Document:

Unassociated Document

EXHIBIT 10.03

 

CAMPBELL FUND TRUST

GLOBAL INSTITUTIONAL

MASTER CUSTODY AGREEMENT

(Delaware Statutory Trust)

 

THIS AGREEMENT, effective as of the 29th day of July, 2009, is made between CAMPBELL FUND TRUST (the "TRUST") , a Delaware Statutory Trust organized and existing under the laws of Delaware (the "Trust"), and THE NORTHERN TRUST COMPANY, an Illinois corporation, of Chicago, Illinois ("Northern").

 

The Trust hereby appoints Northern as its agent to establish and maintain a custody account in the name of the Trust (the "Account") and to hold in such Account those assets of the Trust as are transferred to it from time to time.

 

The Trust shall direct Northern to establish one or more separate accounts ("Separate Account") for cash, securities and other property of the Account received by Northern from time to time. Each Separate Account shall be managed by either the Trust or an investment manager appointed by the Trust. By written direction the Trust will designate assets of the Account to be allocated to each Separate Account and direct Northern to transfer assets of the Account to or from each Separate Account. With respect to cash deposited in Northern's banking department, the Separate Accounts are maintained as a matter of convenience and, therefore, Northern may aggregate the Separate Accounts for purposes of its depository requirements. All assets, other than cash, will be maintained by Northern in segregated accounts and accounted for separately from Northen's own assets.

 

Unless directed otherwise in writing by the Trust, Northern shall have with respect to the Account the powers and duties as hereinafter provided, except that no such direction shall change Northern's powers and duties hereunder without Northern's consent.

 

Northern and the Trust agree as follows:

 

1.  Northern shall hold and safeguard the cash, securities, and other property in the Account and shall collect the income and principal thereof when due.

 

2.  Northern may hold securities or other property of each Separate Account through an agent or in the name of its nominee or in a corporate depository or federal book entry account system or other form as it deems best. All securities held directly or indirectly in the Account shall be segregated on Northern's books and records from Northern's own assets and the assets of other Northern clients, and shall be held by Northern for the exclusive account and benefit of the Trust, and beneficial ownership of the securities shall at all times remain vested in the Trust; the books and records of Northern shall so identify the securities and the Account. Northern shall forward any proxies relating to securities or other property held in the Account to the appropriate investment manager, or, in accounts where no investment manager has been appointed, to the Trust, or

  

  

  

the Trust's designee, and Northern shall process such proxies as directed by the investment manager, Trust, or the Trust's designee.

 

3.  With respect to a Separate Account managed by the Trust, all security transactions shall be placed through brokers of its choice. Each investment manager appointed by the Trust is authorized to execute security trades directly with respect to its respective Separate Account. Northern is hereby directed to receive and pay for securities purchased, in accordance with industry practice, and to deliver, in accordance with industry practice, securities sold, by the Trust or by an investment manager. The Trust has the right under applicable law to receive, at no additional cost, separate notifications of certain securities transactions; however, unless the Trust directs otherwise in writing, the Trust agrees not to receive such separate notifications of securities transactions and that all securities transactions will be reported on the Trust's periodic statements of account. Under no circumstance shall Northern pay any money to an investment manager except pursuant to written instructions by the Trust. Northern shall issue its operating instructions to the Trust and to an investment manager as it deems appropriate.

 

4.  Northern is authorized, but shall not be obligated, to credit the Account provisionally on payable date with interest, dividends, distributions, redemptions or other amounts due. Otherwise, such amounts will be credited to the Account on the date such amounts are actually received by Northern and reconciled to the Account. In cases where Northern has credited the Account with such amounts prior to actual collection and reconciliation, the Trust agrees that Northern may reverse such credit as of payable date if and to the extent that it does not receive such amounts in the ordinary course of business. The Trust acknowledges that Northern shall be entitled to recover from the Trust on demand such provisional credit, plus its fee, applicable from time to time, in connection with such provisional credit.

 

5.  Northern is authorized, but shall not be obligated, to advance its own funds to complete transactions in cases where adequate funds may not otherwise be available to the Account. The Trust acknowledges that Northern shall be entitled to repayment of any amounts advanced plus its fee, applicable from time to time, in connection with advancing such funds.

 

6.  The Trust recognizes that any decision to effect a provisional credit or an advancement of Northern's own funds to the Account pursuant to this Agreement will be an accommodation granted entirely at Northern's option and in light of the particular circumstances, which circumstances may involve conditions in different countries, markets and classes of assets at different times. All amounts thus due to Northern under this agreement with respect to a provisional credit or advancement of Northern's funds to the Account shall be paid by Northern from the Account unless otherwise paid by the Trust on a timely basis and in that connection the Trust acknowledges that Northern has a continuing lien on all Account assets to secure such payments and agrees that Northern may apply or set off against such amounts any amounts credited by or due from Northern to the Trust. If funds in the Account are insufficient to make any such payment, the Trust shall deliver to Northern the amount of such deficiency in immediately available funds when and as specified by Northern's written or oral notification.

 

 

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7.  Northern may execute and deliver as agent of the Trust, and pursuant to the Trust's directions or the directions of an investment manager, any assignments, stock or bond powers or other documents or instruments and, in particular (a) may sell, assign, transfer, or make other disposition of any security or other property in the Account in accordance with industry practice; (b) may obtain any payment due; and (c) may make payment in accordance with industry practice for any securities purchased or otherwise acquired. Northern may execute any and all documents by signing as agent of the Trust or as its attorney-in-fact pursuant to this authorization.

 

8.  Subject to contrary instructions from the Trust or an investment manager, United States Dollars held by Northern shall be invested for short term purposes in the investment fund specified in a separate writing from the Trust (which writing may be modified by the Trust from time to time). The Trust accepts that temporary cash investments may require additional documentation and such investments may include, without limitation, deposit obligations of Northern's banking department or that of an affiliate, common and collective funds maintained by Northern or an affiliate, and money market mutual funds of which Northern or an affiliate may be a sponsor, investment advisor, manager or custodian, and from which Northern or an affiliate may receive separate compensation.

 

9.  Northern shall at all times exercise due care in dealing with the Accounts pursuant to the standard of care of a prudent, professional custodian for hire in the United States with the care, skill, prudence, and diligence under the circumstances then prevailing that a professional custodian acting in like capacity and familiar with such matters would use.

 

10.  If a corporation whose common stock declares a dividend in such stock, and payment of such dividend results in a fractional share, Northern shall sell such fraction.

 

11.  Northern's duties shall be limited to those expressly set forth in this agreement. Northern shall have no obligation to make any investment review, to consider the propriety of holding or selling any property in the Account or to provide any advice. Northern shall incur no liability to the Trust, or the Account for any act taken or omitted by Northern or any of its agents pursuant to this agreement and shall be indemnified by the

 

Trust for any losses, expenses, penalties or taxes arising from following directions given to Northern pursuant to this agreement or for failing to act in the absence of directions. Northern shall have no responsibility for the solvency or financial condition of any agent engaged in connection with the provision of services to the Account, and shall incur no liability to the Trust, or the Account for any loss arising therefrom. This paragraph 11 shall survive the termination of this agreement.

 

12.  Northern shall furnish the Trust with periodic statements of account showing all receipts and disbursements and the property in each Separate Account and the market value thereof. Northern shall provide the Trust with daily access to unaudited data pursuant to Northern's Northern Trust Passport® applications, subject to such additional terms and conditions as Northern may require. Account statements will be provided 

 

 

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monthly. Northern shall incur no liability to the Trust or the Account for any loss which may arise from the mispricing of Account assets by any broker, pricing service or other person upon whose valuation Northern relies in good faith. A statement of account shall be approved by the Trust by written notice delivered to Northern or by failure to object to the statement of account within sixty (60) days of the date upon which the statement of account was delivered to the Trust. To the extent permitted by law, the approval of a statement of account shall constitute a full and complete discharge to Northern as to all matters set forth in that statement of account. In no event shall Northern be precluded from having its statement of account settled by a judicial proceeding.

 

13.  This agreement may be terminated at any time upon thirty (30) days written notice from the Trust to Northern or from Northern to the and upon the expiration of such forty-five (45) day period, Northern shall promptly deliver all cash, securities and other property then in the Account to the Trust or in accordance with the Trust's order.

 

14.  The Trust warrants that the performance by Northern of its duties in accordance with this agreement will not cause Northern to violate any applicable law, and that applicable law imposes no duties beyond those expressly assumed by Northern under this agreement.

 

15.  Northern shall receive such reasonable compensation for its services as agreed upon from time to time between it and the Trust. In addition, Northern shall be reimbursed for any expenses (including accounting and legal fees) it reasonably incurs in connection with the Account. Those items of expense and compensation shall be paid from the Account unless otherwise agreed in writing. This paragraph 20 shall survive the termination of this agreement.

 

16.  Northern shall make distributions from the Account to such persons, in such amounts, at such times and in such manner as the Trust shall from time to time direct in writing. Northern shall not be liable for any distribution made in good faith without actual notice or knowledge of the changed condition or status of the recipient. If any distribution made by Northern is returned unclaimed, it shall notify the Trust and shall dispose of the distribution as the Trust directs. Pursuant to making distributions, Northern may deposit cash in any depository including its own banking department, without any liability for the payment of interest thereon, notwithstanding Northern's receipt of "float" from such uninvested cash.

 

17.  Northern shall have no duty to file any tax information, reports, returns or other filings of any kind except where it is directed by the Trust and consents in writing to do so.

 

18.  The provisions of the law of New York shall govern the validity, interpretation and enforcement of this agreement. The invalidity of any part of this agreement shall not affect the remaining parts hereof. This agreement may be modified at any time by a writing signed by the parties hereto. 

 

 

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19.  Any action required to be taken by the Trust shall be by the written direction of one or more person or persons as shall be authorized by the Trust and as identified in a certificate signed by the of the Trust, which certificate shall be on file with Northern. Northern may conclusively rely on a direction which it believes in good faith is from a person or persons identified as provided above until further written notice from the Managing Operator. Northern shall incur no liability to the Managing Operator, the Trust or the Account for acting on any instruction, direction or other communication on which Northern is authorized to rely pursuant to this agreement, or for any delay in delivery or non-delivery or error in transmission.

 

Notices to the Trust shall be sent to:

 

Thomas P. Lloyd &

Gregory T. Donovan

Campbell & Company, Inc.

2850 Quarry Lake Drive

Baltimore, MD 21209

 

20.  Notwithstanding any other provision of this agreement, instructions, directions and other communications provided under this agreement may be given to Northern by letter, telex, SWIFT or other electronic or electro-mechanical means deemed acceptable by Northern, including the use of Northern's Northern Trust Passport® applications, subject to such additional terms and conditions as Northern may require. In its sole discretion, Northern may, but shall not be required to, accept instructions, directions or other communications given to Northern by telephone. Any instructions, directions or other communications given to Northern by telephone shall promptly thereafter be confirmed in writing, but Northern will incur no liability for the Trust's failure, or the failure of an investment manager, to send such written confirmation or for the failure of any such written confirmation to conform to the telephonic instruction received by Northern.

 

21.  Northern shall incur no liability to the Trust, or the Account (i) for any indirect, incidental, consequential, special, exemplary or punitive damages, whether or not Northern knew of the likelihood of such damages, or (ii) for any delay in performance, or non-performance, of any obligation hereunder to the extent that the same is due to forces beyond Northern's reasonable control, including but not limited to delays, errors or interruptions caused by the Trust or third parties, any industrial, juridical, governmental, civil or military action, acts of terrorism, insurrection or revolution, nuclear fusion, fission or radiation, failure or fluctuation in electrical power, heat, light, air conditioning or telecommunications equipment, or acts of God.

 

22.  The Trust may engage Northern or any of Northern's affiliates, as the Trust's agent, to provide transition or liquidation services in connection with the removal of an investment manager, or for any other reason, pursuant to a separate written agreement between the Trust and Northern or any of Northern's affiliates. The Trust may engage Northern Trust Securities, Inc., or any other of Northern's affiliates, as a commission recapture provider. 

 

 

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IN WITNESS WHEREOF, the Trust and Northern have each executed this agreement by their respective duly authorized officers, effective as of the day and year first above written.

	  	
CAMPBELL FUND TRUST

by Campbell & Company, Inc., its

Managing Operator

	  
	  	
By:

	
/s/ Gregory T. Donovan

	  
	  	  	
Gregory T. Donovan

	  
	  	  	
Its: Chief Financial Officer

	  
	  
	  	  	  
	  	
By:

	
/s/ Theresa D. Becks

	  
	  	  	
Theresa D. Becks

	  
	  	  	
Its: President & CEO

	  
	  

The undersigned, Thomas P. Lloyd , does hereby certify that he/she is the duly elected, qualified and acting General Counsel of Campbell & Company, Inc., the General Partner (the “General Partner”) of Campbell Strategic Allocation Fund L.P. (the “Partnership”) and further certifies that the signatures that appear above are of duly elected, qualified and acting officers of the General Partner with full power and authority to execute this Master Custody Agreement on behalf of the Partnership and the General Partner and to take such other actions and execute such other documents as may be necessary to effectuate this agreement.

	  	  	  	  	  
	  	  	  
	  	
/s/ Thomas P. Lloyd

	  
	  	
General Counsel

	  
	  	  	  
	  
	  	  	  	  	  
	  	
THE NORTHERN TRUST COMPANY 

	  
	  	
By:

	
/s/ Ryan Burns

	  
	  	  	
Ryan Burns

	  
	  	  	
Its: Vice President

	  
	  

 

 

6cftexhibit10_04.htm

EXHIBIT 10.04

 

INVESTMENT ADVISORY AGREEMENT

Dated: December 22, 2010

Between:

 

Horizon Cash Management L.L.C. (“Horizon”)

 

and

 

Campbell Fund Trust (the “Client”)

 

Horizon and the Client hereby agree as follows:

 

     1. Investment Advisory Services; Discretionary Authority. The Client hereby agrees to open a trust account and deposit funds with the Custodian referred to in Paragraph 2, such funds will be used to purchase securities and other obligations consistent with the investment objectives and guidelines contained in Appendix 1 hereto. Horizon shall have the sole power and discretion with respect to the purchase of any such securities or obligations and with respect to the authorization and execution of transactions for the account of the Client within the classifications of securities or obligations and pursuant to the investment objectives and guidelines contained in Appendix 1 hereto until Horizon receives written notice of termination from the Client.

 

     2. Custody. All funds and securities in the Client’s account will be held by The Northern Trust Company, as custodian (the “Custodian”), pursuant to a Custody Agreement, a copy of which has been provided to Horizon, unless the Client designates a different custodian and provides Horizon with a limited power of attorney and a copy of the relevant Custody Agreement.

 

     3. Ownership. Horizon shall neither own nor have any interest in securities or funds deposited into the account of the Client under this Agreement. All funds and securities deposited and held at the Custodian shall be held for the benefit of the Client and shall be the property of the Client and not Horizon.

 

     4. Investment Objectives. Horizon will be available to consult with the Client with respect to the investment objectives and needs of the Client.

 

     5. Non-Exclusivity. The Client understands and agrees that nothing herein shall restrict the ability of Horizon or any of its principals, employees or affiliates to engage in any transactions for its (or their) own account and for the account of others. The performance of such services for others shall not be deemed to violate or give rise to any duty or obligation to the Client.

 

     6. Allocation. Horizon will act in a fair and reasonable manner in allocating suitable investments among the Client’s account and all other accounts advised by Horizon or

 

  

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any of its affiliates, but the Client acknowledges that equality of treatment cannot be assured in all situations.

 

     7. Management Fee. The Client agrees to pay Horizon an annualized fee based on the percentage of the principal amount of the Client’s assets under management by Horizon, computed and accrued on the daily balance maintained in the account by the Client. The percentage is determined by the following scale:

	  	  	  	  	  
	
Assets Under Management

	  	
Tiered Management Fee

	  
	
First $200,000,000

	  	  	___	
%

	
Next $100,000,000

	  	  	
___

	
%

	
Next $200,000,000

	  	  	
___

	
%

	
Next $500,000,000

	  	  	
___

	
%

	
Anything Over $1,000,000,000

	  	  	
___

	
%

 

Horizon shall send to the Client on a monthly basis an invoice which shows the amount of the management fee, the principal amount of assets on which such fee was based and the specific manner in which the fee was calculated. The Client reserves the right to use the average daily market value provided by the Custodian to confirm the accuracy of Horizon’s fees and may be used as the final determinant of payment amount. The invoice is payable within 10 business days of receipt and the Client will notify Horizon within five business days after receipt of the statement of any objections or exceptions.

 

     8. Other Fees and Expenses. Custodial fees and related securities transaction fees will be paid directly by the Client.

 

     9. Withdrawals; Pledges; Hypothecation. It is understood and agreed that the Client shall be able to withdraw all or any part of the funds on deposit with the Custodian or add additional funds thereto upon notice to Horizon, subject to the specific notice guidelines established by Horizon as may be in effect from time to time. Horizon is authorized to receive and act upon instructions from the persons named in Appendix 2 hereto as authorized representatives of the Client (“Authorized Representatives”) which Horizon, in good faith, believes to have been provided by such persons. The Client may add or delete Authorized Representatives upon written notice to Horizon. The Client retains the right to pledge or hypothecate the assets subject to the receipt by Horizon of a notification agreement satisfactory to Horizon.

 

    10. Reports and Other Documentation. Horizon shall furnish the Client daily and monthly reports described in Horizon’s Form ADV, Part II and such other reports as are agreed to between Horizon and the Client. The Client understands and agrees that, given the relatively short-term nature of the securities utilized by Horizon, Horizon’s reports to the Client will list securities held by the Client at cost plus accrued interest rather than market value. The Client

 

  

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acknowledges that market values of fixed-income securities fluctuate with changes in interest rates and thus that market value may be higher or lower from time to time than the cost plus accrued interest reported by Horizon. Horizon will furnish to the Client the market value of any security held in the Client’s account upon reasonable request. The Client hereby revocably waives the receipt of all documents such as prospectuses, periodic shareholder reports, proxy materials, and any other information and disclosure relating to the securities held in the Client’s account which may be required to be delivered to the Client by applicable laws or regulations, and authorizes Horizon and/or the Custodian to receive such documents on behalf of the Client.. Furthermore, the Client hereby revocably waives receipt of individual transaction confirmations and authorizes and directs Horizon to instruct all brokers and dealers executing orders for the Client to forward confirmations of those transactions to Horizon and/or the Custodian. The Client will rely on periodic reports from Horizon to keep informed of the status of the Client’s account. If the Client wishes, the Client may revoke or modify this decision at any time by providing written notice to Horizon. Following such notice, Horizon will instruct the brokers and dealers executing orders for the Client’s account to send the Client individual transaction confirmations and such other information required by the Client.

 

     11. Risk; No Assurance of Profits. The Client shall bear all risk of gain or loss in its account. No assurance can be given that Horizon’s advice will result in profits for the Client or that the Client will not incur losses.

 

     12. Limitation of Liability. Except as a direct result of Horizon’s negligence, malfeasance or violation of this agreement or applicable law, neither Horizon nor any of its principals, employees, agents or affiliates shall be liable to the Client for any loss, cost, damage, expense, fine or penalty occasioned by any act or omission or error of judgment of Horizon or any of its principals, employees, agents or affiliates in connection with the performance of services hereunder. Furthermore, Horizon shall neither be responsible for delays in the transmission nor execution of instructions due to breakdown or failure of transmission or communication facilities, or to any other cause of causes beyond its reasonable control or anticipation. Horizon shall not be responsible for any loss, damage, expense or claim arising from any act of omission of the Custodian (or any replacement custodian) or any broker, dealer or bank in connection herewith chosen in a commercially reasonable manner. Notwithstanding the foregoing, the federal securities laws impose liabilities under certain circumstances on persons who act in good faith and nothing herein shall in any way constitute a waiver or limitation of any rights which the Client might have under any federal securities laws.

 

     13. Indemnification. The Client shall indemnify and hold harmless Horizon and its principals, employees, agents and affiliates against all losses, costs, damages, expenses (including attorneys’ fees), fines or penalties (“Losses”) arising out of or relating to this Agreement or the services performed hereunder, unless such Losses directly arise out of or result from negligence, malfeasance or a violation of this agreement or applicable law on the part of Horizon or its principals, employees, agents or affiliates.

 

     14. Independent Contractor. For all purposes of this Agreement, Horizon shall be an independent contractor and not an employee or dependent agent of the Client; nor shall 

  

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anything herein be construed as making the Client a partner or co-venturer with Horizon or any of its other clients. Except as provided in this Agreement, Horizon shall not have any authority to bind, obligate or represent the Client.

 

     15. Ownership of Advice; Confidentiality. All investment advice furnished by Horizon to the Client or for the Client’s benefit shall remain property of Horizon, shall be treated as confidential by the Client and shall not be used by the Client or disclosed to third parties, except as required in connection with the operation of the Client’s account or as required by law or by demand of any regulatory or self-regulatory authority.

 

     16. Termination. The Agreement may be terminated by either party upon thirty (30) days prior written notice to the other party.

 

     17. Representations. Each party hereby represents that it is duly authorized and empowered to execute, deliver and perform this Agreement, that such action does not conflict with or violate any provision of law, rule or regulation, contract, deed of trust or other instrument to which it is a party or to which any of its property is subject, and that this Agreement is its valid and binding obligation enforceable in accordance with its terms. The Client shall provide to Horizon, upon request, satisfactory evidence of its authority to enter into this Agreement and the signatory’s authority to execute this Agreement on the Client’s behalf.

 

     18. Additional Representations of the Client. The Client represents that it has such financial resources and investment experience and knowledge in financial, investment and business matters that it is capable of evaluating the risks and merits of participating in Horizon’s investment program. The Client represents that it understands the nature and risks of Horizon’s investment approach, is satisfied that it has received adequate information and opportunities to ask questions of and receive clarification from Horizon on all matters it considers material to its engagement of Horizon and has relied solely on Horizon’s Form ADV Part II and independent investigation made by it in determining to engage Horizon. The Client further represents that investment objectives and guidelines contained in Appendix 1 are in accordance with applicable law, the Client’s constitutional documents, and all applicable restrictions on the Client.

 

     19. Receipt of Form ADV, Part II. The Client acknowledges receipt of Horizon’s current Form ADV, Part II at least 48 hours prior to entering into this Agreement.

 

     20. Authorization. The Client hereby agrees to execute and authorizes Horizon to execute any documents, including but not limited to repurchase agreements, broker/dealer account agreements, limited powers of attorney and account agreements with the Custodian (or any replacement custodian), which are deemed by Horizon to be necessary for the consummation of the transactions contemplated herein.

 

     21. Disclosures Regarding Horizon. Attached hereto as Appendix 3 is disclosure regarding Horizon which has been approved for use in the Client’s offering memoranda, listing particulars and similar marketing materials. The Client agrees not to make any disclosures regarding Horizon that are materially different from or inconsistent with the 

  

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disclosures in Appendix 3 without the prior written approval of Horizon. The Client acknowledges that Horizon shall not be liable for any disclosures made by the Client other than those set forth in Appendix 3 or otherwise approved in writing in advance of use by the Client.

 

     22. Notices. Any communications or notices provided for in this Agreement shall be sent in writing to a party at the following address or such other address as notified in writing by such party: in the case of Horizon, Horizon Cash Management L.L.C., 325 West Huron, Suite 808, Chicago, Illinois 60610, Attention: Pauline Modjeski, Facsimile No.: 312/335-8501; and in the case of the Client, the address set forth in Appendix 2. All communications or notices sent to such addresses or telecommunication numbers (or as otherwise directed by the parties by notice hereunder) shall be effective upon receipt.

 

     23. Scope; Assignment. The provisions of this Agreement shall be continuous and shall cover individually and collectively all accounts which the Client now maintains or may in the future open or reopen with Horizon, and shall inure to the benefit of Horizon and its successors and assigns and shall be binding upon the Client and the estate, executors, administrators, successors and assigns of the Client; provided, however, that no assignment (as that term is defined in Section 202(a)(1) of the Investment Advisers Act of 1940) of this Agreement shall be made by Horizon without the consent of the Client.

 

     24. Force Majeure. Neither party shall be liable for any delay or failure to perform its obligations hereunder if such delay or failure is caused by an unforeseeable event beyond the reasonable control of a party.

 

     25. Amendment; Waiver. Except as otherwise expressly provided herein, this Agreement shall not be amended, nor shall any provision of this Agreement be considered modified or waived, unless evidenced in writing signed by the party to be charged with such amendment, waiver or modification. A waiver on one occasion will not be deemed to be a waiver of the same or any other breach on a future occasion.

 

     26. Governing Law. The provisions of this Agreement shall in all respects be construed according to, and the rights and liabilities of the parties hereto shall in all respects be governed by, the laws of the State of Illinois.

 

     27. Entire Agreement. This Agreement, together with the Appendices hereto, constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior communications, agreements, understandings, representations, and warranties, whether oral or written, between the parties hereto with respect to the subject matter hereof.

 

     28. Severability. Each provision of this Agreement is intended to be severable from the others so that if any provision or term hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remaining provisions and terms hereof.

 

  

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     29. Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

 

     30. Captions. The captions of this Agreement are for convenience and ease of reference only and in no way define, describe, extend, or limit the scope of this Agreement or the intent of any of its provisions.

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized officers as of the date first set forth above.

 

	  	  	  	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  	  	  	  
	
HORIZON CASH MANAGEMENT L.L.C.

	  	  	  	
CAMPBELL FUND TRUST

by Campbell & Company, Inc., 

its Managing Operator

	  	  
	  	  	  	  	  	  	  	  	  	  	  
	 By: 	/s/ Jennifer Wenthen	 	 	 	By:	/s/ Thomas P. Lloyd	 	 
	 	Jennifer Wenthen	  	  	  	
 

	
Thomas P. Lloyd

	  	  
	 	Title: President	 	 	 	 	Title:  General Counsel	 	 
	  	  	  	  	  	  	  	 	  	  
	 	 	 	 	 	 	By:	/s/ Gregory T. Donovan	 	 
	  	  	  	  	  	  	  	Gregory T. Donovan	  	  
	 	 	 	 	 	 	 	Title: Chief Financial Officer	 	 

 

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