Exhibit 10.7








UBS
SECURITIES LLC




ACCOUNT
DOCUMENTS


FOR
FUTURES AND


OPTIONS
CONTRACTS








UBS Managed Futures (Aspect)
LLC


Customer
Name














PLEASE
TAKE NOTE OF THE INFORMATION ON THIS PAGE





The
account documents included herewith are provided to you as a prospective client
of UBS Securities LLC (“UBS-S LLC”).  They are intended to apprise you
of your rights and responsibilities in your relationship with UBS-S LLC. You
must complete, sign and return these account documents to UBS-S LLC before an
account can be opened in your name.  Some of these documents are
required by U.S. regulations and exchange rules, others by UBS-S
LLC.





Also
distributed herewith as a separate booklet are Futures and Options Disclosure
Documents which are designed to inform you of some of the risks involved in
trading futures contracts and options thereon.  You should carefully review and
understand the Futures and Options Disclosure Documents and retain them for your
records.





OPENING
AN ACCOUNT WITH UBS-S LLC REQUIRES THE FOLLOWING:





· Complete
and sign the NEW ACCOUNT INFORMATION FORM (pages 3-4)





· Review
and sign the CUSTOMER AGREEMENT (pages 5-19)




· Review
and check the boxes (as applicable) regarding Customer Acknowledgements, Consent
to Transfer Funds and Hedging Representation (pages 17-18)





U.S.
citizens or residents must complete Form W-9.  Customers who are
neither U.S. citizens or residents must complete Form W-8.  Forms
W-8 and W-9 appear at the end of this packet of Account Documents for Futures
and Options Contracts.





Customers
who have granted discretionary trading authority over their account to any
individual or entity (an “Advisor”) must review and sign the POWER OF ATTORNEY
LIMITED TO PURCHASES AND SALES OF FUTURES CONTRACTS (page 20) and must
complete ACKNOWLEDGEMENT OF RECEIPT OF COMMODITY TRADING ADVISOR DISCLOSURE
DOCUMENT (page 21).





Some
accounts require the submission of additional documents (e.g., corporations must
submit authorizing resolution, partnerships must submit evidence of authority to
trade futures contracts).  Any additional, special purpose forms, if
required for your account, may be provided separately and your Customer
Representative will advise you about any further documentation
required.





When you
have completed and/or signed the appropriate documents, return them to your
Customer Representative and make arrangements for the transfer of
funds.






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4














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CUSTOMER
AGREEMENT





This
Customer Agreement (“Agreement”) between UBS Securities LLC (“UBS-S LLC”) and
_UBS Managed Futures (Aspect) LLC_ (“Customer”) shall govern the purchase and
sale by UBS-S LLC of certain futures contracts, options thereon and options
contracts for the account and risk of Customer through one or more accounts
carried by UBS-S LLC on behalf and in the name of Customer (collectively, the
“Account”), as more fully described below.





1. UBS-S
LLC’S AUTHORIZATION TO ACT AS BROKER





Customer
authorizes UBS-S LLC, acting through employees and agents selected by it in its
sole discretion, to purchase and sell for the Account contracts for certain
futures contracts, options thereon and options contracts for which UBS-S LLC has
notified Customer that UBS-S LLC is prepared to execute transactions
(collectively, “Contracts”) within or outside the United States of America in
accordance with Customer’s instructions.





2. CUSTOMER’S
REPRESENTATIONS AND WARRANTIES




(a)            Representations and
Warranties.Customer represents and warrants as
follows:





(i) Authority.Customer
has full right, power and authority to enter into this Agreement and the
Contracts, and the person executing this Agreement on behalf of Customer is
authorized to do so.  This Agreement is binding on Customer and
enforceable against Customer in accordance with its terms;





(ii) Lawful
Agreement.Customer may lawfully establish and open the
Account for the purpose of effecting purchases and sales of Contracts through
UBS-S LLC. Transactions entered into pursuant to this Agreement will not violate
any “Applicable Law” (as defined below) to which Customer is subject or any
agreement to which Customer is subject or a party and the execution, delivery
and performance of this Agreement by Customer require no action by or in respect
of or filing with any governmental body, agency or official;





(iii)C ustomer’s
Statements.The statements made to UBS-S LLC by Customer
regarding Customer’s futures trading (including any financial statements
submitted therewith) are true and correct to the best of Customer’s
knowledge;




(iv) Interest or Control of
Account.If any person or entity has, or during the term of
this Agreement will have, any interest in the Account other than Customer,
Customer hereby agrees to so notify UBS-S LLC immediately (and no later than
within one business day); and




(v) Designation.If
Customer is not a citizen or resident of the United States, Customer has been
informed by UBS-S LLC of Commodity Futures Trading Commission (“CFTC”)
Regulations concerning the designation of a futures commission merchant as the
agent of foreign brokers, customers of a foreign broker and foreign traders for
certain purposes as set forth in CFTC Regulation § 15.05 and
concerning




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special
calls for information from futures commission merchants, foreign brokers and
members of contract markets as set forth in CFTC Regulation
§ 21.03.




(b) Notice of
Change.Customer shall immediately (and no later than within
one business day) notify UBS-S LLC in writing if any of the representations
contained herein materially change or cease to be true and correct.




3. APPLICABLE
LAW




The
Account and all transactions and agreements in respect of the Account shall be
subject to the regulations of all applicable Federal, state and self-regulatory
agencies or authorities, including but not limited to:  (a) the
provisions of the Commodity Exchange Act, as amended, and any rules,
regulations, orders and interpretations promulgated thereunder by the CFTC;
(b) the constitution, by-laws, rules, regulations, orders and
interpretations of the relevant board of trade, trading facility, market, or
exchange and its clearing house, if any (each, an “exchange”) on or subject to
the rules of which such transactions are executed and/or cleared, and any
relevant registered futures association, including, without limitation, the
National Futures Association (“NFA”); and (c) custom and usage of the
trade.  All such provisions, rules, regulations, orders,
interpretations, constitution, by-laws, custom and usage, as in effect from time
to time, are hereinafter collectively referred to as “Applicable
Law.”




4. RELIANCE ON INSTRUCTIONS




UBS-S LLC
shall be entitled to rely on any instructions, notices and communications,
whether oral or in writing, that it believes to be that of an individual
authorized to act on behalf of Customer, including, but not limited to, any
individual identified in writing by Customer as authorized to act on its behalf,
and Customer shall be bound thereby.  Customer hereby waives any
defense that any such instruction was not in writing as may be required by the
Statute of Frauds or any other similar law, rule or regulation.




5. ACCEPTANCE
OF ORDERS; POSITION LIMITS




(a) Acceptanceof Orders.  UBS-S LLC shall have the
right to limit the size of open positions (net or gross) of Customer with
respect to the Account at any time and to refuse acceptance of orders to
establish new positions (whether such refusal or limitation is required by, and
whether such refusal is based on position limits imposed under, Applicable
Law).  UBS-S LLC shall immediately notify Customer of its rejection of
any order.  Unless specified by Customer, UBS-S LLC may designate the
exchange or trading system on which it will attempt to execute
orders.




(b) PositionLimits.  Customer shall not, either
alone or in combination with others, violate any position or exercise limit
established by or under Applicable Law.  If Customer intends at any
time to exceed such position limits, Customer shall cause to be filed an
application with the CFTC or the relevant exchange requesting authorization for
Customer to exceed such position limits and shall provide UBS-S LLC with a copy
of such application and such other information as UBS-S LLC may reasonably
request with respect to such application.  Customer shall indemnify
and hold UBS-S LLC harmless from and against all claims, damages, fines or
assessments of any kind whatsoever, including reasonable attorneys’ fees in
connection with the




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defense
thereof, made and incurred in connection with any violation by Customer of its
obligations under this Section 5(b).




6.  ORIGINAL
AND VARIATION MARGIN; PREMIUMS; OTHER CONTRACT OBLIGATIONS




With
respect to every Contract purchased, sold or cleared for the Account, Customer
shall make, or cause to be made, all applicable original margin, variation
margin, intra-day margin and premium payments, and perform all other obligations
attendant to transactions or positions in such Contracts, as may be required by
Applicable Law or by UBS-S LLC in its sole and absolute
discretion.  Requests for margin deposits and/or premium payments may,
at UBS-S LLC’s election, be communicated to Customer orally, telephonically or
in writing.  Margin requirements established by UBS-S LLC may exceed
the margin requirements set by any exchange on which transactions are executed
or cleared or caused to be executed or cleared by UBS-S LLC or any agent thereof
for Customer and may be changed by UBS-S LLC without prior notice to
Customer.  Except as otherwise provided herein, all such margin and
premium payments shall be in the form, as UBS-S LLC permits, of cash in U.S.
dollars, securities of the U.S. Government, or a combination
thereof.  If at any time Customer fails timely to deposit or maintain
required margin, or Customer fails timely to make any premium payments, UBS-S
LLC may at any time, without further notice to Customer, close out Customer’s
open position in whole or in part and take any action it deems
appropriate.





7. SECURITYINTEREST ANDRIGHTS RESPECTING
COLLATERAL





All
Contracts, cash, securities, and/or other property of Customer, including all
proceeds of all such property such as profits from Account transactions
(collectively, the “Collateral”) now or at any future time in the Account or
otherwise held by UBS-S LLC or its affiliates, any exchange through which trades
of the Account are executed and/or positions are held, or any other entity
authorized to act as an agent of UBS-S LLC or Customer, hereby are pledged to
UBS-S LLC and shall be subject to a first priority lien and security interest in
UBS-S LLC’s favor to secure any indebtedness or other amounts at any time owing
from Customer to UBS-S LLC, and to secure any and all other obligations and
liabilities of Customer to UBS-S LLC (collectively, the “Customer’s
Liabilities”).  Customer hereby grants UBS-S LLC the right to borrow,
pledge, repledge, hypothecate, rehypothecate, loan or invest any of the
Collateral without notice to Customer, and without any obligation to pay or to
account to Customer for any interest, income or benefit that may be derived
therefrom.  UBS-S LLC shall be under no obligation to deliver to
Customer the identical Collateral in the Account, but shall only be under an
obligation to deliver to Customer Collateral of like or equivalent kind and
amount.  The rights of UBS-S LLC set forth above shall be qualified by
any applicable requirements for segregation of customer’s property under
Applicable Law.




8. PAYMENTOBLIGATIONSOF CUSTOMER




(a) Charges to the
Account.With respect to every Contract purchased, sold or
cleared for the Account, Customer shall pay UBS-S LLC upon demand and UBS-S LLC
hereby is authorized to charge Customer’s Account for:  (i) all
brokerage charges, give-up fees, commissions and service fees as UBS-S LLC may
from time to time charge; (ii) all exchange,




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clearing
member, NFA or CFTC fees or charges, fines or penalties; (iii) any tax
imposed on such transactions by any competent taxing authority; (iv) the
amount of any trading losses in the Account; (v) any debit balance or
deficiency in the Account; (vi) interest and service charges on any debit
balances or deficiencies in the Account, any advances or any loan (including
interest on the amount of variation margin calls, until satisfaction of such
calls, when the Customer posts U.S. Treasury Bills for original margin
purposes), at the rate customarily charged by UBS-S LLC (which may be at the
prevailing and/or allowable rates according to the laws of the State of
Illinois) from the day any such deficit was incurred to (but not including) the
day of payment (calculated on the basis of a 360 day year and for the actual
number of days elapsed for all deficits, except for those denominated in foreign
currencies for which generally accepted accounting principles require that the
interest rate shall be calculated otherwise), together with costs and reasonable
attorneys’ fees incurred in collecting any such deficit; (vii) all storage
and delivery service fees; and (viii) any other amounts owed by Customer to
UBS-S LLC with respect to the Account or any transactions therein.





(b) Payment in U.S.
Dollars.Any and all payment obligations of Customer, if not
deducted from Customer’s Account as permitted hereunder, shall be made upon
demand in immediately available U.S. dollars to UBS-S LLC or at such other place
and at such time and in such manner as UBS-S LLC notifies
Customer.  The obligation of Customer to make all payments due
hereunder shall not be discharged or satisfied by any tender, or any recovery
pursuant to any judgment, which is expressed in or converted into any other
currency other than U.S. dollars, except to the extent that such tender or
recovery shall result in the actual receipt by UBS-S LLC of the full amount of
such U.S. dollars expressed to be payable in respect of such
amounts.  Customer agrees that its obligations to make payment in U.S.
dollars as aforesaid shall be enforceable as an alternative or additional cause
of action for the purpose of recovery of the amount (if any) by which such
actual receipt shall fall short of the full amount of U.S. dollars expressed to
be payable in respect of such amount due hereunder, and shall not be affected by
judgment being obtained for other sums due hereunder.




(c) Setoff.Any
Collateral may at any time or from time to time without notice or compliance
with any condition precedent (which notice hereby is expressly waived) be
setoff, appropriated and applied by UBS-S LLC against any and all payment
obligations of Customer hereunder including, but not limited to, any deficit
balance or margin deficiency in the Account (or any sub-account within the
Account), in such manner as UBS-S LLC in its discretion may
determine.




(d) Netting.UBS-S LLC
may at any time or from time to time without notice or compliance with any
condition precedent (which notice hereby is expressly waived) net (i) any
Collateral held in or on behalf of the Account (or any sub-account within the
Account) or liabilities or payment obligations of UBS-S LLC to Customer or the
Account (or any sub-account within the Account) against (ii) any
liabilities or payment obligations of Customer thereunder, including, but not
limited to any deficit balance or margin deficiency in the Account (or any
sub-account within the Account), paying to Customer only the amount by which the
aggregate amount of (i) above exceeds the aggregate amount of (ii)
above.





(e) Gross-Up.All
payments made by Customer to UBS-S LLC hereunder will be made without setoff or
counterclaim free and clear and without deduction or withholding for,
any




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present
or future taxes, levies, assessments or other charges of whatever nature, now or
hereinafter imposed by any jurisdiction or by any agency, state or other
political subdivision or taxing authority thereof or therein, and all interest,
penalties, or similar liabilities with respect thereto (collectively,
“Taxes”).  If any Taxes are so levied or imposed, Customer agrees to
pay the full amount of such Taxes, and such additional amounts as may be
necessary so that every net payment of all amounts due hereunder, after
withholding or deduction for or on account of any Taxes, will not be less than
the amount provided for herein.  Customer will furnish to UBS-S LLC,
within thirty days after the date the payment of any Taxes is due pursuant to
Applicable Law, certified copies of tax receipts evidencing such payment by
Customer.





9.            
DELIVERY PROCEDURES; OPTIONS ALLOCATION PROCEDURE





(a) Instructions.Customer
will provide UBS-S LLC with instructions either to liquidate Contracts
previously established by Customer, make or take delivery under any such
Contracts, or exercise options entered into by Customer, within such time limits
as may be specified by UBS-S LLC. UBS-S LLC shall have no responsibility to take
any action on behalf of Customer, including, without limitation, exercising
option Contracts, unless and until UBS-S LLC receives oral or written
instructions reasonably acceptable to UBS-S LLC indicating the action UBS-S LLC
is to take.  Any instructions, if given orally to UBS-S LLC, shall
immediately be confirmed in writing by Customer.  Funds sufficient to
take delivery pursuant to such Contract or deliverable grade commodities to make
delivery pursuant to such Contract must be delivered to UBS-S LLC at such time
and location as UBS-S LLC may require in connection with any
delivery.




(b) Allocation
Procedures.Short option Contracts may be subject to exercise
at any time.  Exercise notices received by UBS-S LLC with respect to
option Contracts sold by Customer may be allocated to Customer pursuant to a
random allocation procedure, and Customer shall be bound by any such allocation
of exercise notices.  Such notices may be allocated to Customer after
the close of trading on the day on which such notices have been allocated to
UBS-S LLC by the applicable exchange.  In the event of any allocation
to Customer, unless UBS-S LLC has previously received instructions from
Customer, UBS-S LLC’s sole responsibility shall be to use commercially
reasonable efforts to notify Customer by telephone of such allocation at any
time before trading commences on the first day on which such option Contracts
are traded on the applicable exchange following the day on which the applicable
contract market has allocated such notices to UBS-S LLC.




(c) Failure to Provide
Instructions.If Customer fails to comply with any of the
foregoing obligations, UBS-S LLC may, in its sole and absolute discretion,
liquidate any open positions, make or receive delivery of any commodities or
instruments, or exercise or allow the expiration of any options, in such manner
and on such terms as UBS-S LLC, in its sole and absolute discretion, deems
necessary or appropriate.  Any such action taken shall be in the sole
and absolute discretion of UBS-S LLC and Customer shall remain fully liable for
all costs, losses, expenses, liabilities and damages (including special,
indirect and consequential damages, penalties and fines) which UBS-S LLC may be
required to pay or which it has sustained in connection with such transactions
and for any remaining debit balance in the Account.


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10.EVENTS OF DEFAULT;
UBS-S LLC’S REMEDIES




(a) Events of
Default.As used herein, each of the following shall be deemed
an “Event of Default”:  (i) the commencement of a case under any
bankruptcy, insolvency or reorganization law or similar law effecting creditors’
rights of any jurisdiction, or the filing of a petition for the appointment of a
receiver by or against Customer, an assignment made by Customer for the benefit
of creditors, an admission in writing by Customer that it is insolvent or is
unable to pay its debts when they mature, or the suspension by the Customer of
its usual business or any material portion thereof; (ii) the issuance of
any warrant or order of attachment against the Account or the levy of a judgment
against the Account; (iii) if Customer is an employee benefit plan, the
termination of Customer or the filing by Customer of a notice of intent to
terminate with the Pension Benefit Guaranty Corporation (or other similar
governmental agency or body of any jurisdiction), or the receipt of a notice of
the Pension Benefit Guaranty Corporation’s (or other similar governmental
agency’s or body’s) intent to terminate Customer, or the inability of Customer
to pay benefits under the relevant employee benefit plan when due; (iv) the
failure by Customer to deposit or maintain margins, to pay required premiums, or
to make payments required by Section 8 hereof; (v) UBS-S LLC in its
sole and absolute discretion determines that the Collateral in Customer’s
Account, regardless of current market quotations, is inadequate to secure the
Account and Customer’s obligations to UBS-S LLC hereunder; (vi) the Account
shall incur a deficit balance; (vii) the failure by Customer to perform, in
any material respect, its obligations respecting delivery, exercise or a notice
of allocation of exercise, payment for delivery, or settlement under Contracts
held in the Account (it being understood that any failure to comply with any
Applicable Law shall be deemed material); or (viii) the failure by
Customer, in any material respect, to perform any of its other obligations
hereunder (it being understood that any failure to comply with any Applicable
Law shall be deemed material).




(b) Remedies.Upon the
occurrence of an Event of Default or in the event UBS-S LLC, in its sole and
absolute discretion, considers it necessary for its protection, UBS-S LLC shall
have the right, in addition to any other remedy available to UBS-S LLC at law or
in equity, and in addition to any other action UBS-S LLC may deem appropriate
under the circumstances, to liquidate, spread or roll-forward any or all open
Contracts held in or for the Account, sell any or all of the securities or other
property of Customer held by UBS-S LLC and its affiliates and to apply the
proceeds thereof to any amounts owed by Customer to UBS-S LLC, borrow or buy any
options, securities, Contracts or other property for the Account and cancel any
unfilled orders for the purchase or sale of Contracts for the Account, or take
such other or further actions as UBS-S LLC, in its reasonable discretion, deems
necessary or appropriate for its protection, all without demand for margin and
without notice or advertisement.  In the event UBS-S LLC’s position
would not be jeopardized thereby, UBS-S LLC will make reasonable efforts under
the circumstances to notify Customer prior to taking any such
action.  Any such liquidation, sale, purchase, borrowing or
cancellation shall be made at the discretion of UBS-S LLC on, through or subject
to the rules of an exchange, on other markets, at public auction or by private
transaction, including, without limitation, by an exchange for physical
transaction or similar transaction wherein UBS-S LLC may act as agent and/or as
principal in such transaction.  Customer acknowledges and agrees that
a prior demand or margin call of any kind from UBS-S LLC or prior notice from
UBS-S LLC shall not be considered a waiver of UBS-S LLC’s right to take any
action without notice or demand.  In any transaction described above,
UBS-S LLC may sell any Collateral to itself or its affiliates or buy any
Collateral from itself or its affiliates.  UBS-


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S LLC
may, to the extent permitted by law, purchase the whole or any part thereof free
from any right of redemption.  In all cases, Customer shall remain
liable for and shall pay to UBS-S LLC on demand the amount of any deficiency in
its Account resulting from any such transaction, and Customer shall reimburse,
compensate and indemnify UBS-S LLC for any and all costs, losses, penalties,
fines, taxes and damages which UBS-S LLC may incur, including reasonable
attorneys’ fees incurred in connection with the exercise of its remedies and the
recovery of any such costs, losses, penalties, fines, taxes and
damages.





11.EXCULPATION AND
INDEMNIFICATION





(a) Exculpation.Neither
UBS-S LLC nor any of its managing directors, officers, employees or affiliates
shall be liable for any costs, losses, penalties, fines, Taxes and damages
sustained or incurred by Customer other than as a result of UBS-S LLC’s gross
negligence or reckless or intentional misconduct.  In no event will
UBS-S LLC be liable to Customer for consequential, incidental or special
damages.  Without limiting the generality of the foregoing, neither
UBS-S LLC nor any of its managing directors, officers, employees or affiliates
shall have any responsibility or liability to Customer hereunder for any costs,
losses, penalties, fines, Taxes and damages, including consequential, incidental
or special damages, sustained or incurred by Customer, (i) in connection
with the performance or non-performance by any exchange, clearing firm or other
third party (including other exchange members, banks and floor brokers) to UBS-S
LLC of its obligations in respect of any Contract or other property of Customer;
(ii) as a result of any prediction, recommendation or advice made or given
by a representative of UBS-S LLC whether or not made or given at the request of
Customer; (iii) as a result of any delay in the performance or
non-performance of any of UBS-S LLC’s obligations hereunder to the extent that
losses arising therefrom are, directly or indirectly, caused by the occurrence
of any contingency beyond the control of UBS-S LLC including, but not limited
to, the unscheduled closure of an exchange or contract market or delays in the
transmission of orders due to breakdowns or failures of transmission or
communication facilities, execution, and/or trading facilities or other systems;
(iv) as a result of any action taken by UBS-S LLC, its managing directors,
officers, employees, agents (including other clearing firms through which
transactions are effected on behalf of Customer) or floor brokers, to comply
with Applicable Law; or (v) for any acts or omissions of those neither
employed nor supervised by UBS-S LLC. Moreover, UBS-S LLC shall have no
responsibility for compliance by Customer with any law or regulation governing
Customer’s conduct as a fiduciary, if applicable.




(b) Force Majeure and Acts of
State.In the event that UBS-S LLC’s performance of any of its
obligations and undertakings hereunder shall be interrupted or delayed by any
occurrence not occasioned by the conduct of either party hereto, whether such
occurrence shall be an act of God or the common enemy or the result of war,
riot, fire, flood, civil commotion, acts of terrorism, sovereign conduct or
other acts of State, or the act or conduct of any person or persons not party or
privy hereto, then UBS-S LLC shall be excused from performance for such period
of time as is reasonably necessary after such occurrence to remedy the effects
thereof and neither UBS-S LLC nor any of its managing directors, officers,
employees or affiliates shall be directly or indirectly responsible for losses
occasioned thereby.





(c) Electronic Trading Systems
Waiver.In consideration of UBS-S LLC making electronic
trading systems or services available, in whole or in part, directly or
indirectly,


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Customer
agrees that neither UBS-S LLC, the electronic trading systems or services
provided, exchanges whose products may be traded on or through such electronic
trading systems or services, nor any other entities controlling, controlled by
or under common control with such entities, nor their respective directors,
officers, or employees, shall be liable for any losses, damages, costs or
expenses (including, but not limited to, loss of profits, loss of use,
incidental or consequential damages), regardless of the cause, arising from any
fault, delay, omission, inaccuracy or termination of the electronic trading
systems or services, or the inability to enter or cancel orders, or any other
cause in connection with the furnishing, performance, maintenance, or use of or
inability to use all or any part of the electronic trading systems or
services.  The foregoing shall apply regardless of whether a claim
arises in contract, tort, negligence, strict liability or
otherwise.





(d) IndemnificationofUBS-S LLC.  Customer agrees to indemnify and hold
UBS-S LLC and its managing directors, officers, employees and affiliates
harmless from and against any and all costs (including reasonable attorneys’
fees), losses, penalties, fines, taxes and damages incurred by UBS-S LLC as a
result of any action taken or not taken by UBS-S LLC in reliance upon any
instructions, notices and communications which UBS-S LLC believes to be that of
an individual authorized to act on behalf of Customer, or in connection with
UBS-S LLC’s recovery of any such costs, losses, penalties, fines, taxes and
damages.





12. TERMINATION




This
Agreement may be terminated at any time by Customer or UBS-S LLC by written
notice to the other; provided, however, that any such termination shall not
relieve either party of any obligations in connection with any debit or credit
balance in the Account or other liability or obligation arising or accruing
prior to such termination.  In the event of such notice, Customer
shall either close out open positions in the Account or arrange for such open
positions to be transferred to another futures commission
merchant.  Upon satisfaction by Customer of all of Customer’s
Liabilities, UBS-S LLC shall transfer to another futures commission merchant all
Contracts, if any, then held for the Account, and shall transfer to Customer or
to another futures commission merchant, as Customer may instruct, all cash,
securities and other property held in the Account, whereupon this Agreement
shall terminate.




13. LIQUIDATION OF OFFSETTING
POSITIONS





UBS-S LLC
shall liquidate any Contract for which an offsetting order is entered by
Customer, unless Customer instructs UBS-S LLC not to liquidate such Contract and
to maintain the offsetting Contracts as open positions; provided, that UBS-S LLC
shall not be obligated to comply with any such instructions given by Customer if
Customer fails to provide UBS-S LLC with any representations, documentation or
information reasonably requested by UBS-S LLC or if, in UBS-S LLC’s reasonable
judgment, any failure to liquidate such offsetting Contracts against each other
would result in a violation of Applicable Law.





14. REPORTS AND OBJECTIONS





(a)            All
confirmations, purchase and sale notices, correction notices and account
statements (collectively, “Reports”) shall be submitted to Customer and shall be
conclusive and


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binding
on Customer unless Customer notifies UBS-S LLC of any objection thereto prior to
the opening of trading on the contract market on which such transaction occurred
on the business day following the day on which Customer receives such Report;
provided, that with respect to monthly statements, Customer may notify UBS-S LLC
of any objection thereto within five business days after receipt of such monthly
statement, provided the objection could not have been raised at the time any
prior Report was received by Customer as provided for above.  Any such
notice of objection, if given orally to UBS-S LLC, shall immediately (and in no
event later than within one business day) be confirmed in writing by
Customer.




(b)           Customer
consents to the electronic delivery of Reports via facsimile, electronic mail,
computer networks (e.g., local area networks, commercial on-line services and
SwisKey, Abacus or any similar online statement delivery system) or other
electronic means agreed upon by Customer and UBS-S LLC. Customer may revoke its
consent at any time upon reasonable notice to UBS-S LLC.





15. FOREIGN
CURRENCY TRANSACTIONS




In the
event that the Customer directs UBS-S LLC to enter into any Contract on an
exchange on which such transactions are effected in a currency other than the
U.S. dollar, any profit or loss arising as a result of a fluctuation in the
exchange rate affecting such currency will be entirely for the account and risk
of the Customer.  All initial and subsequent deposits for margin
purposes, and the return to the Customer of any funds, are expected to be made
in the currency of contract settlement.  Should the Customer elect to
deposits funds other than the currency of settlement or instruct UBS-S LLC to
convert funds which are already on deposit in another currency, UBS-S LLC shall
debit or credit the Account of Customer at a rate of exchange determined by
UBS-S LLC in its sole discretion on the basis of the then prevailing market rate
of exchange for such foreign currency.  Customer authorizes UBS-S LLC
to deposit Customer funds in depositories located outside of the United States
consistent with the requirements of Applicable Law.




16. UBS-S LLC’S RESPONSIBILITY




UBS-S LLC
is not acting as a fiduciary, foundation manager, commodity pool operator,
commodity trading advisor or investment adviser in respect of any Account opened
by Customer and UBS-S LLC shall have no responsibility hereunder for compliance
with any law or regulation governing the conduct of fiduciaries, foundation
managers, commodity pool operators, commodity trading advisors or investment
advisers.





17. ADVICE




All
advice communicated by UBS-S LLC with respect to any Account opened by Customer
hereunder is incidental to the conduct of UBS-S LLC’s business as a futures
commission merchant, does not constitute an offer to sell or the solicitation of
an offer to buy any Contract, and such advice will not serve as the primary
basis for any decision by or on behalf of Customer.  UBS-S LLC shall
have no discretionary authority, power or control over any decisions made by or
on behalf of Customer in respect of the Account, regardless of whether Customer
relies on the advice of UBS-S LLC in making any such decision.  Any
such advice,


14


although
based upon information from sources UBS-S LLC believes to be reliable, may be
incomplete or inaccurate, may not be verified and may be changed without notice
to Customer.  UBS-S LLC makes no representation as to the accuracy,
completeness, reliability or prudence of any such advice or information or as to
the tax consequences of Customer’s futures or options trading.  UBS-S
LLC is a separate and independent corporate entity, distinct from its affiliates
and it shall be free to purchase and sell Contracts for any affiliates without
limitation or restriction.  The relationship between UBS-S LLC and
Customer as described herein shall not affect any provisions of credit to
Customer by UBS AG or any other subsidiary of UBS AG. Moreover, Customer
acknowledges that UBS-S LLC and its managing directors, officers, employees and
affiliates may take or hold positions in, or advise other customers concerning,
contracts which are the subject of advice from UBS-S LLC to
Customer.  The positions and advice of UBS-S LLC and its managing
directors, officers, employees and affiliates may be inconsistent with or
contrary to positions of, and the advice given by, UBS-S LLC to
Customer.





18. FINANCIAL AND OTHER INFORMATION





Customer
agrees to furnish appropriate financial statements to UBS-S LLC and to inform
UBS-S LLC of any material changes in the financial position of Customer and to
furnish promptly such other information concerning Customer as UBS-S LLC
reasonably requests.  UBS-S LLC is authorized from time to time to
contact banks, financial institutions and credit agencies for verification of
the financial condition of Customer.  Customer agrees that UBS-S LLC
may, from time to time, share with its branches, agencies and affiliates,
certain non-public information concerning Customer.





19. RECORDING




UBS-S
LLC, in its sole and absolute discretion, may record, on tape or otherwise, any
telephone conversation between UBS-S LLC and Customer involving their respective
officers, agents and employees.  Customer hereby agrees and consents
to such recording, with or without the use of an automatic tone warning device,
and waives any right Customer may have to object to the use or admissibility
into evidence of such recording in any legal proceeding between Customer and
UBS-S LLC or in any other proceeding to which UBS-S LLC is a party or in which
UBS-S LLC’s records are subpoenaed.  Customer acknowledges that UBS-S
LLC may erase such recordings after a reasonable period of time.





20. ACCOUNTS
INTRODUCED BY OTHER BROKERS




If UBS-S
LLC is carrying the Account of Customer as executing or clearing broker by
arrangement with another broker through whose courtesy the Account has been
introduced to UBS-S LLC, then, until receipt from Customer of written notice to
the contrary, UBS-S LLC may accept from such other broker, without inquiry or
investigation by UBS-S LLC, (i) orders for the purchase or sale in the
Account of Contracts, and (ii) any other instructions concerning the
Account.  UBS-S LLC shall not be responsible or liable for any acts or
omissions of such other broker or its employees.


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21. SEVERABILITY





If any
provision of this Agreement is, or at any time becomes, inconsistent with any
present or future Applicable Law, and if any of these authorities have
jurisdiction over the subject matter of this Agreement, the inconsistent
provision shall be deemed superseded or modified to conform with such law, rule
or regulation but in all other respects, this Agreement shall continue and
remain in full force and effect.





22. BINDING
EFFECT





This
Agreement shall be binding on and inure to the benefit of the parties and their
successors.  In accordance with CFTC regulations, UBS-S LLC may assign
Customer’s Account(s) and this Agreement to another registered Futures
Commission Merchant (“FCM”) by notifying Customer of the date and name of the
intended assignee FCM. Unless Customer objects to the assignment prior to the
scheduled date for the assignment, the assignment will be binding on
Customer.  Customer may not assign this Agreement without UBS-S LLC’s
prior consent.





23. ENTIRE
AGREEMENT





This
Agreement contains the entire agreement between the parties and supersedes any
prior agreements between the parties as to the subject matter
hereof.  No provision of this Agreement shall in any respect be
waived, altered, modified, or amended unless such waiver, alteration,
modification or amendment is signed by the party against whom such waiver,
alteration, modification or amendment is to be enforced.





24. INSTRUCTIONS, NOTICES OR COMMUNICATIONS




(a) Except as
specifically otherwise provided in this Agreement, all instructions, notices or
other communications may be oral or written.  All oral instructions,
unless custom and usage of trade dictate otherwise, shall be promptly confirmed
in writing.  All written instructions, notices or other communications
shall be addressed as follows:





(i) 
i f to
UBS-S LLC:





UBS
Securities LLC






st





(ii) if to
Customer at the address as indicated on the New Account Information
Form.





(b) All
instructions, notices or other communications sent, whether by mail, telex,
facsimile transmission or otherwise, shall be deemed given when deposited in the
mail, or sent by telex or facsimile transmission or other electronic means
acceptable to the recipient thereof, and deemed delivered to Customer
personally, whether actually received by Customer or not.  All
instructions, notices or other communications to UBS-S LLC shall be directed to
UBS-S


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LLC’s
office at the address listed above or such other addresses as UBS-S LLC may
hereafter direct to Customer in writing.





25. RIGHTS AND REMEDIES
CUMULATIVE




All
rights and remedies arising under this Agreement as amended and modified from
time to time are cumulative and not exclusive of any rights or remedies which
may be available at law or otherwise.





26. NO
WAIVER




No
failure on the part of UBS-S LLC to exercise, and no delay in exercising, any
contractual right will operate as a waiver thereof, nor will any single or
partial exercise by UBS­S LLC of any right preclude any other or future
exercise thereof or the exercise of any other partial right.





27. GOVERNING
LAW




THE
INTERPRETATION AND ENFORCEMENT OF THIS AGREEMENT AND THE RIGHTS, OBLIGATIONS AND
REMEDIES OF THE PARTIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO PRINCIPLES OF CHOICE OF
LAW.





28. CONSENT
TO JURISDICTION




Any
litigation between UBS-S LLC and Customer relating to this Agreement or
transactions hereunder shall take place in the Courts of the State of Illinois
located in Cook County or in the United States District Court for the Northern
District of Illinois, and the parties agree to submit to such exclusive
jurisdiction.  Customer consents to the service of process by the
mailing to Customer of copies of such court filing by certified mail to the
address of Customer as it appears on the books and records of UBS-S LLC, such
service to be effective ten days after mailing.  Customer hereby
waives irrevocably any immunity to which it might otherwise be entitled in any
arbitration, action at law, suit in equity or any other proceeding arising out
of or based on this Agreement or any transaction in connection
herewith.





29. WAIVER
OF JURY TRIAL




Customer
hereby waives trial by jury in any action or proceeding arising out of or
relating to this Agreement or any transaction in connection
herewith.





30. ACCEPTANCE
OF AGREEMENT




This
Agreement shall not be deemed to be accepted by UBS-S LLC or become a binding
contract between Customer and UBS-S LLC until approved by a duly authorized
officer of UBS­-S LLC in writing.


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31.CUSTOMER
ACKNOWLEDGEMENTS (please check boxes below with an “x” where
applicable):




þ (a)           RISK DISCLOSURE
STATEMENT




CUSTOMER
HEREBY ACKNOWLEDGES THAT IT HAS RECEIVED, UNDERSTANDS AND CONSENTS TO THE RISK
DISCLOSURE STATEMENT FOR FUTURES AND OPTIONS FURNISHED HEREWITH INCLUDING
DISCLOSURES REGARDING:





Notice
Regarding Average Pricing




Electronic
Trading and Order Routing Systems Disclosure Statement




UBS-S LLC
Special Disclosure Statement




Cross
Trade Consent




Foreign
Futures and Options Direct Order Transmittal Customer Disclosure
Statement




LME
Guidelines (applicable to customers trading LME contracts)




Hong Kong
Position Limit Notice (applicable to customers trading on Hong Kong
Exchanges)




o (b)           CONSENT TO TRANSFER
FUNDS




The
undersigned acknowledges that UBS-S LLC may, until it receives a written notice
of revocation with respect thereto, in its sole and absolute discretion and
without prior notice to the undersigned, transfer any funds, securities,
commodities, Contracts or other property from any account (segregated, secured
or non-regulated) maintained by the undersigned to any other account
(segregated, secured or non-regulated) of the undersigned maintained by UBS-S
LLC or any of its affiliates.  UBS-S LLC will promptly confirm in
writing each transfer of funds, securities, commodities, Contracts or other
property pursuant hereto.  UBS-S LLC shall not be liable for making or
failing to make any transfer authorized hereby.




32. HEDGING REPRESENTATION (The following
must be completed by Customers who will engage in transactions for
bona fide hedging purposes only.)Customer has indicated on the New
Account Information Form that the Account is for hedging
purposes.  Customer represents that it is familiar with CFTC and
exchange rules, regulations, and advisories concerning
hedging.  Unless Customer specifically notifies UBS-S LLC to the
contrary in writing with respect to any transaction, all transactions effected
for the Account will be bona fide hedging transactions as described in
Section 4a of the Commodity Exchange Act, as amended,


18


and
Rule 1.3(z) promulgated thereunder (a copy of which may be obtained from
UBS-S LLC upon request).  As such, in accordance with CFTC
Rule 190.06, Customer may specify whether, in the unlikely event of UBS-S
LLC’s bankruptcy, Customer prefers that the trustee liquidate open commodity
contracts in the Account without seeking Customer’s
instructions.  Accordingly, in the event of UBS-S LLC’s bankruptcy,
the trustee should (check one
of the following):





X
            Attempt
      to contact Customer for instructions regarding the disposition of open
      contracts in the Account.




o           
Liquidate open commodity contracts without seeking Customer’s
instructions.




This
instruction may be changed at any time by written notice sent to UBS-S
LLC.




Specify
Commodities to be Hedged: 
____________________________________________________________________






















*           *           *           *           *




(signature
page on next page)






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