS&C by Client or any other person. All Client Data shall remain the property of the applicable Client. Client Data shall not be used or disclosed by SS&C other than in connection with providing the Services and as permitted under
Section 11.4. 
 8.2 SS&C will provide data backup and shall maintain and store Client Data used in the accounting books and records of Fund for a
rolling period of seven (7) years starting from the date the Services commenced for Client. 
  

	9.	Data Protection 

 9.1 From time to time SS&C may obtain access to certain personal information
or sensitive personal information of Client or of Fund investors or prospective investors (“Personal Information”). For purposes of protecting Personal Information and/or data and for compliance with (i) Title V of the
Gramm-Leach-Bliley Act of 1999 or any successor federal statute to that act, and the rules and regulations thereunder, all as may be amended or supplemented from time to time, (ii) the European Union’s Data Protection Directive
(95/46/EC) or Data Protection Act 1998 or any implementing or related legislation of any member state in the European Economic Area (the “EEA Data Protection Laws”), (iii) the Australia Privacy Act 1988, and (iv) any
other applicable laws concerning Personal Information, in the event that SS&C has access to or acquires individually identifiable information, SS&C will comply with the terms and conditions set forth in Schedule D. 

 

	10.	SS&C Property 

 10.1 SS&C Property is and shall remain the property of SS&C or, when
applicable, its Affiliates or suppliers. Neither Client nor any other person shall acquire any license or right to use, sell, disclose, or otherwise exploit or benefit in any manner from, any SS&C Property. Client shall not (unless required by
law or pursuant to legal process or a request from any applicable Government Authority) either before or after the termination of this Agreement, disclose to any person not authorized by SS&C to receive the same, any information concerning the
SS&C Property and shall use commercially reasonable efforts to prevent any such disclosure by Client. 

	11.	Confidentiality 

 11.1 Each Party undertakes that it shall not at any time disclose to any person
any confidential information concerning the business, affairs, customers, clients or suppliers of the other Party or its Affiliates, including any Personal Information (all such confidential information together referred to herein as the
“Confidential Information”), except as permitted by this Section 11. 
  

	11.2	Each Party may disclose the other Party’s Confidential Information: 

 (a) In the case of
Client, to each of its Affiliates, members, shareholders, directors, officers, partners, employees and agents, and in the case of SS&C, to each other SS&C Associate, in each case who need to know such information for the purposes of carrying
out the Party’s obligations under this Agreement. Each Party shall ensure that all persons to whom the Party discloses the other Party’s Confidential Information comply with this Section 11; and 

(b) As may be required by law or pursuant to legal process; provided that the disclosing Party (i) where reasonably practicable,
where required or requested by a Government Authority with jurisdiction over the Party and to the extent legally permissible, provides the other Party with prompt written notice of the required disclosure so that the other Party may seek a
protective order or take other analogous action, (ii) discloses no more of the other Party’s Confidential Information than reasonably necessary and (iii) reasonably cooperates with actions of the other Party in seeking to protect its
Confidential Information at that Party’s expense. 
 11.3 Neither Party shall use the other Party’s confidential information for any purpose other
than to perform its obligations under this Agreement. Each Party may retain a record of the other Party’s Confidential Information for the longer of seven (7) years or as required by law. Upon termination or expiration of this Agreement or
upon the disclosing Party’s written request and where practicable, the receiving Party will return to the disclosing Party all copies of the disclosing Party’s Confidential Information already in the receiving Party’s possession or
within its control. Alternatively, with the disclosing Party’s prior written consent, the receiving Party may destroy such Confidential Information using means to protect against unauthorized access to or use of the information, including,
where appropriate, burning, shredding, or pulverizing such information, or by taking such other means as to assure that such information may not be recoverable following its disposal. In such case, an officer of the receiving Party will certify in
writing to the disclosing Party that all such Confidential Information has been so destroyed. Notwithstanding the foregoing, the receiving Party may retain copies of such Confidential Information as required by applicable law, or, to the extent such
copies are electronically stored in accordance with the receiving Party’s retention or back-up policies or procedures (including those regarding electronic communication), so long as such Confidential Information is kept confidential as
required under this Agreement. 
 11.4 SS&C’s ultimate parent company is subject to U.S. federal and state securities laws and may make disclosures
as necessary to comply with such laws. Upon the prior consent of the applicable Client (which may be withheld at the Client’s absolute discretion), SS&C shall have the right to identify such Client in connection with its marketing-related
activities and in its marketing materials as a client of SS&C. Client shall have the right to properly identify SS&C and to describe the Services and the material terms of this Agreement in the offering documents of any Fund. This Agreement
shall not prohibit SS&C from using any Client data (including Client Data) in tracking and reporting on SS&C’s clients generally or making public statements about such subjects as its business or industry; provided that Client is not
named in such public statements without its prior written consent. 
 11.5 Security Event; Security Notification. 

(a) During the term of the Agreement, SS&C will comply with its Information Security Policy, the Executive Summary of which has been
provided to the Client. SS&C shall promptly provide Client a copy thereof at any time. 
 (b) In the event that SS&C learns or has
reason to believe that, (i) Confidential Information has been disclosed or accessed by an unauthorized party, (ii) SS&C’s facilities associated with such Confidential Information have been accessed by an unauthorized party or
(iii) Client’s Confidential Information has otherwise been lost or misplaced, SS&C will promptly give notice of such event to Client. 

 (c) In the event that SS&C learns or has reason to believe that with respect to the Services
there (i) has been a breach of its security practices or systems, or (ii) is a weakness in SS&C’s security practices or systems, in each instance irrespective of cause, to the extent such breach or weakness could reasonably be
expected to (y) allow unauthorized access to Confidential Information or SS&C’s facilities associated with such Confidential Information or (z) adversely impact the Services, to the extent permitted by law SS&C will promptly
give notice of such event to Client. 
 (d) In the event that SS&C has access to or acquires individually identifiable information in
relation to this Agreement, the following shall apply: SS&C acknowledges that upon unauthorized access to or acquisition of such individually identifiable information within SS&C custody or control (a “Security Event”), the
law may require that SS&C notify the individuals whose information was accessed or disclosed that a Security Event has occurred. SS&C must notify Client promptly if SS&C learns or has reason to believe a Security Event has occurred.
Except to the extent prohibited by mandatory applicable law, SS&C agrees that it will not notify any individual until SS&C first consults with Client and Client has had an opportunity to review the notification SS&C proposes to issue to
individuals and given its express consent to the same. 
 (e) The notices required under (a), (b) and (c) of this Section 11.5
shall be given in accordance with Section 12. Such notice shall contain material details of the security issue that are known at the time of notification, except to the extent prohibited by mandatory applicable law or subject to a request by
law enforcement or other government agency to withhold such notice. SS&C shall (i) promptly take appropriate steps to contain and control the security issue to prevent unauthorized access or further unauthorized access (as applicable) to or
misuse of the Confidential Information; and (ii) continue to provide information relating to the investigation and resolution of the security issue until it has been resolved. SS&C will maintain appropriate processes for evidence
collection, analysis and remediation of any security related incident as well as postmortems and resulting actions taken or proposed with timelines for completion and will make such information available to Client at its reasonable request. SS&C
will cooperate fully with Client or its investigator in investigating and responding to each successful or attempted security breach including allowing prompt access to SS&C’s facility by Client or its investigator to investigate. 

 

	12.	Notices 

 12.1 Except as otherwise provided herein, all notices required or permitted under this
Agreement or required by law shall be effective only if in writing and delivered: (i) personally, (ii) by registered mail, postage prepaid, return receipt requested, (iii) by receipted prepaid courier, (iv) by any confirmed
facsimile or (v) by any electronic mail, to the relevant address or number listed below (or to such other address or number as a Party shall hereafter provide by notice to the other Parties). Notices shall be deemed given when received by the
Party to whom notice is required to be given. 
 If to SS&C (to each of): 

 

			
	SS&C Technologies, Inc.	  	SS&C Technologies, Inc.
	80 Lamberton Road	  	80 Lamberton Road
	Windsor, Connecticut 06095	  	Windsor, Connecticut 06095
	Attention: Chief Operating Officer	  	Attention: General Counsel
	Fax: +1 860.298.4969	  	Fax: +1 860.298.4969
	E-mail: notices@sscinc.com	  	E-mail: SSCGlobeOpNotices@sscinc.com

 If to Client (to any of): 

 

			
	 Morgan Stanley – Managed Futures Fund

Administration
 522 Fifth Avenue, 7th Floor

New York, NY 10036
	  	 Morgan Stanley – Legal & Compliance

522 Fifth Avenue
 New York, NY 10036

Attention: Philip Levy

	Attention: Steven Ross	  	Tel: +1 212.296-6081
	Tel: +1 212.761.7706	  	Fax: +1 914-750-0316
	E-mail: Steven.Ross@morganstanley.com	  	E-mail: Philip.Levy@morganstanley.com

	13.	Audit 

 13.1 On an annual basis SS&C shall provide Client with a copy of its independent audit
reports including International Standard on Assurance Engagements No. 3402 (ISAE 3402) Assurance Reports on Controls at a Service Organization or Statement on Standards for Attestation Engagements No. 16 (SSAE 16) Reporting on Controls at
a Service Organization) and reviews of its data processing environment within a reasonable time after such reports are completed, and shall make all work papers regarding such audits available to the appropriate regulatory agencies, if any, having
jurisdiction over SS&C’s provision of Services hereunder. Within thirty (30) days following Client’s request, the Parties shall meet to discuss the frequency, scope and level of detail of SS&C’s internal and independent
audits. SS&C shall use commercially reasonable efforts to incorporate Client’s comments into the requirements for its next and subsequent independent audits. With reasonable notice and during usual business hours Client may on five
(5) Business Days’ notice conduct audits and reviews of relevant SS&C facilities, systems business records policies procedures, internal practices, system procedures on SS&C’s premises with respect to the Services at
Client’s cost. In addition, SS&C will provide Client with the non-confidential results of a security audit contemplated by the Information Security Policy to be performed no less than annually. This security audit will be at no expense to
Client and will test the compliance with the SS&C’s security standards and procedures with respect to Client. Client will have the ability to bring in a third party (who may not be a competitor of SS&C), subject to such third party
being subject to appropriate obligations of confidentiality in its agreement with Client, or use its own staff for an independent security audit. If Client chooses to conduct its own security audit, it will be at Client’s expense. 

 

	14.	Intentionally Left Blank 

  

	15.	Miscellaneous 

 15.1 Amendment; Modification. This Agreement may not be amended or modified
except in writing signed by an authorized representative of each Party. 
 15.2 Assignment. Neither party will assign its rights or obligations under
this Agreement without the prior written consent of the other party and any attempt to do so without such consent will be null and void. Notwithstanding the foregoing and anything to the contrary otherwise set forth in this Agreement, either Party
may assign (or assume and assign) its rights or obligations under this Agreement, in whole or in part, to any of its Affiliates or to any entity (i) that acquires all or substantially all of the Party’s assets; (ii) that is otherwise
a successor in interest to the Party (including any such assignment, or such assumption or assignment, of this Agreement by the Party and assumption of this Agreement by a trustee (or any entity or governmental authority serving a similar purpose)
in connection with any bankruptcy or other insolvency proceeding with respect to the Party and/or its Affiliates); or (iii) to which Client has outsourced substantially all, or major segments of, the activities covered under this Agreement,
provided that in no event shall such assignment to an outsourcer relieve a Party of its obligations under this Agreement. Each Party hereby consents to any such assignment (or assumption, whether or not assigned) in connection with any bankruptcy or
other insolvency proceeding with respect to the Party and/or its Affiliates. This Agreement will be binding upon the parties and their respective legal successors and permitted assigns. 

15.3 Choice of Law; Choice of Forum. This Agreement shall be interpreted in accordance with and governed by the laws of the State of New York. Each
Party irrevocably agrees that the courts of the State of New York and the United States District Court for the Southern District of New York shall have exclusive jurisdiction to settle any Claim. The Parties submit to the exclusive jurisdiction of
such courts and waive to the fullest extent permitted by law all rights to a trial by jury. 
 15.4 Counterparts; Signatures. This Agreement may be
executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and shall be binding to the same extent
as if original signatures were exchanged. 
 15.5 Entire Agreement. This Agreement (including any schedules, attachments, amendments, and addenda
hereto) contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect
thereto. No SS&C Associate has authority to bind SS&C in any way to any oral covenant, promise, representation or warranty concerning this Agreement, the Services or otherwise. This Agreement amends and restates the Master Services Agreement
dated March 31, 2015 between SS&C Technologies, Inc. and Ceres Managed Futures LLC, on behalf of the Funds. 

 15.6 Force Majeure. SS&C will not be responsible for any Losses of Client or Client’s property in
SS&C Associates’ possession or for any failure to fulfill its duties hereunder if such Loss or failure is caused, directly or indirectly, by war, terrorist or analogous action, the act of any Government Authority or other authority, riot,
civil commotion, rebellion, storm, accident, fire, lockout, strike, power failure, computer error or failure, delay or breakdown in communications or electronic transmission systems, or other analogous events. SS&C shall use commercially
reasonable efforts to minimize the effects of any such event. 
 15.7 Non-Exclusivity. The duties of SS&C hereunder shall not preclude SS&C
from providing services of a comparable or different nature to any other person. Client understands that SS&C may have relationships with providers of technology, data or other services to Client and SS&C may receive economic or other
benefits in connection with Client’s activities. 
 15.8 No Partnership. Nothing in this Agreement is intended to, or shall be deemed to,
constitute a partnership or joint venture of any kind between any of the Parties. 
 15.9 No Solicitation. Client agrees that, during the term of
this Agreement and for a period of twelve (12) months after termination of this Agreement, it will not directly or indirectly solicit the services of, or otherwise attempt to employ or engage any employee of SS&C or its Affiliates without
the consent of SS&C; provided, however, that the foregoing shall not prevent Client from soliciting employees through general advertising not targeted specifically at any or all SS&C Associates. If Client hires any SS&C Associate during
the term of this Agreement or the period of twelve (12) months after the termination of this Agreement, Client shall be responsible for any damages or other remedies to which SS&C may be entitled, including fees and expenses (including
recruiters’ fees) incurred by SS&C or its Affiliates in hiring replacement personnel. 
 15.10 No Warranties. Except as expressly listed
herein, SS&C makes no warranties, whether express, implied, contractual or statutory with respect to the Services. SS&C disclaims all implied warranties of merchantability and fitness for a particular purpose with respect to the Services.
All warranties, conditions and other terms implied by law are, to the fullest extent permitted by law, excluded from this Agreement. 
 15.11
Severance. If any provision (or part thereof) of this Agreement is or becomes invalid, illegal or unenforceable, the provision shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such
modification is not practical, the relevant provision shall be deemed deleted. Any such modification or deletion of a provision shall not affect the validity, legality and enforceability of the rest of this Agreement. If a Party gives notice to
another Party of the possibility that any provision of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate to amend such provision so that, as amended, it is legal, valid and enforceable and achieves the intended
commercial result of the original provision. 
 15.12 Testimony. If SS&C is required by a third party subpoena or otherwise, to produce
documents, testify or provide other evidence regarding the Services, this Agreement or the operations of Fund in any Action to which Client is a party or otherwise related to Client, Client shall reimburse SS&C for all out of pocket costs and
expenses, for legal representation, that SS&C reasonably incurs in connection therewith, except for costs and expenses resulting solely from the gross negligence, willful misconduct or fraud of SS&C Associates in the performance of
SS&C’s duties or obligations under this Agreement. 
 15.13 Third Party Beneficiaries. This Agreement is entered into for the sole and
exclusive benefit of the Parties and will not be interpreted in such a manner as to give rise to or create any rights or benefits of or for any other person except as set forth with respect to SS&C Associates. 

15.14 Waiver. No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by law shall constitute a waiver of that
or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No exercise (or partial exercise) of such right or remedy shall prevent or restrict the further exercise of that or any other
right or remedy. 
 *        *        * 

 This Agreement has been entered into by the Parties as of the Effective Date. 

 

									
	SS&C Technologies, Inc.	  		  	Ceres Managed Futures LLC, on behalf of each of the Funds listed on Schedule C
					
	By:	  	 /s/ Patrick Pedonti
	  		  	By:	  	 /s/ Patrick T. Egan

	Name:	  	Patrick Pedonti	  		  	Name:	  	Patrick T. Egan
	Title:	  	Senior Vice President and Chief Financial Officer	  		  	Title:	  	President and Director

 Schedule A 

Services 
 General 

 

	1.	As used in this Schedule A, the following additional terms have the following meanings: 

  

	 	(i)	“AML” means anti-money laundering and countering the financing of terrorism. 

  

	 	(ii)	“investor” means an equity owner in the Fund, whether a shareholder in a company, a partner in a partnership, a unitholder in a trust or otherwise. A “prospective investor” means an
applicant to become an investor. 

  

	 	(iii)	“NAV” means net asset value. 

  

	 	(iv)	“OFAC” means the Office of Foreign Assets Control, an agency of the United States Department of the Treasury. 

  

	2.	Any references to law are to be construed to the law as amended to the date of effectiveness of the relevant provision. 

  

	3.	Client acknowledges that SS&C’s ability to perform the Services is subject to SS&C’s timely receipt of all Client Data and the then most current version of all Fund governing documents and the receipt
of such information in an accurate and complete form, and in electronic file format, acceptable to SS&C. 

  

	4.	The following Services will be performed by SS&C and, as applicable, are contingent on the performance of Client of the duties and obligations listed. 

 

	A.	Accounting – Daily Processing  

  

	5.	Receive and import a daily trade file from Client. 

  

	6.	On a daily basis (i) reconcile portfolio transactions, positions and cash balances to prime brokers and custodian banks, (ii) process involuntary corporate actions and income items, (iii) record income
and expense accruals and applicable cash payments and (iv) process voluntary corporate action notices upon receipt of instructions from Ceres. 

  

	7.	Provide daily profit and loss, estimated NAV and position and reconciliation reports: 

  

	 	(i)	Daily reports do not include investor allocations unless specifically agreed. 

  

	 	(ii)	If all required items are provided in a timely manner to SS&C, reports are to be delivered the following Business Day (T+1) as soon as reasonably practicable, but in no event later than 12:00 Noon, New York
prevailing time. Typically, the estimated NAV (price per share), daily and month-to-date rates of returns, position and trading profit & loss reports are delivered before 11:00 A.M., New York prevailing time. 

 

	 	(iii)	Disseminate daily NAVs to third parties (i.e., Reuters). 

  

	8.	Assist in establishing and operating Fund bank accounts as reasonably instructed by Ceres. 

  

	B.	Accounting — Monthly NAV Calculation 

  

	9.	Reconcile portfolio transactions, positions and cash balances to prime brokers/custodian banks and statements from underlying investments on a daily basis. Maintain Fund books and records including general ledger
accounts. 

  

	10.	Calculate and accrue income, expenses, gains and loss. 

  

	11.	Prepare financial, performance and other reporting to be distributed to Ceres and third parties (i.e., Chennai and Broadridge) as mutually agreed in writing. 

 

	12.	Communicate with Ceres with respect to the Fund’s accounting books and records and related matters. 

  

	13.	Calculate the NAV following each month-end and each other date as may be agreed in writing. 

	C.	Financial Statements and Financial and Audit Support 

  

	14.	Coordinate the annual audit between Ceres and the Fund auditor including establishing timelines for SS&C deliverables, and answering questions as appropriate. 

 

	15.	Prepare the Fund’s draft annual financial statements and accompanying materials: 

  

	 	(i)	Provide the Fund auditor with information customarily provided by SS&C to facilitate their audit. 

  

	 	(ii)	Prepare the first draft of the financial statement schedules, footnotes, schedules of investments and applicable calculations and presentations of footnote disclosures. Incorporate comments from Fund auditors as well as
Fund legal counsel and coordinate with financial printers. 

  

	16.	Client shall (i) provide information to SS&C to complete the financial statement schedules and notes to the financial statements if SS&C is preparing such notes, (for matters such as risk management
disclosures, details of related party transactions, netting and collateral arrangements), (ii) assist and guide SS&C with determining industry, geographic and other descriptions and classification of assets, (iii) provide all required
disclosure of regulatory status, (iv) provide such other information and assistance as SS&C may reasonably request related to the preparation and audit of the financial statements or related schedules, as appropriate, and (v) approve
all information prepared on behalf of Client and provided to the Fund auditor. 

  

	17.	With respect to the Forms 10K and 10Q that a Fund is required to file with the U.S. Securities and Exchange Commission manage the updating and production process, including: (i) provide the financial schedules and
other financial data necessary to complete the Forms to Ceres in template form as agreed in writing by the Parties, (ii) respond to questions related thereto, (iii) provide back-up schedules as agreed in writing by the Parties and
(iv) incorporate comments to the Forms from Client, Fund auditors and Fund legal counsel. 

  

	18.	Notwithstanding anything in this Agreement to the contrary, Client has ultimate authority over and responsibility for its financial statements and filings (including preparing in EDGAR format) with the U.S. Securities
and Exchange Commission. 

  

	D.	Form CPO-PQR (applicable to Ceres only with respect solely to the Funds as applicable) 

  

	19.	Assist Ceres with its quarterly filings of Form CPO-PQR; the estimated first filing date shall be for the period ending September 30, 2015. 

 

	20.	Provide Ceres password protected access to the Form CPO-PQR reporting section of SS&C’s web portal during business hours. 

  

	21.	Enrich data stored in SS&C systems with required information for Form CPO-PQR. 

  

	22.	Provide other implementation services as may be reasonably required to enable Client to access and use the Form CPO-PQR Services as described herein. 

 

	23.	Assist Ceres with collecting information required to be sourced initially from the Client and develop processes to collect this information directly where practical going forward. 

 

	24.	Maintain a history of previously filed Form CPO-PQR reports including all supporting documentation. 

  

	25.	Provide software updates to reflect routine regulatory changes by the U.S. Commodities Futures Trading Commission or National Futures Association, as applicable. 

 

	26.	In order for SS&C to provide Form CPO-PQR Services, Ceres shall prepare and provide in a timely manner and supply SS&C answers to questions related to aspects of the form. With respect to collective investment
vehicles for which SS&C does not maintain such entities investment records, Ceres will provide the data to SS&C in a predefined template or in an easily convertible data format as agreed in writing by the parties. SS&C shall have no
responsibility for or with respect to any such data supplied by Ceres. 

  

	27.	Ceres has ultimate authority over and responsibility for its Form CPO-PQR filings. 

  

	E.	Tax Matters (U.S. Federal Income Tax Related) 

  

	28.	Provide the applicable level of tax services to each Fund as listed on Schedule C. 

	29.	Level I Services: 

  

	 	(i)	Work with Ceres and the Fund’s audit firm, if requested by Ceres, to calculate Fund level U.S. federal taxable income. Client shall inform SS&C of all tax elections made or to be made on a timely basis and
provide SS&C with all related correspondence with the United States Internal Revenue Service. 

  

	 	(ii)	For Funds that are treated as partnerships under the U.S. Internal Revenue Code of 1986 (the “Code”), maintain tax capital accounts and tax capital roll-forwards by investment. 

 

	 	(iii)	Prepare for the Fund a qualified dividend (as defined in §1 of the Code) analyses and report. 

  

	 	(iv)	Prepare a wash sales (§1091 of the Code) analyses and report. Client shall be responsible for identifying substantially identical stock or securities as requested by SS&C. Prepare an analyses of other book to
tax differences. 

  

	 	(v)	Prepare mixed straddle account analyses and support (based on Temp Treas. Reg . §1.1092(b)-4T), including monthly evaluation of trades to support a timely election process. 

 

	 	(vi)	Prepare computation and analyses for Funds that have made §988(c)(1)(E) of the Code Qualified Fund Elections, §988(a)(1)(b) of the Code Major Currency Forward Elections and §475(f)(1) of the Code Mark to
Market Elections. 

  

	 	(vii)	Prepare analyses and reports for Fund trades under §1256 of the Code. 

  

	30.	Level II Services: 

  

	 	(i)	Provide Level I Services. 

  

	 	(ii)	Allocate Fund level U.S. federal taxable income to the appropriate investors. 

  

	31.	Level III Services: 

  

	 	(i)	Provide Level I and Level II Services. 

  

	 	(ii)	Prepare a draft U.S. Federal income tax return for Funds that are treated as partnerships under the Code on Form 1065, together with Schedules K-1 and other relevant schedules and supporting work papers; prepare related
U.S. state tax returns due to resident limited partners. 

  

	 	(iii)	Provide digital Schedule K-1 packages. 

  

	 	(iv)	Engage a third party public accounting firm reasonably acceptable to both SS&C and Ceres to provide tax partner review and signature on the Fund’s U.S. Federal partnership income tax return, including Schedule
K-1s, and related U.S. state tax returns or filings due to resident limited partners (currently Georgia, Indiana, Missouri, New Jersey, New York, Oregon, Pennsylvania, and West Virginia). 

 

	 	(v)	Calculate foreign withholding payments under the §§1441-1446 of the Code and prepare U.S. Federal income tax Form 1042/8804 as required. File all necessary related extensions electronically or by paper as may
be required. 

  

	 	(vi)	With respect to those draft tax returns it prepares, prepare extension filings and procedural responses to U.S. Federal and state tax notices. 

 

	 	(vii)	Prepare final tax returns and file them with the proper tax authority, electronically where available, or by paper when electronic filing is not practical. 

 

	 	(viii)	Prepare and file Fund Form 1099-Misc information returns, if applicable, electronically. 

  

	 	(ix)	Prepare investor letters containing taxable income estimates for those Funds that do not provide Form K1s in March of each year, if applicable, in a form agreed by the Parties in writing. 

 

	32.	SS&C will not prepare any U.S. state, withholding or non-U.S. returns, filings schedules and other schedules unless specifically agreed in writing with Client. 

	F.	Miscellaneous 

  

	33.	Notwithstanding anything to the contrary in this Agreement, SS&C: 

  

	 	(i)	Does not maintain custody of any cash or securities. 

  

	 	(ii)	Does not have the ability to authorize transactions. 

  

	 	(iii)	Does not have the authority to enter into contracts on behalf of the Fund. 

  

	 	(iv)	Is not responsible for determining the valuation of the Fund’s assets and liabilities. 

  

	 	(v)	Does not perform any management functions or make any management decisions with regard to the operation of the Fund. 

  

	 	(vi)	Is not responsible for effecting any U.S. federal or state regulatory filings which may be required or advisable as a result of the offering of interests in the Fund. 

 

	 	(vii)	Is not the Fund’s tax advisor and does not provide any tax advice. 

  

	 	(viii)	Is not obligated to perform any additional or materially different services due to changes in law or audit guidance. 

  

	34.	It is the responsibility of Client to safeguard all passwords and any other login credentials; for all purposes of this Agreement SS&C shall be entitled to assume that any user of such credentials is an authorized
representative of the Client. 

  

	35.	Notwithstanding anything in this Agreement to the contrary, Fund has ultimate authority over and responsibility for its tax matters and financial statement tax disclosures. All memoranda, schedules, tax forms and other
work product produced by SS&C are the responsibility of the Fund and are subject to review and approval by Client and the Fund’s auditors, or tax preparers, as applicable. 

 

	36.	Provide reasonable assistance to responding to due diligence and analogous requests for information from investors and prospective investors (or others representing them); provided, that SS&C may elect to provide
these services only upon Client agreement in writing to separate fees in the event responding to such requests becomes, in SS&C’s absolute discretion, excessive. 

 

	37.	Maintain books and records with respect to the Services. As it pertains to books and records of the commodity pools, certify using SS&C’s standard client certification form that certain books and records
required to be maintained by commodity pool operators by the U.S. Commodities Futures Trading Commission are being maintained by SS&C. 

 Schedule B 

Fees and Expenses 
  

	1.	Fees 

 SS&C will provide the Services at the rates and fees agreed from time to time in
writing between the Parties. 
  

	2.	Fees for Additional Services; Expenses 

 Fees for conversion, customized reports and other
services not listed above will be agreed between the Parties prior to any such additional services being provided. Fees for reviews of Client records maintained by SS&C by Government Authorities in connection with those authorities oversight or
regulation of Client or otherwise not caused by SS&C will be billed at SS&C’s standard rates (currently $325 per hour), if applicable; SS&C shall promptly notify Ceres of any such review or proposed review and the then current
standard rate. For Services that require information for the year 2015, such as tax and regulatory filings, Client shall provide data to SS&C in formats reasonably acceptable to SS&C in order to supply such Services. Additional fees at
SS&C’s standard rates will apply if such data is not provided. 
 Reasonable out-of-pocket expenses and any and all charges for Market Data will be
billed to the Client separately on a monthly basis. Out-of-pocket expenses, including expenses incurred by SS&C for shipping, duplicating, cost of data, and other direct expenses, are billed to Client, and are in addition to any fees. Out of
pocket expenses will be subject to procedures as the Parties may reasonably agree in writing; provided that SS&C shall use best efforts to comply with Ceres “Expense Reimbursement Policy for Consultants” as provided by Ceres in writing
from time to time. Any such expenses will be charged on a pass-through basis at SS&C’s cost or on an allocated basis and SS&C will provide Client with documentation evidencing all approved expenses. 

 

	3.	Payment and Fee Changes 

 Payment shall be made to SS&C or its Affiliates by wire transfer or
at the address on the fee statement or invoice or at such other address as SS&C may specify. Unless otherwise stated, fees are billed monthly in advance and are due and payable upon receipt of the invoice. Bills for expenses and are due and
payable upon receipt of SS&C’s invoice. 
 Each invoice, to the extent not reasonably disputed, is due and payable within 45 days after
Client’s receipt of such invoice. Client is responsible for payment for all billed and unbilled fees for the provision of Services through the date of termination of this Agreement. 

Client shall reimburse SS&C for any applicable sales, use, property or other taxes and customs duties paid or payable by SS&C in connection with the
Services or property (such as Market Data) delivered in connection with this Agreement. Client shall have no liability for any taxes based upon the net income of SS&C. All taxes owed by Client hereunder shall become due and payable when billed
by SS&C to Client, or when assessed, levied or billed by the appropriate tax authority, even if such billing occurs subsequent to termination of this Agreement. When SS&C’s contracting entity is a U.S. corporation, Client shall
recognize SS&C as such for purposes of any government and double taxation convention. 
 All amounts payable to SS&C specified in this Agreement are
in United States dollars. 
 SS&C reserves the right to review and increase its fees upon the prior approval by Client. If SS&C proposes a fee
amendment, the amendment will become effective as agreed in writing between the Parties. If no agreement is reached within thirty (30) days of SS&C’s proposal, SS&C may terminate this Agreement upon ninety (90) days written
notice to Client. Such termination is effective at the end of the next calendar quarter ending not less than ninety (90) days following the date of the termination notice. 

 Schedule C 

Funds 
  

									
	 Fund
	  	Organization	  	Type of
Fund	  	Tax Svc
Level	  	Effective Date
	 CMF Campbell Master Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 CMF Willowbridge Master Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 CMF Graham Capital Master Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 CMF Aspect Master Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 CMF Altis Partners Master Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 CMF Winton Master L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Blackwater Master Fund L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 PGR Master Fund L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 JEM Master Fund L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 MB Master Fund L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Cambridge Master Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 Rabar Master Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 SECOR Master Fund L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney Altis I, LLC
	  	DE LLC	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney Aspect I, LLC
	  	DE LLC	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney Augustus I, LLC
	  	DE LLC	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney BHM I, LLC
	  	DE LLC	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney Boronia I, LLC
	  	DE LLC	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney TT II, LLC
	  	DE LLC	  		  		  	1 Feb 2015
	 PGM Master Fund L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney Charter Campbell L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Managed Futures Premier Graham L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney Charter WNT L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney Charter Aspect L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney Spectrum Select L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney Spectrum Strategic L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Morgan Stanley Smith Barney Spectrum Technical L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Managed Futures Premier BHM L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Managed Futures Strategic Alternatives, L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Polaris Futures Fund L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 LV Futures Fund L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Meritage Futures Fund L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Morgan Stanley Managed Futures Custom Solutions Fund LP
	  	DE LP	  		  		  	1 Feb 2015
	 Managed Futures Premier Abingdon L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 Tactical Diversified Futures Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 Emerging CTA Portfolio L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 Managed Futures Premier Energy Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 Diversified 2000 Futures Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 Global Diversified Futures Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 Orion Futures Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 Managed Futures Premier Energy Fund L.P.II
	  	NY LP	  		  		  	1 Feb 2015
	 Managed Futures Premier Aventis II L.P.
	  	NY LP	  		  		  	1 Feb 2015

									
	 Fund
	  	Organization	  	Type of
Fund	  	Tax Svc
Level	  	Effective Date
	 Potomac Futures Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 Westport Futures Fund L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 Institutional Futures Portfolio L.P.
	  	NY LP	  		  		  	1 Feb 2015
	 Commodity Advisors Fund L.P.
	  	DE LP	  		  		  	1 Feb 2015
	 Global Futures Fund Ltd.
	  	Cayman Ltd	  		  		  	1 Feb 2015

 Notes: 
  

	M:	Means a Master Fund 

	F:	Means a Feeder Fund 

	D:	Means a Direct Fund 

	H:	Means a Hybrid Fund 

	DE:	Means the State of Delaware 

	LP:	Means a limited partnership 

	LLC:	Means a limited liability company 

	Cayman	Ltd: Means a Cayman Islands exempted company 

 Schedule D 

Compliance with Data Protection Laws 
  

	A.	SS&C represents, warrants and covenants that: 

  

	 	1.	it will process, use, maintain and disclose Personal Information only as necessary for the specific purpose for which this information was disclosed to it and only in accordance with the instructions of Morgan Stanley
and the Agreement; 

  

	 	2.	it will not disclose any Personal Information to any third party (including to the subject of such information) or any representative who does not have a need to know such Personal Information; 

 

	 	3.	it will immediately notify Client in writing if it becomes aware of: (a) any disclosure or use of any Personal Information by it or any of its representatives in breach of this Schedule D; (b) any disclosure
of any Persona Information to it or its representatives where the purpose of such disclosure is not known; (c) any request for disclosure or inquiry regarding Personal Information from a third party; and (d) any change in applicable law
that is likely to have a substantial adverse effect on SS&C’s ability to comply with this Schedule D; 

  

	 	4.	it will cooperate with Client and its relevant supervisory authority in the event of litigation or a regulatory inquiry concerning Personal Information and shall abide by the advice of Client (including, at
Client’s request, the advice of its relevant supervisory authority) with regard to the processing of such Personal Information; 

  

	 	5.	it will enter into further commercially reasonable agreements as requested by Morgan Stanley to comply with law from time to time; provided that such agreements do not materially change the Services or the duties and
obligations of SS&C hereunder; 

  

	 	6.	it has no reason to believe that any applicable law will prevent it from fulfilling its obligations under this Schedule D; 

  

	 	7.	it will comply with Section 11.3; and 

  

	 	8.	it will cause its Representatives to act in accordance with this Schedule D. 

  

	B.	For compliance with US privacy and data protection, SS&C represents, warrants and covenants that: 

  

	 	1.	it will implement and maintain an appropriate written information security program, the terms of which are reasonably designed to ensure its adherence to the requirements for financial institutions under 17 CFR 248.30,
and which shall include appropriate technical and organizational measures to: (a) ensure the security and confidentiality of all Confidential Information provided to it by Client; (b) protect against any threats or hazards to the security
or integrity of information, including unlawful destruction or accidental loss, alteration and any other form of unlawful processing; and (c) prevent such unauthorized access to, use or disclosure of the information; 

 

	C.	For compliance with EU Data Protection Directive: 

  

	 	1.	Each of Client and SS&C warrants that it will implement and maintain appropriate written policies, the terms of which are reasonably designed to ensure its compliance with the EEA Data Protection Laws.

  

	 	2.	In respect to any Personal Information processed pursuant to this Agreement by SS&C, SS&C warrants and undertakes that it shall, and any of its subcontractors shall: 

 a. put in place appropriate technical and organizational measures against accidental or unlawful
destruction or accidental loss, alteration, unauthorized disclosure or access to such Personal Information as well as reasonable security programs and procedures for the purpose of ensuring that only authorized personnel have access to such Personal
Information, processing equipment to be used to process such Personal Information and that any persons whom it authorizes to have access to such Personal Information will respect and maintain all due confidentiality; 

b. only carry out those actions in respect of the Personal Information processed on behalf of Client as are authorized by Client; and 

c. not cause or permit the Personal Information to be transferred or otherwise processed outside the European Economic Area without the prior
written consent of Client. 
  

	 	3.	In the event that the services involve the processing of Personal Information outside the European Economic Area, the parties agree to execute the Standard Contractual Clauses for Data Processors established in Third
Countries pursuant to the Commission Decision (2010/87/EU) of 5 February 2010 under the EU Directive 95/46/EC. In addition, to the extent that the Services involve processing of Personal Information transferred from Germany, the Parties
agree to use commercially reasonable efforts to execute additional terms as agreed between the Parties. 

  

	 	4.	Where SS&C has registered with the US Safe Harbor Scheme as a means of providing adequacy of data protection for any Personal Information processed in the United States of America, prior to processing any such
information under the Agreement and upon request any time during the term of this Agreement, SS&C shall provide evidence that: (i) the registration with the US Safe Harbor Scheme has in fact been made; (ii) the registration has not
been rejected by the US authorities; and (iii) the registration is current. In addition, SS&C warrants and undertakes that during the term of processing any Personal Information in the United States of America it shall: 

a. fully comply with all its obligations under the US Safe Harbor Scheme; 

b. promptly and duly execute the Standard Contractual Clauses as per paragraph 3 above if for any reason SS&C is unable to fully comply
with its obligations under US Safe Harbor Scheme or is no longer subject to the adequacy protection provided by the US Safe Harbor Scheme. 
  

	 	5.	Client and its nominated representatives shall have the right to audit SS&C’s data processing activities under this Schedule D. 

 

	D.	For compliance with privacy and data protection laws in the various jurisdictions in Asia: 

  

	 	1.	Each of Client and SS&C warrants that it will implement and maintain appropriate written policies, the terms of which are reasonably designed to ensure its compliance with applicable privacy and data protection laws
in any jurisdiction in Asia including the Australia Privacy Act 1988 (“Asia Data Protection Laws”) applicable to it. 

  

	 	2.	In respect to any Personal Information processed pursuant to this Agreement by SS&C, SS&C warrants and undertakes that it shall, and any of its subcontractors shall: 

a. put in place appropriate security programs to: protect against accidental or unlawful destruction or accidental loss, alteration,
unauthorized disclosure or access to such Personal Information; ensure that only authorized personnel have access to such information, processing equipment to be used to process such information; and to ensure that any persons whom it authorizes to
have access to such information will respect and maintain all due confidentiality; and 
 b. only carry out those actions in respect of the
Personal Information processed on behalf of Client as are authorized by Client. 

	 	3.	In the event that the services involve the processing of Personal Information which is subject to the Japan Personal Information Protection Law or other applicable Japanese data protection laws regulations and guidance
then the Parties agree to use commercially reasonable efforts to execute additional terms as agreed between the Parties. 

 In this Schedule
D, the term Personal Information means “personal data” as that term is used in, and “process” and “processed” shall have the same meaning as ascribed to them under, the applicable data protection laws.ex4-3.htm

Exhibit 4.3

 

 

 

 

FOURTH SUPPLEMENTAL INDENTURE

 

Dated as of August 6, 2015

 

Supplementing that Certain

 

INDENTURE

 

Dated as of September 20, 2010 

 

Among

 

J.B. HUNT TRANSPORT SERVICES, INC.,

as Issuer

 

J.B. HUNT TRANSPORT, INC.,

as Guarantor

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

 

 

3.30% SENIOR NOTES DUE 2022

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

Page

 

	
ARTICLE I. DEFINITIONS  
	2
	 	 	 
	
SECTION 1.1.
	
Certain Terms Defined in the Indenture.
	
2

	 	 	 
	
SECTION 1.2.
	
Definitions.
	
2

	 	 	 
	
ARTICLE II. FORM AND TERMS OF THE NOTES  
	5
	 	 	 
	
SECTION 2.1.
	
Form and Dating.
	
5

	 	 	 
	
SECTION 2.2.
	
Certain Terms of the Notes.
	
6

	 	 	 
	
SECTION 2.3.
	
Optional Redemption.
	
7

	 	 	 
	
SECTION 2.4.
	
Repurchase of Notes Upon a Change of Control Trigger Event.
	
8

	 	 	 
	
SECTION 2.5.
	
Limitation on Liens.
	
9

	 	 	 
	
SECTION 2.6.
	
Limitation on Sale and Leaseback Transactions.
	
9

	 	 	 
	
ARTICLE III. GUARANTEE
	9
	 	 	 
	
SECTION 3.1.
	
Applicability of Guarantee.
	
9

	 	 	 
	
SECTION 3.2.
	
Additional Guarantors.
	
10

	 	 	 
	
SECTION 3.3.
	
No Discharge or Diminishment of Guarantee.
	
10

	 	 	 
	
SECTION 3.4.
	
Continued Effectiveness.
	
11

	 	 	 
	
SECTION 3.5.
	
Release of Guarantor.
	
11

	 	 	 
	
SECTION 3.6.
	
Limitation of Guarantor’s Liability.
	
11

	 	 	 
	
ARTICLE IV. MISCELLANEOUS
	12
	 	 	 
	
SECTION 4.1.
	
Relationship with Indenture.
	
12

	 	 	 
	
SECTION 4.2.
	
Trust Indenture Act Controls.
	
12

	 	 	 
	
SECTION 4.3.
	
Governing Law.
	
12

	 	 	 
	
SECTION 4.4.
	
Multiple Counterparts.
	
12

	 	 	 
	
SECTION 4.5.
	
Severability.
	
12

 

 

i 

 

 

	
SECTION 4.6.
	
Ratification.
	
12

	 	 	 
	
SECTION 4.7.
	
Effectiveness.
	
13

	 	 	 
	
EXHIBIT A— Form of 3.30% Senior Note due 2022
	A-1

 

 

ii 

 

 

FOURTH SUPPLEMENTAL INDENTURE

 

This Fourth Supplemental Indenture, dated as of August 6, 2015 (the “Fourth Supplemental Indenture”), among J.B. Hunt Transport Services, Inc., a corporation duly organized and existing under the laws of the State of Arkansas (the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), J.B. Hunt Transport, Inc., a corporation duly organized and existing under the laws of the State of Georgia (herein called the “Initial Guarantor”), and U.S. Bank National Association, a national banking association, as Trustee hereunder (herein called the “Trustee”), supplements that certain Indenture, dated as of September 20, 2010, among the Company, the Initial Guarantor and the Trustee (as amended and supplemented from time to time, the “Indenture”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has duly authorized the execution and delivery of the Indenture to provide for the issuance from time to time of its unsecured debentures, notes or other evidences of indebtedness to be issued in one or more series as provided for in the Indenture;

 

WHEREAS, the Guarantor has duly authorized the execution and delivery of the Indenture in order to fully and unconditionally guarantee the Company’s obligations under the Indenture;

 

WHEREAS, the Indenture provides that the Securities shall be in the form as may be established by or pursuant to a Board Resolution and set forth in an Officers’ Certificate or as may be established in one or more supplemental indentures thereto, in each case with such appropriate insertions, omissions, substitutions, and other variations as are required or permitted by the Indenture; and

 

WHEREAS, the Company and the Trustee have agreed that the Company shall issue and deliver, and the Trustee shall authenticate, a series of Securities designated as the Company’s “3.30% Senior Notes due 2022” (hereinafter called the “Notes”) pursuant to the terms of this Fourth Supplemental Indenture and substantially in the form as herein set forth, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture and this Fourth Supplemental Indenture.

 

NOW, THEREFORE, for and in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the parties hereto hereby enter into this Fourth Supplemental Indenture, for the equal and proportionate benefit of all Holders of the Notes, as follows:

 

 

 

 

 

ARTICLE I.

DEFINITIONS

 

	 	
SECTION 1.1.
	
Certain Terms Defined in the Indenture.

 

For purposes of this Fourth Supplemental Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Indenture, as amended and supplemented hereby.

 

	 	
SECTION 1.2.
	
Definitions.

 

For the benefit of the Holders of the Notes, Section 1.1 of the Indenture shall be amended by adding or substituting, as applicable, the following new definitions:

 

“Business Day” means any day other than a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive order to close.

 

“Change of Control” means the occurrence of any of the following after the date of issuance of the Notes:

 

	 	
(1)
	
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its subsidiaries;

 

	 	
(2)
	
the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of the Company’s Voting Stock representing more than 50% of the voting power of its outstanding Voting Stock;

 

	 	
(3)
	
the Company consolidates with, or merges with or into, any person (as that term is used in Section 13(d)(3) of the Exchange Act), or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the Company’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged for, Voting Stock representing more than 50% of the voting power of the Voting Stock of the surviving person immediately after giving effect to such transaction;

 

	 	
(4)
	
the first day on which a majority of the Company’s Board of Directors are not Continuing Directors; or

 

 

2

 

 

	 	
(5)
	
the adoption of a plan relating to the Company’s liquidation, dissolution or winding up.

 

“Change of Control Triggering Event” means, with respect to the Notes, the rating on the Notes is lowered and the rating assigned to the Notes by each of the Rating Agencies is below Investment Grade, on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as any Rating Agency has publicly announced that it is considering a possible ratings change). For purposes of this definition and the application of the related provisions of Section 2.4, 

 

	 	
(1)
	
if a Rating Agency is not providing a rating for the Notes at the commencement of any Trigger Period, the Notes will be deemed to have ceased to be rated Investment Grade by such Rating Agency during that Trigger Period, and

 

	 	
(2)
	
notwithstanding the foregoing provisions of this definition, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed.

 

“Comparable Treasury Price” means, with respect to any Redemption Date, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Trustee obtains fewer than five such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained. 

 

“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who (1) was a member of the Board of Directors of the Company on the date of the prospectus supplement pursuant to which the Notes were offered; or (2) was nominated for election or elected to the Board of Directors of the Company with the approval of at least a majority of the Continuing Directors who were members of the Board of Directors of the Company at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination).

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

“Existing Credit Facility” means that certain Credit Agreement, dated as of August 12, 2011, among the Company, the Initial Guarantor and the lenders and agents from time to time party thereto, as amended, restated, supplemented, replaced, refinanced or otherwise modified from time to time. 

 

 

3

 

 

“Guarantor” means each of the Initial Guarantor and any Additional Guarantor as guarantor of the Notes.

 

“Global Notes” means, individually and collectively, each of the Notes in the form of global Securities issued to the Depositary or its nominee, substantially in the form of Exhibit A.

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Company under the circumstances permitting the Company to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating Agency.”

 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Rating Agency” means each of Moody’s and S&P; provided, that if any of Moody’s or S&P ceases to provide rating services to issuers or investors, the Company may appoint another “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act as a replacement for such Rating Agency; provided, that the Company shall give written notice of such appointment to the Trustee.

 

“Reference Treasury Dealer” means each of Goldman, Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC or their respective affiliates which are Primary Treasury Dealers and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified from time to time by the Company, except that if any of the foregoing ceases to be a primary U.S. government securities dealer in The City of New York (a “Primary Treasury Dealer”), the Company shall be required to designate as a substitute another nationally recognized investment banking firm, or an affiliate thereof, that is a Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by the Reference Treasury Dealers at 3:30 p.m. New York City time on the third Business Day preceding such Redemption Date. 

 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity (computed as of the second Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

 

 

4

 

 

“Voting Stock” of any specified person (as that term is used in Section 13(d) of the Exchange Act) as of any date means the capital stock of such person that, at such date, is entitled to vote generally in the election of the board of directors of such person.

 

ARTICLE II.

FORM AND TERMS OF THE NOTES

 

	 	
SECTION 2.1.
	
Form and Dating.

 

The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed on behalf of the Company by two of the officers of the Company specified in Section 303 of the Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes and any beneficial interest in the Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

The terms and notations contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this Fourth Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this Fourth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

(a)     Global Notes. The Notes designated herein shall be issued initially in the form of one or more fully registered global Securities, which shall be deposited on behalf of the purchasers of the Notes represented thereby with The Depository Trust Company, New York, New York (the “Depositary”) and registered in the name of Cede & Co., the Depositary’s nominee, duly executed by the Company, authenticated by the Trustee and with Guarantees endorsed thereon as hereinafter provided. The aggregate principal amount of outstanding Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided.

 

The Global Notes may not be transferred except by the Depositary or its nominee, in whole and not in part, to another nominee of the Depositary or to a successor of the Depositary or its nominee. Upon the occurrence of the events specified in Section 305 of the Indenture in relation thereto, the Company shall execute, and the Trustee shall, upon receipt of a Company Order for authentication, authenticate and deliver, Notes in definitive form in an aggregate principal amount equal to the principal amount of the Global Notes in exchange for such Global Note, which the Depositary will distribute to its participants.

 

(b)     Book-Entry Provisions. This Section 2.1(b) shall apply only to the Global Notes deposited with or on behalf of the Depositary.

 

The Company shall execute and the Trustee shall, in accordance with this Section 2.1(b), authenticate and deliver the Global Notes that shall be registered in the name of the Depositary or the nominee of the Depositary and shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions.

 

 

5

 

 

Participants of the Depositary shall have no rights either under the Indenture or with respect to any Global Notes held on their behalf by the Depositary or under such Global Notes. The Depositary shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes under the Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its participants, the operation of customary practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest in the Global Notes.

 

(c)     Definitive Notes. Notes issued in certificated form shall be substantially in the form of Exhibit A attached hereto, but without including the text referred to therein as applying only to Global Notes. Except as provided above in subsection (a), owners of beneficial interests in the Global Notes will not be entitled to receive physical delivery of certificated Notes.

 

(d)     Transfer and Exchange of the Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the Indenture and the procedures of the Depositary therefor. Beneficial interests in the Global Notes may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the Global Notes.

 

(e)     Paying Agent. The Company appoints the Trustee as the initial agent of the Company for the payment of the principal of (and premium, if any) and interest on the Notes and the Corporate Trust Office of the Trustee in the Borough of Manhattan, the City of New York, be and hereby is, designated as the office or agency where the Notes may be presented for payment and where notices to or demands upon the Company in respect of the Notes and the Indenture pursuant to which the Notes are to be issued may be served.

 

	 	
SECTION 2.2.
	
Certain Terms of the Notes.

 

The following terms relating to the Notes are hereby established:

 

(a)     Title. The Notes shall constitute a series of Securities having the title “3.30% Senior Notes due 2022.”

 

(b)     Principal Amount. The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 905 or 1107 of the Indenture or upon repayment of Notes in part pursuant to Section 2.4 hereof) shall be $350,000,000. The Company may from time to time, without notice to, or the consent of, the Holders of the Notes, issue and sell additional Securities (“Additional Securities”) ranking equally and ratably with the Notes in all respects (other than the issue price, the issue date and the payment of interest accruing prior to the issue date), provided that such Securities are fungible with the previously issued Notes for U.S. federal income tax purposes. Any such Additional Securities shall be consolidated and form a single series with the Notes for all purposes under the Indenture, including voting.

 

 

6

 

 

(c)     Maturity Date. The entire outstanding principal of the Notes shall be payable on August 15, 2022.

 

(d)     Interest Rate. The rate at which the Notes shall bear interest shall be 3.30% per annum; the date from which interest shall accrue on the Notes shall be August 6, 2015, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be February 15 and August 15 of each year, beginning February 15, 2016; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to the Persons in whose names the Notes (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be February 1 or August 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not punctually paid or duly provided for shall forthwith cease to be payable to the respective Holders on such Regular Record Date, and such defaulted interest may be paid to the Persons in whose names the Notes (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Payment of principal of, and premium, if any, and interest on, the Notes will be made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that each installment of interest, premium, if any, and principal on the Notes may at the Company’s option be paid in immediately available funds by transfer to an account maintained by the payee located in the United States. 

 

(e)     Currency. The currency of denomination of the Notes is United States Dollars. Payment of principal of and interest and premium, if any, on the Notes will be made in United States Dollars.

 

	 	
SECTION 2.3.
	
Optional Redemption. 

 

(a)     The provisions of Article Eleven of the Indenture shall apply to the Notes.

 

(b)     At any time and from time to time, the Notes will be redeemable, as a whole or in part, at the Company’s option, on not less than 30 nor more than 60 days’ prior written notice mailed to the registered address of each Holder of the Notes, at a Redemption Price to be determined in accordance with the terms of this Section 2.3(b). If the Notes are redeemed prior to June 15, 2022, the Redemption Price for the Notes to be redeemed will equal the greater of (i) 100% of principal amount of the Notes to be redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due after the related Redemption Date but for such redemption (exclusive of unpaid interest, if any, accrued to, but not including, the Redemption Date) discounted to such Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus, in either case, unpaid interest, if any, accrued to, but not including, the Redemption Date, subject to the rights of Holders of Notes on a Regular Record Date to receive interest due on the related Interest Payment Date. If the Notes are redeemed on or after June 15, 2022, the Redemption Price for the Notes to be redeemed will equal 100% of principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the Redemption Date.

 

 

7

 

 

(c)     On and after any Redemption Date for the Notes, interest will cease to accrue on the Notes or any portion thereof called for redemption, unless the Company defaults in the payment of the redemption price. Prior to any Redemption Date for the Notes, the Company shall deposit with a Paying Agent, or the Trustee, funds sufficient to pay the Redemption Price of the Notes to be redeemed on such date. If less than all of the Notes are to be redeemed, the Notes to be redeemed will be selected by the Trustee by such method as the Trustee deems fair and appropriate in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances.

 

	 	
SECTION 2.4.
	
Repurchase of Notes Upon a Change of Control Trigger Event.

 

(a)     Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, unless the Company has exercised its option to redeem the Notes in whole as described in Section 2.3, each Holder of the Notes shall have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the offer required by this Section 2.4 (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus unpaid interest, if any, accrued to the repurchase date (the “Change of Control Repurchase Price”), subject to the rights of Holders of the Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date.

 

(b)     Within 30 days following the date of the occurrence of the Change of Control Triggering Event, or, at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall send, by first class mail, a written notice to each Holder of the Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state, among other things, the repurchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the “Change of Control Repurchase Date”). Such notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Repurchase Date.

 

 

8

 

 

(c)     On the Change of Control Repurchase Date, the Company shall, to the extent lawful:

 

(1)     accept or cause a third party to accept for repurchase all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

 

(2)     deposit or cause a third party to deposit with the Paying Agent an amount equal to the Change of Control Repurchase Price in respect of all the Notes or portions of the Notes properly tendered; and

 

(3)     deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased and that all conditions precedent to the Change of Control Offer and to the repurchase by the Company of Notes pursuant to the Change of Control Offer have been complied with.

 

(d)     The Company shall not be required to make a Change of Control Offer with respect to the Notes if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its offer.

 

(e)     The Company shall comply in all material respects with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those securities laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached the Company’s obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict.

 

	 	
SECTION 2.5.
	
Limitation on Liens.

 

The provisions of Section 1008 of the Indenture are applicable to the Notes. 

 

	 	
SECTION 2.6.
	
Limitation on Sale and Leaseback Transactions.

 

The provisions of Section 1009 of the Indenture are applicable to the Notes.

 

ARTICLE III.

GUARANTEE

 

	 	
SECTION 3.1.
	
Applicability of Guarantee.

 

The provisions of Article Sixteen of the Indenture shall be applicable to the Notes. The Initial Guarantor and, if required in accordance with the provisions of Section 3.2, any Additional Guarantors, shall guarantee the Notes on the terms set forth in Article Sixteen of the Indenture, subject to the provisions of this Article III.

 

 

9

 

 

	 	
SECTION 3.2.
	
Additional Guarantors.

 

(a)     If, after the date of the Indenture, any Subsidiary of the Company that is not then a Guarantor guarantees, becomes a borrower or guarantor under, or grants any lien to secure any obligations pursuant to, the Existing Credit Facility, then in any such case such Subsidiary shall become a Guarantor (each such additional Guarantor, an “Additional Guarantor”) by executing a supplemental indenture and delivering it to the Trustee promptly (but in any event, within two Business Days of the date on which it guaranteed or incurred such indebtedness or granted such lien, as the case may be).

 

(b)     Notwithstanding the preceding paragraph, any Guarantee by a Guarantor that was issued pursuant to this Section 3.2 solely as a result of its guarantee or incurrence of, or granting of a lien in respect of, any such indebtedness shall be automatically and unconditionally released upon the release or discharge of the guarantee that resulted in the creation of such Subsidiary’s Guarantee (or upon such Subsidiary ceasing to be a borrower or the release of liens granted by such Subsidiary, as the case may be), except a discharge or release as a result of payment under such guarantee, or of the refinancing or replacement of any such indebtedness that is guaranteed or incurred by such Guarantor.

 

	 	
SECTION 3.3.
	
No Discharge or Diminishment of Guarantee. 

 

For purposes of the Notes, Section 1605 of the Indenture is replaced in its entirety by the following:

 

“Subject to Section 3.5 of this Fourth Supplemental Indenture, the obligations of each of the Guarantors hereunder shall not be subject to any reduction, limitation, termination, impairment or for any reason (other than the payment in full in cash of the Obligations), including any claim of waiver, release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each of the Guarantors hereunder shall not be discharged or impaired or otherwise affected by the failure of the Trustee or any Holder of the Notes to assert any claim or demand or to enforce any remedy under this Fourth Supplemental Indenture, the Indenture or the Notes, any other guarantee or any other agreement, by any waiver or modification of any provision thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or omission or delay to do any other act that may or might in any manner or to any extent vary the risk of any Guarantor or that would otherwise operate as a discharge of any Guarantor as a matter of law or equity (other than the payment in full in cash of all the Obligations).”

 

 

10

 

 

	 	
SECTION 3.4.
	
Continued Effectiveness.

 

For purposes of the Notes, Section 1607 of the Indenture is replaced in its entirety by the following:

 

“Subject to Section 3.5 of this Fourth Supplemental Indenture, each of the Guarantors further agrees that its Guarantee hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Obligation is rescinded or must otherwise be restored by the Trustee or any Holder of the Notes upon the bankruptcy or reorganization of the Company or otherwise.”

 

	 	
SECTION 3.5.
	
Release of Guarantor.

 

For purposes of the Notes, subparagraph (1) of Section 1611 of the Indenture is replaced in its entirety by the following:

 

“(1)     A Guarantor shall, upon the occurrence of any of the following events, be automatically and unconditionally released and discharged from all obligations under the Indenture, this Fourth Supplemental Indenture and its Guarantee without any action required on the part of the Trustee or any Holder:

 

(a)     upon written notice by the Company to the Trustee, at any time such Guarantor is not a borrower or guarantor under, and has not granted any then-existing lien to secure any obligations pursuant to, the Existing Credit Facility, except where resulting from a discharge or release as a result of payment under such guarantee; or

 

(b)     upon the occurrence of the circumstances described in Section 3.2(b) hereof, of which the Company shall promptly notify the Trustee in writing.” 

 

	 	
SECTION 3.6.
	
Limitation of Guarantor’s Liability.

 

For purposes of the Notes, Section 1612 of the Indenture is modified to add the following paragraph as the second paragraph of such Section: 

 

“The Guarantee is expressly limited so that in no event, including the acceleration of the maturity of the Securities, shall the amount paid or agreed to be paid in respect of interest on the Securities (or fees or other amounts deemed payment for the use of funds) exceed the maximum permissible amount under applicable law, as in effect on the date hereof and as subsequently amended or modified to allow a greater amount of interest (or fees or other amounts deemed payment for the use of funds) to be paid under the Guarantee. If for any reason the amount in respect of interest (or fees or other amounts deemed payment for the use of funds) required by the Guarantee exceeds such maximum permissible amount, the obligation to pay interest under the Guarantee (or fees or other amounts deemed payment for the use of funds) shall be automatically reduced to such maximum permissible amount and any amounts collected by any Holder of any Security in excess of the permissible amount shall be automatically applied to reduce the outstanding principal on such Security.”

 

 

11

 

 

ARTICLE IV.

MISCELLANEOUS

 

	 	
SECTION 4.1.
	
Relationship with Indenture.

 

The terms and provisions contained in the Indenture will constitute, and are hereby expressly made, a part of this Fourth Supplemental Indenture. However, to the extent any provision of the Indenture conflicts with the express provisions of this Fourth Supplemental Indenture, the provisions of this Fourth Supplemental Indenture will govern and be controlling.

 

	 	
SECTION 4.2.
	
Trust Indenture Act Controls.

 

If any provision of this Fourth Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included in this Fourth Supplemental Indenture by the TIA, the required provision shall control. If any provision of this Fourth Supplemental Indenture modifies or excludes any provision of the TIA which may be so modified or excluded, the latter provision shall be deemed to apply to this Fourth Supplemental Indenture as so modified or to be excluded, as the case may be.

 

	 	
SECTION 4.3.
	
Governing Law.

 

This Fourth Supplemental Indenture, the Notes and the Guarantees shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. 

 

	 	
SECTION 4.4.
	
Multiple Counterparts.

 

The parties may sign multiple counterparts of this Fourth Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them together represent one and the same Fourth Supplemental Indenture.

 

	 	
SECTION 4.5.
	
Severability.

 

Each provision of this Fourth Supplemental Indenture shall be considered separable and if for any reason any provision which is not essential to the effectuation of the basic purpose of this Fourth Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and a Holder shall have no claim therefor against any party hereto. 

 

	 	
SECTION 4.6.
	
Ratification.

 

The Indenture, as supplemented and amended by this Fourth Supplemental Indenture, is in all respects ratified and confirmed. The Indenture and this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Fourth Supplemental Indenture supersede any conflicting provisions included in the Indenture unless not permitted by law. The Trustee accepts the trusts created by the Indenture, as supplemented by this Fourth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Indenture, as supplemented by this Fourth Supplemental Indenture.

 

 

12

 

 

	 	
SECTION 4.7.
	
Effectiveness.

 

The provisions of this Fourth Supplemental Indenture shall become effective as of the date hereof.

 

[Remainder of page intentionally left blank.]

 

 

13

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed as of the date first above written.

 

	
 
	
J.B. HUNT TRANSPORT SERVICES, INC.

	
 
	
 
	
 

	
 
	
 
	
 

	 	By:	/s/ David G. Mee
	 	 	Name: David G. Mee
	 	 	Title: Chief Financial Officer
	 	 	 
	 	 	 
	 	 	 
	 	J.B. HUNT TRANSPORT, INC.
	 	 	 
	 	 	 
	 	By:	/s/ Kevin L. Bracy
	 	 	Name: Kevin L. Bracy
	 	 	Title: Treasurer
	 	 	 
	 	 	 
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	 	 
	 	By:	/s/ Jack Ellerin
	 	 	Name: Jack Ellerin
	 	 	Title: Vice President

 

 

[Signature Page to Fourth Supplemental Indenture]

 

 

 

 

EXHIBIT A

 

Form of 3.30% Senior Note due 2022

 

[Include the following legend on each Note that is a Global Note:

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.]

 

J.B. HUNT TRANSPORT SERVICES, INC.

 

3.30% Senior Note due 2022

 

	
REGISTERED
No. R-1
	
PRINCIPAL AMOUNT: $350,000,000

	 	 
	
CUSIP: 445658CE5
	  
	 	 

J.B. Hunt Transport Services, Inc., an Arkansas corporation (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $350,000,000 on August 15, 2022 (the “Maturity Date”) (except to the extent redeemed or repaid prior to the Maturity Date) and to pay interest thereon from August 6, 2015 (the “Original Issue Date”) or from the most recent Interest Payment Date to which interest has been paid or duly provided for semi-annually at the rate of 3.30% per annum, on February 15 and August 15 (each such date, an “Interest Payment Date”), commencing February 15, 2016, until the principal hereof is paid or made available for payment.

 

Payment of Interest. The interest so payable, and punctually paid or made available for payment, on any Interest Payment Date, will, as provided in the Indenture, be paid, in immediately available funds, to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on February 1 or August 1 (whether or not a Business Day, as defined in the Fourth Supplemental Indenture referred to herein), as the case may be, next preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually paid or duly provided for (“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

 

A-1 

 

 

Place of Payment. Payment of principal, premium, if any, and interest on this Note will be made at the Corporate Trust Office of the Trustee or such other office or agency of the Company as may be designated for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that each installment of interest, premium, if any, and principal on this Note may at the Company’s option be paid in immediately available funds by transfer to an account maintained by the payee located in the United States.

 

Time of Payment. In any case where any Interest Payment Date, the Maturity Date or any date fixed for redemption or repayment of the Notes shall not be a Business Day, then (notwithstanding any other provision of the Indenture or this Note), payment of principal, premium, if any, or interest, if any, need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date, the Maturity Date or the date so fixed for redemption or repayment, as the case may be, and no interest shall accrue in respect of the delay. 

 

General. This Note is one of a duly authorized issue of Securities of the Company, issued and to be issued in one or more series under an indenture (as amended and supplemented from time to time, the “Base Indenture”), dated as of September 20, 2010, among the Company, the Initial Guarantor and U.S. Bank National Association (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of which this Note is a part), as supplemented by a Fourth Supplemental Indenture thereto, dated as of August 6, 2015 (the “Fourth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Initial Guarantor and the Trustee. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Note is one of a duly authorized series of Securities designated as “3.30% Senior Notes due 2022” (collectively, the “Notes”), initially limited in aggregate principal amount to $350,000,000.

 

Further Issuance. The Company may from time to time, without notice to, or the consent of, the Holders of the Notes, issue and sell additional Securities (“Additional Securities”) ranking equally and ratably with the Notes in all respects (other than the issue price, the issue date and the payment of interest accruing prior to the issue date), provided that such Securities are fungible with the previously issued Notes for U.S. federal income tax purposes. Any such Additional Securities shall be consolidated and form a single series with the Notes for all purposes under the Indenture, including voting.

 

 

A-2 

 

 

Events of Default. If an Event of Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.

 

Sinking Fund. The Notes are not subject to any sinking fund. 

 

Optional Redemption. The Notes will be redeemable at any time, at the option of the Company, in whole or from time to time in part, upon not less than 30 nor more than 60 days’ prior written notice, on any date prior to their Maturity at a redemption price, calculated in accordance with the terms of the Fourth Supplemental Indenture, which includes accrued interest thereon, if any, to, but not including, the Redemption Date. In the case of any partial redemption, selection of the Notes for redemption will be made by the Trustee by such methods, as the Trustee shall deem fair and appropriate in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion hereof will be issued in the name of the Holder hereof upon cancellation of this Note.

 

Repurchase upon a Change of Control Triggering Event. Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, unless the Company has exercised its option to redeem the Notes in whole as described under “—Optional Redemption,” the Company shall be required to make an offer to repurchase the Notes on the terms set forth in the Fourth Supplemental Indenture.

 

Defeasance and Covenant Defeasance. The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Note and (b) certain restrictive covenants and the related Events of Default which provisions apply to this Note.

 

Modification and Waivers; Obligations of the Company Absolute. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Initial Guarantor and the rights of the Holders of the Securities. Such amendment may be effected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding, on behalf of the Holders of all outstanding Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less than a majority in aggregate principal amount of the outstanding Securities of individual series to waive on behalf of all of the Holders of Securities of such individual series certain past defaults under the Indenture and their consequences. Any such consent or waiver shall be conclusive and binding upon the Holder of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

 

A-3 

 

 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place, and rate, and in the coin or currency, herein prescribed.

 

Limitation on Suits. As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in principal amount of the outstanding Notes shall have made written request, and offered reasonable indemnity, to the Trustee to institute such proceedings as trustee, and the Trustee shall not have received from the Holders of a majority in principal amount of the outstanding Notes a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of or interest on this Note on or after the respective due dates expressed herein.

 

Authorized Denominations. The Notes are issuable only in registered form without coupons in denominations of $2,000 or any integral multiple of $1,000 in excess thereof.

 

Registration of Transfer or Exchange. As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note is registrable in the register of the Notes maintained by the Registrar upon surrender of this Note for registration of transfer, at the office or agency of the Company in any place where the principal of and interest on this Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar, duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

As provided in the Indenture and subject to certain limitations herein and therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the Holders surrendering the same.

 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Holder as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

Guarantee. Payment of this Note is fully and unconditionally guaranteed by the Initial Guarantor and any Additional Guarantors that become and continue to be Guarantors pursuant to the Indenture. In the event that there shall be more than one Guarantor of the Notes, such Guarantors shall guarantee the Notes on a joint and several basis. Guarantors may be released from their obligations under the Indenture and their Guarantees under the circumstances specified in the Indenture.

 

 

A-4 

 

 

Defined Terms. All terms used in this Note, which are defined in the Indenture and are not otherwise defined herein, shall have the meanings assigned to them in the Indenture.

 

Governing Law. The Indenture, the Notes and the Guarantees shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401.

 

Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

A-5

 

 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

	
Dated: August 6, 2015
	  
	  	
J.B. HUNT TRANSPORT SERVICES, INC.

	  	  
	  	  
	  	
By:
	  
	  	  	
Name:

	  	  	
Title:

	
Attest:
	  	  
	  	  	  
	  	  	  
	
By:
	  	  	  
	  	
Name:
	  	  
	  	
Title:
	  	  

 

 

 

A-6

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

 

	  	
U.S. BANK NATIONAL ASSOCIATION,
as Trustee

	  	  
	  	  
	  	
By:
	  
	  	  	  
	  	  	  
	
Dated: August 6, 2015
	  	  

 

 

 

A-7 

 

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 

 

 

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	  

 

 

(Please print or typewrite name and address,

including postal zip code, of assignee)

 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints 

 

 

 

 

to transfer said Note on the books of the Trustee, with full power of substitution in the premises.

 

	
Dated:__________________
	
 

	
 
	
NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatsoever.

 

 

 

________________________________

Signature Guarantee

 

 

 

A-8

 

 

NOTATION OF GUARANTEES

 

For value received, the Initial Guarantor has fully and unconditionally guaranteed, to the extent set forth in the Indenture, among the Company, the Initial Guarantor and the Trustee and subject to the provisions in the Indenture and the terms of the Notes, (a) the due and punctual payment in full when due of the principal of, premium, if any, and interest on the Notes and all other amounts due and payable under the Indenture and the Notes by the Company and (b) in case of any extension of time of payment or renewal of any Obligations (with or without notice to the Initial Guarantor), that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. The obligations of the Guarantor to the Holders of Notes and to the Trustee pursuant to the Guarantees and the Indenture are expressly set forth in Article Sixteen of the Indenture and Article III of the Fourth Supplemental Indenture thereto establishing the terms of the Notes and reference is hereby made to the Indenture and Fourth Supplemental Indenture thereto for the precise terms of the Guarantee, including provisions for the release thereof. Each Holder of a Note, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such provisions. The Initial Guarantor hereby agrees that its Guarantees of the Notes set forth in the Indenture and Article III of the Fourth Supplemental Indenture shall remain in full force and effect notwithstanding any failure to endorse on any Note this notation of the Guarantees.

 

	
 
	
J.B. HUNT TRANSPORT, INC.

	
 
	
 
	
 

	
 
	
 
	
 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

A-9

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