Document:

Unassociated Document

     

     

    MILLBURN
MULTI-MARKETS FUND L.P.

     

    SECOND
AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

     

    
      
        
          	 
      	 
      	 
      	 
      	
                  Page

                
	 
      	 
      	 
      	 
      	 
      
	
                  1.

                	 
      	
                  Formation
      of Limited Partnership; Partnership Name

                	 
      	
                  1

                
	 
      	 
      	 
      	 
      	 
      
	
                  2.

                	 
      	
                  Principal
      Place of Business

                	 
      	
                  1

                
	 
      	 
      	 
      	 
      	 
      
	
                  3.

                	 
      	
                  Business

                	 
      	
                  2

                
	 
      	 
      	 
      	 
      	 
      
	
                  4.

                	 
      	
                  Term,
      Dissolution and Fiscal Year

                	 
      	
                  3

                
	 
      	 
      	 
      	 
      	 
      
	
                  5.

                	 
      	
                  Units
      and Capital Contributions

                	 
      	
                  3

                
	 
      	 
      	 
      	 
      	 
      
	
                  6.

                	 
      	
                  Allocation
      of Profits and Losses

                	 
      	
                  4

                
	 
      	 
      	 
      	 
      	 
      
	
                  7.

                	 
      	
                  Duties
      of the General Partner

                	 
      	
                  6

                
	 
      	 
      	 
      	 
      	 
      
	
                  8.

                	 
      	
                  Reports
      to Limited Partners

                	 
      	
                  6

                
	 
      	 
      	 
      	 
      	 
      
	
                  9.

                	 
      	
                  Non-Assignability
      and Redemptions

                	 
      	
                  7

                
	 
      	 
      	 
      	 
      	 
      
	
                  10.

                	 
      	
                  Special
      Power of Attorney

                	 
      	
                  9

                
	 
      	 
      	 
      	 
      	 
      
	
                  11.

                	 
      	
                  Voluntary
      or Involuntary Redemption of a Partner; Removal of General
      Partner

                	 
      	
                  9

                
	 
      	 
      	 
      	 
      	 
      
	
                  12.

                	 
      	
                  No
      Personal Liability for Return of Capital

                	 
      	
                  9

                
	 
      	 
      	 
      	 
      	 
      
	
                  13.

                	 
      	
                  Standard
      of Liability and Indemnification

                	 
      	
                  9

                
	 
      	 
      	 
      	 
      	 
      
	
                  14.

                	 
      	
                  Additional
      Limited Partners

                	 
      	
                  10

                
	 
      	 
      	 
      	 
      	 
      
	
                  15.

                	 
      	
                  Amendments
      with Consent of the General Partner

                	 
      	
                  10

                
	 
      	 
      	 
      	 
      	 
      
	
                  16.

                	 
      	
                  Governing
      Law

                	 
      	
                  11

                
	 
      	 
      	 
      	 
      	 
      
	
                  17.

                	 
      	
                  Miscellaneous

                	 
      	
                  11

                

        

      

    

    
      
         

      

      
        -i-

        
          

        

      

      
         

      

    

    MILLBURN
MULTI-MARKETS FUND L.P.

     

    SECOND
AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

     

    This
Second Amended and Restated Limited Partnership Agreement (this “Agreement”)
dated as of November 1, 2009, by and among Millburn Ridgefield Corporation, a
Delaware corporation (the “General Partner”), and the other parties who become
parties to this Agreement, whether by execution of a counterpart of this
Agreement or by execution of a separate instrument pursuant to which such party
agrees to be bound by the terms of this Agreement (collectively, “Limited
Partners”) (the General Partner and Limited Partners may be collectively
referred to herein as “Partners”).

     

    WITNESSETH:

     

    WHEREAS, the parties hereto
desire to continue a limited partnership for the purposes set forth herein, and
to set forth the terms pursuant to which the Partnership shall be
governed;

     

    WHEREAS, this Agreement
amends and restates in its entirety the Partnership’s previous amended and
restated limited partnership agreement;

     

    NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

     

    1.           
Formation of Limited
Partnership; Partnership Name.

     

    (a)           The
Partners do hereby form a limited partnership under the Delaware Revised Uniform
Limited Partnership Act, as amended and in effect on the date hereof (the
“Act”).  The name of the limited partnership is Millburn Multi-Markets
Fund L.P. (the “Partnership”).

     

    The
General Partner has executed and filed a Certificate of Limited Partnership in
accordance with the provisions of the Act and shall execute, file and record, as
appropriate, such amendments, assumed name certificates and other documents as
are or become necessary or advisable as determined by the General Partner, and
shall take all steps which the General Partner may deem necessary or advisable
to allow the Partnership to conduct business in any jurisdiction where the
Partnership conducts business and to otherwise provide that Limited Partners
will have limited liability with respect to the activities of the Partnership in
all such jurisdictions.  Each Limited Partner hereby undertakes to
furnish to the General Partner a power of attorney which may be filed with the
Certificate of Limited Partnership and any amendments thereto and such
additional information as is required from it to complete such documents and to
execute and cooperate in the filing or recording of such documents at the
request of the General Partner, provided that no Limited Partner shall in any
respect participate in the management of the Partnership.  The General
Partner shall have the authority to reorganize the Partnership, or to merge the
Partnership into a new limited partnership organized under the laws of any State
in the United States, provided that such reorganization or merger does not have
a material adverse effect on the Limited Partners.

     

    2.           
Principal Place of
Business.

     

    The
principal office of the Partnership shall be 411 West Putnam Avenue, Greenwich,
Connecticut 06830, or such other place as the General Partner may
designate.

     

    The
address of the registered office of the Partnership in the State of Delaware is
c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street,
Wilmington, Newcastle County, Delaware  19801, and the name and
address of the registered agent for service of process on the Partnership in the
State of Delaware is The Corporation Trust Company, Corporation Trust Center,
1209 Orange Street, Wilmington, Newcastle County,
Delaware  19801.

     

    The
General Partner may change the registered office and registered agent of the
Partnership upon notice to the Limited Partners.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.           
Business.

     

    The
Partnership will operate as a “feeder fund,” investing all of its assets in
Millburn Multi-Markets Trading, L.P., a Delaware limited partnership (the
“Master Fund”), except for such capital as the General Partner determines is
reasonably necessary or appropriate to pay any fees, expenses or other costs
related to the Partnership.  Subject to the general limitation of
investing all of its assets in the Master Fund, the business and purpose of the
Partnership, through its investment in the Master Fund, is to trade, buy, sell
or otherwise acquire, hold or dispose of commodities and currencies including
futures and forward contracts, options contracts, and any other rights
pertaining thereto.  The objective of the Partnership business,
through its investment in the Master Fund, is appreciation of its assets through
speculative trading.

     

    The
Partnership shall have the following purposes, through its investment in the
Master Fund:

     

    (a)          
to purchase, sell, write and invest and trade in, within and without the United
States, on margin or otherwise, government and government agency bonds,
debentures, notes, letters of credit, bankers’ acceptances, commercial paper,
other securities, rights and options, including puts and calls, with respect to
any of the foregoing (collectively, “Securities”), including the making and
covering of short sales of Securities;

     

    (b)          
to purchase, sell, write and invest and trade in, within or without the United
States, on margin or otherwise, commodities, commodity futures and forward
contracts and rights and options, including puts and calls, with respect to
commodities and commodity futures and forward contracts (collectively,
“Commodity Interests”), including the making and covering of short sales of
Commodity Interests;

     

    (c)          
to purchase, sell and invest in all manner of physical and “spot” market
commodities within and without the United States;

     

    (d)          
to purchase, sell, write and invest and trade in, within and without the United
States, on margin or otherwise, foreign currencies, foreign currency futures
contracts, foreign currency forward contracts and rights and options relating
thereto (collectively, “Currency Interests”), including the making and covering
of short sales of Currency Interests;

     

    (e)          
to lend monies to third parties;

     

    (f)          
to purchase, sell, write and invest and trade in, within and without the United
States, on margin or otherwise, “swaps,” “swaptions,” “floors,” “collars,” “swap
agreements” within the meaning of the Part 35 regulations of the Commodity
Futures Trading Commission (“CFTC”), “hybrid instruments” within the meaning of
the Part 34 regulations of the CFTC, and excluded derivative transactions,
hybrid instruments and excluded swap transactions within the meaning of Section
2 of the Commodity Exchange Act and all manner of “over-the-counter”
instruments, including the making and covering of short sales in any of the
foregoing;

     

    (g)          
to engage in any form of trading or investment activity within or without the
United States which the general partner of the Master Fund (the “Master Fund
GP”)  deems appropriate, without restriction or limitation, and to
refrain from trading or investing in the Master Fund GP’s  absolute
discretion; and

     

    (h)          
to engage in any other lawful act or activity within or without the United
States for which limited partnerships may be organized under the laws of the
State in which the Partnership is then organized.

     

    The
Partnership shall have the power to enter into, make and perform all contracts
and other undertakings, and engage in all activities and transactions as may be
necessary or advisable to the carrying out of the foregoing purposes, including,
without limitation, but subject to the general limitation of investing all of
its assets in the Master Fund, except for any capital as the General Partner
determines is reasonable necessary or appropriate to pay any fees, expenses or
other costs related to the Partnership, the power:

     

    (aa)         to
borrow money from banks, brokers or any of the Partners, and to secure the
payment of any obligations of the Partnership by hypothecation or pledge of all
or part of the assets of the Partnership;

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (bb)

            	
              to
      exercise all rights, powers, privileges and other incidents of ownership
      or possession with respect to the assets of the
    Partnership;

            

    

     

    
      	
               
      

            	
              (cc)

            	
              to
      open, maintain and close bank, brokerage and other
    accounts;

            

    

     

    (dd)        to
maintain one or more offices within or without the State of Connecticut and in
connection therewith to rent or acquire office space, engage personnel and do
such other acts as the General Partner may deem to be advisable or necessary in
connection with such offices and personnel, all at the Partnership’s expense;
and

     

    (ee)         to
take such actions as the General Partner may deem to be necessary or advisable
in connection with the foregoing, including the retention of agents, independent
contractors, attorneys, accountants and investment counselors, and the
preparation and filing of all Partnership tax returns.

     

    4.        
   Term,
Dissolution and Fiscal Year.

     

    (a)           Term.  The
term of the Partnership commenced on the day the Certificate of Limited
Partnership was filed with the Office of the Secretary of State of the State of
Delaware pursuant to the provisions of the Act and shall end upon the first to
occur of the following:  (1) withdrawal, insolvency, bankruptcy
or dissolution of the General Partner; or (2) any event which shall make it
unlawful for the existence of the Partnership to continue.

     

    (b)           Dissolution.  Upon
the occurrence of an event causing the termination of the Partnership, the
Partnership shall terminate and be dissolved.  Dissolution, payment of
creditors and distribution of the Partnership assets shall be effected in
accordance with the Act, and the General Partner and each Limited Partner (and
any assignee the assignment to which the General Partner has consented) shall
share in the assets of each Series (as defined in Paragraph 5(a)) in which it is
invested pro rata in
the ratio of the total of all capital accounts attributable to the Units (as
defined in Paragraph 5(a)) of such Series held by such Partner to the total of
all capital accounts attributable to the Series, less any amount owed by such
Partner (or assignee) to the Partnership and attributable to that
Series.

     

    (c)           Fiscal
Year.  The fiscal year of the Partnership shall begin
January 1 of each year and end on December 31 of each
year.

     

    5.        
   Units and
Capital Contributions.

     

    (a)           Offering of
Units.  The beneficial interests in the Partnership shall
consist of two types: a general liability interest and units of limited
partnership interest (“Units”).  The General Partner shall acquire the
general liability interest, and Limited Partners shall all acquire
Units.  The General Partner may, from time to time, authorize the
designation of the Units into one or more series (“Series”).  Units
may be sold by the General Partner or its agents on behalf of the Partnership,
at the General Partner’s discretion, to persons desiring to become Limited
Partners.  Upon the initial contribution by the General Partner to the
Partnership, the General Partner will become the holder of the general liability
interest of the Partnership.  The General Partner’s general liability
interest shall be accounted for on a Unit-equivalent basis, but may receive
allocations on an aggregate basis so as to simplify the Partnership’s
accounting.  The amount of the purchase price of Units purchased by a
Limited Partner shall constitute such Limited Partner’s initial capital
contribution.  The aggregate of all contributions shall be available
to the Partnership to carry on its business and no interest shall be paid on any
such contribution.  There is no maximum amount of funds which may be
contributed to the Partnership.

     

    (b)           Partners’
Contributions.  The General Partner shall maintain a sufficient
investment in the Partnership for the Partnership to be treated as a partnership
for federal income tax purposes.  Each Partner shall contribute cash
to the Partnership, although the General Partner shall have discretion to accept
other assets valued at fair market value.  The aggregate of all
contributions shall be available to the Partnership to carry on its business and
no interest shall be paid on any such contribution.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (c)           Limited Liability
of Limited Partners.  Each Unit, when
purchased by a Limited Partner, shall be fully paid and
non-assessable.  No Limited Partner shall be liable for Partnership
obligations in excess of the capital contributed by it, plus its share of
profits, if any, including its obligation, as required by law under certain
circumstances, to return to the Partnership distributions and returns of
contributions.  Each Limited Partner hereby agrees with the General
Partner that, upon written demand therefor by the General Partner, such Limited
Partner will promptly return to the Partnership all amounts for which such
Limited Partner may be liable to the Partnership or its creditors under the
Act.

     

    (d)           Return of Limited
Partners’ Capital Contributions.  Except to the extent that a
Limited Partner shall be entitled to redeem all or a portion of its Units in
accordance with the terms of this Agreement, no Limited Partner shall have any
right to demand the return of its capital contributions or any profits added
thereto, except upon termination and dissolution of the
Partnership.  In no event shall a Limited Partner be entitled to
demand or receive property other than cash.

     

    (e)           Distributions.  The
General Partner shall have sole discretion in determining what distributions, if
any, the Partnership will make to its Limited Partners.  No Limited
Partner shall have the right to demand or receive property other than cash upon
redemption of all or part of such Limited Partner’s Units.  The
Partnership may pay all distributions (including distributions made in respect
of redemptions) in cash or in kind.

     

    (f)           Contributions by
Employee Benefit Plans and Plan Asset Entities.  The General Partner may
determine to not accept contributions for Units if doing so would cause the
assets of the Master Fund to constitute “plan assets” for purposes of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or
Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), with
respect to any “employee benefit plan” as defined in and subject to ERISA or
with respect to any “plan” as defined in and subject to Section 4975 of the
Code.  If rejection of subscriptions by any person, including but not
limited to any such employee benefit plan, such other plan or account, or
entities that are treated as holding such plan assets, is necessary to avoid
causing the assets of the Master Fund to be such plan assets, the General
Partner will effect such rejections as the General Partner, in its sole
discretion, determines.

     

    6.        
   Allocation
of Profits and Losses.

     

    (a)          Capital
Accounts.  A capital account shall be established for each Unit
and for the General Partner.  The initial balance of each capital
account shall be the amount contributed to the Partnership in respect of a Unit
or by the General Partner.

     

    (b)          Monthly and
Yearly Allocations.  As of the close of business (as determined
by the General Partner) of the last day of each month or of the fiscal year, as
the case may be, the following determinations and allocations shall be
made:

     

    
      	
               
      

            	
              (1)

            	
              The
      Net Assets of the Partnership (as defined in Paragraph 6(d)) shall be
      determined.

            

    

     

    
      	
               
      

            	
              (2)

            	
              The
      General Partner shall allocate to each Series all Net Assets attributable
      to such Series.

            

    

     

    
      	
               
      

            	
              (3)

            	
              Subject
      to subparagraph (4), any increase or decrease in Net Assets of a Series as
      of the end of the month, including net interest income, shall be credited
      or charged (A) equally to the capital account of each Unit of such Series
      and (B) pro rata
      to the capital account of the General Partner in the ratio that the
      balance of such account bears to the balance of all capital accounts
      attributable to the Series.

            

    

     

    
      	
               
      

            	
              (4)

            	
              The
      amount of any distributions made in respect of a Unit and any amount paid
      upon partial redemption of Units or upon withdrawal of part or all of the
      General Partner’s interest shall be charged to the capital account of such
      Unit or of the General Partner, as applicable.  The capital
      account of any Unit redeemed shall be
  eliminated.

            

    

     

    (c)           Allocation of
Profit and Loss for Federal Income Tax Purposes.  In each
fiscal year, items of income, deduction, gain or loss that are recognized for
income tax purposes (including any capital gain or loss required to be taken
into account under Section 1256 of the Code) shall be allocated among the
Partners in such manner as to reflect equitably amounts credited to or charged
against each capital account established with respect to each such Partner,
whether in such fiscal year or in prior fiscal years.  To this end,
the Partnership shall establish a tax capital account with respect to each
Partner and maintain records which shall show the extent to which the capital
account of each Unit and the General Partner is, as of the last day of each
fiscal year, comprised of amounts which have not been reflected in the tax
account of the Partners.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    The
General Partner may, in its sole discretion, elect to use an “aggregate”
allocation method permitted under Sections 704(b) and (c) of the Code and the
regulations thereunder; otherwise, to the extent deemed by the General Partner
to be feasible and equitable, taxable income and gains in each fiscal year shall
be allocated among the Partners who have benefited from the Partnership’s income
and gains, and tax deductions and losses in each fiscal year shall be allocated
among the Partners who have borne the Partnership’s deductions and
losses.

     

    In the
event a Limited Partner redeems all or some of its Units, the General Partner
may in its sole discretion make a special allocation to the Partner for federal
income tax purposes of the gains or losses recognized by the
Partnership.  The allocation of such gains shall be in such a manner
as will reduce the amount, if any, by which the aggregate balance of such
Partner’s capital accounts (or, with respect to a partial redemption, the
portion thereof attributable to the Units being redeemed) exceeds its federal
income tax basis in its Units (or, with respect to a partial redemption, the
Units being redeemed) before such allocation.  The allocation of such
losses shall be in such a manner as will reduce the amount, if any, by which the
balance of such Partner’s federal income tax basis in its Units (or, with
respect to a partial redemption, the Units being redeemed) exceeds the aggregate
balance of such Partner’s capital accounts (or, with respect to a partial
redemption, the portion thereof attributable to the Units being redeemed) before
such allocation.

     

    Any
elections or other decisions relating to allocations under this Paragraph 6(c)
will be made in any manner that the General Partner determines reasonably
reflects the purpose and intention of this Agreement.  The tax
allocations set forth in this Paragraph 6(c) are intended to allocate items of
Partnership income, gains, losses and deductions (ordinary, short-term and
long-term) in accordance with Sections 704(b) and (c) of the Code.

     

    (d)           Net Assets;
Accounting.  Net Assets of the Partnership shall be determined
primarily based on the Partnership’s investment in the Master
Fund.  The Master Fund’s net assets equal the sum of all cash, plus
treasury bills, notes or other securities at market value, plus the market value
of all open futures, forward, over the counter swap or other trading positions
maintained by the Partnership, less all liabilities of the Partnership
determined in accordance with the accounting principles set forth
below.  Net Assets of the Partnership shall be determined in
accordance with generally accepted accounting principles under the accrual basis
of accounting.  The market value of all Partnership and Master Fund’s
assets and liabilities, for all purposes hereunder, shall be determined in
accordance with the General Partner’s Valuation Policies and Procedures, a copy
of which is available to Limited Partners upon request.  The General
Partner may reduce the valuation of any asset by reserves established to reflect
contingencies, liabilities, uncertain valuations or other factors, which the
General Partner determines, in its absolute discretion, reduce, or might reduce,
the value of such asset.  All determinations of value by the General
Partner shall be final and conclusive as to all Partners, absent bad faith, and
the General Partner shall be absolutely protected in relying upon valuations
furnished to the General Partner by third parties believed by the General
Partner, without independent investigation, to be made in good faith and
reliable.  The net asset value per Unit of a Series shall equal the
Net Assets of such Series divided by the number of its Units outstanding as of
any given valuation date.

     

    (e)     Expenses.  The
Partnership shall bear all of its own expenses (which may be paid by the Master
Fund on behalf of the Partnership), including, but not limited
to:  (a) all expenses that the General Partner reasonably determines
to be incurred in connection with the Partnership’s investment activities, which
will be conducted by investing all of the Partnership’s assets in the Master
Fund, except for any capital as the General Partner determines is reasonably
necessary or appropriate to pay any fees, expenses or other costs related to the
Partnership; any taxes to which the Partnership is subject; regulatory fees and
interest charges; (b) expenses incurred in connection with the organization of
the Partnership and the initial offering of the Units, which have been paid by
the General Partner and shall be reimbursed by the Partnership in 60 equal
monthly installments beginning with the commencement of the Partnership’s
operations; provided,
however, that to the extent the reimbursed amount of such organizational
and initial offering costs exceeds in the aggregate for any month 1/12 of 0.05%
(0.05% per annum) of the Partnership’s month-end net asset value, such excess
will not be reimbursed by the Partnership but will be borne by the General
Partner; provided further,
that the Partnership’s obligation to reimburse the General Partner for
such expenses shall terminate if the Partnership is terminated prior to the end
of such 60 month period; (c) amounts due to persons not affiliated with the
General Partner for providing operating, administrative, custody, legal,
accounting, audit and tax services to the Partnership or to the General Partner
with respect to the activities of the Partnership; registration and filing fees;
and the cost of the ongoing offering of the Units; and (d) any fees or other
compensation payable to the General Partner or any of its affiliates by the
Partnership as an investor in any Master Fund, including, without limitation,
management and administrative fees and profit shares; ongoing sales commissions
and all other fees and expenses payable directly, or indirectly through the
General Partner, by the Partnership or any Master Fund to third-parties that
assist in the placement or sales of the Units; and the Partnership’s pro rata share, as an
investor in any Master Fund, of the investment and operating expenses and
organizational costs of such Master Fund.  The Partnership also shall
bear all of its extraordinary expenses (including, without limitation, any
litigation-related or indemnification expenses), if any.  The General
Partner may waive, reduce or rebate management fees, administrative fees and
profit shares payable to any Master Fund for which the General Partner serves as
general partner, manager or adviser, with respect to any Limited Partner without
entitling any other Limited Partner to a similar waiver, reduction or
rebate.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Appropriate
reserves may be created, accrued and charged to the Partners’ capital accounts
and any sub-accounts thereof for contingent liabilities, if any, as of the date
any such contingent liability becomes known to the General Partner.

     

    (f)           Prior Period
Adjustments.  The General Partner may determine to treat any
liability or expenditure of the Partnership which becomes fixed or is incurred
in an accounting period subsequent to the accounting period to which such
liability or expenditure relates as either (i) arising in the accounting period
in which such liability becomes fixed or such expenditure is incurred or (ii)
arising in such prior accounting period, in which case such liability or
expenditure shall be charged to persons who were Partners during such prior
accounting period (whether or not such persons are Partners during the
accounting period in which such liability is fixed or such expenditure is
incurred) in accordance with the ratio the capital accounts of the Units held by
such Limited Partner, or the capital account of the General Partner, as
applicable, bear to the balance of all capital accounts as of the beginning of
such prior accounting period, and the Partnership may collect amounts previously
distributed to such persons in accordance with the provisions of Paragraph
9(e).

     

    7.          
 Duties of the General
Partner.

     

    (a)           Management of the
Partnership.  The General Partner, to the exclusion of the
Limited Partners, shall conduct and manage the business of the
Partnership.  The General Partner shall cause the Partnership to
invest all of the Partnership’s assets in the Master Fund, except for such
capital as the General Partner determines is reasonably necessary or appropriate
to pay any fees, expenses or other costs related to the
Partnership.  No person dealing with the General Partner shall be
required to determine its authority to make any undertaking on behalf of the
Partnership, nor to determine any facts or circumstances bearing upon the
existence of its authority.  No Limited Partner, as such, shall be
entitled to any salary, draw or other compensation from the
Partnership.

     

    (b)           Services of Third
Parties.  The General Partner may engage and compensate on
behalf of the Partnership from funds of the Partnership (subject to Paragraph
6(e)) such persons, firms or corporations, including any affiliated person or
entity or any other person or entity, as the General Partner in its sole
judgment shall deem advisable for the conduct and operation of the business of
the Partnership.

     

    (c)           Limitation on
Trading Activity of the General Partner.  In no case shall the
General Partner or any of its principals take advantage of their knowledge of
trades made or contemplated on behalf of the Partnership, which will be made by
the Master Fund, for their own trading; nor shall they knowingly trade in any
manner to the detriment of the Partnership, either directly or indirectly, or in
any manner take any advantage of their position with respect to the
Partnership.  Direct trading between the Partnership and any account
of, or managed by, the General Partner or any of its principals is
prohibited.

     

    8.        
   Reports to
Limited Partners.

     

    The
General Partner shall keep and retain such books and records relating to the
business of the Partnership as the General Partner may deem necessary or
advisable and as may be required by law, including the rules and regulations of
the CFTC.  The Partnership books shall be audited annually by an
independent certified public accountant.  The Partnership will cause
each Partner to receive as soon as practicable after the close of each fiscal
year certified financial statements of the Partnership for the fiscal year then
ended.  In addition, the General Partner will report monthly to each
Limited Partner the following information:  the value of such Limited
Partner’s Units, and such other information as the General Partner may deem
appropriate and as may be required by the rules and regulations of the
CFTC.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    9.          
 Non-Assignability and
Redemptions.

     

    (a)           Non-Assignability.  Each
Limited Partner expressly agrees that it (i) is purchasing Units for investment
and not with a view to the assignment, transfer or disposition of any Units and
(ii) will not assign, transfer or otherwise dispose of, by gift or otherwise,
any of its Units or any part or all of its right, title and interest in the
capital or profits of the Partnership without giving written notice of the
assignment, transfer or disposition to the General Partner, which notice shall
include evidence satisfactory to the General Partner that the proposed
assignment, transfer or disposition is exempt from registration under the
Securities Act of 1933, as amended, and receiving the prior written consent of
the General Partner.  No assignee, except with the consent of the
General Partner (which consent may be withheld at its sole and absolute
discretion), may acquire any rights against the Partnership.  If an
assignment, transfer or disposition occurs by reason of the death of a Limited
Partner or assignee, or by operation of law, such written notice may be given by
the duly authorized representative of the estate of the Limited Partner or
assignee and shall be supported by such proof of legal authority and valid
assignment as may reasonably be requested by the General Partner.  The
General Partner need not, however, consent to any such assignment, but may elect
instead to require the mandatory redemption of any Units which would otherwise
be assigned.

     

    Each
Limited Partner agrees that with the consent of the General Partner any assignee
may become a substituted Limited Partner without the further act or consent of
any Limited Partner.  Each Limited Partner agrees that it has no right
to consent to and will not consent to any person’s or entity’s becoming a
substituted Limited Partner, except as set forth in the preceding
sentence.  If the General Partner withholds consent, an assignee shall
not become a substituted Limited Partner and shall not have any of the rights of
a Limited Partner, except that the assignee shall be entitled to receive that
share of capital or profits and shall have that right of redemption to which its
assignor would otherwise have been entitled and shall remain subject to the
other terms of this Agreement binding upon Limited Partners.  An
assigning Limited Partner shall remain liable to the Partnership as provided in
the Act, regardless of whether its assignee becomes a substituted Limited
Partner.

     

    (b)           Redemptions.  A
Limited Partner (or any assignee thereof) may redeem any part or all of its
Units effective as of the end of the first month ending at least fifteen days
after a request for redemption in acceptable form has been delivered to the
General Partner.  The General Partner may, in its discretion, permit
redemptions (i) on shorter notice or (ii) as of a date other than a
month-end.  Upon redemption, a Limited Partner (or any assignee
thereof) shall receive an amount equal to the value of the Units redeemed as of
the effective date of redemption, less any amount owing by such Partner (and its
assignee, if any) to the Partnership pursuant to Paragraph 13(c).  An
assignee shall not be entitled to redeem until the General Partner has received
written notice of and has consented to (as described in subparagraph (a)
above) the assignment, transfer or disposition under which the assignee claims
an interest in the Units to be redeemed and shall have no claim against the
Partnership or the General Partner with respect to distributions or amounts paid
on redemption of Units prior to the receipt by the General Partner of such
notice.  A redemption charge of 2% of the net asset value of Series A
Units redeemed applies to Series A Units redeemed on or before the sixth
month-end after they are issued.  A redemption charge of 1% of the net
asset value of Series A Units redeemed applies to Series A Units redeemed after
the sixth, but on or before the eleventh, month-end after they are
issued.  Payment will be made within a reasonable time of the date of
redemption.  In the event of a default or delay in payments due the
Partnership from commodity brokers, banks or other persons, or under similar
circumstances, the Partnership may in turn delay payment to Limited Partners
requesting redemption of Units of the proportionate part of the value of the
Units represented by the sums which are the subject of such default or
delay.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (c)           Suspension of the
Determination of Net Assets and Redemptions.  Anything herein
to the contrary notwithstanding, the General Partner may suspend the
determination of Net Assets and/or suspend redemptions of Units in whole or in
part by reason of:  (i) a redemptions that would result in violation
by the Partnership, the General Partner or any of their respective affiliates of
applicable securities or commodities laws or regulations or any other law of the
United States or any other jurisdiction applicable to the Partnership, the
General Partner or any of their respective affiliates (including but not limited
to anti-money laundering laws and regulations applicable to the Partnership, the
General Partner or any of the other service providers of the Partnership); (ii)
any exchange or quotation system on which a significant portion of the assets of
the Partnership is regularly traded or quoted is closed (other than for
holidays) or trading thereon is generally suspended or limited; (iii) the prices
or values of any assets of the Partnership cannot reasonably be promptly and
accurately ascertained for any reason; (iv) trading by the Partnership, any
exchange or quotation system is suspended or limited and the General Partner
determines that such suspension or limitation is material to the Partnership;
(v) it is not possible to determine the exact Net Assets of the Partnership;
(vi) the General Partner determines in its sole discretion that a redemption
could result in assets of the Master Fund becoming “plan assets” for purposes of
ERISA or Section 4975 of the Code with respect to any “employee benefit plan” as
defined in and subject to ERISA or with respect to any “plan” as defined in and
subject to Section 4975 of the Code; (vii) in order to effect orderly
liquidation of the Partnership necessary to effect redemptions; or (viii) the
determination of net assets, withdrawals or redemptions have been suspended or
otherwise limited by any Master Fund.  No interest will be paid with
respect to amounts affected by suspension of the determination of Net Assets or
redemptions.

     

    Notice of any suspension will be given
to any Limited Partner who has requested a redemption.  If a
redemption request is not withdrawn by a Limited Partner following notification
of a suspension, the redemption will be completed as of the end of the first
month ending at least fifteen days after the termination of the
suspension.

     

    Notwithstanding anything to the
contrary in this Agreement, the General Partner, by written notice to any
Limited Partner, may suspend payment of redemption proceeds to such Limited
Partner if the General Partner reasonably deems it necessary to do so to comply
with anti-money laundering laws and regulations applicable to the Partnership,
the General Partner or any of the Partnership’s other service
providers.

     

    (d)           Chargebacks to
Current or Former Partners.  Even if a Limited Partner has
rightfully received the return in whole or in part of the value of its Units,
whether upon redemption or distribution, it shall nevertheless remain liable to
the Partnership for any sum, not in excess of the amount returned, plus interest
from the date of redemption or distribution in an amount deemed equitable by the
General Partner for loans of comparable maturity, to the extent necessary to
discharge such Partner’s allocable share of any loss, liability or expense
attributable to events arising before such return.  Any Limited
Partner found liable to the Partnership under this Paragraph 9(e) shall also be
liable for any and all costs and expenses incurred by the Partnership, including
but not limited to attorneys’ fees and costs of litigation, in connection with
seeking the return of the amounts due hereunder.

     

    Each
Partner agrees, by subscribing for Units, to repay, if such Partner has redeemed
Units or received a distribution from the Partnership, and irrespective of
whether such Partner remains a Partner, to the Partnership any amount (including
interest from the date of redemption or distribution) which the General Partner
may reasonably determine to be due to the Partnership from such Partner, for
example, due to any claims arising (prior or subsequent to such Partner’s
withdrawal from the Partnership) relating to events or circumstances (whether
known or unknown at the time of such Partner’s withdrawal) in existence while
such Partner was a Partner in the Partnership, or in the event that the net
asset value at which such Partner was permitted to redeem Units is later
determined to have been overstated or otherwise miscalculated due to
circumstances, whether known or unknown to the General Partner, in effect as of
the date of such whole or partial redemption.  In no event shall any
provision of this Paragraph 9(e) require any Limited Partner to repay to the
Partnership any amounts in excess of the amounts distributed to such Limited
Partner by the Partnership or redeemed from the Partnership by such Limited
Partner, plus interest thereon as provided above.

     

    (e)           No Guarantee of
Return of Capital. No provision of this
Agreement shall be construed as guaranteeing the return, either by the General
Partner or by the Partnership, of all or any part of the capital contributions
made to the Partnership by any Limited Partner.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    10.          Special Power of
Attorney.

     

    Each
Limited Partner by the execution of this Agreement (directly or by power of
attorney), or by otherwise acquiring Units and becoming a Limited Partner in
accordance with the terms hereof, does hereby irrevocably constitute and appoint
the General Partner, with power of substitution, as its true and lawful
attorney-in-fact, in its name, place and stead, to execute, acknowledge, swear
to, file and record on its behalf in the appropriate public offices (i) this
Agreement and a Certificate of Limited Partnership including amendments thereof;
(ii) all instruments which the General Partner deems necessary or appropriate to
reflect any amendment, change or modification of the Partnership in accordance
with the terms of this Agreement; (iii) certificates of assumed name; and (iv)
customer agreements with commodity brokerage firms.  The Power of
Attorney granted herein shall be irrevocable and deemed to be a power coupled
with an interest and shall survive the incapacity or death of a Limited
Partner.  Each Limited Partner hereby agrees to be bound by any
representation made by the General Partner and by any successor thereto, acting
in good faith pursuant to such Power of Attorney, and each Limited Partner
hereby waives any and all defenses which may be available to contest, negate or
disaffirm the action of the General Partner and any successor thereto, taken in
good faith under such Power of Attorney.  Each Limited Partner agrees
to execute a special Power of Attorney on a document separate from this
Agreement.  In the event of any conflict between this Agreement and
any instrument filed by such attorney pursuant to the Power of Attorney granted
in this Paragraph, this Agreement shall control.

     

    11.          Voluntary or Involuntary Redemption
of a Partner; Removal of General Partner

     

    (a)           Subject
to Paragraph 11(b), the Partnership shall terminate and be dissolved upon the
withdrawal, insolvency or dissolution of the General Partner.  The
General Partner agrees that it will not voluntarily withdraw as General Partner
of the Partnership except upon six months’ written notice to the Limited
Partners, or with the consent of the owners of more than fifty percent of the
aggregate value of outstanding Units.  The death, incompetency,
withdrawal, insolvency or dissolution of a Limited Partner shall not terminate
or dissolve the Partnership and such Limited Partner, its estate, custodian or
personal representative shall have no right to redeem the value of such Limited
Partner’s Units except as provided in Paragraph 9 hereof.  Any Limited
Partner may be required to redeem its Units and withdraw as a Limited Partner as
of the end of any month on ten days’ written notice at the sole discretion of
the General Partner.  In addition, the General Partner may require a
Limited Partner to redeem all or a portion of such Limited Partner’s Units if
the General Partner considers doing so to be desirable for the protection of the
Partnership, and may do so to the extent necessary to prevent the assets of the
Master Fund from constituting “plan assets” for purposes of ERISA or Section
4975 of the Code with respect to any “employee benefit plan” as defined in and
subject to ERISA or with respect to any “plan” as defined in and subject to
Section 4975 of the Code.  Any mandatory redemptions effected to avoid
causing the assets of the Partnership to constitute “plan assets” will be
effected in such manner as the General Partner, in its sole discretion,
determines.  The General Partner will attempt to give all affected
Limited Partners prior notice of such mandatory redemption but may effect such
redemption without prior notice.  Each Limited Partner (and any other
assignee) expressly agrees that in the event of its death, it waives on behalf
of itself and its estate, and directs the legal representatives of its estate
and any person interested therein to waive, the furnishing of any inventory,
accounting or appraisal of the assets of the Partnership and any right to an
audit or examination of the books of the Partnership.  Nothing in this
Paragraph 11 shall, however, waive any right given elsewhere in this
Agreement for a Limited Partner to be informed of the Net Assets of the
Partnership and the value of such Limited Partner’s Units, to receive periodic
reports, audited financial statements and other information from the General
Partner or the Partnership or to redeem or transfer Units.

     

    (b)           Removal of
General Partner.  The General
Partner may be removed as general partner upon an affirmative vote of Limited
Partners owning more than fifty percent of the aggregate value of the Units then
owned by Limited Partners.  Solely for purposes of the preceding
sentence, Units owned by the General Partner, its affiliates and their
respective officers and employees shall be deemed not to be owned by Limited
Partners.  Following such a vote, the Limited Partners may elect a
replacement General Partner upon the affirmative vote of Limited Partners owning
more than fifty percent of the aggregate value of the Units then owned by
Limited Partners.

     

    12.          No Personal Liability for Return of
Capital.

     

    The
General Partner shall not be personally liable for the return or payment of all
or any portion of the capital or profits of any Partner (or assignee), it being
expressly agreed that any such return of capital or profits made pursuant to
this Agreement shall be made solely from the assets (which shall not include any
right of contribution from the General Partner) of the Partnership.

     

    13.          Standard of Liability and
Indemnification.

     

    (a)           Standard of
Liability.  The General Partner and its affiliates shall have
no liability to the Partnership or to any Partner for any loss suffered by the
Partnership which arises out of any action or inaction of the General Partner or
its affiliates if the General Partner or its affiliates, in good faith,
determined that such course of conduct was in the best interest of the
Partnership and such course of conduct did not constitute gross negligence or
reckless or intentional misconduct of the General Partner or its
affiliates.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (b)           Indemnification
of General Partner.  The Partnership shall indemnify, defend
and hold harmless the General Partner and its affiliates, principals and
employees from and against any loss, liability, damage, cost or expense
(including legal fees and expenses incurred in defense of any demands, claims or
lawsuits) arising from actions or omissions concerning business or activities
undertaken by or on behalf of the Partnership from any source, including without
limitation any demands, claims or lawsuits initiated by a Limited Partner (or
assignee) or resulting from or relating to the offer and sale of Units; provided
that the conduct which was the basis for such liability was not found by a court
of competent jurisdiction upon entry of a final judgment to be the result of
gross negligence or reckless or intentional misconduct.  Nothing
contained herein shall increase the liability of any Limited Partner to the
Partnership beyond the amount of its capital and profits, if any, in the
Partnership.  All rights to indemnification and payment of legal fees
and expenses shall not be affected by the termination of the Partnership or the
withdrawal or insolvency of the General Partner.

     

    Indemnification
of amounts reasonably claimed to be due to an indemnified party hereunder shall
be advanced to such party upon such party’s written undertaking to repay,
without interest, the amounts so advanced in the event, and to the extent, that
indemnification is determined not to be due hereunder.

     

    Notwithstanding
the foregoing, federal and state securities laws, and other applicable law,
impose liabilities under certain circumstances on persons who act in good
faith.  Therefore, nothing herein shall in any way constitute a waiver
or limitation of any rights which the Partnership or the Limited Partners may
have under the securities laws or other applicable law.

     

    (c)           Indemnification
of Partnership.  In the event the Partnership is made a party
to any claim, dispute or litigation or otherwise incurs any loss or expense as a
result of or in connection with any Partner’s (or assignee’s) obligations or
liabilities unrelated to the Partnership’s business, such Partner (or assignees
cumulatively) shall indemnify and reimburse the Partnership for all loss and
expense incurred, including reasonable attorneys’ fees.

     

    14.          Additional Limited
Partners.

     

    The
Partnership may from time to time offer and sell additional Units at the sole
discretion of the General Partner.  A subscriber for Units shall
become a Limited Partner upon the acceptance of the subscription price for such
Units by the Partnership.

     

    15.          
Amendments with Consent of the
General Partner.

     

    If at any
time during the term of the Partnership the General Partner shall deem it
necessary or desirable to amend this Agreement, such amendment shall be
effective if embodied in an instrument approved by the General Partner and by
Limited Partners owning more than fifty percent of the aggregate value of the
Units then owned by Limited Partners.  Any such supplemental or
amendatory agreement shall be adhered to and have the same effect from and after
its effective date as if the same had originally been embodied in and formed a
part of this Agreement; provided, however, that no such supplemental or
amendatory agreement shall, without the consent of all affected Limited
Partners, modify the percentage of profits, losses or distributions to which any
Partner is entitled.  In addition, reduction of the capital account of
any Unit or modification of the percentage of profits, losses or distributions
to which any Unit’s capital account is entitled hereunder shall not be effected
by amendment or supplement to this Agreement without the consent of the Partner
holding such Unit.  Any amendment of the two immediately preceding
sentences shall require the consent of all Partners.  For purposes of
obtaining approval of any proposed amendment to this Agreement requiring less
than unanimous consent or not requiring specific consent, the General Partner
may require a response within a specified time, but not less than fifteen (15)
days, and failure by any Limited Partner to respond within such time Period
shall constitute approval of such proposed amendment.  The foregoing
notwithstanding, the General Partner may amend this Agreement without the
consent of the Limited Partners to clarify any inaccuracy or ambiguity or
reconcile any inconsistency or with respect to administrative matters; to
preserve the status of the Partnership as a partnership for federal income tax
purposes; to prevent the Partnership from becoming subject to the Investment
Company Act of 1940, as amended; to avoid the assets of the Master Fund being
treated for any purpose of ERISA or Section 4975 of the Code as assets of any
“employee benefit plan” as defined in and subject to ERISA or of any “plan” as
defined in and subject to Section 4975 of the Code (or any corresponding
provisions of succeeding law) or to avoid the Partnership’s engaging in a
prohibited transaction as defined in Section 406 of ERISA or Section 4975 of the
Code; and to make any other change that does not have a material adverse impact
on the Limited Partners.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    16.          Governing Law.

     

    THE
VALIDITY AND CONSTRUCTION OF THIS AGREEMENT SHALL BE DETERMINED AND GOVERNED BY
THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAW.

     

    17.          Benefit Plan
Investors.

     

    (a)           Investment in
Accordance with Law.  Each Limited Partner that is, or is
investing assets on behalf of, an “employee benefit plan,” as defined in, and
subject to the fiduciary responsibility provisions of, ERISA or a “plan,” as
defined in and subject to Section 4975 of the Code (each such employee benefit
plan and plan, a “Plan”), and each fiduciary thereof who has caused the Plan to
become a Limited Partner (a “Plan Fiduciary”), represents and warrants that (a)
the Plan Fiduciary has considered an investment in the Partnership for such Plan
in light of the risks relating thereto; (b) the Plan Fiduciary has determined
that, in view of such considerations, the investment in the Partnership for such
Plan is consistent with the Plan Fiduciary’s responsibilities under ERISA; (c)
the investment in the Partnership by the Plan does not violate and is not
otherwise inconsistent with the terms of any legal document constituting the
Plan or any trust agreement thereunder; (d) the Plan’s investment in the
Partnership has been duly authorized and approved by all necessary parties; (e)
none of the General Partner, any of the brokerage firms identified in the
Memorandum as executing or clearing transactions on behalf of the Partnership,
any selling agent, the Partnership’s administrator, any of their respective
affiliates or any of their respective agents or employees:  (i) has
investment discretion with respect to the investment of assets of the Plan used
to purchase Units; (ii) has authority or responsibility to or regularly gives
investment advice with respect to the assets of the Plan used to purchase Units
for a fee and pursuant to an agreement or understanding that such advice will
serve as a primary basis for investment decisions with respect to the Plan and
that such advice will be based on the particular investment needs of the Plan;
or (iii) is an employer maintaining or contributing to the Plan; and (f) the
Plan Fiduciary (i) is authorized to make, and is responsible for, the decision
for the Plan to invest in the Partnership, including the determination that such
investment is consistent with the requirement imposed by Section 404 of ERISA
that Plan investments be diversified so as to minimize the risks of large
losses; (ii) is independent of the General Partner, each of the brokerage firms
identified in the Memorandum as executing or clearing transactions on behalf of
the Partnership, each selling agent, the Partnership’s administrator, and each
of their respective affiliates, (iii) is qualified to make such investment
decision and (iv) directs the General Partner to invest all of the Partnership’s
assets in the Master Fund, except for such capital as the General Partner
determines is reasonably necessary or appropriate to pay any fees, expenses or
other costs related to the Partnership.

     

    (b)           Disclosures and
Restrictions Regarding Benefit Plan Investors.  Each Limited
Partner that is a “benefit plan investor” (defined as any Plan and any entity
(“Plan Assets Entity”) deemed for any purpose of ERISA or Section 4975 of the
Code to hold assets of any Plan) represents that the individual signing the
Subscription Agreement and Power of Attorney on behalf of such Limited Partner
has disclosed such Limited Partner’s status as a benefit plan investor by
accurately responding to the applicable questions in the Subscription Agreement
and Power of Attorney.  Each Limited Partner that is not a “benefit
plan investor” represents and agrees that if at a later date such Limited
Partner becomes a benefit plan investor, such Limited Partner will immediately
notify the General Partner of such change of status.  In addition,
each Plan Assets Entity agrees to promptly provide information to the General
Partner, upon the General Partner’s reasonable request, regarding the percentage
of the Plan Assets Entity’s equity interests held by benefit plan
investors.

     

    18.          Miscellaneous.

     

    (a)           Priority Among
Limited Partners.  Except as
otherwise provided in this Agreement, no Limited Partner shall be entitled to
any priority or preference over any other Limited Partner in regard to the
affairs of the Partnership.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (b)           Notices.  All notices under
this Agreement, other than reports by the General Partner to the Limited
Partners, shall be in writing and shall be effective upon personal delivery, or
if sent by registered or certified mail, postage prepaid, addressed to the last
known address of the party to whom such notice is to be given, then upon the
deposit of such notice in the United States mail.  Reports by the
General Partner to the Limited Partners shall be in writing and shall be sent by
first class mail to the last known address of each Limited Partner or, if agreed
by the Limited Partner, by e-mail or other electronic form of
distribution.

     

    (c)           Binding
Effect.  This Agreement
shall inure to and be binding upon all of the parties, their successors, assigns
as permitted herein, custodians, executors, administrators, estates, heirs,
legal survivors and personal representatives.  For purposes of
determining the rights of any Partner or assignee hereunder, the Partnership and
the General Partner may rely upon the Partnership records as to who are Partners
and assignees and all Partners and assignees agree that their rights shall be
determined and that they shall be bound thereby.

     

    (d)           Captions.  Captions in no
way define, limit, extend or describe the scope of this Agreement nor the effect
of any of its provisions.

     

    (e)           Confidentiality.  Each Limited
Partner agrees that it and anyone having knowledge through it shall not make
independent use of or knowingly disclose to any other person any aspect of the
General Partner’s trading method, except that a Limited Partner may communicate
such information in confidence to its personal attorneys, accountants and tax
advisers as is relevant to their services.

     

    (f)           Consent to
Jurisdiction.  All controversies
arising hereunder or in connection with the affairs of the Partnership shall be
brought in the state or federal courts located in the State of Connecticut and
all Partners and permitted assignees hereby irrevocably consent to such
jurisdiction and venue.

     

    (g)           Powers of Limited
Partners.  The Limited
Partners shall take no part in the conduct or control of the Partnership
business and shall have no authority or power to act for or to bind the
Partnership.

     

    (h)           Manner of
Execution.  This Agreement may be executed by power-of-attorney
embodied in a Subscription Agreement and Power of Attorney or similar instrument
with the same effect as if the parties executing the Subscription Agreement and
Power of Attorney or similar instrument had all executed one counterpart of this
Agreement; provided that this Agreement may also be executed in several
counterparts provided that each separate counterpart shall have been executed by
the General Partner.

     

    (i)           Tax Elections;
Determination of Matters Not Provided for in this
Agreement.  The General Partner is designated as the “Tax
Matters Partner” for the Partnership and shall be empowered to make or revoke
any elections now or hereafter required or permitted to be made by the Code or
any state or local tax law.

     

    The General Partner shall be empowered
to decide in a fair and equitable manner any questions arising with respect to
this Partnership or to this Agreement, and to make such provisions as the
General Partner deems to be in, or not opposed to, the best interests of the
Partnership but which are not specifically set forth herein.

    

    (j)           Entire
Agreement. This Agreement sets
forth the entire agreement and understanding of the parties with respect to the
subject matter hereof and amends, restates and supersedes all prior agreements
and undertakings with respect hereto.

    

    [The
remainder of this page is intentionally left blank.]

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the year and date first above
written.

    

    
      
        
          
            
              	
                      General
      Partner

                    	 
      
	 
      	 
      
	
                      Millburn
      Ridgefield Corporation

                    	 
      
	 
      	 
      
	
                      By:

                    	
                         /s/
      George E. Crapple

                    	 
      
	 
      	 
      
	
                      George
      E. Crapple

                    	 
      
	 
      	 
      
	
                      Co-Chairman
      and

                    	 
      
	
                      Co–Chief
      Executive Officer

                    	 
      

            

          

        

      

    

    
      
      

    

    

      
        
           

        

        
          13MILLBURN
MULTI-MARKETS TRADING L.P.

       

      THIRD
AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      TABLE
OF CONTENTS

       

      
        
          
            
              	 
      	 	 
      	 	
                      Page

                    
	 
      	 	 
      	 	 
      
	
                      1.

                    	 	
                      Continuation
      of Limited Partnership; Partnership Name

                    	 	
                      1

                    
	 
      	 	 
      	 	 
      
	
                      2.

                    	 	
                      Principal
      Place of Business

                    	 	
                      1

                    
	 
      	 	 
      	 	 
      
	
                      3.

                    	 	
                      Business

                    	 	
                      2

                    
	 
      	 	 
      	 	 
      
	
                      4.

                    	 	
                      Term,
      Dissolution and Fiscal Year

                    	 	
                      3

                    
	 
      	 	 
      	 	 
      
	
                      5.

                    	 	
                      Capital
      Contributions and Limited Partnership Interests

                    	 	
                      3

                    
	 
      	 	 
      	 	 
      
	
                      6.

                    	 	
                      Allocation
      of Profits and Losses

                    	 	
                      4

                    
	 
      	 	 
      	 	 
      
	
                      7.

                    	 	
                      Duties
      of the General Partner

                    	 	
                      7

                    
	 
      	 	 
      	 	 
      
	
                      8.

                    	 	
                      Reports
      to Limited Partners

                    	 	
                      8

                    
	 
      	 	 
      	 	 
      
	
                      9.

                    	 	
                      Non-Assignability
      and Withdrawal

                    	 	
                      8

                    
	 
      	 	 
      	 	 
      
	
                      10.

                    	 	
                      Special
      Power of Attorney

                    	 	
                      10

                    
	 
      	 	 
      	 	 
      
	
                      11.

                    	 	
                      Voluntary
      or Involuntary Withdrawal of a Partner; Removal of General
      Partner

                    	 	
                      10

                    
	 
      	 	 
      	 	 
      
	
                      12.

                    	 	
                      No
      Personal Liability for Return of Capital

                    	 	
                      11

                    
	 
      	 	 
      	 	 
      
	
                      13.

                    	 	
                      Standard
      of Liability and Indemnification

                    	 	
                      11

                    
	 
      	 	 
      	 	 
      
	
                      14.

                    	 	
                      Additional
      Limited Partners

                    	 	
                      11

                    
	 
      	 	 
      	 	 
      
	
                      15.

                    	 	
                      Amendments
      with Consent of the General Partner

                    	 	
                      12

                    
	 
      	 	 
      	 	 
      
	
                      16.

                    	 	
                      Governing
      Law

                    	 	
                      12

                    
	 
      	 	 
      	 	 
      
	
                      17.

                    	 	
                      Miscellaneous

                    	 	
                      12

                    

            

          

        

      

      
        
           

        

        
          -i-

          
            

          

        

        
           

        

      

      MILLBURN
MULTI-MARKETS TRADING L.P.

       

      THIRD
AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

       

      This
Third Amended and Restated Limited Partnership Agreement (this “Agreement”)
dated as of November 1, 2009, by and between Millburn Ridgefield Corporation, a
Delaware corporation (the “General Partner”) and each other party who becomes a
party to this Agreement whether by execution of a counterpart of this Agreement
or by execution of a separate instrument pursuant to which such person agrees to
be bound by the terms of this Agreement or otherwise, as an owner of a limited
partnership interest (an “Interest”) and who is shown on the books and records
of Millburn Multi-Markets Trading L.P. as a limited partner (individually, a
“Limited Partner” and collectively, “Limited Partners”) (the General Partner and
Limited Partners may be collectively referred to herein as
“Partners”).

       

      WITNESSETH:

       

      WHEREAS, the parties hereto
desire to continue a limited partnership for the purposes set forth
herein;

       

      WHEREAS, the Partnership was
formed under the Delaware Revised Uniform Limited Partnership Act, as amended
and in effect on the date hereof (the “Act”), pursuant to a Limited Partnership
Agreement made as of September 15, 2004 and amended and restated pursuant to
that First Amended and Restated Limited Partnership Agreement dated as of
January 1, 2007 and further amended and restated pursuant to that Second Amended
and Restated Limited Partnership Agreement dated as of December 19, 2008 (the
“Amended Agreement”), and the parties hereto desire to amend and restate the
Amended Agreement in its entirety;

       

      NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

       

      1.           Continuation of Limited Partnership;
Partnership Name.

       

      The
Partners do hereby continue a limited partnership under the Act.  The
name of the limited partnership is Millburn Multi-Markets Trading L.P. (the
“Partnership”).

       

      The
General Partner has executed and filed a Certificate of Limited Partnership in
accordance with the provisions of the Act and shall execute, file and record, as
appropriate, such amendments, assumed name certificates and other documents as
are or become necessary or advisable as determined by the General Partner, and
shall take all steps which the General Partner may deem necessary or advisable
to allow the Partnership to conduct business in any jurisdiction where the
Partnership conducts business and to otherwise provide that Limited Partners
will have limited liability with respect to the activities of the Partnership in
all such jurisdictions.  Each Limited Partner hereby undertakes to
furnish to the General Partner a power of attorney which may be filed with the
Certificate of Limited Partnership and any amendments thereto and such
additional information as is required from it to complete such documents and to
execute and cooperate in the filing or recording of such documents at the
request of the General Partner, provided that no Limited Partner shall in any
respect participate in the management of the Partnership.  The General
Partner shall have the authority to reorganize the Partnership, or to merge the
Partnership into a new limited partnership organized under the laws of any State
in the United States, provided that such reorganization or merger does not have
a material adverse effect on the Limited Partners.

       

      2.           Principal Place of
Business.

       

      The
principal office of the Partnership shall be 411 West Putnam Avenue, Greenwich,
Connecticut 06830, or such other place as the General Partner may
designate.

       

      The
address of the registered office of the Partnership in the State of Delaware is
c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street,
Wilmington, Newcastle County, Delaware  19801, and the name and
address of the registered agent for service of process on the Partnership in the
State of Delaware is The Corporation Trust Company, Corporation Trust Center,
1209 Orange Street, Wilmington, Newcastle County,
Delaware  19801.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      The
General Partner may change the registered office and registered agent of the
Partnership upon notice to the Limited Partners.

       

      3.           Business.

       

      The
Partnership business and purpose is to trade, buy, sell or otherwise acquire,
hold or dispose of commodities and currencies including futures and forward
contracts, options contracts, and any other rights pertaining
thereto.  The objective of the Partnership business is appreciation of
its assets through speculative trading.

       

      The
Partnership shall have the following purposes, through its trading
activities:

       

      (a)           to
purchase, sell, write and invest and trade in, within and without the United
States, on margin or otherwise, government and government agency bonds,
debentures, notes, letters of credit, bankers’ acceptances, commercial paper,
other securities, rights and options, including puts and calls, with respect to
any of the foregoing (collectively, “Securities”), including the making and
covering of short sales of Securities;

       

      (b)           to
purchase, sell, write and invest and trade in, within or without the United
States, on margin or otherwise, commodities, commodity futures and forward
contracts and rights and options, including puts and calls, with respect to
commodities and commodity futures and forward contracts (collectively,
“Commodity Interests”), including the making and covering of short sales of
Commodity Interests;

       

      (c)           
to purchase, sell and invest in all manner of physical and “spot” market
commodities within and without the United States;

       

      (d)           to
purchase, sell, write and invest and trade in, within and without the United
States, on margin or otherwise, foreign currencies, foreign currency futures
contracts, foreign currency forward contracts and rights and options relating
thereto (collectively, “Currency Interests”), including the making and covering
of short sales of Currency Interests;

       

      (e)           to
lend monies to third parties;

       

      (f)           to
purchase, sell, write and invest and trade in, within and without the United
States, on margin or otherwise, “swaps,” “swaptions,” “floors,” “collars,” “swap
agreements” within the meaning of the Part 35 regulations of the Commodity
Futures Trading Commission (“CFTC”), “hybrid instruments” within the meaning of
the Part 34 regulations of the CFTC, and excluded derivative transactions,
hybrid instruments and excluded swap transactions within the meaning of Section
2 of the Commodity Exchange Act and all manner of “over-the-counter”
instruments, including the making and covering of short sales in any of the
foregoing;

       

      (g)           to
engage in any form of trading or investment activity within or without the
United States which the General Partner deems appropriate, without restriction
or limitation, and to refrain from trading or investing in the General Partner’s
absolute discretion;

       

      (h)           to
invest in partnerships or similar investment vehicles, including those organized
to serve as master trading vehicles for the Partnership and/or other entities;
and

       

      (i)            to
engage in any other lawful act or activity within or without the United States
for which limited partnerships may be organized under the laws of the State in
which the Partnership is then organized.

       

      The
Partnership shall have the power to enter into, make and perform all contracts
and other undertakings, and engage in all activities and transactions as may be
necessary or advisable to the carrying out of the foregoing purposes, including,
without limitation, the power:

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      (aa)        to
borrow money from banks, brokers or any of the Partners, and to secure the
payment of any obligations of the Partnership by hypothecation or pledge of all
or part of the assets of the Partnership;

       

      
        	
                 
      

              	
                (bb)

              	
                to
      exercise all rights, powers, privileges and other incidents of ownership
      or possession with respect to the assets of the
    Partnership;

              

      

       

      
        	
                 
      

              	
                (cc)

              	
                to
      open, maintain and close bank, brokerage and other
    accounts;

              

      

       

      (dd)        to
maintain one or more offices within or without the State of Connecticut and in
connection therewith to rent or acquire office space, engage personnel and do
such other acts as the General Partner may deem to be advisable or necessary in
connection with such offices and personnel, all at the Partnership’s expense;
and

       

      (ee)         to
take such actions as the General Partner may deem to be necessary or advisable
in connection with the foregoing, including the retention of agents, independent
contractors, attorneys, accountants and investment counselors, and the
preparation and filing of all Partnership tax returns.

       

      4.
           Term, Dissolution and Fiscal
Year.

       

      (a)          Term.  The
term of the Partnership commenced on the day the Certificate of Limited
Partnership was filed with the Office of the Secretary of State of the State of
Delaware pursuant to the provisions of the Act and shall end upon the first to
occur of the following:  (1) withdrawal, insolvency, bankruptcy
or dissolution of the General Partner; or (2) any event which shall make it
unlawful for the existence of the Partnership to continue.

       

      (b)           Dissolution.  Upon
the occurrence of an event causing the termination of the Partnership, the
Partnership shall terminate and be dissolved.  Dissolution, payment of
creditors and distribution of the Partnership assets shall be effected in
accordance with the Act, and the General Partner and each Limited Partner (and
any assignee the assignment to which the General Partner has consented) shall
share in the assets of the Partnership pro rata in the ratio of the
total of each Partner’s capital account to the total of all Partners’ capital
accounts, less any amount owed by such Partner (or assignee) to the
Partnership.  For this purpose the New Profit memo account (as defined
in Paragraph 6(a)) shall be added to the capital account of the General
Partner.

       

      (c)           Fiscal
Year.  The fiscal year of the Partnership shall begin
January 1 of each year and end on December 31 of each
year.

       

      5.           
Capital Contributions and
Limited Partnership Interests.

       

      (a)           Partners’
Contributions.  The General Partner shall maintain a sufficient
investment in the Partnership for the Partnership to be treated as a partnership
for federal income tax purposes.  Each Partner shall contribute cash
to the Partnership, which shall constitute the initial balance of such Limited
Partner’s capital account.  The General Partner shall have discretion
to accept other assets valued at fair market value.  The aggregate of
all contributions shall be available to the Partnership to carry on its business
and no interest shall be paid on any such contribution.

       

      (b)          Offering of
Limited Partnership Interests.   Interests may be sold by the
General Partner or its agents on behalf of the Partnership, at the General
Partner’s discretion, to persons desiring to become Limited
Partners.  The amount of the purchase price of an Interest shall
constitute a Limited Partner’s initial capital contribution.  The
aggregate of all contributions shall be available to the Partnership to carry on
its business and no interest shall be paid on any such
contribution.  There is no maximum amount of funds which may be
contributed to the Partnership.

       

      (c)           Limited Liability
of Limited Partners.  Each Interest,
when purchased by a Limited Partner, and any additional capital contributions to
the Partnership, shall be fully paid and non-assessable.  No Limited
Partner shall be liable for Partnership obligations in excess of the capital
contributed by it, plus its share of profits, if any, including its obligation,
as required by law under certain circumstances, to return to the Partnership
distributions and returns of contributions.  Each Limited Partner
hereby agrees with the General Partner that, upon written demand therefor by the
General Partner, such Limited Partner will promptly return to the Partnership
all amounts for which such Limited Partner may be liable to the Partnership or
its creditors under the Act.

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      (d)           Return of Limited
Partners’ Capital Contributions.  Except to the extent that a
Limited Partner shall be entitled to withdraw capital through the withdrawal of
all or a portion of an Interest in accordance with the terms of this Agreement,
no Limited Partner shall have any right to demand the return of its capital
contribution or any profits added thereto, except upon termination and
dissolution of the Partnership.  In no event shall a Limited Partner
be entitled to demand or receive property other than cash.

       

      (e)           Distributions.  The
General Partner shall have sole discretion in determining what distributions, if
any, the Partnership will make to its Limited Partners.  No Limited
Partner shall have the right to demand or receive property other than cash upon
withdrawal of all or part of such Limited Partner’s capital
account.  The Partnership may pay all distributions (including
distributions made in respect of withdrawals) in cash or in kind.

       

      (f)           Contributions by
Employee Benefit Plans and Plan Asset Entities.  The General Partner
intends not to accept contributions for Interests if doing so would cause the
Partnership to hold “plan assets” for purposes of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), or Section 4975 of the Internal
Revenue Code of 1986, as amended (the “Code”), with respect to an employee
benefit plan subject to ERISA or with respect to any plan or account subject to
Section 4975 of the Code.  If rejection of subscriptions by any
person, including but not limited to any such employee benefit plan, such other
plan or account, or entities that are treated as holding such plan assets, is
necessary to avoid causing the assets of the Partnership to be such plan assets,
the General Partner will effect such rejections as the General Partner, in its
sole discretion, determines.

       

      6.           
Allocation of Profits and
Losses.

       

      (a)          Capital Accounts
and New Profit Memo Account; Sub-Accounts.  A capital account
shall be established for each Partner.  The initial balance of each
Partner’s capital account shall be the amount of its initial contribution to the
Partnership.  A memo account shall be established solely for
bookkeeping purposes (the “New Profit memo account”), and no Partner shall be
entitled to or have the right to withdraw any amount credited to the New Profit
memo account, except as set forth in Paragraph 6(c) and in the event of
dissolution of the Partnership pursuant to Paragraph 4(b).  The
General Partner may establish sub-accounts with respect to any Partner’s capital
account with the consent of such Partner.

       

      (b)          Monthly and
Yearly Allocations.  As of the close of business (as determined
by the General Partner) of the last day of each month or of the fiscal year, as
the case may be, the following determinations and allocations shall be
made:

       

      
        	
                 
      

              	
                (1)

              	
                The
      Net Assets of the Partnership (as defined in Paragraph 6(d)(1)) shall be
      determined.

              

      

       

      
        	
                 
      

              	
                (2)

              	
                Subject
      to subparagraphs (3) and (4), any increase or decrease in Net Assets as of
      the end of the month, including net interest income and before deduction
      of the Management Fee and Administration Fee as defined in, and payable to
      the General Partner pursuant to, Paragraph 6(f) and 6(e), respectively,
      shall be credited or charged to the capital accounts of each Partner and
      the New Profit memo account in the ratio that the balance of each such
      account, bears to the balance of all such accounts.  All such
      credits or charges to a Partner’s capital account shall then be credited
      or charged to each sub-account thereof, if any, in the ratio that the
      balance of such sub-account bears to the balance of all sub-accounts
      attributable to such capital
account.

              

      

       

      
        	
                 
      

              	
                (3)

              	
                The
      Management Fee payable by the Partnership to the General Partner pursuant
      to Paragraph 6(f) shall be charged (at the rate agreed upon by the General
      Partner and the applicable Limited Partner if different from that set
      forth in Paragraph 6(f)) to the capital accounts of the Limited Partners;
      and the Administration Fee payable by the Partnership to the General
      Partner pursuant to Paragraph 6(e) shall be charged pro rata to the capital
      accounts of the Limited Partners, based on the relative balance of each
      Limited Partner’s capital account.  The Administration Fee
      charged to a Partner’s capital account shall then be allocated pro rata to the
      sub-accounts thereof, based on the balance of each sub-account, and the
      Management Fee charged to such Partner’s capital account shall be
      allocated among the sub-accounts thereof based on the balance of each
      sub-account and the rate(s) agreed upon with the applicable Limited
      Partner with respect to each
sub-account.

              

      

       

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      
        	
                 
      

              	
                (4)

              	
                The
      General Partner’s profit share shall be calculated separately with respect
      to each Interest as of the end of a fiscal year (or when all or a portion
      of an Interest is withdrawn) and shall equal 20% of any increase in
      Trading Profits (as defined in Paragraph 6(d)(2)) over the previous high
      point in Trading Profits as of a date on which a Profit Share was paid
      with respect to such Interest (or $0 if no Profit Share has been paid with
      respect to such Interest) (the “Profit Share”).  The amount of
      the Profit Share shall be deducted from each Limited Partner’s capital
      account and added to either the General Partner’s capital account or, as
      described below, the New Profit memo account.  The General
      Partner’s Profit Share with respect to Interests withdrawn as of a
      month-end other than a fiscal year-end shall be computed and allocated to
      the General Partner as though the month-end were a fiscal year-end, and
      the amount of the Profit Share shall be deducted from the withdrawing
      Limited Partner’s capital account and added to the New Profit memo
      account.  Notwithstanding the foregoing or anything to the
      contrary in this Agreement, the General Partner may waive, reduce or
      rebate the General Partner’s Profit Share in respect of any Limited
      Partner that is an affiliated person of the General Partner, or any other
      Limited Partner or with respect to sub-accounts, without entitling any
      other Limited Partner to a similar waiver, reduction or
      rebate.  The Profit Share may, upon the mutual agreement of the
      General Partner and the affected Partner, be tracked and charged
      separately with respect to each sub-account associated with a Partner’s
      Interest as if such sub-account were a separate capital
      account.

              

      

       

      
        	
                 
      

              	
                (5)

              	
                The
      amount of any distribution to a Limited Partner, any amount paid to a
      Limited Partner on withdrawal of all or a portion of an Interest, or the
      amount of any withdrawal by the General Partner shall be charged to that
      Partner’s capital account (and such charge to be allocated among the
      applicable sub-accounts thereof, if
any).

              

      

       

      (c)           Allocation of
Profit and Loss for Federal Income Tax Purposes.  In each
fiscal year, items of income, deduction, gain or loss that are recognized for
income tax purposes (including any capital gain or loss required to be taken
into account under Section 1256 of the Code) shall be allocated among the
Partners in such manner as to reflect equitably amounts credited to or charged
against each such Partner’s capital account, whether in such fiscal year or in
prior fiscal years.  To this end, the Partnership shall establish and
maintain records which shall show the extent to which the capital account and
any sub-account thereof of each Partner is, as of the last day of each fiscal
year or any other applicable period, comprised of amounts which have not been
reflected in the taxable income of such Partner.

       

      Notwithstanding the generality of the
foregoing, net capital gain shall be allocated first to the General Partner (i)
up to the amount of the General Partner’s Profit Share for the year under
Paragraph 6(b)(4) and then (ii) up to the amount of any balance in the New
Profit memo account.  Amounts equal to any allocations of capital gain
pursuant to this subparagraph shall be credited to the General Partner’s capital
account and, where applicable, there shall be a corresponding charge to the New
Profit memo account.  Any balance in such memo account after such
charges shall remain in such memo account.

       

      The
General Partner may, in its sole discretion, elect to use an “aggregate”
allocation method permitted under Sections 704(b) and (c) of the Code and the
regulations thereunder; otherwise, to the extent deemed by the General Partner
to be feasible and equitable, taxable income and gains in each fiscal year shall
be allocated among the Partners who have benefited from the Partnership’s income
and gains, and tax deductions and losses in each fiscal year shall be allocated
among the Partners who have borne the Partnership’s deductions and
losses.

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      In the
event a Partner withdraws a portion or the entire balance of such Partner’s
capital account, the General Partner may in its sole discretion make a special
allocation to the Partner for federal income tax purposes of the gains or losses
recognized by the Partnership.  The allocation of such gains shall be
in such a manner as will reduce the amount, if any, by which the balance of such
Partner’s capital account and any sub-account (or, with respect to a partial
withdrawal, the portion thereof attributable to the portion of the Interest
being withdrawn) exceeds its federal income tax basis in its Interest (or, with
respect to a partial withdrawal, the portion thereof being withdrawn) before
such allocation.  The allocation of such losses shall be in such a
manner as will reduce the amount, if any, by which the balance of such Partner’s
federal income tax basis in its Interest (or, with respect to a partial
withdrawal, the portion thereof being withdrawn) exceeds its capital account
(or, with respect to a partial withdrawal, the portion thereof attributable to
the portion of the Interest being withdrawn) before such
allocation.

       

      Any
elections or other decisions relating to allocations under this Paragraph 6(c)
will be made in any manner that the General Partner determines reasonably
reflects the purpose and intention of this Agreement.  The tax
allocations set forth in this Paragraph 6(c) are intended to allocate items of
Partnership income, gains, losses and deductions (ordinary, short-term and
long-term) in accordance with Sections 704(b) and (c) of the Code.

       

      (d)          Definitions;
Accounting.

       

      
        	
                 
      

              	
                (1)

              	
                Net
      Assets of the Partnership shall mean the sum of all cash, plus treasury
      bills, notes or other securities at market value, plus the market value of
      all open futures, forward, over the counter swap or other trading
      positions maintained by the Partnership, less all liabilities of the
      Partnership determined in accordance with the accounting principles set
      forth below.  Net Assets of the Partnership shall be determined
      in accordance with generally accepted accounting principles under the
      accrual basis of accounting.  The market value of all
      Partnership assets and liabilities, for all purposes hereunder, shall be
      determined in accordance with the General Partner’s Valuation Policies and
      Procedures, a copy of which is available to Limited Partners upon
      request.  The General Partner may reduce the valuation of any
      asset by reserves established to reflect contingencies, liabilities,
      uncertain valuations or other factors, which the General Partner
      determines, in its absolute discretion, reduce, or might reduce, the value
      of such asset.  All determinations of value by the General
      Partner shall be final and conclusive as to all Partners, absent bad
      faith, and the General Partner shall be absolutely protected in relying
      upon valuations furnished to the General Partner by third parties believed
      by the General Partner, without independent investigation, to be made in
      good faith and reliable.

              

      

       

      
        	
                 
      

              	
                (2)

              	
                Trading
      Profits shall mean, with respect to each Interest or any sub-account
      associated therewith, the cumulative net realized and unrealized gain or
      losses in the value of such Interest or sub-account, including interest
      income, reduced by fees (other than any Profit Share) payable to the
      General Partner and other Partnership expenses.  Trading
      Profits, including the high point in Trading Profits (and any loss
      carryforward for purposes of calculating any increase in Trading Profits)
      with respect to an Interest and any associated sub-account will be
      proportionally reduced by distributions or withdrawals with respect to
      such Interest and such sub-account if
  applicable.

              

      

       

      (e)   Expenses.  
The Partnership shall bear all of its own expenses, including, but not limited
to:  (a) the Management Fee payable to the General Partner; all other
expenses that the General Partner reasonably determines to be incurred in
connection with the Partnership’s investment activities; any taxes to which the
Partnership is subject; regulatory fees and interest charges; and (b) the
Administration Fee payable to the General Partner; amounts due to persons not
affiliated with the General Partner for providing operating, administrative,
custody, legal, accounting, audit and tax services to the Partnership or to the
General Partner with respect to the activities of the Partnership; registration
and filing fees; and the cost of the ongoing offering of the
Interests.

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      As of the
end of each month, the Partnership shall pay the General Partner a monthly
administration fee (the “Administration Fee”), a pro rata portion of which
shall be deducted from the net asset value of each Limited Partner’s capital
account.  In consideration for the Administration Fee, the General
Partner shall provide to the Partnership office space and utilities; news,
quotation and computer equipment; software; and administrative services,
including accounting, tax, legal, compliance, secretarial, clerical and other
personnel.  The General Partner shall bear the costs of providing such
goods and services, and all of its own overhead costs and
expenses.  Fees to service providers that are not affiliated with the
General Partner shall be paid by the Partnership and are separate and distinct
from the Administration Fee described herein.  The Administration Fee
described herein shall be prorated for partial months and shall be separately
assessed in respect of each capital account.  The Administration Fee
shall be calculated prior to the reduction of the Partnership’s Net Assets for
capital withdrawals, Management Fees (as defined in Paragraph 6(f)), and the
Administration Fee then being calculated.  Such Administration Fee
shall, during any period in which the Partnership has engaged an independent
third party administrator, be an amount equal to 0.05% per annum of the
Partnership’s Net Assets, and shall, during any period in which the Partnership
has not engaged an independent third party administrator, be in an amount equal
to the sum of the following:  (i) on the first $125 million of Net
Assets of the Partnership, the Administration Fee shall be payable at a rate of
0.20% per annum; (ii) on Net Assets of the Partnership greater than $125 million
but less than or equal to $225 million, the Administration Fee shall be payable
at a rate of 0.15% per annum; and (iii) on Net Assets of the Partnership greater
than $225 million, the Administration Fee shall be payable at a rate of 0.10%
per annum.  With respect to all expenses enumerated in item (b) of the
first paragraph of this Paragraph 6(e) (including the Administration Fee), the
General Partner shall bear any excess over a monthly amount equal to one-twelfth
of 0.25% (0.25% per annum) of the month-end net asset value of the Partnership;
provided, however, that
such limitation shall not include any extraordinary expenses (including, without
limitation, any litigation-related or indemnification expenses) incurred by the
Partnership, which shall be paid by the Partnership.  Notwithstanding
the foregoing or anything to the contrary in this Agreement, the General Partner
may waive, reduce or rebate the Administration Fee in respect of any Limited
Partner that is an affiliated person of the General Partner, or any other
Limited Partner or with respect to sub-accounts, without entitling any other
Limited Partner to a similar waiver, reduction or rebate.  Appropriate
reserves may be created, accrued and charged to the Partners’ capital accounts
and any sub-accounts thereof for contingent liabilities, if any, as of the date
any such contingent liability becomes known to the General Partner.

       

      (f)           Management Fee
Payable to the General Partner.  The Partnership shall pay the
General Partner, with respect to each Limited Partner, management fees at a
fixed monthly rate of one-twelfth of 2% (2% annually) of the net asset value of
each Limited Partner’s capital account as of the end of each month (including
any Interests withdrawn as of the end of the month) (the “Management Fee”),
without reduction for any distributions, Management Fees or accrued General
Partner’s Profit Share as of that date.  The Management Fee charges
shall be deducted from the respective capital accounts of the Limited Partners
and shall be prorated for partial months.  The General Partner may
waive, reduce or rebate Management Fees payable to the General Partner in
respect of any Limited Partner that is an affiliated person of the General
Partner, or any other Limited Partner or with respect to sub-accounts, without
entitling any other Limited Partner to a similar waiver, reduction or
rebate.

       

      The
General Partner may charge a higher Management Fee to any Limited Partner after
full disclosure of such fee to, and with the consent of, that Limited
Partner.

       

      (g)           Prior Period
Adjustments.  The General Partner may determine to treat any
liability or expenditure of the Partnership which becomes fixed or is incurred
in an accounting period subsequent to the accounting period to which such
liability or expenditure relates as either (i) arising in the accounting period
in which such liability becomes fixed or such expenditure is incurred or (ii)
arising in such prior accounting period, in which case such liability or
expenditure shall be charged to persons who were Partners during such prior
accounting period (whether or not such persons are Partners during the
accounting period in which such liability is fixed or such expenditure is
incurred) in accordance with the ratio such Partners’ capital accounts bear to
the balance of all capital accounts as of the beginning of such prior accounting
period, and the Partnership may collect amounts previously distributed to such
persons in accordance with the provisions of Paragraph 9(e).

       

      (h)           Notwithstanding
the foregoing, the Partnership, in the sole discretion of the General Partner,
may offer Interests in series or classes subject to different terms from those
set forth herein.

       

      7.           Duties of the General
Partner.

       

      (a)          Management of the
Partnership.  The General Partner, to the exclusion of the
Limited Partners, shall conduct and manage the business of the
Partnership.  The General Partner on behalf of the Partnership shall
in its sole discretion make all investment decisions regarding the
Partnership.  No person dealing with the General Partner shall be
required to determine its authority to make any undertaking on behalf of the
Partnership, nor to determine any facts or circumstances bearing upon the
existence of its authority.  No Limited Partner, as such, shall be
entitled to any salary, draw or other compensation from the
Partnership.

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      (b)           Services of Third
Parties.  The General Partner may engage and compensate on
behalf of the Partnership from funds of the Partnership (subject to Paragraph
6(e)) such persons, firms or corporations, including any affiliated person or
entity or any other person or entity, as the General Partner in its sole
judgment shall deem advisable for the conduct and operation of the business of
the Partnership.

       

      (c)           Limitation on
Trading Activity of the General Partner.  In no case shall the
General Partner or any of its principals take advantage of their knowledge of
trades made or contemplated on behalf of the Partnership for their own trading;
nor shall they knowingly trade in any manner to the detriment of the
Partnership, either directly or indirectly, or in any manner take any advantage
of their position with respect to the Partnership.  Direct trading
between the Partnership and any account of, or managed by, the General Partner
or any of its principals is prohibited.

       

      8.           
Reports to Limited
Partners.

       

      The
General Partner shall keep and retain such books and records relating to the
business of the Partnership as the General Partner may deem necessary or
advisable and as may be required by law, including the rules and regulations of
the CFTC.  The Partnership books shall be audited annually by an
independent certified public accountant.  The Partnership will cause
each Partner to receive as soon as practicable after the close of each fiscal
year certified financial statements of the Partnership for the fiscal year then
ended.  In addition, the General Partner will report monthly to each
Limited Partner the following information:  the value of such Limited
Partner’s Interest, and such other information as the General Partner may deem
appropriate and as may be required by the rules and regulations of the
CFTC.

       

      9.         
  Non-Assignability
and Withdrawal.

       

      (a)          Non-Assignability.  Each
Limited Partner expressly agrees that it (i) is purchasing an Interest for
investment and not with a view to the assignment, transfer or disposition of any
part of the Interest and (ii) will not assign, transfer or otherwise dispose of,
by gift or otherwise, any of its Interest or any part or all of its right, title
and interest in the capital or profits of the Partnership without giving written
notice of the assignment, transfer or disposition to the General Partner, which
notice shall include evidence satisfactory to the General Partner that the
proposed assignment, transfer or disposition is exempt from registration under
the Securities Act of 1933, as amended, and receiving the prior written consent
of the General Partner.  No assignee, except with the consent of the
General Partner (which consent may be withheld at its sole and absolute
discretion), may acquire any rights against the Partnership.  If an
assignment, transfer or disposition occurs by reason of the death of a Limited
Partner or assignee, or by operation of law, such written notice may be given by
the duly authorized representative of the estate of the Limited Partner or
assignee and shall be supported by such proof of legal authority and valid
assignment as may reasonably be requested by the General Partner.  The
General Partner need not, however, consent to any such assignment, but may elect
instead to require the mandatory withdrawal of any Interest which would
otherwise be assigned.

       

      Each
Limited Partner agrees that with the consent of the General Partner any assignee
may become a substituted Limited Partner without the further act or consent of
any Limited Partner.  Each Limited Partner agrees that it has no right
to consent to and will not consent to any person’s or entity’s becoming a
substituted Limited Partner, except as set forth in the preceding
sentence.  If the General Partner withholds consent, an assignee shall
not become a substituted Limited Partner and shall not have any of the rights of
a Limited Partner, except that the assignee shall be entitled to receive that
share of capital or profits and shall have that right of withdrawal to which its
assignor would otherwise have been entitled and shall remain subject to the
other terms of this Agreement binding upon Limited Partners.  An
assigning Limited Partner shall remain liable to the Partnership as provided in
the Act, regardless of whether its assignee becomes a substituted Limited
Partner.

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      (b)          Withdrawals.  A
Limited Partner (or any assignee thereof) may withdraw any part or all of its
capital and undistributed profits, if any, from the Partnership effective as of
the end of the first month ending at least fifteen days after a request for
withdrawal in acceptable form has been delivered to the General
Partner.  The General Partner may, in its discretion, permit
withdrawals (i) on shorter notice or (ii) as of a date other than a
month-end.  Upon withdrawal, a Limited Partner (or any assignee
thereof) shall receive an amount equal to the value of the Interest withdrawn as
of the effective date of withdrawal, less any amount owing by such Partner (and
its assignee, if any) to the Partnership pursuant to Paragraph
13(c).  An assignee shall not be entitled to withdraw until the
General Partner has received written notice of and has consented to (as
described in subparagraph (a) above) the assignment, transfer or
disposition under which the assignee claims an interest in the Interest to be
withdrawn and shall have no claim against the Partnership or the General Partner
with respect to distributions or amounts paid on withdrawal of an Interest prior
to the receipt by the General Partner of such notice.  Payment will be
made within a reasonable time of the date of withdrawal.  In the event
of a default or delay in payments due the Partnership from commodity brokers,
banks or other persons, or under similar circumstances, the Partnership may in
turn delay payment to Limited Partners requesting withdrawal of Interests of the
proportionate part of the value of the Interests represented by the sums which
are the subject of such default or delay.

       

      (c)           Suspension of the
Determination of Net Assets and Withdrawals.  Anything herein
to the contrary notwithstanding, the General Partner may suspend the
determination of Net Assets and/or suspend withdrawals of Interests in whole or
in part by reason of:  (i) a withdrawal that would result in violation
by the Partnership, the General Partner or any of their respective affiliates of
applicable securities or commodities laws or regulations or any other law of the
United States or any other jurisdiction applicable to the Partnership, the
General Partner or any of their respective affiliates (including but not limited
to anti-money laundering laws and regulations applicable to the Partnership, the
General Partner or any of the other service providers of the Partnership); (ii)
any exchange or quotation system on which a significant portion of the assets of
the Partnership is regularly traded or quoted is closed (other than for
holidays) or trading thereon is generally suspended or limited; (iii) the prices
or values of any assets of the Partnership cannot reasonably be promptly and
accurately ascertained for any reason; (iv) trading by the Partnership, any
exchange or quotation system is suspended or limited and the General Partner
determines that such suspension or limitation is material to the Partnership;
(v) it is not possible to determine the exact Net Assets of the Partnership;
(vi) the General Partner determines in its sole discretion that a withdrawal
could result in assets of the Partnership becoming “plan assets” under ERISA or
Section 4975 of the Code; or (vii) in order to effect orderly liquidation of the
Partnership necessary to effect withdrawals.  No interest will be paid
with respect to amounts affected by suspension of the determination of Net
Assets or withdrawals.

       

      Notice of
any suspension will be given to any Limited Partner who has requested a
withdrawal.  If a withdrawal request is not withdrawn by a Limited
Partner following notification of a suspension, the withdrawal will be effective
as of the end of the first month ending at least fifteen days after the
termination of the suspension.

       

      (d)           Notwithstanding
anything to the contrary in this Agreement, the General Partner, by written
notice to any Limited Partner, may suspend payment of withdrawal proceeds to
such Limited Partner if the General Partner reasonably deems it necessary to do
so to comply with anti-money laundering laws and regulations applicable to the
Partnership, the General Partner or any of the Partnership’s other service
providers.

       

      (e)           Chargebacks to
Current or Former Partners.  Even if a Limited Partner has
rightfully received the return in whole or in part of its capital account,
whether upon withdrawal or distribution, it shall nevertheless remain liable to
the Partnership for any sum, not in excess of the amount returned, plus interest
from the date of withdrawal or distribution in an amount deemed equitable by the
General Partner for loans of comparable maturity, to the extent necessary to
discharge such Partner’s allocable share of any loss, liability or expense
attributable to events arising before such return.  Any Limited
Partner found liable to the Partnership under this Paragraph 9(e) shall also be
liable for any and all costs and expenses incurred by the Partnership, including
but not limited to attorneys’ fees and costs of litigation, in connection with
seeking the return of the amounts due hereunder.

       

      Each
Partner agrees, by subscribing for an Interest, to repay, if such Partner has
withdrawn capital or received a distribution from the Partnership, and
irrespective of whether such Partner remains a Partner, to the Partnership any
amount (including interest from the date of withdrawal or distribution) which
the General Partner may reasonably determine to be due to the Partnership from
such Partner, for example, due to any claims arising (prior or subsequent to
such Partner’s withdrawal from the Partnership) relating to events or
circumstances (whether known or unknown at the time of such Partner’s
withdrawal) in existence while such Partner was a Partner in the Partnership, or
in the event that the net asset value at which such Partner was permitted to
withdraw is later determined to have been overstated or otherwise miscalculated
due to circumstances, whether known or unknown to the General Partner, in effect
as of the date of such whole or partial withdrawal.  In no event shall
any provision of this Paragraph 9(e) require any Limited Partner to repay to the
Partnership any amounts in excess of the amounts distributed to such Limited
Partner by the Partnership or withdrawn from the Partnership by such Limited
Partner, plus interest thereon as provided above.

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      (f)           No Guarantee of
Return of Capital. No provision of this
Agreement shall be construed as guaranteeing the return, either by the General
Partner or by the Partnership, of all or any part of the capital contributions
made to the Partnership by any Limited Partner.

       

      10.          Special Power of
Attorney.

       

      Each
Limited Partner by the execution of this Agreement (directly or by power of
attorney), or by otherwise acquiring an Interest and becoming a Limited Partner
in accordance with the terms hereof, does hereby irrevocably constitute and
appoint the General Partner, with power of substitution, as its true and lawful
attorney-in-fact, in its name, place and stead, to execute, acknowledge, swear
to, file and record on its behalf in the appropriate public offices (i) this
Agreement and a Certificate of Limited Partnership including amendments thereof;
(ii) all instruments which the General Partner deems necessary or appropriate to
reflect any amendment, change or modification of the Partnership in accordance
with the terms of this Agreement; (iii) certificates of assumed name; and (iv)
customer agreements with commodity brokerage firms.  The Power of
Attorney granted herein shall be irrevocable and deemed to be a power coupled
with an interest and shall survive the incapacity or death of a Limited
Partner.  Each Limited Partner hereby agrees to be bound by any
representation made by the General Partner and by any successor thereto, acting
in good faith pursuant to such Power of Attorney, and each Limited Partner
hereby waives any and all defenses which may be available to contest, negate or
disaffirm the action of the General Partner and any successor thereto, taken in
good faith under such Power of Attorney.  Each Limited Partner agrees
to execute a special Power of Attorney on a document separate from this
Agreement.  In the event of any conflict between this Agreement and
any instrument filed by such attorney pursuant to the Power of Attorney granted
in this Paragraph, this Agreement shall control.

       

      11.          Voluntary or Involuntary Withdrawal
of a Partner; Removal of General Partner

       

      (a)           Subject
to Paragraph 11(b), the Partnership shall terminate and be dissolved upon the
withdrawal, insolvency or dissolution of the General Partner.  The
General Partner agrees that it will not voluntarily withdraw as General Partner
of the Partnership except upon six months’ written notice to the Limited
Partners, or with the consent of the owners of more than fifty percent of the
aggregate value of outstanding Interests.  The death, incompetency,
withdrawal, insolvency or dissolution of a Limited Partner shall not terminate
or dissolve the Partnership and such Limited Partner, its estate, custodian or
personal representative shall have no right to withdraw the value of such
Limited Partner’s Interest except as provided in Paragraph 9
hereof.  Any Limited Partner may be required to withdraw its Interest
and withdraw as a Limited Partner as of the end of any month on ten days’
written notice at the sole discretion of the General Partner.  In
addition, the General Partner may require a Limited Partner to withdraw all or a
portion of such Limited Partner’s Interest if the General Partner considers
doing so to be desirable for the protection of the Partnership, and will do so
to the extent necessary to prevent the Partnership from holding “plan assets”
for purposes of ERISA or Section 4975 of the Code with respect to any “employee
benefit plan” subject to ERISA or with respect to any plan or account subject to
Section 4975 of the Code.  Any mandatory withdrawals effected to avoid
causing the Partnership to hold “plan assets” will be effected in such manner as
the General Partner, in its sole discretion, determines.  The General
Partner will attempt to give all affected Limited Partners prior notice of such
mandatory withdrawal but may effect such withdrawal without prior
notice.  Each Limited Partner (and any other assignee) expressly
agrees that in the event of its death, it waives on behalf of itself and its
estate, and directs the legal representatives of its estate and any person
interested therein to waive, the furnishing of any inventory, accounting or
appraisal of the assets of the Partnership and any right to an audit or
examination of the books of the Partnership.  Nothing in this
Paragraph 11 shall, however, waive any right given elsewhere in this
Agreement for a Limited Partner to be informed of the Net Assets of the
Partnership and the value of such Limited Partner’s Interest, to receive
periodic reports, audited financial statements and other information from the
General Partner or the Partnership or to withdraw or transfer an
Interest.

       

      (b)          Removal
of General Partner

       

      (1)  The General Partner may
be removed as general partner upon an affirmative vote of Limited Partners
owning more than fifty percent of the aggregate value of the Interests then
owned by Limited Partners.  Solely for purposes of the preceding
sentence, Limited Partner Interests owned by the General Partner, its affiliates
and their respective officers and employees shall be deemed not to be owned by
Limited Partners.  Following such a vote, the Limited Partners may
elect a replacement General Partner upon the affirmative vote of Limited
Partners owning more than fifty percent of the aggregate value of the Interests
then owned by Limited Partners.

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      (2) Upon the occurrence of a vote to
remove and replace the General Partner in accordance with Paragraph 11(b)(1),
the General Partner being removed and replaced shall be entitled to a Profit
Share (as described in Paragraph 6(b)(4)) as of the date as of which the removal
is effective, in accordance with Paragraph 6(b)(4), to the same extent as if the
date as of which the removal is effective was a fiscal year-end.

      

      12.          No Personal Liability for Return of
Capital.

       

      The
General Partner shall not be personally liable for the return or payment of all
or any portion of the capital or profits of any Partner (or assignee), it being
expressly agreed that any such return of capital or profits made pursuant to
this Agreement shall be made solely from the assets (which shall not include any
right of contribution from the General Partner) of the Partnership.

       

      13.         
Standard of Liability and
Indemnification.

       

      (a)          Standard of
Liability.  The General Partner and its affiliates shall have
no liability to the Partnership or to any Partner for any loss suffered by the
Partnership which arises out of any action or inaction of the General Partner or
its affiliates if the General Partner or its affiliates, in good faith,
determined that such course of conduct was in the best interest of the
Partnership and such course of conduct did not constitute gross negligence or
reckless or intentional misconduct of the General Partner or its
affiliates.

       

      (b)          Indemnification
of General Partner.  The Partnership shall indemnify, defend
and hold harmless the General Partner and its affiliates, principals and
employees from and against any loss, liability, damage, cost or expense
(including legal fees and expenses incurred in defense of any demands, claims or
lawsuits) arising from actions or omissions concerning business or activities
undertaken by or on behalf of the Partnership from any source, including without
limitation any demands, claims or lawsuits initiated by a Limited Partner (or
assignee) or resulting from or relating to the offer and sale of Interests;
provided that the conduct which was the basis for such liability was not found
by a court of competent jurisdiction upon entry of a final judgment to be the
result of gross negligence or reckless or intentional
misconduct.  Nothing contained herein shall increase the liability of
any Limited Partner to the Partnership beyond the amount of its capital and
profits, if any, in the Partnership.  All rights to indemnification
and payment of legal fees and expenses shall not be affected by the termination
of the Partnership or the withdrawal or insolvency of the General
Partner.

       

      Indemnification
of amounts reasonably claimed to be due to an indemnified party hereunder shall
be advanced to such party upon such party’s written undertaking to repay,
without interest, the amounts so advanced in the event, and to the extent, that
indemnification is determined not to be due hereunder.

       

      Notwithstanding
the foregoing, federal and state securities laws, and other applicable law,
impose liabilities under certain circumstances on persons who act in good
faith.  Therefore, nothing herein shall in any way constitute a waiver
or limitation of any rights which the Partnership or the Limited Partners may
have under the securities laws or other applicable law.

       

      (c)           Indemnification
of Partnership.  In the event the Partnership is made a party
to any claim, dispute or litigation or otherwise incurs any loss or expense as a
result of or in connection with any Partner’s (or assignee’s) obligations or
liabilities unrelated to the Partnership’s business, such Partner (or assignees
cumulatively) shall indemnify and reimburse the Partnership for all loss and
expense incurred, including reasonable attorneys’ fees.

       

      14.          Additional Limited
Partners.

       

      The
Partnership may from time to time offer and sell additional Interests at the
sole discretion of the General Partner.  A subscriber for an Interest
shall become a Limited Partner upon the acceptance of the subscription price for
such Interest by the Partnership.

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      15.          Amendments with Consent of the
General Partner.

       

      If at any
time during the term of the Partnership the General Partner shall deem it
necessary or desirable to amend this Agreement, such amendment shall be
effective if embodied in an instrument approved by the General Partner and by
Limited Partners owning more than fifty percent of the aggregate value of the
Interests then owned by Limited Partners.  Any such supplemental or
amendatory agreement shall be adhered to and have the same effect from and after
its effective date as if the same had originally been embodied in and formed a
part of this Agreement; provided, however, that no such supplemental or
amendatory agreement shall, without the consent of all affected Limited
Partners, modify the percentage of profits, losses or distributions to which any
Partner is entitled.  In addition, reduction of the capital account of
any Partner or assignee or modification of the percentage of profits, losses or
distributions to which any Partner or assignee is entitled hereunder shall not
be effected by amendment or supplement to this Agreement without such Partner’s
or assignee’s consent.  Any amendment of the two immediately preceding
sentences shall require the consent of all Partners.  For purposes of
obtaining approval of any proposed amendment to this Agreement requiring less
than unanimous consent or not requiring specific consent, the General Partner
may require a response within a specified time, but not less than fifteen (15)
days, and failure by any Limited Partner to respond within such time Period
shall constitute approval of such proposed amendment.  The foregoing
notwithstanding, the General Partner may amend this Agreement without the
consent of the Limited Partners to clarify any inaccuracy or ambiguity or
reconcile any inconsistency or with respect to administrative matters; to
preserve the status of the Partnership as a partnership for federal income tax
purposes; to prevent the Partnership from becoming subject to the Investment
Company Act of 1940, as amended; to avoid the assets of the Partnership being
treated for any purpose of ERISA or Section 4975 of the Code as assets of any
“employee benefit plan” as defined in and subject to ERISA or of any “plan” as
defined in and subject to Section 4975 of the Code (or any corresponding
provisions of succeeding law) or to avoid the Partnership’s engaging in a
prohibited transaction as defined in Section 406 of ERISA or Section 4975 of the
Code; and to make any other change that does not have a material adverse impact
on the Limited Partners, including, but not limited to, setting forth the terms
upon which additional series or classes of Interests are offered.

       

      16.          Governing Law.

       

      THE
VALIDITY AND CONSTRUCTION OF THIS AGREEMENT SHALL BE DETERMINED AND GOVERNED BY
THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAW.

       

      17.          Miscellaneous.

       

      (a)          Priority Among
Limited Partners.   Except as
otherwise provided in this Agreement, no Limited Partner shall be entitled to
any priority or preference over any other Limited Partner in regard to the
affairs of the Partnership.

       

      (b)           Notices.   All notices
under this Agreement, other than reports by the General Partner to the Limited
Partners, shall be in writing and shall be effective upon personal delivery, or
if sent by registered or certified mail, postage prepaid, addressed to the last
known address of the party to whom such notice is to be given, then upon the
deposit of such notice in the United States mail.  Reports by the
General Partner to the Limited Partners shall be in writing and shall be sent by
first class mail to the last known address of each Limited Partner or, if agreed
by the Limited Partner, by e-mail or other electronic form of
distribution.

       

      (c)           Binding
Effect.   This
Agreement shall inure to and be binding upon all of the parties, their
successors, assigns as permitted herein, custodians, executors, administrators,
estates, heirs, legal survivors and personal representatives.  For
purposes of determining the rights of any Partner or assignee hereunder, the
Partnership and the General Partner may rely upon the Partnership records as to
who are Partners and assignees and all Partners and assignees agree that their
rights shall be determined and that they shall be bound thereby.

       

      (d)          Captions.   Captions in
no way define, limit, extend or describe the scope of this Agreement nor the
effect of any of its provisions.

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      (e)           Confidentiality.   Each
Limited Partner agrees that it and anyone having knowledge through it shall not
make independent use of or knowingly disclose to any other person any aspect of
the General Partner’s trading method, except that a Limited Partner may
communicate such information in confidence to its personal attorneys,
accountants and tax advisers as is relevant to their services.

       

      (f)           Consent to
Jurisdiction.  All controversies
arising hereunder or in connection with the affairs of the Partnership shall be
brought in the state or federal courts located in the State of Connecticut and
all Partners and permitted assignees hereby irrevocably consent to such
jurisdiction and venue.

       

      (g)          Powers of Limited
Partners.  The Limited
Partners shall take no part in the conduct or control of the Partnership
business and shall have no authority or power to act for or to bind the
Partnership.

       

      (h)          Manner of
Execution.  This Agreement may be executed by power-of-attorney
embodied in a Subscription Agreement and Power of Attorney or similar instrument
with the same effect as if the parties executing the Subscription Agreement and
Power of Attorney or similar instrument had all executed one counterpart of this
Agreement; provided that this Agreement may also be executed in several
counterparts provided that each separate counterpart shall have been executed by
the General Partner.

       

      (i)           Tax Elections;
Determination of Matters Not Provided for in this
Agreement.  The General Partner is designated as the “Tax
Matters Partner” for the Partnership and shall be empowered to make or revoke
any elections now or hereafter required or permitted to be made by the Code or
any state or local tax law.

       

      The General Partner shall be empowered
to decide in a fair and equitable manner any questions arising with respect to
this Partnership or to this Agreement, and to make such provisions as the
General Partner deems to be in, or not opposed to, the best interests of the
Partnership but which are not specifically set forth herein.

      

      (j)           Entire Agreement;
Amendment and Restatement. This Agreement sets
forth the entire agreement and understanding of the parties with respect to the
subject matter hereof and amends, restates and supersedes all prior agreements
(including the Amended Agreement) and undertakings with respect
hereto.

       

      IN WITNESS WHEREOF, the undersigned has
executed this Agreement as of the year and date first above
written.

      

      
        	
                General
      Partner

              	 
      
	 
      	 
      
	
                Millburn
      Ridgefield Corporation

              	 
      
	 
      	 
      
	
                By:

              	
                  /s/ George E.
      Crapple

              	 
      
	 
      	 
      
	
                George
      E. Crapple

              	 
      
	 
      	 
      
	
                Co-Chairman
      and

              	 
      
	
                Co–Chief
      Executive Officer

              	 
      

      

       

      
        
           

        

        
          13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]