Document:

exhibit_4-8.htm

EXHIBIT 4.8

 

 

 

 

 

 

 

WILLAMETTE VALLEY VINEYARDS, INC.

 

ISSUER

 

AND

 

[                    ]

 

TRUSTEE

 

INDENTURE

 

DATED AS OF [                    ]

 

SUBORDINATED DEBT SECURITIES

 

 

 

 

 

 

 

 

  

  

  

TABLE OF CONTENTS

 

 

	 	 	PAGE
	 	 	 
	
ARTICLE I. DEFINITIONS

	
1

	
Section 1.1

	
Definitions of Terms.

	
1

	 	 
	
ARTICLE II. ISSUE, DESCRIPTION, TERMS, EXECUTION,  REGISTRATION AND EXCHANGE OF SECURITIES

	
5

	
Section 2.1

	
Designation and Terms of Securities.

	
5

	
Section 2.2

	
Form of Securities and Trustee’s Certificate.

	
7

	
Section 2.3

	
Denominations: Provisions for Payment.

	
8

	
Section 2.4

	
Execution and Authentications.

	
9

	
Section 2.5

	
Registration of Transfer and Exchange.

	
10

	
Section 2.6

	
Temporary Securities.

	
11

	
Section 2.7

	
Mutilated, Destroyed, Lost or Stolen Securities.

	
11

	
Section 2.8

	
Cancellation.

	
12

	
Section 2.9

	
Benefits of Indenture.

	
13

	
Section 2.10

	
Authenticating Agent.

	
13

	
Section 2.11

	
Global Securities.

	
13

	 	 
	
ARTICLE III. REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

	
14

	
Section 3.1

	
Redemption.

	
14

	
Section 3.2

	
Notice of Redemption.

	
15

	
Section 3.3

	
Payment Upon Redemption.

	
16

	
Section 3.4

	
Sinking Fund.

	
16

	
Section 3.5

	
Satisfaction of Sinking Fund Payments with Securities.

	
16

	
Section 3.6

	
Redemption of Securities for Sinking Fund.

	
17

	 	 
	
ARTICLE IV. COVENANTS

	
17

	
Section 4.1

	
Payment of Principal, Premium and Interest.

	
17

	
Section 4.2

	
Maintenance of Office or Agency.

	
18

	
Section 4.3

	
Paying Agents.

	
18

	
Section 4.4

	
Appointment to Fill Vacancy in Office of Trustee.

	
19

	
Section 4.5

	
Compliance with Consolidation Provisions.

	
19

	 	 
	
ARTICLE V. SECURITYHOLDERS’ LISTS AND REPORTS  BY THE COMPANY AND THE TRUSTEE

	
19

	
Section 5.1

	
Company to Furnish Trustee Names and Addresses of Securityholders.

	
19

	
Section 5.2

	
Preservation of Information; Communications With Securityholders.

	
20

 

 

  

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Section 5.3

	
Reports by the Company.

	
20

	
Section 5.4

	
Reports by the Trustee.

	
21

	 	 
	
ARTICLE VI. REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT

	
21

	
Section 6.1

	
Events of Default.

	
21

	
Section 6.2

	
Collection of Indebtedness and Suits for Enforcement by Trustee.

	
23

	
Section 6.3

	
Application of Moneys Collected.

	
24

	
Section 6.4

	
Limitation on Suits.

	
25

	
Section 6.5

	
Rights and Remedies Cumulative; Delay or Omission Not Waiver.

	
25

	
Section 6.6

	
Control by Securityholders.

	
26

	
Section 6.7

	
Undertaking to Pay Costs.

	
26

	 	 
	
ARTICLE VII. CONCERNING THE TRUSTEE

	
27

	
Section 7.1

	
Certain Duties and Responsibilities of Trustee.

	
27

	
Section 7.2

	
Certain Rights of Trustee.

	
28

	
Section 7.3

	
Trustee Not Responsible for Recitals or Issuance or Securities.

	
29

	
Section 7.4

	
May Hold Securities.

	
29

	
Section 7.5

	
Moneys Held in Trust.

	
29

	
Section 7.6

	
Compensation and Reimbursement.

	
30

	
Section 7.7

	
Reliance on Officers’ Certificate.

	
30

	
Section 7.8

	
Disqualification; Conflicting Interests.

	
30

	
Section 7.9

	
Corporate Trustee Required; Eligibility.

	
31

	
Section 7.10

	
Resignation and Removal; Appointment of Successor.

	
32

	
Section 7.11

	
Acceptance of Appointment By Successor.

	
32

	
Section 7.12

	
Merger, Conversion, Consolidation or Succession to Business.

	
33

	
Section 7.13

	
Preferential Collection of Claims Against the Company.

	
34

	
Section 7.14

	
Notice of Default.

	
34

	 	 
	
ARTICLE VIII. CONCERNING THE SECURITYHOLDERS

	
34

	
Section 8.1

	
Evidence of Action by Securityholders.

	
34

	
Section 8.2

	
Proof of Execution by Securityholders.

	
35

	
Section 8.3

	
Who May be Deemed Owners.

	
35

	
Section 8.4

	
Certain Securities Owned by Company Disregarded.

	
35

	
Section 8.5

	
Actions Binding on Future Securityholders.

	
36

	 	 
	
ARTICLE IX. SUPPLEMENTAL INDENTURES

	
36

	
Section 9.1

	
Supplemental Indentures Without the Consent of Securityholders.

	
36

 

 

  

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Section 9.2

	
Supplemental Indentures With Consent of Securityholders.

	
37

	
Section 9.3

	
Effect of Supplemental Indentures.

	
38

	
Section 9.4

	
Securities Affected by Supplemental Indentures.

	
38

	
Section 9.5

	
Execution of Supplemental Indentures.

	
38

	 	 
	
ARTICLE X. SUCCESSOR ENTITY

	
39

	
Section 10.1

	
Company May Consolidate, Etc.

	
39

	
Section 10.2

	
Successor Entity Substituted.

	
40

	
Section 10.3

	
Evidence of Consolidation, Etc. to Trustee.

	
40

	 	 
	
ARTICLE XI. SATISFACTION AND DISCHARGE

	
40

	
Section 11.1

	
Satisfaction and Discharge of Indenture.

	
40

	
Section 11.2

	
Discharge of Obligations.

	
41

	
Section 11.3

	
Deposited Moneys to be Held in Trust.

	
41

	
Section 11.4

	
Payment of Moneys Held by Paying Agents.

	
41

	
Section 11.5

	
Repayment to Company.

	
42

	 	 
	
ARTICLE XII. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

	
42

	
Section 12.1

	
No Recourse.

	
42

	 	 
	
ARTICLE XIII. MISCELLANEOUS PROVISIONS

	
43

	
Section 13.1

	
Effect on Successors and Assigns.

	
43

	
Section 13.2

	
Actions by Successor.

	
43

	
Section 13.3

	
Surrender of Company Powers.

	
43

	
Section 13.4

	
Notices.

	
43

	
Section 13.5

	
Governing Law.

	
43

	
Section 13.6

	
Treatment of Securities as Debt.

	
44

	
Section 13.7

	
Compliance Certificates and Opinions.

	
44

	
Section 13.8

	
Payments on Business Days.

	
44

	
Section 13.9

	
Conflict with Trust Indenture Act.

	
44

	
Section 13.10

	
Counterparts.

	
44

	
Section 13.11

	
Separability.

	
45

	
Section 13.12

	
Compliance Certificates.

	
45

	 	 
	
ARTICLE XIV. SUBORDINATION OF SECURITIES

	
45

	
Section 14.1

	
Subordination Terms.

	
45

 

 

 

 

 

 

 

 

 

  

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INDENTURE

 

INDENTURE, dated as of [                    ], between Willamette Valley Vineyards, Inc., an Oregon corporation (the “Company”), and [                    ], as trustee (the “Trustee”):

 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of subordinated debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as registered Securities without coupons, to be authenticated by the certificate of the Trustee;

 

WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and

 

WHEREAS, all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities:

 

ARTICLE I.

DEFINITIONS

 

Section 1.1                      Definitions of Terms.

 

The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), or that are by reference in the Trust Indenture Act defined in the Securities Act of 1933, as amended (the “Securities Act”) (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at the date of the execution of this instrument.

 

“Authenticating Agent” means an authenticating agent with respect to all or any of the series of Securities appointed by the Trustee pursuant to Section 2.10.

 

“Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors.

 

“Board of Directors” means the Board of Directors of the Company or any duly authorized committee of such Board.

 

 

  

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“Board Resolution” means a copy of a resolution certified by the secretary or an assistant secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification.

 

“Business Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking institutions in the Borough of Manhattan, the City of New York, are authorized or obligated by law, executive order or regulation to close.

 

“Certificate” means a certificate signed by the chairman of the Board of Directors, any principal executive officer, any chief executive officer, any president, any senior vice president, any vice president, any principal financial officer or any principal accounting officer, any treasurer or any assistant treasurer, any controller or any assistant controller, any secretary or any assistant secretary of the Company. The Certificate need not comply with the provisions of Section 13.7.

 

“Company” means Willamette Valley Vineyards, Inc., a corporation duly organized and existing under the laws of the State of Oregon, and, subject to the provisions of Article X, shall also include its successors and assigns.

 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at [                    ], Attention: [                    ], except that whenever a provision herein refers to an office or agency of the Trustee in the Borough of Manhattan, the City and State of New York, such office is located, at the date hereof, at [                    ], Attn: [                    ].

 

“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

 

“Default” means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Defaulted Interest” means any interest on any Security that is payable but is not punctually paid or duly provided for on any Interest Payment Date for Securities of the same series.

 

“Depositary” means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued as a Global Security, The Depository Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or other applicable statute or regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.1 or 2.11.

 

“Event of Default” means, with respect to Securities of a particular series, any event specified in Section 6.1, continued for the period of time, if any, therein designated.

 

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

 

  

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“Global Security” means, with respect to any series of Securities, a Security executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee.

 

“Governmental Obligations” means securities that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

 

“herein”, “hereof” and “hereunder”, and other words of similar import, refer to this Indenture as a whole and not to any particular Article, Section or other subdivision, unless specifically stated.

 

“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance with the terms hereof.

 

“Interest Payment Date”, when used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.

 

“Officers’ Certificate” means a certificate signed by a chief executive officer, a president, a senior vice president or a vice president and by the chief financial officer or the treasurer or an assistant treasurer or the controller or an assistant controller or the secretary or an assistant secretary of the Company that is delivered to the Trustee in accordance with the terms hereof. Each such certificate shall include the statements provided for in Section 13.7, if and to the extent required by the provisions thereof.

 

“Opinion of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.7, if and to the extent required by the provisions thereof.

 

 

  

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“Outstanding”, when used with reference to Securities of any series, means, subject to the provisions of Section 8.4, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in Article III provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.7.

 

“Person” means any individual, corporation, partnership, joint venture, joint-stock company, limited liability company, unincorporated organization or government or any agency or political subdivision thereof.

 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.7 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or stolen Security.

 

“Responsible Officer” when used with respect to the Trustee means any officer in the Corporate Trust Office of the Trustee, or to whom any corporate trust matter is referred because of his or her knowledge of and familiarity with the particular subject.

 

“Securities” means the debt Securities authenticated and delivered under this Indenture.

 

“Securities Act” means the Securities Act of 1933, as amended.

 

“Securityholder”, “holder of Securities”, “registered holder”, or other similar term, means the Person or Persons in whose name or names a particular Security shall be registered on the books of the Company kept for that purpose in accordance with the terms of this Indenture.

 

“Security Register” means the register or registers maintained in accordance with Section 2.5(b) in which the Company registers the Securities and the transfers of the Securities.

 

“Security Registrar” means the registrar appointed in accordance with Section 2.5(b) for the purpose of registering the Securities and transfer of Securities.

 

“Subsidiary” means, with respect to any Person, (i) any corporation at least a majority of whose outstanding Voting Stock shall at the time be owned, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership, joint venture or similar entity, at least a majority of whose outstanding partnership or similar interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by such Person and one or more of its Subsidiaries and (iii) any limited partnership of which such Person or any of its Subsidiaries is a general partner.

 

  

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“Trustee” means [                    ], and, subject to the provisions of Article VII, shall also include its successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that series.

 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

 

“Voting Stock”, as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

 

ARTICLE II.

ISSUE, DESCRIPTION, TERMS, EXECUTION,

REGISTRATION AND EXCHANGE OF SECURITIES

 

Section 2.1                      Designation and Terms of Securities.

 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental hereto:

 

(1)           the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities);

 

(2)           any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, in exchange for or in lieu of, other Securities of that series);

 

(3)           the date or dates on which the principal of the Securities of the series is payable, any original issue discount that may apply to the Securities of that series upon their issuance, the principal amount due at maturity, and the place(s) of payment;

 

(4)           the rate or rates at which the Securities of the series shall bear interest or the manner of calculation of such rate or rates, if any;

 

(5)           the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest will be payable or the manner of determination of such Interest Payment Dates, the place(s) of payment, and the record date for the determination of holders to whom interest is payable on any such Interest Payment Dates or the manner of determination of such record dates;

 

  

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(6)           the right, if any, to extend the interest payment periods and the duration of such extension;

 

(7)           the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company;

 

(8)           the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund, mandatory redemption, or analogous provisions (including payments made in cash in satisfaction of future sinking fund obligations) or at the option of a holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(9)           the form of the Securities of the series including the form of the Certificate of Authentication for such series;

 

(10)           if other than denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, the denominations in which the Securities of the series shall be issuable;

 

(11)           any and all other terms (including terms, to the extent applicable, relating to any auction or remarketing of the Securities of that series and any security for the obligations of the Company with respect to such Securities) with respect to such series (which terms shall not be inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including any terms which may be required by or advisable under United States laws or regulations or advisable in connection with the marketing of Securities of that series;

 

(12)           whether the Securities are issuable as a Global Security and, in such case, the terms and the identity of the Depositary for such series;

 

(13)           whether the Securities will be convertible into or exchangeable for shares of common stock or other securities of the Company or any other Person and, if so, the terms and conditions upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange features, and the applicable conversion or exchange period;

 

(14)           if other than the principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.1;

 

(15)           any additional or different Events of Default or restrictive covenants (which may include, among other restrictions, restrictions on the Company’s ability or the ability of the Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create liens; pay dividends or make distributions in respect of their capital stock; redeem capital stock; place restrictions on such Subsidiaries placing restrictions on their ability to pay dividends, make distributions or transfer assets; make investments or other restricted payments; sell or otherwise dispose of assets; enter into sale-leaseback transactions; engage in transactions with stockholders and affiliates; issue or sell stock of their Subsidiaries; or effect a consolidation or merger) or financial covenants (which may include, among other financial covenants, financial covenants that require the Company and its Subsidiaries to maintain specified interest coverage, fixed charge, cash flow-based or asset-based ratios) provided for with respect to the Securities of the series;

 

 

  

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(16)           if other than U.S. dollars, the coin or currency in which the Securities of the series are denominated (including, but not limited to, foreign currency);

 

(17)           the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any, and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes;

 

(18)           any restrictions on transfer, sale or assignment of the Securities of the series; and

 

(19)           the subordination terms of the Securities of the series.

 

All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to any such Board Resolution or in any indentures supplemental hereto.

 

If any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate of the Company setting forth the terms of the series.

 

Securities of any particular series may be issued at various times, with different dates on which the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different redemption dates.

 

Section 2.2                      Form of Securities and Trustee’s Certificate.

 

The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officers’ Certificate, and they may have such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage.

 

  

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Section 2.3                      Denominations: Provisions for Payment.

 

The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.1(10). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. The principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption thereof prior to maturity, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months.

 

The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.3.

 

Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below:

 

(1)           The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date.

 

 

  

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(2)           The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.

 

Unless otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.1 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the first day of a month, or the last day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.1 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day.

 

Subject to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of, in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security.

 

Section 2.4                      Execution and Authentications.

 

The Securities shall be signed on behalf of the Company by its chief executive officer, one of its presidents, one of its senior vice presidents or one of its vice presidents, its chief financial officer, its chief legal officer, its treasurer or one of its assistant treasurers, its controller or one of its assistant controllers, or its secretary or one of its assistant secretaries, under its corporate seal attested by its secretary or one of its assistant secretaries. Signatures may be in the form of a manual or facsimile signature.

 

The Company may use the facsimile signature of any Person who shall have been a chief executive officer, president, senior vice president or vice president, chief financial officer, chief legal officer, treasurer or assistant treasurer, controller or assistant controller, or secretary or assistant secretary thereof, notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The seal of the Company may be in the form of a facsimile of such seal and may be impressed, affixed, imprinted or otherwise reproduced on the Securities. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee.

 

A Security shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by a chief executive officer, president, senior vice president or any vice president, chief financial officer, chief legal officer, treasurer or assistant treasurer, controller or assistant controller, or its secretary or any assistant secretary, and the Trustee in accordance with such written order shall authenticate and deliver such Securities.

 

 

  

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In authenticating such Securities and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the form and terms thereof have been established in conformity with the provisions of this Indenture.

 

The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee.

 

Section 2.5                      Registration of Transfer and Exchange.

 

(a)           Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose in the Borough of Manhattan, the City and State of New York, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding.

 

(b)           The Company shall keep, or cause to be kept, at its office or agency designated for such purpose in the Borough of Manhattan, the City and State of New York, or such other location designated by the Company, a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the “Security Registrar”).

 

Upon surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate principal amount.

 

All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in writing.

 

 

  

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(c)           Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption of any series, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to Section 2.6, Section 3.3(b) and Section 9.4 not involving any transfer.

 

(d)           The Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption, other than the unredeemed portion of any such Securities being redeemed in part. The provisions of this Section 2.5 are, with respect to any Global Security, subject to Section 2.11 hereof.

 

Section 2.6                      Temporary Securities.

 

Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the purpose in the Borough of Manhattan, the City and State of New York, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder.

 

Section 2.7                      Mutilated, Destroyed, Lost or Stolen Securities.

 

In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

 

  

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In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof.

 

Every replacement Security issued pursuant to the provisions of this Section shall constitute an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of negotiable instruments or other securities without their surrender.

 

Section 2.8                      Cancellation.

 

All Securities surrendered for the purpose of payment, redemption, exchange or registration of transfer shall, if surrendered to the Company or any paying agent, be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation.

 

 

 

 

 

  

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Section 2.9                      Benefits of Indenture.

 

Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities (and, with respect to the provisions of Article XIV, the holders of any indebtedness of the Company to which the Securities of any series are subordinated) any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities (and, with respect to the provisions of Article XIV, the holders of any indebtedness of the Company to which the Securities of any series are subordinated).

 

Section 2.10                      Authenticating Agent.

 

So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately.

 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto.

 

Section 2.11                      Global Securities.

 

(a)           If the Company shall establish pursuant to Section 2.1 that the Securities of a particular series are to be issued as a Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.4, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”

 

 

  

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(b)           Notwithstanding the provisions of Section 2.5, the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.5, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary.

 

(c)           If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.4, the Trustee will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.4, the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered.

 

ARTICLE III.

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

 

Section 3.1                      Redemption.

 

The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.1 hereof.

 

 

 

  

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Section 3.2                      Notice of Redemption.

 

(a)           In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.1 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with any such restriction.

 

Each such notice of redemption shall specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company in the Borough of Manhattan, the City and State of New York, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is for a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed.

 

In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.

 

(b)           If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by its chief executive officer, president or any senior vice president or vice president, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section.

 

 

  

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Section 3.3                      Payment Upon Redemption.

 

(a)           If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the applicable record date pursuant to Section 2.3).

 

(b)           Upon presentation of any Security of such series that is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented.

 

Section 3.4                      Sinking Fund.

 

The provisions of Sections 3.4, 3.5 and 3.6 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.1 for Securities of such series.

 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.5. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series.

 

Section 3.5                      Satisfaction of Sinking Fund Payments with Securities.

 

The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

 

 

  

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Section 3.6                      Redemption of Securities for Sinking Fund.

 

Not less than 45 days prior to each sinking fund payment date for any series of Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.5 and the basis for such credit and will, together with such Officers’ Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 3.2. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.3.

 

ARTICLE IV.

COVENANTS

 

Section 4.1                      Payment of Principal, Premium and Interest.

 

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable series in excess of two million U.S. dollars ($2,000,000) and only if such Securityholder shall have furnished wire instructions to the Trustee no later than 15 days prior to the relevant payment date). Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account (such a wire transfer to be made only to a Securityholder of an aggregate principal amount of Securities of the applicable series in excess of two million U.S. dollars ($2,000,000) and only if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the Trustee no later than 15 days prior to the relevant payment date).

 

 

 

  

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Section 4.2                      Maintenance of Office or Agency.

 

So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan, the City and State of New York, with respect to each such series and at such other location or locations as may be designated as provided in this Section 4.2, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or agency until the Company shall, by written notice signed by any officer authorized to sign an Officers’ Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands. The Company initially appoints the corporate trust office of [                    ], an affiliate of the Trustee, located in the Borough of Manhattan, the City and State of New York as its paying agent with respect to the Securities.

 

Section 4.3                      Paying Agents.

 

(a)           If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:

 

(1)           that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto;

 

(2)           that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;

 

(3)           that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and

 

(4)           that it will perform all other duties of paying agent as set forth in this Indenture.

 

(b)           If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act.

 

 

  

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(c)           Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust as provided in this Section is subject to the provisions of Section 11.5, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money.

 

Section 4.4                      Appointment to Fill Vacancy in Office of Trustee.

 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section 4.5                      Compliance with Consolidation Provisions.

 

The Company will not, while any of the Securities remain Outstanding, consolidate with or merge into any other Person, in either case where the Company is not the survivor of such transaction, or sell or convey all or substantially all of its property to any other Person unless the provisions of Article X hereof are complied with.

 

ARTICLE V.

SECURITYHOLDERS’ LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

 

Section 5.1                      Company to Furnish Trustee Names and Addresses of Securityholders.

 

The Company will furnish or cause to be furnished to the Trustee (a) on each regular record date (as defined in Section 2.3) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company (however, if no regular record date is applicable with respect to a series, the Company shall furnish or cause to be furnished to the Trustee such list not later than May 16 and November 16 of each year) and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall be the Security Registrar.

 

 

  

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Section 5.2                      Preservation of Information; Communications With Securityholders.

 

(a)           The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.1 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity).

 

(b)           The Trustee may destroy any list furnished to it as provided in Section 5.1 upon receipt of a new list so furnished.

 

(c)           Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act.

 

Every Securityholder, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of the disclosure of any such information as to the names and addresses of Securityholders in accordance with Section 312(b) of the Trust Indenture Act, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made under Section 312(b) of the Trust Indenture Act.

 

Section 5.3                      Reports by the Company.

 

The Company covenants and agrees to provide a copy to the Trustee, within 15 days after the Company is required to file the same with the Securities and Exchange Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Securities and Exchange Commission may from time to time by rules and regulations prescribe) that the Company may be required to file with the Securities and Exchange Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. If the Company is not required to file information, documents or reports pursuant to either of said Sections, then it shall file with the Trustee and the Securities and Exchange Commission, in accordance with rules and regulations prescribed from time to time by such commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act, in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations.

 

The Company further covenants and agrees to file with the Trustee and the Securities and Exchange Commission, in accordance with rules and regulations prescribed from time to time by such commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations.

 

 

  

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The Company further covenants and agrees to transmit, within 30 days after the filing thereof with the Trustee, to Securityholders, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant to the immediate two preceding paragraphs of this Section as may be required by rules and regulations prescribed from time to time by the Securities and Exchange Commission.

 

Section 5.4                      Reports by the Trustee.

 

(a)           On or before May 1 of each year in which any of the Securities are Outstanding, the Trustee shall transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of the preceding May 1, if and to the extent required under Section 313(a) of the Trust Indenture Act.

 

(b)           The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

 

(c)           A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Securities and Exchange Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange.

 

ARTICLE VI.

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

 

Section 6.1                      Events of Default.

 

(a)           Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following events that has occurred and is continuing:

 

(1)           the Company defaults in the payment of any installment of interest upon any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose;

 

(2)           the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal or premium, if any;

 

 

  

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(3)           the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.1 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time Outstanding;

 

(4)           the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or

 

(5)           a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90 days.

 

(b)           In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities.

 

(c)           At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.6, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.6. No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon.

 

 

  

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(d)           In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

 

Section 6.2                      Collection of Indebtedness and Suits for Enforcement by Trustee.

 

(a)           The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a series, and such default shall have continued for a period of 90 Business Days, or (ii) in case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon declaration or otherwise, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee under Section 7.6.

 

(b)           If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the property of the Company or other obligor upon the Securities of that series, wherever situated.

 

(c)           In case of any receivership, insolvency, liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.6; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to the Trustee any amount due it under Section 7.6.

 

 

  

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(d)           All rights of action and of asserting claims under this Indenture, or under any of the terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.6, be for the ratable benefit of the holders of the Securities of such series.

 

In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

 

Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding.

 

Section 6.3                      Application of Moneys Collected.

 

Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially paid, and upon surrender thereof if fully paid:

 

FIRST: To the payment of reasonable costs and expenses of collection and of all amounts payable to the Trustee under Section 7.6;

 

SECOND: To the payment of all indebtedness of the Company to which such series of Securities is subordinated to the extent required by Article XIV;

 

  

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THIRD: To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and interest, respectively; and

 

FOURTH: To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto.

 

Section 6.4                      Limitation on Suits.

 

No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request.

 

Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

Section 6.5                      Rights and Remedies Cumulative; Delay or Omission Not Waiver.

 

(a)           Except as otherwise provided in Section 2.7, all powers and remedies given by this Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities.

 

 

  

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(b)           No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.4, every power and remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

 

Section 6.6                      Control by Securityholders.

 

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with Section 8.4, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided, however, that such direction shall not be in conflict with any rule of law or with this Indenture. Subject to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected thereby, determined in accordance with Section 8.4, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to Section 2.1 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with Section 6.1(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 6.7                      Undertaking to Pay Costs.

 

All parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture.

 

 

  

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ARTICLE VII.

CONCERNING THE TRUSTEE

 

Section 7.1                      Certain Duties and Responsibilities of Trustee.

 

(a)           The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs.

 

(b)           No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

 

(1)           prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that series that may have occurred:

 

(A)           the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(B)           in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture;

 

 

 

 

 

 

 

  

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(2)           the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

 

(3)           the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding (determined as provided in Section 8.4) relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; and

 

(4)           None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it.

 

Section 7.2                      Certain Rights of Trustee.

 

Except as otherwise provided in Section 7.1:

 

(a)           The Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)           Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed herein);

 

(c)           The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon;

 

(d)           The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs;

 

 

  

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(e)           The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

(f)           The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby (determined as provided in Section 8.4); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; and

 

(g)           The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder.

 

Section 7.3                      Trustee Not Responsible for Recitals or Issuance or Securities.

 

(a)           The recitals contained herein and in the Securities shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same.

 

(b)           The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities.

 

(c)           The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.1, or for the use or application of any moneys received by any paying agent other than the Trustee.

 

Section 7.4                      May Hold Securities.

 

The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee, paying agent or Security Registrar.

 

Section 7.5                      Moneys Held in Trust.

 

Subject to the provisions of Section 11.5, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the Company to pay thereon.

 

 

  

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Section 7.6                      Compensation and Reimbursement.

 

(a)           The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as the Company and the Trustee may from time to time agree in writing, for all services rendered by it in the execution of the trusts hereby created and in the exercise and performance of any of the powers and duties hereunder of the Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and disbursements of its counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as may arise from its negligence or bad faith and except as the Company and Trustee may from time to time agree in writing. The Company also covenants to indemnify the Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on the part of the Trustee and arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses of defending itself against any claim of liability in the premises.

 

(b)           The obligations of the Company under this Section to compensate and indemnify the Trustee and to pay or reimburse the Trustee for reasonable expenses, disbursements and advances shall constitute indebtedness of the Company to which the Securities are subordinated. Such additional indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the benefit of the holders of particular Securities.

 

Section 7.7                      Reliance on Officers’ Certificate.

 

Except as otherwise provided in Section 7.1, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof.

 

Section 7.8                      Disqualification; Conflicting Interests.

 

If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

 

 

  

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Section 7.9                      Corporate Trustee Required; Eligibility.

 

There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Securities and Exchange Commission, authorized under such laws to exercise corporate trust powers, having (or, in the case of a subsidiary of a bank holding company, its bank holding company parent shall have) a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority.

 

If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. Neither the Company nor any other obligor on the Securities of any series may, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company or any such obligor, serve as Trustee hereunder with respect to the Securities of such series. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

 

Section 7.10                      Resignation and Removal; Appointment of Successor.

 

(a)           The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

 

(b)           In case at any time any one of the following shall occur:

 

(1)           the Trustee shall fail to comply with the provisions of Section 7.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities for at least six months;

 

 

  

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(2)           the Trustee shall cease to be eligible in accordance with the provisions of Section 7.9 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or

 

(3)           the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c)           The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company.

 

(d)           Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11.

 

(e)           Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.

 

Section 7.11                      Acceptance of Appointment By Successor.

 

(a)           In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee hereunder.

 

 

  

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(b)           In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates.

 

(c)           Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be.

 

(d)           No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under this Article.

 

(e)           Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company.

 

Section 7.12                      Merger, Conversion, Consolidation or Succession to Business.

 

 

  

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Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.8 and eligible under the provisions of Section 7.9, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities.

 

Section 7.13                      Preferential Collection of Claims Against the Company.

 

The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

 

Section 7.14                      Notice of Default.

 

If any Default or any Event of Default occurs and is continuing and if such Default or Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Default or Event of Default within 45 days after it occurs, unless such Default or Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders.

 

ARTICLE VIII.

CONCERNING THE SECURITYHOLDERS

 

Section 8.1                      Evidence of Action by Securityholders.

 

Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing.

 

 

  

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If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by an Officers’ Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date.

 

Section 8.2                      Proof of Execution by Securityholders.

 

Subject to the provisions of Section 7.1, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner:

 

(a)           The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee.

 

(b)           The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof.

 

The Trustee may require such additional proof of any matter referred to in this Section as it shall deem necessary.

 

Section 8.3                      Who May be Deemed Owners.

 

Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Company as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.3) interest on such Security and for all other purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

 

Section 8.4                      Certain Securities Owned by Company Disregarded.

 

In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee.

 

 

  

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Section 8.5                      Actions Binding on Future Securityholders.

 

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.1, of the taking of any action by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.2, revoke such action so far as concerns such Security. Except as aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series.

 

ARTICLE IX.

SUPPLEMENTAL INDENTURES

 

Section 9.1                      Supplemental Indentures Without the Consent of Securityholders.

 

In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes:

 

(a)           to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

 

(b)           to comply with Article X, including to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities contained;

 

(c)           to provide for uncertificated Securities in addition to or in place of certificated Securities;

 

 

  

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(d)           to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company;

 

(e)           to add any additional Events of Default;

 

(f)           to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities; provided, however, that any such addition, change or elimination not otherwise permitted under this Section 9.1 shall (i) neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Securityholder of any such Security with respect to such provision or (ii) become effective only when there is no such Security outstanding;

 

(g)           to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.1, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities;

 

(h)           to evidence and provide for the acceptance of appointment hereunder by a successor trustee;

 

(i)           to comply with any requirements of the Securities and Exchange Commission or any successor in connection with the qualification of this Indenture under the Trust Indenture Act; or

 

(j)           to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action shall not adversely affect the interests of the Securityholders of Securities of any series or any related coupons in any material respect.

 

The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

 

Any supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.2.

 

Section 9.2                      Supplemental Indentures With Consent of Securityholders.

 

 

  

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With the consent (evidenced as provided in Section 8.1) of the holders of not less than a majority in aggregate principal amount of the Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto (which shall comply with the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner not covered by Section 9.1 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture.

 

It shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof.

 

Section 9.3                      Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.1, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

Section 9.4                      Securities Affected by Supplemental Indentures.

 

Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.1, may bear a notation in form approved by the Company, provided such form meets the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding.

 

Section 9.5                      Execution of Supplemental Indentures.

 

Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.1, may receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by, and conforms to, the terms of this Article and that it is proper for the Trustee under the provisions of this Article to join in the execution thereof; provided, however, that such Officers’ Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes the terms of a series of Securities pursuant to Section 2.1 hereof.

 

 

  

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Promptly after the execution by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Trustee shall transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the Securityholders of all series affected thereby as their names and addresses appear upon the Security Register. Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

ARTICLE X.

SUCCESSOR ENTITY

 

Section 10.1                      Company May Consolidate, Etc.

 

Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture, nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other corporation (whether or not affiliated with the Company or its successor or successors) authorized to acquire and operate the same; provided, however, the Company hereby covenants and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction), sale, conveyance, transfer or other disposition, (a) the due and punctual payment of the principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.1 to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property and (b) in the event that the Securities of any series then Outstanding are convertible into or exchangeable for shares of common stock or other securities of the Company, such entity shall, by such supplemental indenture, make provision so that the Securityholders of Securities of that series shall thereafter be entitled to receive upon conversion or exchange of such Securities the number of securities or property to which a holder of the number of shares of common stock or other securities of the Company deliverable upon conversion or exchange of those Securities would have been entitled had such conversion or exchange occurred immediately prior to such consolidation, merger, sale, conveyance, transfer or other disposition.

 

 

  

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Section 10.2                      Successor Entity Substituted.

 

(a)           In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.1 on all of the Securities of all series Outstanding, such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

(b)           In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate.

 

(c)           Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company).

 

Section 10.3                      Evidence of Consolidation, Etc. to Trustee.

 

The Trustee, subject to the provisions of Section 7.1, may receive an Officers’ Certificate or an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article.

 

ARTICLE XI.

SATISFACTION AND DISCHARGE

 

Section 11.1                      Satisfaction and Discharge of Indenture.

 

If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.7 and Securities for whose payment money or Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.5); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of Sections 2.3, 2.5, 2.7, 4.1, 4.2, 4.3 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.6 and 11.5, that shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series.

 

 

  

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Section 11.2                      Discharge of Obligations.

 

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as described in Section 11.1 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.3, 2.5, 2.7, 4.1, 4.2, 4.3, 7.6, 7.10 and 11.5 hereof that shall survive until such Securities shall mature and be paid.

 

Thereafter, Sections 7.6 and 11.5 shall survive.

 

Section 11.3                      Deposited Moneys to be Held in Trust.

 

All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.1 or 11.2 shall be held in trust and shall be available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have been deposited with the Trustee.

 

Section 11.4                      Payment of Moneys Held by Paying Agents.

 

In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations.

 

 

  

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Section 11.5                      Repayment to Company.

 

Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof.

 

ARTICLE XII.

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

 

Section 12.1                      No Recourse.

 

No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities.

 

 

  

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ARTICLE XIII.

MISCELLANEOUS PROVISIONS

 

Section 13.1                      Effect on Successors and Assigns.

 

All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Trustee shall bind its successors and assigns, whether so expressed or not.

 

Section 13.2                      Actions by Successor.

 

Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company.

 

Section 13.3                      Surrender of Company Powers.

 

The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation.

 

Section 13.4                      Notices.

 

Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served by the Trustee or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows:  Willamette Valley Vineyards, Inc., 8800 Enchanted Way SE, Turner, Oregon 97392, Attention: Rich Goward, Chief Financial Officer (facsimile no.: (503) 588-8894). Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee.

 

Section 13.5                      Governing Law.

 

This Indenture and each Security shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State, except to the extent that the Trust Indenture Act is applicable. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT.

 

 

  

43

  

 

Section 13.6                      Treatment of Securities as Debt.

 

It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be interpreted to further this intention.

 

Section 13.7                      Compliance Certificates and Opinions.

 

(a)           Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished.

 

(b)           Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in this Indenture shall include (i) a statement that the Person making such certificate or opinion has read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (iii) a statement that, in the opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

 

Section 13.8                      Payments on Business Days.

 

Except as provided pursuant to Section 2.1 pursuant to a Board Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal (and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal date.

 

Section 13.9                      Conflict with Trust Indenture Act.

 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control.

 

Section 13.10                                Counterparts.

 

This Indenture may be executed in any number of counterparts, each of which shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

 

 

  

44

  

 

Section 13.11                                Separability.

 

In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

Section 13.12                                Compliance Certificates.

 

The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an Officers’ Certificate stating whether or not the signers know of any Default or Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If any of the officers of the Company signing such certificate has knowledge of such a Default or Event of Default, the certificate shall describe any such Default or Event of Default and its status.

 

ARTICLE XIV.

SUBORDINATION OF SECURITIES

 

Section 14.1                      Subordination Terms.

 

The payment by the Company of the principal of, premium, if any, and interest on any series of Securities issued hereunder shall be subordinated to the extent set forth in an indenture supplemental hereto relating to such Securities.

 

 

 

 

 

  

45

  

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as of the day and year first above written.

 

	 	WILLAMETTE VALLEY VINEYARDS, INC.	 
	 	 	 	 
	
 

	
By: 

	 	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 	 
	 	
as Trustee

	 
	 	 	 	 
	 	 
By: 

	 	 
	 	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 	 

 

 

 

 

 

 

 

 

 

                                                              

  

  

  

CROSS-REFERENCE TABLE*

 

	
tia section

	
indenture section

	
Section310

	
(a)(1)

	
7.9

	  	
(a)(2)

	
7.9

	  	
(a)(3)

	
N/A**

	  	
(a)(4)

	
N/A**

	  	
(a)(5)

	
7.9

	  	
(b)

	
7.8, 7.10, 7.11

	
Section311

	
(a)

	
7.13

	  	
(b)

	
7.13

	
Section312

	
(a)

	
5.1, 5.2

	  	
(b)

	
5.2

	  	
(c)

	
5.2

	
Section313

	
(a)

	
5.4

	  	
(b)(1)

	
5.4

	  	
(b)(2)

	
5.4

	  	
(c)

	
5.4

	  	
(d)

	
5.4

	
Section314

	
(a)

	
5.3, 13.12

	  	
(b)

	
N/A**

	  	
(c)(1)

	
13.7

	  	
(c)(2)

	
13.7

	  	
(c)(3)

	
N/A**

	  	
(d)

	
N/A**

	  	
(e)

	
13.7

	  	
(f)

	
N/A**

	
Section315

	
(a)

	
7.1(b)

	  	
(b)

	
7.14

	  	
(c)

	
7.1(a)

	  	
(d)

	
7.1(b)

	  	
(e)

	
6.7

	
Section 316

	
(a ) (last sentence)

	
8.4

	  	
(a)(1)(A)

	
6.6

	  	
(a)(1)(B)

	
6.6

	  	
(a)(2)

	
N/A**

	  	
(b)

	
6.4

	  	
(c)

	
N/A**

	
Section 317

	
(a)(1)

	
6.2(b)

	  	
(a)(2)

	
6.2(c)

	  	
(b)

	
4.3

	
Section 318

	
(a)

	
13.9

	
*

	
This Cross-Reference Table shall not, for any purpose, be deemed a part of this Indenture.

	
**

	
N/A means Not Applicable

 

 

 

Cross-Reference TableEX-10.1

 Exhibit 10.1 

Execution Copy 
 AMENDED
AND RESTATED ADVISORY AGREEMENT 
 This amended and restated advisory agreement (the “Agreement”), is effective as of
November 1, 2015 among Morgan Stanley Smith Barney TT II, LLC, (formerly known as Morgan Stanley Managed Futures Transtrend II, LLC), a Delaware limited liability company (the “Trading Company”), Ceres Managed Futures LLC (formerly
known as Demeter Management LLC), a Delaware limited liability company (the “Trading Manager”), and Transtrend B.V., a Dutch limited liability company (the “Trading Advisor”). 

W I T N E S S E T H : 

WHEREAS, the Trading Company has been organized pursuant to a Certificate of Formation filed with Secretary of State of the State of
Delaware on March 26, 2007 (the “Certificate of Formation”) and an operating agreement (the “Operating Agreement”) to, among other things, directly or indirectly through a commodity trading advisor, trade, buy, sell, spread,
or otherwise acquire, hold, or dispose of (i) futures, options, options on futures, swaps, swaps on futures, forward contracts, and other derivative, margined instruments, on foreign exchange (“FX”), interest rates, interest rate
instruments, commodities, equity related indices and instruments, other indices, and other economic variables, and (ii) spot FX, in the case of either (i) or (ii) traded on exchanges, other trading venues and/or over-the-counter
(“OTC”) markets (hereinafter referred to collectively as “futures interests;”) provided, however, such definition shall exclude securities futures products as defined by the Commodity Futures Trading Commission
(“CFTC”), options in securities futures and options in equities) and securities (such as United States Treasury securities) approved by the CFTC for investment of customer funds and other securities on a limited basis, and to engage in all
activities incident thereto; 
 WHEREAS, the Trading Company is a commodity pool operated by the Trading Manager in which other
commodity pool investment vehicles sponsored and/or managed by the Trading Manager and/or its Affiliates will invest (each such investment vehicle, a “Member,” and collectively, the “Members”); 

WHEREAS, the Trading Company and the Trading Manager each desired the Trading Advisor to act as a trading advisor for the Trading
Company and to make investment decisions with respect to futures interests for the Trading Company thus resulting in the Trading Company, the Trading Manager and the Trading Advisor having entered into an advisory agreement effective April 1,
2007 (the “Former Agreement”) which has been subject to various amendments, the most recent of which is dated December 3, 2014; and 

 WHEREAS, the Trading Company, the Trading Manager and the Trading Advisor wish to enter
into this Agreement, among other things, in order to incorporate all amendments to the Former Agreement. 
 NOW, THEREFORE,
the parties hereto hereby agree as follows: 
  

	 	1.	Undertakings in Connection with the Continuing Offering of Units. 

 (a) The Trading
Advisor agrees with respect to the continuing offering of interests (“Units”) in the Members: (i) to make all disclosures regarding itself and the Trading Advisor Principals (as defined in Section 9(a)(iv), below), its trading performance,
its trading systems, methods and strategies (subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Confidential Information (as defined in Section 1(c) hereof) concerning such systems, methods and
strategies), any client accounts over which it has discretionary trading authority (other than the names of or identifying information with respect to any such clients), and otherwise, as the Members may reasonably require (x) in connection with any
Member’s offering materials (collectively, the “Offering Memoranda”) as required by Rule 4.21 of the regulations under the Commodity Exchange Act (the “CEAct”), including in connection with any amendments or supplements
thereto, or (y) to comply with any other applicable law or rule or regulation, including those of the CFTC, the National Futures Association (the “NFA”) or any other regulatory or self-regulatory body, exchange, or board with jurisdiction
over its members (or to comply with the reasonable request of the aforementioned organizations); and (ii) to otherwise cooperate with the Trading Company, the Trading Manager and the Members by providing information regarding the Trading Advisor in
connection with the preparation of the Offering Memoranda, including any amendments or supplements thereto, as part of making application for registration of the Units under the securities or blue sky laws of any jurisdictions, including foreign
jurisdictions, as the Members may deem appropriate; provided that all such disclosures are subject to the need, in the reasonable discretion of the Trading Advisor, to preserve the secrecy of Confidential Information concerning its clients, systems
methods and strategies. As used herein, unless otherwise provided, the term “principal” shall have the meaning as defined in Rule 4.10(e) of the CFTC’s regulations and the term “Affiliate” of a person shall mean an
individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such person. 

  
 2 

 (b) If, while Units continue to be offered and sold, the Trading Advisor becomes aware of any
materially untrue or misleading statement or omission regarding itself or any of the Trading Advisor Principals or Affiliates in the Disclosure Document (as defined in Section 18 hereof), or of the occurrence of any event or change in
circumstances which would result in there being any materially untrue or misleading statement or omission in the Disclosure Document regarding itself or any of the Trading Advisor Principals or Affiliates, the Trading Advisor shall promptly notify
the Trading Manager and shall cooperate with the Trading Manager in the preparation of any necessary amendments or supplements to the Offering Memoranda. Neither the Trading Advisor nor any of the Trading Advisor Principals or any stockholders,
officers, directors, or employees shall distribute the Offering Memoranda or selling literature or shall engage in any selling activities whatsoever in connection with the continuing offering of Units except as may be specifically requested by the
Trading Manager and agreed to by the Trading Advisor. 
 (c) For purposes of this Agreement, and notwithstanding any of the provisions
hereof, all non-public information relating to the Trading Advisor including, but not limited to, records, whether original, duplicated, computerized, handwritten, or in any other form, and information contained therein, business and/or marketing
and/or sales plans and proposals, names of past and current clients, names of past, current and prospective contacts, trading and risk models, techniques and procedures, past, current or future trading or position data, price and research software
and databases, trading methodologies, systems, strategies and programs, trading advice, trading instructions, results of proprietary accounts, training materials, research data bases, portfolios, and computer software, and all written and oral
information, furnished by the Trading Advisor to the Trading Company, the Trading Manager, the Members and/or their respective officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial
advisors) or controlling persons (such officers, directors, employees, agents (including, but not limited to, attorneys, accountants, consultants, and financial advisors) or controlling persons of the Trading Company, the Trading Manager and the
Members each are hereinafter referred to as a “Recipient”), whether furnished before or after the date of this Agreement, and regardless of the manner in which it is furnished, together with any analysis, compilations, studies or other
documents or records which are prepared by the Trading Company, the Trading Manager, a Member or a Recipient of such information and which contain or are generated from such information, regardless of whether explicitly identified as confidential
shall be confidential information and/or trade secrets and the exclusive property of the Trading Advisor (“Confidential Information”). Notwithstanding the foregoing, information which (i) is or becomes generally available to the
public other than as a result of acts by the 

  
 3 

 
Trading Manager, the Trading Company, a Member or a Recipient in violation of this Agreement, (ii) is in the possession of the Trading Manager, the Trading Company, a Member or a Recipient
prior to its disclosure pursuant to the terms hereof, (iii) is or becomes available to the Trading Manager, the Trading Company, a Member or a Recipient from a source that is not bound by a confidentiality agreement with regard to such
information or by any other legal or fiduciary obligation of confidentiality prohibiting such disclosure, or (iv) that is independently developed by the Trading Manager, the Trading Company, a Member or a Recipient without use of the
Confidential Information described in this Section 1(c), shall not be considered Confidential Information. 
 (d) The Trading Company
and the Trading Manager each warrants and agrees that they and their respective officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants,
and financial advisors) will protect and preserve the Confidential Information and shall disclose Confidential Information or otherwise make Confidential Information available only to the Trading Company’s or the Trading Manager’s
officers, directors, members, equity holders, employees and agents (including for purposes of this Agreement, but not limited to, attorneys, accountants, consultants, and financial advisors), who need to know the Confidential Information (or any
part of it) for the purpose of satisfying their fiduciary, legal, reporting, filing or other obligations hereunder or to monitor performance in the account during the term of this Agreement or thereafter, or to the Trading Company, Trading Manager
or a Recipient, as the case may be, or if required to disclose such Confidential Information due to a fiduciary obligation or legal or regulatory request. Additionally, the Trading Company and the Trading Manager each warrants and agrees that it and
any Member and Recipient will use the Confidential Information solely for the purpose of satisfying the Trading Company’s or the Trading Manager’s obligations under this Agreement and not in a manner which violates the terms of this
Agreement. For avoidance of doubt, the Trading Company and the Trading Manager each further represents and warrants to, and agrees with the Trading Advisor, that it and any Member and any Recipient shall not in any manner or respect, directly or
indirectly, (A) use any of such Confidential Information in trading for their own accounts, any accounts of their Affiliates or any third party accounts, (B) sell, license or assign any of such Confidential Information, (C) use such
Confidential Information to reverse engineer, attempt to reverse engineer or otherwise seek to replicate the Trading Advisor’s trading in any manner or (D) otherwise use such Confidential Information for their personal gain in any other
manner. 
 (e) The provisions of Sections 1(c) and 1(d) shall survive the termination of this Agreement. 

  
 4 

	 	2.	Duties of the Trading Advisor. 

 (a) The Trading Advisor hereby agrees to act as the
trading advisor for the Trading Company and, as such, shall have authority and responsibility for directing the investment and reinvestment of the Trading Company’s assets, which shall consist of the Trading Company’s Net Assets (as
defined in Section 5(c) hereof) plus “notional” funds, if any, as specified in writing by the Trading Manager and consented to by the Trading Advisor (collectively, the “Assets”), on the terms and conditions and in
accordance with the prohibitions and the trading policies set forth in Exhibit A to this Agreement as amended from time to time and provided in writing to the Trading Advisor by the Trading Manager (the “Trading Policies”);
provided, however, that the Trading Manager may override the instructions of the Trading Advisor to the extent necessary (i) to comply with the Trading Policies and with applicable speculative position limits, (ii) to fund
any distributions or redemptions, (iii) to pay the Trading Company’s expenses, (iv) to the extent the Trading Manager believes doing so is necessary for the protection of the Trading Company, (v) to terminate the futures
interests trading of the Trading Company by the Trading Advisor, or (vi) to comply with any applicable law or regulation. The Trading Manager agrees not to override any such instructions for the reasons specified in clauses (ii) or
(iii) of the preceding sentence unless the Trading Advisor fails to comply with a request of the Trading Manager to make the necessary amount of funds available to the Trading Company within two trading days of such request. The Trading Advisor
shall not be liable for the consequences of any decision by the Trading Manager to override instructions of the Trading Advisor, except, subject to Section 7(a), to the extent that such consequences result from a material breach of this
Agreement by the Trading Advisor or the Trading Advisor fails to comply with the Trading Manager’s decision to override an instruction. 
  

	 	(b)	The Trading Advisor shall: 

 (i) Exercise good faith and due care in trading
futures interests for the account of the Trading Company in accordance with the prohibitions and Trading Policies, and the trading systems, methods, and strategies of the Trading Advisor described in the Disclosure Document, with such changes and
additions to such trading systems, methods or strategies as the Trading Advisor, from time to time, incorporates into its trading approach for accounts that are similar in size to the account of the Trading Company and traded pursuant to the Trading
Program (as defined in Section 2(f)); 

  
 5 

 (ii) Subject to assurances of confidentiality, provide the Trading Manager,
within 45 days of the end of a calendar quarter, and within 45 days of a separate request which the Trading Manager may make from time to time, with information comparing the performance of the Trading Company’s account and the performance of
all other client accounts directed by the Trading Advisor using the Trading Program used by the Trading Advisor on behalf of the Trading Company (“Other Accounts”) over a specified period of time for the purpose of confirming that the
Trading Company has been treated equitably on an overall basis compared to such Other Accounts. In providing such information, the Trading Advisor may take such steps as are necessary to assure the confidentiality of the Trading Advisor’s
clients’ identities. The Trading Advisor shall, upon the Trading Manager’s request, consult with the Trading Manager concerning any discrepancies between the performance of such Other Accounts and the Trading Company’s account. The
Trading Advisor shall promptly inform the Trading Manager in writing of any material discrepancies of which the Trading Advisor is aware. The Trading Manager acknowledges that, among others, the following differences in accounts may cause divergent
trading results: different trading strategies, methods or degrees of leverage, different trading policies, differing account sizes, accounts experiencing differing inflows or outflows of equity, different risk profiles, accounts which commence
trading at different times and accounts which have different portfolios or different fiscal years. The provisions of this Section 2(b)(ii) shall not apply to, and shall in no manner restrict, the Trading Advisor’s management of any
accounts it currently manages or may hereafter manage for current and/or former principals and/or Affiliates of the Trading Advisor under any circumstances; 

(iii) Subject to assurances of confidentiality, as provided for herein, inform the Trading Manager when the Trading
Advisor’s open positions maintained by the Trading Advisor exceed applicable speculative position limits; and 
 (iv)
Upon request of the Trading Manager, subject to assurances of confidentiality, as provided for herein, promptly provide the Trading Manager with all material information concerning the Trading Advisor reasonably requested by the Trading Manager
(including, without limitation, information relating to changes in control, key personnel or trading approach). Nothing contained in this Agreement shall require the Trading Advisor to disclose the details of its trading systems, programs or
strategies. 

  
 6 

 (c) All purchases and sales of futures interests pursuant to this Agreement shall be for the
account, and at the risk, of the Trading Company and not for the account, or at the risk of the Trading Advisor or any of its Affiliates or each of their principals, stockholders, directors, officers, or employees, or any other person, if any, who
controls the Trading Advisor. All brokerage commissions and related transaction fees arising from such trading by the Trading Advisor shall be for the account of the Trading Company. The Trading Advisor makes no representations as to whether such
trading will produce profits or avoid losses. 
 (d) Subject to Section 7(a) hereof, the Trading Advisor shall assume financial
responsibility for any errors committed or caused by it in transmitting orders for the purchase or sale of futures interests for the Trading Company’s account including payment to the Commodity Brokers (as described in Section 4 hereof) of
the floor brokerage commissions, exchange, NFA fees, and other transaction charges and give-up charges incurred by the Commodity Broker on such trades but only for the amount of the Commodity Brokers’ out-of-pocket costs in respect thereof. The
Trading Advisor’s errors shall include, but not be limited to, inputting improper trading signals or communicating incorrect orders to the Commodity Brokers. However, the Trading Advisor shall not be responsible for errors committed or caused
by the Commodity Brokers or by floor brokers or other futures commission merchants. The Trading Advisor shall have an affirmative obligation to promptly notify the Trading Manager upon discovery of its own errors with respect to the account, and the
Trading Advisor shall use its best efforts to identify and promptly notify the Trading Manager of any order or trade which the Trading Advisor reasonably believes was not executed in accordance with its instructions to any Commodity Broker or such
other commodity broker utilized to execute orders for the Trading Company. 
 (e) (intentionally left blank) 

(f) In performing services to the Trading Company, the Trading Advisor shall utilize its Enhanced Risk (USD) profile of its Diversified Trend
Program (the “Trading Program”), as described in the Disclosure Document, and as modified from time to time. The Trading Advisor shall give the Trading Manager prior written notice of any change in the Trading Program that the Trading
Advisor considers to be material (and shall not effect such change on behalf of the Trading Company without the Trading Manager’s consent which consent shall be deemed to be given if the Trading Manager has not objected to this change within 5
days following the Trading Advisor’s having provided the Trading Manager with prior written notice of such change), including any additional futures interests to be traded by the Trading Advisor not already listed on Exhibit B. Changes in the
futures interests traded, provided that such futures interests are listed on Exhibit B, shall not be deemed a modification of the Trading Program. 

  
 7 

	 	3.	Trading Advisor as an Independent Contractor. 

 For all purposes of this Agreement, the
Trading Advisor shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized, have no authority to act for or represent the Trading Company or its Members in any way or otherwise be deemed an
agent of the Trading Company or its Members. Nothing contained herein shall be deemed to require the Trading Company to take any action contrary to the Operating Agreement or the Certificate of Formation of the Trading Company as from time to time
in effect, or any applicable law or rule or regulation of any regulatory or self-regulatory body, exchange, or board. Nothing herein contained shall constitute the Trading Advisor, the Trading Manager, the Trading Company or the Members, as members
of any partnership, joint venture, association, syndicate or other entity, or be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other. It is expressly agreed that the
Trading Advisor is neither a promoter, sponsor, or issuer with respect to the Trading Company or its Members, nor does the Trading Advisor have any authority or responsibility with respect to the offer, sale or issuance of Units. 

 

	 	4.	Commodity Broker; Foreign Exchange (“FX”) Prime Broker. 

 (a) The Trading
Advisor shall effect all transactions in futures interests for the Trading Company through the Trading Company’s separate account maintained with such commodity broker or brokers as the Trading Manager shall direct and appoint from time to time
with the prior written consent of the Trading Advisor, which consent shall not be unreasonably withheld. Both Morgan Stanley & Co. LLC (“MS & Co.”), Morgan Stanley & Co. International Limited (“MSIL”),
and Morgan Stanley Capital Group Inc. (“MSCG” and collectively, the “Commodity Brokers”) may act as the clearing commodity brokers for the Trading Company, and MS & Co. and its Affiliates may act as FX forward contract
counterparty for the Trading Company. MSCG and its Affiliates may act as an options on FX forward contract counterparty for the Trading Company. The Trading Manager shall provide the Trading Advisor with copies of brokerage statements. 

(b) Notwithstanding the foregoing, the Trading Advisor may execute trades through floor brokers other than those employed by MS & Co.
and its Affiliates so long as arrangements (including executed give-up agreements) are made for such floor brokers ̧ give-up brokers, prime brokers, dealers or other executing entities or facilities (collectively, “Executing

  
 8 

 
Brokers”) to “give-up” or transfer the positions to MS & Co. in conformity with the Trading Policies set forth in Exhibit A attached hereto. The Trading Manager will
review and approve or disapprove all Executing Brokers proposed by the Trading Advisor for the Trading Company’s account, such approval not to be unreasonably withheld or delayed. If an Executing Broker is approved, the Trading Company will not
hold the Trading Advisor liable for any error or breach of contract by any such Executing Broker subject to the standard of liability set forth in Section 7(a). In addition, the Trading Advisor may execute trades directly on an exchange or
other trading venue, and the Trading Advisor may use any execution method, including but not limited to automated order routing, order or trade bunching, exchange-for-physical (“EFP”), exchange-for-swap (“EFS”), block trading and
pre-execution communication, to the extent permitted by and subject to applicable laws, rules and regulations including, without limitation, the rules of the Chicago Mercantile Exchange and the Intercontinental Exchange. Irrespective of whether
Executing Brokers unaffiliated with MS& Co. receive the Trading Manager’s consent to execute trades on behalf of the Trading Company, all such trades will be “given-up” to be carried by MS & Co. The Trading Advisor shall
have full authority, acting as the Trading Company’s agent, (i) to negotiate, enter into, execute and deliver, any agreement, instrument or authorization relating to order execution, trading, trade affirmation, automated order routing,
breakage resolution, compensation and rebate and bonus programs and (ii) to enter into, execute and deliver any agreement, instrument or authorization relating to trade give-up, EFP and the associated initial and offsetting spot FX or forward
transactions, EFS and the associated initial and offsetting swap transactions, in the case of either (i) or (ii) on behalf of the Trading Company, or in the Trading Advisor’s own name but for the account, benefit and risk of the
Trading Company. The Trading Advisor shall have the full authority to make the necessary representations and warranties set forth in such agreements and to negotiate the applicable commissions, if any, on such terms as the Trading Advisor, in its
reasonable discretion, and acting on behalf of the Trading Company, deems necessary or appropriate. The Trading Company, the Trading Manager and the Trading Advisor agree that all orders and transactions entered into pursuant to any such agreement,
instrument and authorization are being entered into by the Trading Advisor as the Trading Company’s agent for the account, benefit and risk of the Trading Company, notwithstanding the fact that such agreement, instrument or authorization, or
the corresponding orders and transaction may have been entered into by the Trading Advisor in its own name. The Trading Company agrees to assume all liabilities associated with the orders and transactions entered into pursuant to this Agreement and
agrees, subject to the standard of liability set forth in Section 7(a) of this Agreement, that the Trading Advisor shall have no liability for such orders and transactions. 

  
 9 

 (c) Any “FX prime brokerage” arrangements which the Trading Advisor may wish to
establish for the Trading Company is hereby approved by the Trading Manager but is subject to approval by MS & Co. The Trading Manager hereby so approves Deutsche Bank AG, London Branch, as FX prime broker to effectuate the give-up of OTC
FX transactions to MS & Co.. or such other clearing broker appointed by the Trading Company from time to time for the account, benefit and risk of the Trading Company, and the applicable prime brokerage commissions to be negotiated by the
Trading Advisor. The Trading Company, the Trading Manager and the Trading Advisor agree that all OTC FX transactions entered into pursuant to this Agreement are being entered into by the Trading Advisor as the Trading Company’s agent for the
account, benefit and risk of the Trading Company, notwithstanding that such OTC FX transactions are first being entered into by the Trading Advisor, being treated as principal by the FX prime broker and MS & Co.. The Trading Company agrees
to assume all liabilities associated with the OTC FX transactions and the Trading Company and the Trading Manager agree, subject to the standard of liability set forth in Section 7(a) of this Agreement, that the Trading Advisor shall have no
liability for such OTC FX transactions. 
  

	 	5.	Fees. 

 (a) For the services to be rendered to the Trading Company by the Trading Advisor
under this Agreement: 
 (i) The Trading Company shall pay the Trading Advisor a monthly management fee equal to 1/12th of 1%
(a 1% annual rate) of the Assets as of the first day of each month (the “Management Fee”). The Management Fee is payable in arrears within 30 Business Days of the end of the month for which it was calculated. For purposes of this
Agreement, “Business Day” shall mean any day which the securities markets are open in the United States; and 

(ii) The Trading Company shall pay the Trading Advisor an incentive fee equal to 20% of the “New Trading Profit” (as
defined in Section 5(d) hereof) in each capital account of the Members in the Trading Company (the “Capital Account”) that shall accrue monthly, effective January 1, 2016, but is not payable until the end of each calendar half
year (the “Incentive Fee”). The Incentive Fee is payable within 30 Business Days of the end of the calendar half year for which it was calculated. 

  
 10 

 (b) If this Agreement is terminated on a date other than the last day of a calendar half year,
the Incentive Fee shall be determined as if such date were the end of a calendar half year. If this Agreement is terminated on a date other than the end of a month, the Management Fee described above shall be determined as if such date were the end
of a month, but such fee shall be prorated based on the ratio of the number of calendar days in the month through the date of termination to the total number of calendar days in the month. If, during any month after the Trading Company has commenced
trading operations (including the month in which the Trading Company commenced such operations), the Trading Company does not conduct business operations, or suspends trading for the account of the Trading Company managed by the Trading Advisor, or,
as a result of an act or material failure to act by the Trading Advisor, is otherwise unable to utilize the trading advice of the Trading Advisor on any of the calendar days of that month for any reason, the Management Fee shall be prorated based on
the ratio of the number of calendar days in the month which the Trading Company account managed by the Trading Advisor engaged in trading operations or utilizes the trading advice of the Trading Advisor to the total number of calendar days in the
month. In the event that there is an increase or decrease in the Assets as of any day other than the first day of a month, the Trading Advisor shall be paid a pro rata Management Fee on such increase or decrease in the Assets for such month. 

(c) The term “Net Assets” shall mean the total assets of the Trading Company (including, but not limited to, all cash and cash
equivalents, accrued interest and amortization of original issue discount, and the market value (marked-to-market) of all open futures interests positions and other assets of the Trading Company) less all liabilities of the Trading Company
determined in accordance with generally accepted accounting principles consistently applied under the accrual basis of accounting. Unless generally accepted accounting principles require otherwise, the market value of a futures or option contract
traded on a United States exchange shall mean the settlement price on the exchange on which the particular futures or option contract shall be traded by the Trading Company on the day with respect to which the Net Assets are being determined;
provided, however, that if a contract could not be liquidated on such day due to the operation of daily limits or other rules of the exchange on which that contract shall be traded or otherwise, the settlement price on the first
subsequent day on which the contract could be liquidated shall be the market value of such contract for such day, or if a contract could not be liquidated on such day due to the exchange being closed for an exchange holiday, the settlement price on
the most recent preceding day on which the contract could have been liquidated shall be the market value of such contract for such day. The market value of a forward contract or a futures or option contract traded on a foreign exchange or market
shall mean its market value as determined by the Trading Manager on a basis consistently applied for each different variety of contract. 

  
 11 

 (d) The term “New Trading Profit” shall mean net futures interests trading profits
(realized and unrealized) on the Assets in each Capital Account, decreased by such Capital Account’s pro-rata share of (i) the Trading Advisor’s monthly management fees and (ii) the Trading Company’s brokerage commissions,
transaction costs and administrative fees. Such trading profits and items of decrease shall be determined for each Capital Account from the end of the last calendar half year in which an Incentive Fee was earned by the Trading Advisor or, if no
Incentive Fee has been earned previously by the Trading Advisor with respect to a Capital Account, from the date that the Trading Advisor commenced managing the Assets in the Capital Account to the end of the calendar half year as of which such
Incentive Fee calculation is being made. Extraordinary expenses do not reduce New Trading Profit. Interest income is not included in New Trading Profit. New Trading Profit shall be calculated before reduction for Incentive Fees paid or accrued so
that the Trading Advisor does not have to earn back Incentive Fees. Accrued Incentive Fees shall be paid to the Trading Advisor on any New Trading Profits earned on those Assets withdrawn from a Capital Account due to redemptions at the end of any
month when such withdrawal of Assets is made as if such month-end is the end of the calendar half year. 
 (e) If any payment of Incentive
Fees is made to the Trading Advisor on account of New Trading Profit earned by the Trading Advisor for a Capital Account and the Trading Advisor thereafter fails to earn New Trading Profit for such Capital Account or experiences losses for any
subsequent incentive period the Trading Advisor shall be entitled to retain such amounts of Incentive Fees previously paid to the Trading Advisor in respect of such New Trading Profit. No Incentive Fees shall be payable to the Trading Advisor with
respect to a Capital Account until the Trading Advisor has earned New Trading Profit; provided, however, that if the Assets of a Capital Account are reduced because of redemptions that occur at the end of, and/or subsequent to, a
calendar half year in which the Trading Advisor experiences a futures interests trading loss for such Capital Account, the trading loss that must be recovered by such Capital Account before the Trading Advisor will be deemed to experience New
Trading Profit for such Capital Account in a subsequent calendar half year will be equal to the amount determined by (x) dividing the Assets of such Capital Account after such decrease by the Assets in such Capital Account immediately before
such decrease and (y) multiplying that fraction by the amount of the unrecovered futures interests trading loss prior to such decrease. In the event that the Trading Advisor experiences a trading loss for a Capital Account in more than one
calendar half year without the Trading Company paying an intervening Incentive Fee with 

  
 12 

 
respect to such Capital Account and the Assets for a Capital Account are reduced in more than one such calendar half year because of redemptions, then the trading loss for each such calendar half
year shall be adjusted in accordance with the formula described above and such reduced amount of futures interests trading loss shall be carried forward and used to offset subsequent futures interests trading profits. 

 

	 	6.	Term 

 (a) This Agreement shall continue in effect for a period of one year from the date
the Agreement was entered into unless otherwise terminated as set forth in this Section 6. The Trading Advisor may terminate this Agreement at the end of such one-year period by providing prior written notice of termination to the Trading
Company at least sixty days prior to the expiration of such one-year period. If the Agreement is not terminated upon the expiration of such one-year period, this Agreement shall automatically renew for an additional one-year period and shall
continue to renew for additional one-year periods until this Agreement is otherwise terminated, as provided for herein. This Agreement shall automatically terminate if the Trading Company is dissolved. 

(b) The Trading Company and Trading Manager each shall have the right to terminate this Agreement in its discretion (i) at any month end
upon five days’ prior written notice to the Trading Advisor, or (ii) at any time upon prior written notice to the Trading Advisor upon the occurrence of any of the following events: (A) if any two persons described as a
“principal” of the Trading Advisor in the Offering Memoranda (other than Robeco Nederland B.V.) cease for any reason to be an active “principal” of the Trading Advisor; (B) if the Trading Advisor becomes bankrupt or
insolvent; (C) if the Trading Advisor is unable to use its trading systems or methods as in effect on the date hereof and as modified in the future for the benefit of the Trading Company and such inability can not be cured within five days;
(D) if the registration, as a commodity trading advisor, of the Trading Advisor with the CFTC or its membership in the NFA is revoked, suspended, terminated, or not renewed, or limited or qualified in any respect; (E) except as provided in
Section 11 hereof, if the Trading Advisor merges or consolidates with, or sells or otherwise transfers its advisory business, or all or a substantial portion of its assets, any portion of its futures interests trading systems or methods, or its
goodwill to, any individual or entity; (F) if, at any time, the Trading Advisor materially violates any Trading Policy or administrative policy, except with the prior express written consent of the Trading Manager or if the consequences of such
material violation can not be cured within five days; or (G) if the Trading Advisor fails in a material manner to perform any of its obligations under this Agreement. 

  
 13 

 (c) The Trading Advisor may terminate this Agreement at any time, upon thirty days’ prior
written notice to the Trading Company and Trading Manager, in the event: (A) that the Trading Manager imposes additional trading limitation(s) in the form of one or more Trading Policies or administrative policies that the Trading Advisor does
not consent to, such consent not to be unreasonably withheld; (B) the Trading Manager objects to the Trading Advisor implementing a proposed material change to the Trading Program and the Trading Advisor certifies to the Trading Manager in
writing that it believes such change is in the best interests of the Trading Company; (C) the Trading Manager overrides a trading instruction of the Trading Advisor for reasons unrelated to a determination by the Trading Manager that the
Trading Advisor has violated the Trading Policies and the Trading Advisor certifies to the Trading Manager in writing that as a result, the Trading Advisor believes the performance results of the Trading Advisor relating to the Trading
Company’s account will be materially adversely affected; (D) the Trading Manager or the Trading Company materially breaches this Agreement and does not correct the breach within ten days of receipt of a written notice of such breach from
the Trading Advisor; (E) the Assets fall below $3,000,000 (after adding back trading losses) at any time; (F) the Trading Company or the Trading Manager becomes bankrupt or insolvent; (G) the registration of the Trading Manager with
the CFTC as a commodity pool operator or its membership in the NFA is revoked, suspended, terminated or not renewed, or limited or qualified in any respect; or (H) the Trading Company or the Trading Manager appoints a clearing broker other than
a Morgan Stanley Affiliate without the prior consent of the Trading Advisor, such consent to be deemed effective no later than five days following the Trading Company’s or the Trading Manager’s having provided the Trading Advisor with
prior written notice of its intention to appoint such other clearing broker. If the Trading Manager or Trading Company merges, consolidates or sells a substantial portion of its assets pursuant to Section 11 of this Agreement, the Trading
Advisor may terminate this Agreement upon prior written notice to the Trading Manager and Trading Company. 
 (d) Except as otherwise
provided in this Agreement, any termination of this Agreement in accordance with this Section 6 shall be without penalty or liability to any party, on account of such termination. 

(e) The indemnities set forth in Section 7 hereof shall survive any termination of this Agreement. 

  
 14 

	 	7.	Standard of Liability; Indemnifications. 

 (a) Limitation of Trading Advisor
Liability. In respect of the Trading Advisor’s role in the futures interests trading of the Trading Company, the Trading Advisor shall not be liable to the Trading Company or the Trading Manager or their partners, directors, officers,
principals, managers, members, shareholders, employees, controlling persons or successors and assigns except that the Trading Advisor shall be liable for acts or omissions of the Trading Advisor that constitute a material breach of this Agreement or
a representation, warranty or covenant herein, misconduct or negligence, or are the result of the Trading Advisor not having acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best
interests of the Trading Company. 
 (b) Trading Advisor Indemnity in Respect of Management Activities. The Trading Advisor shall
indemnify, defend and hold harmless the Trading Company and the Trading Manager, their controlling persons, their Affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons
from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any
litigation or other proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor and Trading Manager shall have approved such settlement) resulting from a demand, claim, lawsuit, action or proceeding relating
to this Agreement (except as covered by paragraph (d) below); provided that such liability arises from an act or omission of the Trading Advisor, or any of its directors, officers, managers or employees which is found by a court of competent
jurisdiction upon entry of final judgment (or if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading Manager and Trading Advisor, such approval not to be unreasonably withheld) to be an act or omission of
the Trading Advisor which constituted a material breach of this Agreement or a representation, warranty or covenant herein, misconduct or negligence or as a result of the Trading Advisor having not acted in good faith and in the reasonable belief
that such actions or omissions were in, or not opposed to, the best interest of the Trading Company. 
 (c) Trading Company and Trading
Manager Indemnity in Respect of Management Activities. The Trading Company and the Trading Manager shall, jointly and severally, indemnify, defend, and hold harmless the Trading Advisor, its controlling persons, their Affiliates and their
respective directors, officers, principals, managers, members, shareholders, employees and controlling persons, from and against any and all losses, claims, damages, liabilities (joint and several), costs, and expenses (including any reasonable
investigatory, legal, accounting and other expenses incurred in connection with, and any amounts paid in, any litigation or other proceeding or any settlement; provided that, solely in the case of a 

  
 15 

 
settlement, the Trading Company, the Trading Manager and Trading Advisor shall have approved such settlement) resulting from a demand, claim, lawsuit, action, or proceeding relating to this
Agreement (except as covered by paragraph (e) below) and, for avoidance of doubt, in particular the fact the Trading Advisor is or was a trading advisor to the Trading Company; unless such liability arises from an act or omission of the Trading
Advisor, or any of its directors, officers, managers or employees which is found by a court of competent jurisdiction upon entry of final judgment (or if no final judgment is entered, by an opinion rendered by counsel who is approved by the Trading
Manager and Trading Advisor, such approval not to be unreasonably withheld) to be an act or omission of the Trading Advisor which constituted a material breach of this Agreement or a representation, warranty or covenant herein, misconduct or
negligence or as a result of the Trading Advisor having not acted in good faith and in the reasonable belief that such actions or omissions were in, or not opposed to, the best interest of the Trading Company. 

(d) Trading Advisor Indemnity in Respect of Sale of Units. The Trading Advisor shall indemnify, defend and hold harmless the Trading
Company, the Trading Manager, any selling agent which is affiliated with the Trading Manager, their controlling persons and their Affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and
controlling persons from and against any and all losses, claims, damages, liabilities, costs, and expenses, (joint and several), to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other
expenses incurred in connection with, and any amounts paid in, any litigation or other (administrative) proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Advisor shall have approved such settlement), in
respect of the offer or sale of Units, insofar as such losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof) arise out of, or are based upon: (i) a material breach by the Trading Advisor of any applicable laws
or regulations or any representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any Trading Advisor Principals, or their operations, trading
systems, methods or performance, that was made in the Offering Memoranda or any amendment or supplement thereto or any other sales literature and furnished by the Trading Advisor for inclusion therein. 

(e) Trading Company and Trading Manager Indemnity in Respect of Sale of Units. The Trading Company and the Trading Manager, jointly and
severally, shall indemnify, defend and hold harmless the Trading Advisor, its controlling persons, their Affiliates and their respective directors, officers, principals, managers, members, shareholders, employees and controlling persons from and
against any and all losses, claims, damages, liabilities, costs, and 

  
 16 

 
expenses, (joint and several), to which any indemnified person may become subject (including any reasonable investigatory, legal, accounting and other expenses incurred in connection with, and
any amounts paid in, any litigation or other (administrative) proceeding or any settlement; provided that, solely in the case of a settlement, the Trading Company or the Trading Manager shall have approved such settlement), in respect of the offer
or sale of Units, unless such losses, claims, damages, liabilities, costs, or expenses (or action in respect thereof) arises out of, or is based upon (i) a material breach by the Trading Advisor of any applicable laws or regulations or any
representation, warranty or agreement in this Agreement; or (ii) any materially untrue statement or omission relating or with respect to the Trading Advisor, or any Trading Advisor Principals or their operations, trading systems, methods or
performance that was made in the Offering Memoranda or any amendment or supplement thereto or in any other sales literature and furnished by the Trading Advisor for inclusion therein. 

(f) Subject to Section 7(a) hereof, the foregoing agreements of indemnity shall be in addition to, and shall in no respect limit or
restrict, any other remedies which may be available to an indemnified person. 
 (g) Promptly after receipt by an indemnified person of
notice of the commencement of any action, claim, or proceeding to which any of the indemnities may apply, the indemnified person will notify the indemnifying party in writing of the commencement thereof if a claim in respect thereof is to be made
against the indemnifying party hereunder; but the omission so to notify the indemnifying party will not relieve the indemnifying party from any liability that the indemnifying party may have to the indemnified person hereunder, except where such
omission has materially prejudiced the indemnifying party. In case any action, claim, or proceeding is brought against an indemnified person and the indemnified person notifies the indemnifying party of the commencement thereof as provided above,
the indemnifying party will be entitled to participate therein and, to the extent that the indemnifying party desires, to assume the defense thereof with counsel selected by the indemnifying party and not unreasonably disapproved by the indemnified
person. After notice from the indemnifying party to the indemnified person of the indemnifying party’s election so to assume the defense thereof as provided above, the indemnifying party will not be liable to the indemnified person under the
indemnity provisions hereof for any legal and other expenses subsequently incurred by the indemnified person in connection with the defense thereof, other than reasonable costs of investigation. 

Notwithstanding the preceding paragraph, if in any action, claim, or proceeding as to which indemnification is or may be available hereunder,
an indemnified person reasonably 

  
 17 

 
determines that its interests are or may be adverse, in whole or in part, to the indemnifying party’s interests or that there may be legal defenses available to the indemnified person that
are different from, in addition to, or inconsistent with the defenses available to the indemnifying party, the indemnified person may retain its own counsel in connection with such action, claim, or proceeding and will be indemnified (provided the
indemnified person is so entitled) by the indemnifying party for any legal and other expenses reasonably incurred in connection with investigating or defending such action, claim, or proceeding. 

In no event will the indemnifying party be liable for the fees and expenses of more than one counsel for all indemnified persons in connection
with any one action, claim, or proceeding or in connection with separate but similar or related actions, claims, or proceedings in the same jurisdiction arising out of the same general allegations. The indemnifying party will not be liable for any
settlement of any action, claim, or proceeding effected without the indemnifying party’s express written consent, but if any action, claim, or proceeding, is settled with the indemnifying party’s express written consent, the indemnifying
party will indemnify, defend, and hold harmless an indemnified person as provided in this Section 7. 
  

	 	8.	Right to Advise Others and Uniformity of Acts and Practices. 

 (a) The Trading Advisor is
engaged in the business of advising clients as to the purchase and sale of futures interests. During the term of this Agreement, the Trading Advisor, its principals and Affiliates, will be advising other clients (including Affiliates and the
stockholders, officers, directors, and employees of the Trading Advisor and its Affiliates and their families) and trading for their own accounts. The Trading Advisor will use its best efforts to implement a fair and consistent allocation policy
that seeks to ensure that, giving due consideration to the Trading Program which the Trading Advisor will utilize in trading the Trading Company’s Assets, all clients are treated equitably on an overall basis and positions allocated as nearly
as possible in proportion to the assets available for trading of the accounts managed or controlled by the Trading Advisor. Upon written request, the Trading Manager may request a copy of the Trading Advisor’s procedures regarding the equitable
treatment of trades across Other Accounts. Such procedures shall be provided to the Trading Manager within 30 days of such request by the Trading Manager. Under no circumstances shall the Trading Advisor by any act or omission knowingly or
intentionally favor on an overall basis any account advised or managed by the Trading Advisor over the account of the Trading Company in any way or manner. The Trading Company and the Trading Manager agree that nothing contained in this
Section 8(a) shall preclude the Trading Advisor from charging different management and/or incentive fees to its clients. Subject to the Trading Advisor’s obligations under applicable law, 

  
 18 

 
the Trading Advisor or any of its principals or Affiliates shall be free to advise and manage accounts for other clients and shall be free to trade on the basis of the same trading systems,
methods, or strategies employed by the Trading Advisor for the account of the Trading Company, or trading systems, methods, or strategies that are entirely independent of, or materially different from, those employed for the account of the Trading
Company, and shall be free to compete for the same futures interests as the Trading Company or to take positions opposite to the Trading Company, where such actions do not knowingly or intentionally prefer any of such accounts over the account of
the Trading Company on an overall basis. The Trading Manager and the Trading Company acknowledge and agree that provisions of this Section 8(a) shall not apply to, and shall in no manner restrict, the Trading Advisor’s management of any
accounts it currently manages or may hereafter manage for current and/or former principals and/or Affiliates of the Trading Advisor under any circumstances. 

(b) The Trading Advisor shall not be restricted as to the number or nature of its clients, except that: (i) so long as the Trading
Advisor acts as a trading advisor for the Trading Company, neither the Trading Advisor nor any of the Trading Advisor Principals shall knowingly hold any position or control any other account that would cause the Trading Company, the Trading Advisor
or the Trading Advisor Principals to be in violation of the CEAct or any regulations promulgated thereunder, any other applicable law, or any applicable rule or regulation of the CFTC or any other regulatory or self regulatory body, exchange, or
board; and (ii) neither the Trading Advisor nor any of the Trading Advisor Principals shall render futures interests trading advice to any other individual or entity or otherwise engage in activity that shall knowingly cause positions in
futures interests to be attributed to the Trading Advisor under the rules or regulations of the CFTC or any other regulatory or self-regulatory body, exchange, or board so as to require the significant modification of positions taken or intended for
the account of the Trading Company; provided that the Trading Advisor may modify its trading systems, methods or strategies to accommodate the trading of additional funds or accounts. If applicable speculative position limits are exceeded by the
Trading Advisor in the opinion of (i) independent counsel (who shall be other than counsel to the Trading Company), (ii) the CFTC, or (iii) any other regulatory or self-regulatory body, exchange, or board, the Trading Advisor and the
Trading Advisor Principals shall promptly liquidate positions in all of their accounts, including the Trading Company’s account, as to which positions are attributed to the Trading Advisor as nearly as possible in proportion to the
accounts’ respective amounts available for trading (taking into account different degrees of leverage and “notional” equity) to the extent necessary to comply with the applicable position limits. 

  
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	 	9.	Representations, Warranties, and Covenants of the Trading Advisor. 

 (a)
Representations and Warranties of the Trading Advisor. The Trading Advisor represents and warrants to the Trading Manager and the Trading Company as follows: 

(i) It will exercise good faith and due care in implementing the Trading Program on behalf of the Trading Company as described
in the Disclosure Document (as modified from time to time) or any other trading programs agreed to by the Trading Manager and the Trading Advisor; 

(ii) The Trading Advisor shall follow and comply with, at all times, the Trading Policies; 

(iii) The Trading Advisor shall trade the Assets pursuant to the Trading Program as described in the Disclosure Document and as
modified from time to time unless the Trading Manager and the Trading Advisor agree otherwise; 
 (iv) The Trading Advisor is
duly organized and validly existing under the laws of the jurisdiction of its organization and is qualified to do business as a foreign corporation or limited liability company and is in good standing in each other jurisdiction in which the nature
or conduct of its business requires such qualification and the failure to so qualify would materially adversely affect the Trading Advisor’s ability to perform its duties under this Agreement. The Trading Advisor has full power and authority to
perform its obligations under this Agreement. The principals of the Trading Advisor are those set forth in the Offering Memoranda and Disclosure Document (the “Trading Advisor Principals”); Trading Advisor Principals does not include
Robeco Nederland B.V.; 
 (v) The Disclosure Document contains all statements and information required to be included therein
under the CEAct and other applicable laws, and such information is accurate and complete in all material respects; 
 (vi)
All references to the Trading Advisor and the Trading Advisor Principals and trading systems, methods and performance furnished by the Trading Advisor to the Trading Manager for inclusion in the Offering Memoranda are accurate and complete in all
material respects. With respect to the Trading Advisor, the Trading Advisor Principals, and its trading systems, methods and performance: (i) the information requested by the Trading Manager and furnished by the Trading

  
 20 

 
Advisor to the Trading Manager for inclusion in the Offering Memoranda contains all statements and information required to be included therein under the CEAct and the rules and regulations
thereunder, and (ii) the information requested by the Trading Manager and furnished by the Trading Advisor to the Trading Manager for inclusion in the Offering Memoranda does not contain, and will not contain during the term of this Agreement,
any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in the light of the circumstances under which such statements were made, not misleading. Except as otherwise disclosed in
the Offering Memoranda, the actual performance of each discretionary account directed by the Trading Advisor over the past five years and year-to-date is disclosed in the Offering Memoranda on a composite basis. The information regarding the actual
performance of such accounts set forth in the Offering Memoranda has been calculated and presented in accordance with the descriptions therein and is complete and accurate in all material respects; provided, that, the Trading Manager, not the
Trading Advisor, has determined the extent of the information regarding the Trading Advisor, the Trading Advisor Principals and trading systems, methods and performance information, set forth in the Offering Memoranda and takes responsibility for
such determination; 
 (vii) This Agreement has been duly and validly authorized, executed and delivered on behalf of the
Trading Advisor and is a valid and binding agreement of the Trading Advisor enforceable in accordance with its terms; 

(viii) Each of the Trading Advisor and the Trading Advisor Principals has all federal, state and foreign governmental,
regulatory and exchange licenses and approvals and has effected all filings and registrations with federal, state and foreign governmental and regulatory agencies required to conduct its business and to act as described in the Offering Memoranda or
required to perform its or his obligations under this Agreement. The Trading Advisor is registered as a commodity trading advisor under the CEAct and is a member of the NFA in such capacity; 

(ix) The execution and delivery of this Agreement, the incurrence of the obligations set forth herein, the consummation of the
transactions contemplated herein and in the Offering Memoranda and the payment of the fees hereunder will not violate, or constitute a breach of, or default under, the certificate of incorporation or bylaws (or any other organizational documents) of
the Trading Advisor or any agreement or instrument by which it is bound or of any order, rule, law or regulation binding on it of any court or any governmental body or administrative agency or panel or self-regulatory organization having
jurisdiction over it; 

  
 21 

 (x) Since the respective dates as of which information is given in the Disclosure
Document, and except as may otherwise be stated in or contemplated by the Disclosure Document, there has not been any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor; 

(xi) Except as set forth in the Disclosure Document there have not been in the five years preceding the date of the Disclosure
Document and there is not pending, or to the best of the Trading Advisor’s knowledge, threatened, any action, suit or proceeding before or by any court or other governmental body to which the Trading Advisor is or was a party, or to which any
of the assets of the Trading Advisor is or was subject and which resulted in or might reasonably be expected to result in any material adverse change in the condition, financial or otherwise, business or prospects of the Trading Advisor. None of the
Trading Advisor or any Trading Advisor Principal has received any notice of an investigation by the NFA, CFTC or other administrative agency or self-regulatory body (whether United States or foreign) regarding noncompliance by the Trading Advisor or
any of the Trading Advisor Principals with the CEAct or any other applicable laws; 
 (xii) Neither the Trading Advisor nor
any Trading Advisor Principal has received, or is entitled to receive, directly or indirectly, any commission, finder’s fee, similar fee, or rebate from any person in connection with the organization or operation of the Trading Company; 

(xiii) Neither the Trading Advisor nor any Trading Advisor Principal will use or distribute the Offering Memoranda or any
selling literature or engage in any selling activities whatsoever in connection with the offering of the Units; 
 (xiv) The
information as provided by the Trading Advisor for inclusion in the Offering Memoranda about the Trading Advisor does not contain any misleading or untrue statements of a material fact or omit to state a material fact required to be stated therein
to make the statements not misleading; and 
 (xv) The foregoing representations and warranties shall be continuing during
the term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Trading Advisor shall promptly notify the Trading Manager and the Trading Company of the nature
of such event. 

  
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 (b) Covenants of the Trading Advisor. The Trading Advisor covenants and agrees that: 

(i) The Trading Advisor shall (i) maintain all registrations and memberships necessary for the Trading Advisor to continue
to act as described herein and (ii) at all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply (1) would have a materially adverse effect on the Trading Advisor’s
ability to act as described herein or (2) would result in the Trading Company or Trading Manager becoming the subject of an investigation, claim or proceeding by any governmental, regulatory or self-regulatory authority having jurisdiction over
the Trading Company or Trading Manager; 
 (ii) The Trading Advisor shall inform the Trading Manager promptly as soon as the
Trading Advisor or any Trading Advisor Principal becomes the subject of any investigation, claim or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting (or which
may, with the passage of time, materially affect) the business of the Trading Advisor. The Trading Advisor shall also inform the Trading Manager promptly if the Trading Advisor or any of its officers becomes aware of any material breach of this
Agreement by the Trading Advisor; and 
 (iii) The Trading Advisor agrees to reasonably cooperate by providing information
regarding itself and its performance in the preparation of any amendments or supplements to the Offering Memoranda (subject to the limitation set forth in Section 1 hereof). 

 

	 	10.	Representations and Warranties of the Trading Company and the Trading Manager; Covenants of the Trading Manager and the Trading Company. 

(a) The Trading Company and the Trading Manager represent and warrant to the Trading Advisor, as follows: 

(i) The Trading Company has provided to the Trading Advisor the Offering Memoranda in the form first issued. The Trading
Company will ensure that the Members will not utilize any amendment or supplement to the Offering 

  
 23 

 
Memoranda unless the Trading Advisor has received reasonable prior notice of and a copy of such amendments or supplements and has approved any description of the Trading Advisor and the Trading
Program contained therein; 
 (ii) Each Members’ organizational agreement provides for the subscription for and sale of
the Units in the respective Member; all material actions required to be taken by each Member as a condition to the sale of its Units to qualified subscribers therefor has been, or prior to each closing described in the Member’s Confidential
Private Placement Memorandum shall have been taken; and, upon payment of the consideration therefor specified in each accepted subscription agreement in such form as attached to the respective Member’s Confidential Private Placement Memorandum,
the Units will constitute valid interests in the Member. Each Member is in material compliance with all laws, rules, regulations and orders of any governmental agency or self-regulatory organization applicable to the Member’s business and the
offering, sale, issuance and distribution of its Units; 
 (iii) The Trading Company is a limited liability company duly
formed pursuant to its Certificate of Formation, Operating Agreement and the Delaware Limited Liability Company Act and is validly existing and in good standing under the laws of the State of Delaware with full power and authority to engage in the
trading of futures interests and to engage in its other contemplated activities as described in the Offering Memoranda; the Trading Company is qualified to do business in each jurisdiction in which the nature or conduct of its business requires such
qualification and where failure to be so qualified could materially adversely affect the Trading Company’s ability to perform its obligations hereunder; 

(iv) The Trading Manager is duly organized and validly existing and in good standing as a limited liability company under the
laws of the State of Delaware and is qualified to do business and is in good standing as a foreign entity in each jurisdiction in which the nature or conduct of its business requires such qualification and where the failure to be so qualified could
materially adversely affect the Trading Manager’s ability to perform its obligations hereunder; 
 (v) The Trading
Company and the Trading Manager have full power and authority under applicable law to conduct their business and to perform their respective obligations under this Agreement and as described in the Offering Memoranda; 

  
 24 

 (vi) As of the date hereof, the Offering Memoranda contain all statements and
information required to be included therein by the CEAct or other applicable law and at all times subsequent thereto up to and including each closing, the Offering Memoranda will comply in all material respects with the requirements of the rules of
the NFA, the CEAct or other applicable laws. The Offering Memoranda as of the initial closing (as described therein), date of issue, and at each closing will not contain any misleading or untrue statements of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading. Any supplemental sales literature, when read in conjunction with the Offering Memoranda, will not contain any untrue statements of a material
fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which such statements were made, not misleading. This representation and warranty shall not, however, apply to any statement or
omission in the Offering Memoranda or supplemental sales literature made in reliance upon and in conformity with information furnished by and relating to the Trading Advisor, its trading methods or its trading performance; 

(vii) Since the respective dates as of which information is given in the Offering Memoranda, there has not been any material
adverse change in the condition, financial or otherwise, business or prospects of the Trading Manager or the Trading Company, whether or not arising in the ordinary course of business; 

(viii) This Agreement has been duly and validly authorized, executed and delivered by the Trading Manager on behalf of the
Trading Company and the Trading Manager and constitutes a valid, binding and enforceable agreement of the Trading Company and the Trading Manager in accordance with its terms; 

(ix) The execution and delivery of this Agreement, the incurrence of the obligations set forth herein and the consummation of
the transactions contemplated herein and in the Offering Memoranda will not violate, or constitute a breach of, or default under, the Trading Manager’s certificate of formation or bylaws, or the Trading Company’s Certificate of Formation
or Operating Agreement, or any material agreement or instrument by which either the Trading Manager or the Trading Company, as the case may be, is bound or any material order, rule, law or regulation applicable to the Trading Manager or the Trading
Company of any court or any governmental body or administrative agency or panel or self-regulatory organization having jurisdiction over the Trading Manager or the Trading Company; 

  
 25 

 (x) Except as set forth in the Offering Memoranda, there has not been in the five
years preceding the date of the Offering Memoranda and there is not pending or, to the Trading Manager’s knowledge, threatened, any action, suit or proceeding at law or in equity before or by any court or by any federal, state, municipal or
other governmental body or any administrative, self-regulatory or commodity exchange organization to which the Trading Manager, any Trading Manager Principal (as hereinafter defined) or the Trading Company is or was a party, or to which any of the
assets of the Trading Manager or the Trading Company is or was subject; and neither the Trading Manager nor any of the principals, as defined in CFTC Reg. 4.10 under the CEAct of the Trading Manager (“Trading Manager Principals”) has
received any notice of an investigation by the NFA, CFTC or any other administrative or self-regulatory organization, whether U.S. or foreign, regarding non-compliance by the Trading Manager or the Trading Manager Principals or the Trading Company
with the CEAct, the Securities Act of 1933, as amended, or any other applicable laws which are material to an investor’s decision to invest in a Member; 

(xi) The Trading Manager and the Trading Manager Principals have all federal, state and foreign governmental, regulatory and
exchange approvals and licenses, and have effected all filings and registrations with federal, state and foreign governmental agencies required to conduct their business and to act as described in the Offering Memoranda or required to perform their
obligations under this Agreement (including, without limitation, registration as a commodity pool operator under the CEAct and membership in the NFA as a commodity pool operator) and will maintain all such required approvals, licenses, filings and
registrations for the term of this Agreement. The Trading Manager’s principals identified in the Offering Memoranda are all of the Trading Manager Principals; 

(xii) The Trading Company is and shall remain in compliance in all respects with all laws, rules, regulations and orders of any
government, governmental agency or self-regulatory organization applicable to its business as described in the Offering Memoranda and this Agreement; 

(xiii) The assets of the Trading Company do not and shall not constitute “plan assets” for the purpose of the U.S.
Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended; and 

  
 26 

 (xiv) The foregoing representations and warranties shall be continuing during the
term of this Agreement and if at any time any event shall occur which could make any of the foregoing representations or warranties inaccurate, the Trading Manager shall promptly notify the Trading Advisor of the nature of such event. 

(b) Covenants of the Trading Manager and the Trading Company. The Trading Manager and the Trading Company covenants and agrees that:

 (i) The Trading Manager and the Trading Company shall maintain all registrations and memberships necessary for the Trading
Manager and the Trading Company to continue to act as described herein and in the Offering Memoranda and to all times comply in all respects with all applicable laws, rules, and regulations, to the extent that the failure to so comply would have a
materially adverse effect on the Trading Manager and the Trading Company’s ability to act as described herein and in the Offering Memoranda; 

(ii) The Trading Manager and the Trading Company shall inform the Trading Advisor immediately as soon as the Trading Manager,
the Trading Company or any of their principals becomes the subject of any lawsuit, investigation, claim, or proceeding of any regulatory authority having jurisdiction over such person or becomes a named party to any litigation materially affecting
the business of the Trading Manager or the Trading Company. The Trading Manager and the Trading Company shall also inform the Trading Advisor immediately if the Trading Manager or the Trading Company or any of their officers become aware of any
material breach of this Agreement by the Trading Manager or the Trading Company; and 
 (iii) The Trading Company and the
Trading Manager will furnish to the Trading Advisor copies of the Offering Memoranda, and all amendments and supplements thereto, in each case as soon as available and will ensure that the Members do not use any such amendments or supplements as to
which the Trading Advisor in writing has reasonably objected. 
  

	 	11.	Merger or Transfer of Assets. 

 The Trading Manager, Trading Company or the Trading
Advisor may merge or consolidate with, or sell or otherwise transfer its business, or all or a substantial portion of its 

  
 27 

 
assets, to any entity upon written notice to the other parties. With regard to the Trading Advisor in case such aforementioned event occurs, the Trading Manager and the Trading Company
acknowledge and agree that the Trading Advisor will notify them about such event simultaneously with notifying the other clients of the Trading Advisor. 
  

	 	12.	Complete Agreement. 

 This Agreement including the Exhibits hereto constitutes the entire
agreement between the parties with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the parties unless in writing and signed by the party against whom enforcement is sought. 

 

	 	13.	Assignment. 

 Subject to Section 11, hereof, this Agreement may not be assigned,
transferred by operation of law, change in control or otherwise, by any party hereto without the express prior written consent of the other parties hereto. 
  

	 	14.	Amendment. 

 This Agreement may not be amended except by the written consent of the
parties hereto. No waiver of any provision of this Agreement shall be implied from any course of dealings between the parties, from any failure by any party to assert its rights hereunder or any occasion or series of occasions. 

 

	 	15.	Severability. 

 The invalidity or unenforceability of any provision of this Agreement or
any covenant herein contained shall not affect the validity or enforceability of any other provision or covenant hereof or herein contained and any such invalid provision or covenant shall be deemed to be severable. 

 

	 	16.	Closing Certificates. 

 (a) The Trading Advisor shall, at the Members’ initial
closing and at the request of the Trading Manager at any monthly closing (as described in the Offering Memoranda), provide the following: 

(i) To the Trading Manager, the Trading Company and the Members, a certificate, dated the date of any such closing and in form
and substance satisfactory to such parties, to the effect that; 

  
 28 

 (A) the representations and warranties by the Trading Advisor in this Agreement
are true, accurate, and complete on and as of the date of the closing, as if made on the date of the closing; and 
 (B) the
Trading Advisor has performed all of its obligations and satisfied all of the conditions on its part to be performed or satisfied under this Agreement, at or prior to the date of such closing. 

(ii) To the Trading Manager, the Trading Company and the Members, a report as of the closing date which shall present, for the
period from the date after the last day covered by the historical performance records in the Offering Memoranda to the latest practicable day before closing, figures which shall be a continuation of such historical performance records and which
shall certify that such figures are, to the best of such Trading Advisor’s knowledge, accurate in all material respects. 
 (b) The
Trading Manager shall, at the Members’ initial closing and at the request of the Trading Advisor at any closing (as described in the Offering Memoranda), provide the following: 

(i) To the Trading Advisor, a certificate, dated the date of such closing and in form and substance satisfactory to the Trading
Advisor, to the effect that: 
 (A) the representations and warranties by the Trading Company and the Trading Manager in
this Agreement are true, accurate, and complete on and as of the date of the closing as if made on the date of the closing; 

(B) no order preventing or suspending the use of the Offering Memoranda has been issued by the CFTC, the Securities Exchange
Commission, any state securities commission, or the NFA or other self-regulatory organization and no proceedings for that purpose shall have been instituted or are pending or, to the knowledge of the Trading Manager, are contemplated or threatened
under the CEAct; and 

  
 29 

 (C) The Trading Company and the Trading Manager have performed all of their
obligations and satisfied all of the conditions on their part to be performed or satisfied under this Agreement at or prior to the date of the closing. 
  

	 	17.	Inconsistent Filings. 

 If the Trading Advisor intends to file, to participate in the
filing of, or to publish any description of the Trading Advisor, or of its respective principals or trading approaches that is materially inconsistent with those in the Disclosure Document, the Trading Advisor shall inform the Trading Manager of
such intention and shall furnish copies of all such filings or publications at least ten Business Days prior to the date of filing or publication. 
  

	 	18.	Disclosure Documents. 

 (a) During the term of this Agreement, the Trading Advisor shall
furnish to the Trading Manager promptly copies of all disclosure documents filed in final form with the NFA by the Trading Advisor. The Trading Manager and Trading Company each acknowledge receipt of the Trading Advisor’s disclosure document
dated December 22, 2014 (the “Disclosure Document”). 
 (b) The Trading Manager and the Trading Company will not distribute
or supplement any promotional material relating to the Trading Advisor unless the Trading Advisor has received reasonable prior notice of and a copy of such promotional material and has approved such material in writing. 

19. Track Record. The track record and other performance information of the Members shall be the property of the Trading Manager and
not the Trading Advisor; provided, however, that the Trading Advisor may report of the past performance of the Trading Company either on a stand alone basis or as part of a composite performance table as may be required by the CEAct, the rules of
the CFTC and/or the rules or regulations of any relevant regulatory or self-regulatory body. 
  

	 	20.	Use of Name. 

 (a) The Trading Advisor hereby consents to the non-exclusive use by the
Trading Company of (a) the name “Transtrend” as part of the name of the Trading Company as stated above and (b) the name “Transtrend” in any documentation regarding the Trading

  
 30 

 
Company, only so long as the Trading Advisor serves as a trading advisor to the Trading Company. For so long as the name of the Trading Company includes “Transtrend,” any change of the
name of the Trading Company shall only be made with prior written consent of the Trading Advisor, which consent shall not be unreasonably withheld. Each of the Trading Company and the Trading Manager agree to indemnify and hold harmless the Trading
Advisor, its shareholders, partners, directors, officers, affiliates, employees and agents from and against any and all costs, losses, claims, damages or liabilities, joint or several, including, without limitation, attorneys’ fees and
disbursements, which may arise out of the Trading Company’s or the Trading Manager’s misuse of the name “Transtrend” or out of any breach of, or failure to comply with, this Section 20. 

(b) Upon termination of this Agreement, the Trading Company, at its expense, as promptly as practicable: (i) shall take all necessary
action to cause the Offering Memoranda and organizational documents of the Trading Company to be amended in order to eliminate any reference to “Transtrend” (except to the extent required by law, regulation or rule); and (ii) shall
cease to use in any other manner, including, but not limited to, use in any sales literature or promotional material, the name “Transtrend” or any name, mark or logo type derived from it or similar to it (except to the extent required by
law, regulation or rule). 
  

	 	21.	Notices. 

 All notices required to be delivered under this Agreement shall be in writing
and shall be effective when delivered personally on the day delivered, by facsimile on receipt confirmation, by email followed by delivery of an original, or when given by registered or certified mail, postage prepaid, return receipt requested, on
the second business day following the day on which it is so mailed, addressed as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof): 

if to the Trading Company: 

Morgan Stanley Smith Barney TT II, LLC 

c/o Ceres Managed Futures LLC 

522 Fifth Avenue 
 New York, NY
10022 
 United States of America 

Attn: Patrick Egan 
 Facsimile:
212-296-6808 
 Email: Patrick.Egan@morganstanley.com 
  

  
 31 

 if to the Trading Manager: 

Ceres Managed Futures LLC 

522 Fifth Avenue 
 New York, NY
10022 
 United States of America 

Attn: Patrick Egan 
 Facsimile:
212-296-6808 
 Email: Patrick.Egan@morganstanley.com 

With a copy to: 

Alston & Bird LLP 
 90
Park Avenue 
 New York, NY 10016 

United States of America 
 Attn:
Timothy P. Selby, Esq. 
 Facsimile: (212) 210-9444 

Email: timothy.selby@alston.com 

if to the Trading Advisor: 

TRANSTREND B.V. 
 P.O. Box
444, 3000 AK Rotterdam 
 The Netherlands 

Attn: Managing Directors 

Facsimile: +31-10-4532750 
 Email:
notices@transtrend.com 
  

	 	22.	Continuing Nature of Representations Warranties and Covenants: Survival. 

 All
representations, warranties and covenants contained in this Agreement shall be continuing during the term of this Agreement and the provisions of this Agreement shall 

  
 32 

 
survive the termination of this Agreement with respect to any matter arising while this Agreement was in effect. Each party hereby agrees that as of the date of this Agreement it is, and during
its term shall be, in compliance with its representations, warranties and covenants herein contained. In addition, if at any time any event occurs which would make any of such representations, warranties or covenants not true, the affected party
will use its best efforts to promptly notify the other parties of such fact. 
  

	 	23.	Third-Party Beneficiaries. 

 Each of the Members shall be a third-party beneficiary of
the applicable provisions of this Agreement. The respective directors, officers, principals, managers, members, shareholders, employees and controlling persons of the Trading Advisor, the Trading Company, and the Trading Manager, and their
Affiliates shall be third party beneficiaries of the applicable provisions of Section 7 of this Agreement. 
  

	 	24.	Governing Law. 

 This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York. If any action or proceeding shall be brought by a party to this Agreement or to enforce any right or remedy under this Agreement, each party hereto hereby consents and will submit to the jurisdiction of the
courts of the State of New York or any Federal court sitting in the County, City and State of New York. Any action or proceeding brought by any party to this Agreement to enforce any right, assert any claim or obtain any relief whatsoever in
connection with this Agreement shall be brought by such party exclusively in the courts of the State of New York or any federal court sitting in the County, City and State of New York. 

 

	 	25.	Remedies. 

 In any action or proceeding arising out of any of the provisions of this
Agreement, the Trading Advisor, Trading Manager and Trading Company each agree not to seek any prejudgment equitable or ancillary relief. The Trading Advisor, Trading Manager and Trading Company each agree that its sole remedy in any such action or
proceeding shall be to seek actual monetary damages for any breach of this Agreement, except that any of the parties may seek a declaratory judgment with respect to the indemnification provisions of this Agreement. 

  
 33 

	 	26.	Headings. 

 Headings to sections herein are for the convenience of the parties only and
are not intended to be part of or to affect the meaning or interpretation of this Agreement. 
  

	 	27.	Successors. 

 This Agreement including the representations, warranties and covenants
contained herein shall be binding upon and inure to the benefit of the parties hereto, their successors and permitted assigns, and no other person shall have any right or obligation under this Agreement. 

 

	 	28.	Counterparts. 

 This Agreement may be executed in counterparts, each of which when so
executed and delivered shall be deemed an original but all of which together shall constitute one and the same instrument. This Agreement may be executed and delivered either in hard copy originals or in scanned copies which in either case shall
constitute a valid agreement among the parties. 
  

	 	29.	Waiver of Breach. 

 The waiver by any party of a breach of any provision of this
Agreement shall not operate or be construed as a waiver of any subsequent breach or of a breach by any other party. The failure of a party to insist upon strict adherence to any provision of the Agreement shall not constitute a waiver or thereafter
deprive such party of the right to insist upon strict adherence. 

  
 34 

 IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as of
the day and year first above written. 
  

			
	 MORGAN STANLEY SMITH BARNEY TT II, LLC

By Ceres Managed Futures LLC,
 Trading Manager

		
	         By
	 	 /s/ Patrick T. Egan

		 	Patrick T. Egan
		 	President and Chairman of the Board
		 	Date: December 15, 2015

 
			
	
	CERES MANAGED FUTURES LLC 
		
	By	 	 /s/ Patrick T. Egan

		 	Patrick T. Egan
		 	President and Chairman of the Board
		 	Date: December 15, 2015
	
	TRANSTREND B.V. 
		
	By	 	 /s/ J.P.A van den Broek

	Name:	 	J.P.A van den Broek
	Title:	 	Managing Director
	Date:	 	17 December 2015
		
	By	 	 /s/ A.P. Honig

	Name:	 	A.P. Honig
	Title:	 	Executive Director
	Date:	 	17 December 2015

  
 35 

 EXHIBIT A 

Morgan Stanley Managed Futures 
 MSC Fund Operations Procedures

 Following is a list of abbreviations used in this Exhibit A: 
  

	 	•	 	“Administrator” is SS&C Technologies, a corporation incorporated under the laws of the State of Delaware, currently doing business as SS&C GlobeOp. 

 

	 	•	 	“Fund(s)” refers to Morgan Stanley Managed Futures Funds that utilize MS&Co as a clearing commodity broker. 

  

	 	•	 	“Futures” is used to identify exchange traded futures, or forward contracts, and options on the same, that are cleared through a clearing house. 

 

	 	•	 	“FX” is used to identify non-exchange traded forward currency contracts, and options on the same, which are settled directly between the principals of the trades. 

 

	 	•	 	“MSC” is MS&Co. (the Clearing Commodity Broker or FX Counterparty, as appropriate). 

  

	 	•	 	“MS&Co” is Morgan Stanley & Co. LLC. a subsidiary of Morgan Stanley (the Clearing Commodity Broker or FX (Non-Options) Counterparty as appropriate). 

 

	 	•	 	“Trading Manager” shall mean Ceres Managed Futures LLC. 

 FUND ACCOUNTS: 

Account Configuration 
  

	 	•	 	Futures and Futures Options Trading - For each CTA trading program two Fund trading accounts will be assigned. A MS&Co segregated account, prefix 052. A MS&Co secured account, prefix 05A.

  

	 	•	 	FX (Non-Options) Trading - One Fund account for each CTA trading program will be assigned at MS&Co, prefix 058. The CTA would need to request additional FX accounts and receive approval from the Trading
Manager. 

 Statements 
  

	 	•	 	Futures – The CTA should contact MSC Futures Ops regarding access to Fund futures account statements. 

  

	 	•	 	FX – The CTA should contact MSC FX Ops regarding access to Fund FX account statements. 

  
 A-1 

 FX TRADING: 

FX Order Execution 
  

	 	•	 	FX trading of the Funds must be executed through the MSC FX Desk, unless the Trading Manager otherwise agrees in a form acceptable to the Trading Manager. The CTA should contact the MSC FX Desk for information on trade
execution procedures. 

 EFP Order Execution 
  

	 	•	 	The CTA may utilize the MSC FX Desk to execute EFP transactions. The futures leg of an EFP will be subject to the futures brokerage fee. The CTA should contact the MSC FX Desk for information on EFP trade execution
procedures. 

 Foreign Currency Conversions 
  

	 	•	 	The CTA is responsible for conversion into US dollars of all Fund foreign currency balances created as a result of futures and/or FX trading. The CTA, at its own discretion, should place conversion orders directly to
the MSC FX Desk or with MSC Futures Ops. 

 FUTURES TRADING: 

Order Execution Service 
  

	 	•	 	The MSC Futures Desk can provide the CTA with order execution facilities. The CTA should contact MSC Futures for information on trade execution procedures. 

“Give Up” Order Execution 
  

	 	•	 	The CTA shall ensure that a “give-up” execution agreement is in place prior to the execution of any trade through a floor broker in accordance with this Agreement or as otherwise provided in writing to the CTA
by the Trading Manager. 

  

	 	•	 	On exchanges allowing “give up” execution, the CTA may have orders executed away from MSC and give up trades to MSC for clearing. The CTA should contact Futures Ops for information on trade “give up”
procedures. The CTA should ensure that Executing Brokers give trades up on a timely basis. The CTA should ensure that Executing Brokers make timely payment on price adjustments, when applicable. For futures trades at exchanges where give-up
execution is not allowed, the CTA must use the execution facilities provided by the Clearing Commodity Broker. 

 “Give Up”
Agreements 
  

	 	•	 	The CTA may authorize payment of an execution service fee (“Give-Up Fee”) only to the Executing Broker that directly gives up the futures trade to the Clearing Commodity Broker for such clearance.

  

	 	•	 	The trader version FIA/FOA uniform “give up” agreement is the acceptable form for futures “give ups”. The LME trader version FIA/FOA uniform “give up” agreement is the acceptable form for
futures “give ups” on the LME. The trader version FIA/FOA EFP agreement is the acceptable form for EFP “give ups”. 

  
 A-2 

 “Give Up” Execution Payment 

 

	 	•	 	Give-Up Fee Bills will be processed by MSC Futures Ops. 

  

	 	•	 	The CTA shall provide that information which may reasonably be requested by the Trading Manager to verify the Give-Up Fees processed by MSC Futures Ops. 

ACCOUNT MAINTENANCE: 
 Trade Allocations

  

	 	•	 	The CTA is responsible for determining the trade allocation procedure for Fund trading accounts, in accordance with CFTC regulations. The CTA should ensure that procedures were followed correctly, and that trades are
booked accordingly in Fund accounts. 

 Trade Reporting; (Futures) 

 

	 	•	 	The CTA is responsible for reporting all trades to MSC Futures Ops on a timely basis to facilitate clearing and reduce operational risk. The CTA should contact MSC Futures Ops and/or the Administrator for additional
information. 

 Daily Trade Checkout 
  

	 	•	 	The CTA is responsible for daily, end of trading day, checkout of all trades (including currency conversion trades) with MSC Futures and FX Ops. The CTA should contact MSC Futures and FX Ops to determine specific
checkout procedures. 

 Daily Statement Reconciliation 
  

	 	•	 	The CTA is responsible for daily statement trade activity and position balancing with MSC Futures and FX Ops and the Administrator. The CTA should contact MSC Futures and FX Ops and the Administrator to determine
specific balancing procedures. 

 Monitoring of Delivery Periods and Option Expirations 

 

	 	•	 	The CTA is responsible for monitoring delivery periods (first notice dates and last trade dates), position limits, option expirations (option expiration and last trade dates), and forward settlement and/or maturity
dates. 

  

	 	•	 	The CTA should take appropriate actions to ensure that futures contracts do not result in delivery. 

  

	 	•	 	The CTA should ensure that their intentions regarding any open option positions, at the time of expiration, have been communicated appropriately to the MSC Futures Ops areas. Contact MSC Futures Ops for specific
communication procedures. 

 Margin Maintenance and Cash Transaction (Journal) Reconciliation 

 

	 	•	 	The Trading Manager, in conjunction with the Administrator, is responsible for balancing of all journal entries in all Fund accounts and for ensuring the requisite corrective action is taken for each reconciling item.

  
 A-3 

	 	•	 	The Trading Manager is responsible for maintaining equity (and/or collateral) in amounts sufficient to meet Fund margin requirements in the MSC Futures accounts. 

TRADING LEVEL NOTIFICATION: 
  

	 	•	 	For new trading allocations, the Trading Manager will provide notification to the CTA of trading authorization and the trading commencement date, along with notification of the initial trading level. 

 

	 	•	 	Thereafter, notification of estimated monthly net additions/withdrawals will be distributed by the Trading Manager. On the second to last business day of each month a preliminary estimate will be provided. On the first
business day of each month a final estimate will be given. Any material adjustment (1% of account equity) from the final estimate to the actual will be provided. Notification will be made via fax or email and the CTA will be asked to acknowledge
receipt via fax or email. Questions regarding this procedure can be directed to the Trading Manager. 

  

	 	•	 	Subsequent to a Fund’s monthly closing, actual additions and withdrawals will be processed via journal entry in the Fund’s MSC Futures account. 

 

	 	•	 	Any other trading level/asset allocation changes will be communicated in writing from the Trading Manager. 

FUND ACCOUNTING: 
 Net Asset Value Calculation

  

	 	•	 	The Administrator is responsible for determination of daily NAV estimates for the Funds. 

  

	 	•	 	The Administrator will determine the actual month end NAV of a Fund during the monthly closing process. 

  

	 	•	 	The Trading Manager supervises and oversees the activities of the NAV Calculation as determined by the Administrator. 

Brokerage Commission and Transaction Fees 
  

	 	•	 	Brokerage commissions for each Fund will be charged in a manner consistent with the prospectus or offering memorandum. The CTA should contact the Trading Manager for additional information. 

Fund Fee Processing 
  

	 	•	 	Fund interest and all Fund fees, exclusive of brokerage commissions and transaction fees, will be processed in the Fund’s MSC Futures account. 

 

	 	•	 	The Administrator, under the supervision of the Trading Manager, will determine fees due to the CTA during the monthly closing process and notify the CTA of the fees via support schedules as prepared by the
Administrator. The CTA should provide contact information regarding fees to the Administrator and the Trading Advisor. 

  
 A-4 

	 	•	 	The Trading Manager will initiate payment of fees to the CTA via wire transfer. The CTA should provide wire instructions to the Trading Manager. 

ERROR POLICY: 
  

	 	•	 	Subject to Section 7(a) of this Agreement, the provisions of Section 2(d) of this Agreement shall be interpreted to mean that the benefit of profitable trading errors made by the CTA when trading on behalf of
the Funds shall be awarded to the Funds, whereas the detriment of unprofitable trading errors made by the CTA when trading on behalf of the Funds must be borne by the CTA. 

BORROWING: 
 The CTA shall not use borrowed money
to leverage any trades, unless otherwise approved by the Trading Manager. 

  
 A-5 

 EXHIBIT B 

FUTURES INTERESTS TRADED 
  

							
	Exchange	 	Sector	 	Contract name	  	Bloomberg ticker
	Australian Securities Exchange	 	Equity Related	 	SPI 200	  	XP INDEX
	Australian Securities Exchange	 	Interest Rates	 	ASX 30-DAY INTERBANK CASH RATE	  	IB COMDTY
	Australian Securities Exchange	 	Interest Rates	 	AUSSIE 10-YR T-BOND	  	XM COMDTY
	Australian Securities Exchange	 	Interest Rates	 	AUSSIE 3-YR T-BOND	  	YM COMDTY
	Australian Securities Exchange	 	Interest Rates	 	AUSSIE BANK BILL	  	IR COMDTY
	Australian Securities Exchange	 	Interest Rates	 	NZ BANK BILL	  	ZB COMDTY
	Borsa Istanbul	 	Currencies	 	USD / TURKISH LIRA (TURKDEX)	  	A1 CURNCY
	Borsa Istanbul	 	Equity Related	 	BIST NATIONAL 30 INDEX	  	A5 INDEX
	Borsa Italiana	 	Equity Related	 	FTSE MIB	  	ST INDEX
	Borsa Italiana	 	Equity Related	 	MINI FTSE MIB	  	SW INDEX
	Bursa Malaysia	 	Commodities	 	CRUDE PALM OIL	  	KO COMDTY
	Bursa Malaysia	 	Equity Related	 	FTSE BURSA MALAYSIA KLCI	  	IK INDEX
	Chicago Board of Trade	 	Commodities	 	BLOOMBERG COMMODITY INDEX	  	DN INDEX
	Chicago Board of Trade	 	Commodities	 	CHICAGO SOFT RED WINTER WHEAT	  	W COMDTY
	Chicago Board of Trade	 	Commodities	 	CORN	  	C COMDTY
	Chicago Board of Trade	 	Commodities	 	ETHANOL (CBOT)	  	DL COMDTY
	Chicago Board of Trade	 	Commodities	 	OATS	  	O COMDTY
	Chicago Board of Trade	 	Commodities	 	ROUGH RICE	  	RR COMDTY
	Chicago Board of Trade	 	Commodities	 	SOYBEAN MEAL	  	SM COMDTY
	Chicago Board of Trade	 	Commodities	 	SOYBEAN OIL	  	BO COMDTY
	Chicago Board of Trade	 	Commodities	 	SOYBEANS	  	S COMDTY
	Chicago Board of Trade	 	Equity Related	 	MINI DOW JONES INDEX	  	DM INDEX
	Chicago Board of Trade	 	Interest Rates	 	30-DAY FEDERAL FUNDS	  	FF COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 10-YR INTEREST RATE SWAP	  	CNP COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 10-YR T-NOTE	  	TY COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 2-YR T-NOTE	  	TU COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 30-YR INTEREST RATE SWAP	  	CBP COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 30-YR T-BOND	  	US COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 5-YR INTEREST RATE SWAP	  	CFP COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US 5-YR T-NOTE	  	FV COMDTY
	Chicago Board of Trade	 	Interest Rates	 	US ULTRA T-BOND	  	WN COMDTY
	Chicago Board Options Exchange	 	Equity Related	 	S&P 500 VOLATILITY INDEX	  	UX INDEX
	Chicago Mercantile Exchange	 	Commodities	 	CASH SETTLED CHEESE	  	CHE COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	CLASS III - MILK	  	DA COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	FEEDER CATTLE	  	FC COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	LEAN HOGS	  	LH COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	LIVE CATTLE	  	LC COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	LUMBER	  	LB COMDTY
	Chicago Mercantile Exchange	 	Commodities	 	S&P GOLDMAN SACHS COMM. INDEX	  	GI INDEX
	Chicago Mercantile Exchange	 	Currencies	 	AUSSIE / CANADIAN (IMM)	  	AC CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	AUSSIE / KIWI (IMM)	  	AN CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	AUSSIE / YEN (IMM)	  	AJ CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	AUSTRALIAN DOLLAR / USD	  	AD CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	BRAZILIAN REAL / USD (IMM)	  	BR CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	BRITISH POUND / USD	  	BP CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CANADIAN DOLLAR / USD	  	CD CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CANADIAN DOLLAR / YEN (IMM)	  	CY CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CHINESE RENMINBI / EURO	  	DP CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CHINESE RENMINBI / USD (IMM)	  	DO CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CZECH KORUNA / EURO (IMM)	  	EX CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	CZECH KORUNA / USD (IMM)	  	CC CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / AUSSIE (IMM)	  	EA CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / CANADIAN DOLLAR	  	CA CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / NORWEGIAN KRONE (IMM)	  	EN CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / STERLING (IMM)	  	RP CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / SWEDISH KRONA (IMM)	  	EW CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / SWISS FRANC (IMM)	  	RF CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / TURKISH LIRA (IMM)	  	TRR CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / USD	  	EC CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	EURO / YEN (IMM)	  	RY CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	HUNGARIAN FORINT / EURO (IMM)	  	EL CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	HUNGARIAN FORINT / USD (IMM)	  	HE CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	ISRAELI SHEKEL / USD (IMM)	  	IS CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	JAPANESE YEN / USD	  	JY CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	KOREAN WON / USD (IMM)	  	KO CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	MEXICAN PESO / USD	  	PE CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	NEW ZEALAND DOLLAR / USD	  	NV CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	NORWEGIAN KRONE / USD (IMM)	  	NO CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	POLISH ZLOTY / EURO (IMM)	  	EI CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	POLISH ZLOTY / USD (IMM)	  	PP CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	RUSSIAN RUBLE / USD (IMM)	  	RU CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	SOUTH AFRICAN RAND / USD (IMM)	  	RA CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	STERLING / SWISS (IMM)	  	PS CURNCY
	Chicago Mercantile Exchange	 	Currencies	 	STERLING / YEN (IMM)	  	PJ CURNCY

  
 B-1 

							
	Exchange	  	Sector	  	Contract name	  	Bloomberg ticker
	Chicago Mercantile Exchange	  	Currencies	  	SWEDISH KRONA / USD (IMM)	  	SE CURNCY
	Chicago Mercantile Exchange	  	Currencies	  	SWISS / YEN (IMM)	  	SJ CURNCY
	Chicago Mercantile Exchange	  	Currencies	  	SWISS FRANC / USD	  	SF CURNCY
	Chicago Mercantile Exchange	  	Currencies	  	USD / CHILEAN PESO	  	CHL CURNCY
	Chicago Mercantile Exchange	  	Currencies	  	USD / TURKISH LIRA (IMM)	  	TUR CURNCY
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI NASDAQ 100	  	NQ INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 400 MIDCAP	  	FA INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500	  	ES INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 CONSUM. DISCR.	  	IXY INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 CONSUM. STAPLES	  	IXR INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 ENERGY	  	IXP INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 FINANCIAL	  	IXA INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 HEALTH CARE	  	IXC INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 INDUSTRIAL	  	IXI INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 MATERIALS	  	IXD INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 TECHNOLOGY	  	IXT INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P 500 UTILITIES	  	IXS INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	E-MINI S&P SMALLCAP 600	  	GN INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	NIKKEI 225 ($-DENOMINATED)	  	NX INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	NIKKEI 225 (Y-DENOMINATED)	  	NH INDEX
	Chicago Mercantile Exchange	  	Equity Related	  	S&P 500	  	SP INDEX
	Chicago Mercantile Exchange	  	Interest Rates	  	1-MONTH LIBOR	  	EM COMDTY
	Chicago Mercantile Exchange	  	Interest Rates	  	EURODOLLAR	  	ED COMDTY
	Commodity Exchange	  	Commodities	  	GOLD	  	GC COMDTY
	Commodity Exchange	  	Commodities	  	HIGH GRADE COPPER	  	HG COMDTY
	Commodity Exchange	  	Commodities	  	SILVER	  	SI COMDTY
	Dubai Mercantile Exchange	  	Commodities	  	OMAN CRUDE OIL	  	OQA COMDTY
	ERIS Exchange	  	Interest Rates	  	US 10-YR SWAP FUTURE (ERIS)	  	LIY COMDTY
	ERIS Exchange	  	Interest Rates	  	US 30-YR SWAP FUTURE (ERIS)	  	LIE COMDTY
	ERIS Exchange	  	Interest Rates	  	US 5-YR SWAP FUTURE (ERIS)	  	LIW COMDTY
	Eurex	  	Commodities	  	EUROPEAN PROCESSING POTATOES	  	FEP COMDTY
	Eurex	  	Equity Related	  	DAX 30	  	GX INDEX
	Eurex	  	Equity Related	  	EURO STOXX 50	  	VG INDEX
	Eurex	  	Equity Related	  	EURO STOXX SELECT DIVIDEND	  	SDI INDEX
	Eurex	  	Equity Related	  	MIDCAP DAX	  	MF INDEX
	Eurex	  	Equity Related	  	SMI MID	  	S1 INDEX
	Eurex	  	Equity Related	  	STOXX 50	  	VH INDEX
	Eurex	  	Equity Related	  	STOXX EUROPE 600	  	SXO INDEX
	Eurex	  	Equity Related	  	STOXX EUROPE LARGE 200	  	SXP INDEX
	Eurex	  	Equity Related	  	STOXX EUROPE MID 200	  	SXR INDEX
	Eurex	  	Equity Related	  	STOXX EUROPE SMALL 200	  	SXT INDEX
	Eurex	  	Equity Related	  	STOXX600 BANKS	  	BJ INDEX
	Eurex	  	Equity Related	  	STOXX600 INDUSTRIAL GOODS	  	QB INDEX
	Eurex	  	Equity Related	  	STOXX600 INSURANCE	  	JV INDEX
	Eurex	  	Equity Related	  	STOXX600 MEDIA	  	OM INDEX
	Eurex	  	Equity Related	  	STOXX600 TRAVEL & LEISURE	  	QO INDEX
	Eurex	  	Equity Related	  	STOXX600 UTILITIES	  	GP INDEX
	Eurex	  	Equity Related	  	TECDAX	  	DP INDEX
	Eurex	  	Equity Related	  	VSTOXX INDEX (VOLATILITY)	  	FVS INDEX
	Eurex	  	Interest Rates	  	EURO-BOBL	  	OE COMDTY
	Eurex	  	Interest Rates	  	EURO-BUND	  	RX COMDTY
	Eurex	  	Interest Rates	  	EURO-BUXL	  	UB COMDTY
	Eurex	  	Interest Rates	  	EURO-SCHATZ	  	DU COMDTY
	Eurex	  	Interest Rates	  	FRENCH EURO-OAT LONG-TERM	  	OAT COMDTY
	Eurex	  	Interest Rates	  	FRENCH EURO-OAT MID-TERM	  	BTA COMDTY
	Eurex	  	Interest Rates	  	ITALIAN EURO-BTP LONG-TERM	  	IK COMDTY
	Eurex	  	Interest Rates	  	ITALIAN EURO-BTP SHORT-TERM	  	BTS COMDTY
	Eurex	  	Interest Rates	  	SWISS CONF. BOND	  	FB COMDTY
	Euronext (Amsterdam)	  	Equity Related	  	AEX INDEX	  	EO INDEX
	Euronext (Brussel)	  	Equity Related	  	BEL 20	  	BE INDEX
	Euronext (Paris)	  	Commodities	  	EUROPEAN RAPESEED	  	IJ COMDTY
	Euronext (Paris)	  	Commodities	  	MAIZE	  	EP COMDTY
	Euronext (Paris)	  	Commodities	  	MILLING WHEAT NO.2	  	CA COMDTY
	Euronext (Paris)	  	Equity Related	  	CAC 40	  	CF INDEX
	European Energy Exchange	  	Commodities	  	ITALIAN BASELOAD QUARTERLY	  	TQT COMDTY
	European Energy Exchange	  	Commodities	  	PHELIX BASELOAD MONTHLY	  	GI COMDTY
	European Energy Exchange	  	Commodities	  	PHELIX BASELOAD QUARTERLY	  	GT COMDTY
	European Energy Exchange	  	Commodities	  	PHELIX BASELOAD YEARLY	  	HP COMDTY
	European Energy Exchange	  	Commodities	  	PHELIX PEAKLOAD QUARTERLY	  	HI COMDTY
	Hong Kong Exchanges	  	Equity Related	  	HANG SENG	  	HI INDEX
	Hong Kong Exchanges	  	Equity Related	  	HANG SENG CHINA ENTERPRISES	  	HC INDEX
	Hong Kong Exchanges	  	Equity Related	  	MINI HANG SENG	  	HU INDEX
	Hong Kong Exchanges	  	Equity Related	  	MINI HANG SENG CHINA ENTERPR.	  	MHC INDEX
	ICE (LIFFE)	  	Commodities	  	COCOA (LONDON)	  	QC COMDTY

  
 B-2 

							
	Exchange	  	Sector	  	Contract name	  	Bloomberg ticker
	ICE (LIFFE)	  	Commodities	  	ROBUSTA COFFEE	  	DF COMDTY
	ICE (LIFFE)	  	Commodities	  	WHEAT (LONDON)	  	QK COMDTY
	ICE (LIFFE)	  	Commodities	  	WHITE SUGAR NO.5	  	QW COMDTY
	ICE (LIFFE)	  	Equity Related	  	FTSE 100	  	Z INDEX
	ICE (LIFFE)	  	Equity Related	  	FTSE 250 (SMALL)	  	YBY INDEX
	ICE (LIFFE)	  	Interest Rates	  	EURIBOR	  	ER COMDTY
	ICE (LIFFE)	  	Interest Rates	  	EURO 10-YR SWAPNOTE	  	P COMDTY
	ICE (LIFFE)	  	Interest Rates	  	EURO 2-YR SWAPNOTE	  	RW COMDTY
	ICE (LIFFE)	  	Interest Rates	  	EURO 5-YR SWAPNOTE	  	T COMDTY
	ICE (LIFFE)	  	Interest Rates	  	EUROSWISS	  	ES COMDTY
	ICE (LIFFE)	  	Interest Rates	  	LONG GILT	  	G COMDTY
	ICE (LIFFE)	  	Interest Rates	  	MEDIUM GILT	  	WX COMDTY
	ICE (LIFFE)	  	Interest Rates	  	SHORT GILT	  	WB COMDTY
	ICE (LIFFE)	  	Interest Rates	  	SHORT STERLING	  	L COMDTY
	ICE Futures US	  	Commodities	  	ARABICA COFFEE	  	KC COMDTY
	ICE Futures US	  	Commodities	  	COCOA	  	CC COMDTY
	ICE Futures US	  	Commodities	  	COTTON NO. 2	  	CT COMDTY
	ICE Futures US	  	Commodities	  	ORANGE JUICE	  	JO COMDTY
	ICE Futures US	  	Commodities	  	SUGAR NO. 11	  	SB COMDTY
	ICE Futures US	  	Currencies	  	AUSSIE / KIWI (FINEX)	  	AR CURNCY
	ICE Futures US	  	Currencies	  	AUSSIE / YEN (FINEX)	  	YA CURNCY
	ICE Futures US	  	Currencies	  	AUSTRALIAN DOLLAR/USD (FINEX)	  	KAA CURNCY
	ICE Futures US	  	Currencies	  	EURO / AUSSIE (FINEX)	  	KRA CURNCY
	ICE Futures US	  	Currencies	  	EURO / CZECH KORUNA (FINEX)	  	EZ CURNCY
	ICE Futures US	  	Currencies	  	EURO / HUNGAR. FORINT (FINEX)	  	HR CURNCY
	ICE Futures US	  	Currencies	  	EURO / NORWEGIAN KRONE (FINEX)	  	KOL CURNCY
	ICE Futures US	  	Currencies	  	EURO / STERLING (FINEX)	  	KGB CURNCY
	ICE Futures US	  	Currencies	  	EURO / SWEDISH KRONA (FINEX)	  	KRP CURNCY
	ICE Futures US	  	Currencies	  	EURO / SWISS FRANC (FINEX)	  	KRW CURNCY
	ICE Futures US	  	Currencies	  	EURO / YEN (FINEX)	  	KEL CURNCY
	ICE Futures US	  	Currencies	  	ISRAELI SHEKEL / USD	  	ISL CURNCY
	ICE Futures US	  	Currencies	  	KIWI / YEN (FINEX)	  	ZQ CURNCY
	ICE Futures US	  	Currencies	  	NORWEGIAN / SWEDISH (FINEX)	  	NJ CURNCY
	ICE Futures US	  	Currencies	  	POLISH ZLOTY / EURO	  	PLE CURNCY
	ICE Futures US	  	Currencies	  	POLISH ZLOTY / USD	  	PNL CURNCY
	ICE Futures US	  	Currencies	  	STERLING / NORWEGIAN (FINEX)	  	ZK CURNCY
	ICE Futures US	  	Currencies	  	STERLING / SWISS (FINEX)	  	YF CURNCY
	ICE Futures US	  	Currencies	  	STERLING / YEN (FINEX)	  	YK CURNCY
	ICE Futures US	  	Currencies	  	SWISS / YEN (FINEX)	  	KZY CURNCY
	ICE Futures US	  	Currencies	  	TURKISH LIRA / EURO	  	RET CURNCY
	ICE Futures US	  	Currencies	  	TURKISH LIRA / USD	  	TMR CURNCY
	ICE Futures US	  	Currencies	  	US DOLLAR INDEX	  	DX CURNCY
	ICE Futures US	  	Currencies	  	USD / CZECH KORUNA (FINEX)	  	VCA CURNCY
	ICE Futures US	  	Currencies	  	USD / HUNGARIAN FORINT (FINEX)	  	VUA CURNCY
	ICE Futures US	  	Currencies	  	USD / NORWEGIAN KRONE (FINEX)	  	KNT CURNCY
	ICE Futures US	  	Currencies	  	USD / RAND (FINEX)	  	ZO CURNCY
	ICE Futures US	  	Currencies	  	USD / SWEDISH KRONA (FINEX)	  	KXA CURNCY
	ICE Futures US	  	Equity Related	  	MINI MSCI EAFE MARKETS INDEX	  	MFS INDEX
	ICE Futures US	  	Equity Related	  	MINI MSCI EM. MARKETS INDEX	  	MES INDEX
	ICE Futures US	  	Equity Related	  	MINI RUSSELL 1000	  	RM INDEX
	ICE Futures US	  	Equity Related	  	MINI RUSSELL 2000	  	RTA INDEX
	ICE Futures US	  	Equity Related	  	MSCI PAN-EURO MINI INDEX	  	MPP INDEX
	ICE Futures US	  	Equity Related	  	RUSSELL 1000 GROWTH INDEX	  	RGA INDEX
	ICE Futures US	  	Equity Related	  	RUSSELL 1000 VALUE INDEX	  	RVB INDEX
	Inter Continental Exchange (Canada)	  	Commodities	  	CANOLA	  	RS COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	BRENT CRUDE OIL	  	CO COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	CARBON EMISSION	  	MO COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	CERTIFIED EMISSION REDUCTION	  	CAR COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	COAL API 2 (ROTTERDAM) MONTH	  	XA COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	COAL API 2 (ROTTERDAM) QUARTER	  	XE COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	COAL API 2 (ROTTERDAM) YEAR	  	TM COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	COAL API 4 (RICH. BAY) MONTH	  	XO COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	COAL API 4 (RICH. BAY) QUARTER	  	XS COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	LOW SULPHUR GASOIL	  	QS COMDTY
	Inter Continental Exchange (UK)	  	Commodities	  	UK NATURAL GAS (NBP) MONTH	  	FN COMDTY
	Interbank	  	Currencies	  	EURO / HONG KONG DOLLAR (FWD)	  	
	Interbank	  	Currencies	  	EURO / INDIAN RUPEE (FWD)	  	
	Interbank	  	Currencies	  	EURO / INDONESIAN RUPIAH	  	
	Interbank	  	Currencies	  	EURO / ISRAELI SHEKEL	  	
	Interbank	  	Currencies	  	EURO / POLISH ZLOTY (FWD)	  	
	Interbank	  	Currencies	  	EURO / SINGAPORE DOLLAR (FWD)	  	
	Interbank	  	Currencies	  	EURO / TAIWANESE DOLLAR	  	
	Interbank	  	Currencies	  	EURO / TURKISH LIRA (FWD)	  	
	Interbank	  	Currencies	  	USD / ARGENTINE PESO (FWD)	  	

  
 B-3 

							
	Exchange	  	Sector	  	Contract name	  	Bloomberg ticker
	Interbank	  	Currencies	  	USD / CHILEAN PESO (FWD)	  	
	Interbank	  	Currencies	  	USD / CHINESE RENMINBI (FWD)	  	
	Interbank	  	Currencies	  	USD / COLOMBIAN PESO (FWD)	  	
	Interbank	  	Currencies	  	USD / HONG KONG DOLLAR (FWD)	  	
	Interbank	  	Currencies	  	USD / INDIAN RUPEE (FWD)	  	
	Interbank	  	Currencies	  	USD / INDONESIAN RUPIAH (FWD)	  	
	Interbank	  	Currencies	  	USD / ISRAELI SHEKEL (FWD)	  	
	Interbank	  	Currencies	  	USD / MALAYSIAN RINGGIT (FWD)	  	
	Interbank	  	Currencies	  	USD / PERUVIAN NUEVO SOL (FWD)	  	
	Interbank	  	Currencies	  	USD / PHILIPPINE PESO (FWD)	  	
	Interbank	  	Currencies	  	USD / POLISH ZLOTY	  	
	Interbank	  	Currencies	  	USD / SINGAPORE DOLLAR (FWD)	  	
	Interbank	  	Currencies	  	USD / TAIWANESE DOLLAR (FWD)	  	
	Interbank	  	Currencies	  	USD / THAI BAHT (FWD)	  	
	Interbank	  	Currencies	  	USD / TURKISH LIRA (FWD)	  	
	Kansas City Board of Trade	  	Commodities	  	KC HARD RED WINTER WHEAT	  	KW COMDTY
	London Metal Exchange	  	Commodities	  	ALUMINIUM	  	LA COMDTY
	London Metal Exchange	  	Commodities	  	COPPER	  	LP COMDTY
	London Metal Exchange	  	Commodities	  	LEAD	  	LL COMDTY
	London Metal Exchange	  	Commodities	  	NICKEL	  	LN COMDTY
	London Metal Exchange	  	Commodities	  	TIN	  	LT COMDTY
	London Metal Exchange	  	Commodities	  	ZINC	  	LX COMDTY
	Mercado Espanol de Futuros Financiero	  	Equity Related	  	IBEX 35	  	IB INDEX
	Mercado Mexicano de Derivados	  	Equity Related	  	MEXICAN PRICE & QUOTE INDEX	  	IS INDEX
	Minneapolis Grain Exchange	  	Commodities	  	MINNEAPOLIS WHEAT	  	MW COMDTY
	Montreal Exchange	  	Equity Related	  	S&P CANADA 60	  	PT INDEX
	Montreal Exchange	  	Interest Rates	  	CAN. 10-YR GVT. BOND	  	CN COMDTY
	Montreal Exchange	  	Interest Rates	  	CAN. 5-YR GVT. BOND	  	XQ COMDTY
	Montreal Exchange	  	Interest Rates	  	CAN. BANKERS ACCEPTANCE	  	BA COMDTY
	Nasdaq OMX Commodities	  	Equity Related	  	OMX STOCKHOLM-30 INDEX	  	QC INDEX
	New York Mercantile Exchange	  	Commodities	  	CRUDE OIL	  	CL COMDTY
	New York Mercantile Exchange	  	Commodities	  	HENRY HUB NATURAL GAS	  	NG COMDTY
	New York Mercantile Exchange	  	Commodities	  	NY HARBOR RBOB GASOLINE	  	XB COMDTY
	New York Mercantile Exchange	  	Commodities	  	NY HARBOR ULSD	  	HO COMDTY
	New York Mercantile Exchange	  	Commodities	  	PALLADIUM	  	PA COMDTY
	New York Mercantile Exchange	  	Commodities	  	PLATINUM	  	PL COMDTY
	Osaka Exchange	  	Equity Related	  	MINI NIKKEI 225 (OSAKA)	  	NO INDEX
	Osaka Exchange	  	Equity Related	  	MINI TOPIX INDEX	  	TMI INDEX
	Osaka Exchange	  	Equity Related	  	NIKKEI 225 (OSAKA)	  	NK INDEX
	Osaka Exchange	  	Equity Related	  	TOPIX	  	TP INDEX
	Osaka Exchange	  	Interest Rates	  	JP. 10-YR GVT. BOND (OSAKA)	  	JB COMDTY
	Singapore Exchange	  	Commodities	  	IRON ORE CFR CHINA FUTURE	  	SCO COMDTY
	Singapore Exchange	  	Commodities	  	SINGAPORE RUBBER (TSR20)	  	OR COMDTY
	Singapore Exchange	  	Currencies	  	INDIAN RUPEE / USD (SGX)	  	XID CURNCY
	Singapore Exchange	  	Currencies	  	KOREAN WON / USD (SGX)	  	XUW CURNCY
	Singapore Exchange	  	Currencies	  	USD / SINGAPORE DOLLAR (SGX)	  	XSD CURNCY
	Singapore Exchange	  	Equity Related	  	FTSE XINHUA CHINA A50 INDEX	  	XU INDEX
	Singapore Exchange	  	Equity Related	  	MSCI INDONESIA	  	IDO INDEX
	Singapore Exchange	  	Equity Related	  	MSCI SINGAPORE FREE INDEX	  	QZ INDEX
	Singapore Exchange	  	Equity Related	  	MSCI TAIWAN INDEX (SGX)	  	TW INDEX
	Singapore Exchange	  	Equity Related	  	NIKKEI 225 (SGX)	  	NI INDEX
	Singapore Exchange	  	Equity Related	  	S&P CNX NIFTY (SGX)	  	IH INDEX
	Singapore Exchange	  	Interest Rates	  	JP. 10-YR GVT. BOND (SGX/MINI)	  	BJ COMDTY
	South African Futures Exchange	  	Equity Related	  	FTSE JSE TOP 40	  	AI INDEX
	Taiwan Futures Exchange	  	Equity Related	  	TAIWAN ELECTRONIC INDEX	  	TE INDEX
	Taiwan Futures Exchange	  	Equity Related	  	TAIWAN FINANCE INDEX	  	TB INDEX
	Taiwan Futures Exchange	  	Equity Related	  	TAIWAN WEIGHTED INDEX	  	FT INDEX
	Thailand Futures Exchange	  	Equity Related	  	MINI SET 50 INDEX	  	BC INDEX
	Tokyo Commodity Exchange	  	Commodities	  	AZUKI/RED BEANS (TOKYO)	  	JE COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	CORN (TOKYO)	  	JC COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	CRUDE OIL (TOKYO)	  	CP COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	GASOLINE (TOKYO)	  	JV COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	GOLD (TOKYO)	  	JG COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	KEROSENE (TOKYO)	  	JX COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	PALLADIUM (TOKYO)	  	JM COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	PLATINUM (TOKYO)	  	JA COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	RUBBER (TOKYO)	  	JN COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	SILVER (TOKYO)	  	JI COMDTY
	Tokyo Commodity Exchange	  	Commodities	  	US SOYBEANS (TOKYO)	  	JS COMDTY
	Tokyo Financial Exchange	  	Interest Rates	  	EUROYEN (TIFFE)	  	YE COMDTY
	Warsaw Stock Exchange	  	Equity Related	  	WIG 20	  	KRS INDEX

  
 B-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}]]