Document:

EXHIBIT 10.1

                    FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT

     THIS AGREEMENT  entered into as of the 6th day of February,  2008,  between
ESCO Technologies Inc. ("Company") and Gary E. Muenster ("Executive").

                                   WITNESSETH:

     WHEREAS, the Company and the Executive entered into an Employment Agreement
as of the 3rd day of November,  1999 ("Agreement"),  which Agreement was amended
as of the 9th day of August,  2001; the 5th day of May, 2004; and the 3rd day of
October, 2007; and

     WHEREAS,  the parties retained the right to amend the Agreement pursuant to
Article 15 thereof; and

     WHEREAS,  the parties  desire to again amend the Agreement  effective as of
February 6, 2008.

     NOW, THEREFORE,  effective as of February 6, 2008, the Agreement is amended
as follows:

     1.   The first sentence of Subparagraph  (1) of Paragraph 9.a is revised to
          read as follows:

          The Company shall pay the Executive an amount equal to his base salary
          for 24 months  following such  termination  of employment  ("Severance
          Period") at the rate in effect at the date of such termination.

     2.   The first sentence of Subparagraph  (2) of Paragraph 9.a is revised to
          read as follows:

          As a supplement  to the payment of the  Executive's  base salary under
          Subparagraph  (a)1, above, the Company shall also pay the Executive an
          amount equal to his PCP  Percentage  and ICP Percentage (as herinafter
          defined),  as applicable,  for 24 months following such termination in
          the same manner as determined under Subparagraph (a)1.

     IN WITNESS WHEREOF,  the foregoing  Agreement was executed  effective as of
February 6, 2008.

ESCO TECHNOLOGIES INC.

By: /s/ Deborah J. Hanlon                                /s/ G. E. Muenster
   ----------------------                                ------------------
                                                          Executiveefc8-0095_ex101.htm

    Exhibit
      10.1

     

    

     

    FUTURES
      CUSTOMER AGREEMENT

     

    In
      consideration of Merrill Lynch, Pierce, Fenner & Smith Incorporated
      (“MLPFS”) or any of its affiliates (collectively, “Merrill Lynch”) acting as
      broker or as principal for the purpose of effecting transactions in domestic
      or
      foreign futures contracts, physical commodities, options on domestic and foreign
      futures or physicals contracts, forward contracts, foreign exchange
      transactions, or any other transactions similar to the
      foregoing  (hereinafter collectively referred to as “Contracts”),
      Merrill Lynch Alternative Investments LLC (“MLAI”) enters into this agreement on
      behalf of the entities listed on Exhibit 1 (each a Customer and referred to
      as
“Customer” or “you” or “your” as the case may be) for which it is the sponsor
      and/or manager (and such Exhibit 1 may be amended from time to
      time).   In connection therewith, Customer hereby consents and
      agrees that:

     

    
      	
              1.

            	
              Applicable
                Law.  Any and all transactions for one or more accounts
                opened pursuant to this Agreement (collectively, the “Account”) shall be
                subject to all applicable federal, state, local and foreign laws,
                rules
                and regulations, including rules, regulations and interpretations
                of any
                applicable board of trade, designated contract market, derivatives
                transaction execution facility, organized exchange, national securities
                exchange or other trading facility (collectively, “board of trade”), and
                custom and usage of the trade.  All such laws, rules,
                regulations, interpretations, custom and usage are hereinafter
                collectively referred to as “Applicable Law.”

            

    

     

    
      	
              2.

            	
              Customer’s
                Representations and Warranties.  Customer represents and
                warrants that: 

            

    

     

    
      	
               

            	
              (a)

            	
              Customer
                has the requisite capacity, power and authority to execute, deliver
                and
                perform its obligations under this Agreement, including, without
                limitation, the granting of a security interest in its Account and
                any
                collateral accounts as contemplated hereby;

            

    

     

    
      	
               

            	
              (b)

            	
              Orders
                and instructions for the purchase and sale of Contracts (which orders
                and
                instructions may be written or oral), including authorization to
                transfer
                collateral and/or funds of Customer, shall be given to Merrill Lynch
                by or
                on behalf of Customer and Merrill Lynch may rely upon any such orders
                or
                instructions from any person who Merrill Lynch reasonably believes
                is
                authorized by Customer to transmit such orders or instructions. Any
                orders
                and instructions acted upon in good faith by Merrill Lynch shall
                be
                binding upon Customer; 

            

    

     

    
      	
               

            	
              (c)

            	
              Customer
                has read and understands the Risk Disclosure Statement for Futures
                and
                Options and any other risk disclosure statement required to be provided
                to
                Customer by Merrill Lynch pursuant to Applicable Law;
                

            

    

     

    
      	
               

            	
              (d)

            	
              Customer
                has reviewed the registration requirements pertinent to (i) commodity
                pool
                operators and commodity trading advisors of the Commodity Futures
                Trading
                Commission (“CFTC”) and the National Futures Association (“NFA”) in
                accordance with the requirements of the Commodity Exchange Act, as
                amended
                (the “Act”) and the regulations promulgated thereunder, and (ii)
                investment advisers of the Securities and Exchange Commission (“SEC”) and
                any applicable state in accordance with the requirements of the Investment
                Advisers Act of 1940, as amended (the “Advisers Act”) and state advisory
                laws, and has determined that Customer and any Authorized Person
                of
                Customer are in compliance with such requirements to the extent
                applicable; 

            

    

    
 

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              (e)

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

            

    

     

    
      	
               

            	
              (f)

            	
              The
                information provided by Customer in the accompanying Customer New
                Account
                Information Form (Appendix B) is
                true, complete, and accurate in every material respect and Customer
                shall
                promptly notify MLPFS in writing if any such information changes
                in any
                material respect, regardless of whether Customer has previously furnished
                financial information to MLPFS; 

            

    

     

    
      	
               

            	
              (g)

            	
              Merrill
                Lynch Alternative Investments (“MLAI”), an affiliate of MLPFS, is the
                sponsor and/or manager of the Customer and MLPFS acknowledges the
                fiduciary obligations which MLAI has to Customer.
                

            

    

     

    Upon
      the
      execution or acceptance for clearing of any transactions by Merrill Lynch on
      Customer’s behalf, Customer shall be deemed to repeat all of the foregoing
      representations and warranties made by it.

     

    
      	
              3.

            	
              Payment
                Obligations of
                Customer.  Customer shall pay Merrill Lynch upon demand;
                (a) all brokerage charges, give-up fees, commissions and service
                fees as
                Merrill Lynch may from time to time charge; (b) all board of trade,
                clearing house, NFA or clearing member fees or charges; (c) any tax
                imposed on such transactions by any competent taxing authority; (d)
                the
                amount of any trading losses in the Account; (e) any debit balance
                or
                deficiency in the Account, with interest thereon, together with any
                costs
                and reasonable attorneys’ fees (including unallocated costs of Merrill
                Lynch’s in-house attorneys) incurred in collecting any such debit balance
                or deficiency; and (f) any other amounts owed by Customer to Merrill
                Lynch
                with respect to any Account or any transactions therein.  With
                respect to brokerage commissions, you agree to pay the brokerage
                commission (which commissions may be distributed by Merrill Lynch
                to more
                than one person) and other charges as Merrill Lynch shall establish
                from
                time to time for your Account specified in the Customers’ private
                placement memorandum (the “Memorandum”) (whether or not other Customers
                pay lower commissions or charges) and to pay any costs or expenses
                incurred in connection with transactions in your Account.  You
                acknowledge that Merrill Lynch may share its fees, commissions and
                amounts
                accruing on your Account with persons or entities that introduce
                you to
                Merrill Lynch or provide other services to Merrill
                Lynch.  Merrill Lynch may, from time to time, share in or
                receive fees, rebates or other payments from third parties with respect
                to
                transactions executed for you in each case as contemplated by the
                Memorandum. 

            

    

     

    
      	
              4.

            	
              Events
                of Default;
                MLPFS’ Remedies.  An “Event of Default” shall have
                occurred if: (a) Customer does not meet initial or maintenance margin
                requirements on its open Contracts; (b) Customer fails to perform
                its
                obligations respecting delivery, exercise or a notice of allocation
                of
                exercise, payment for delivery or settlement under Contracts held
                in your
                Account; (c) Customer fails in any way to perform any of its other
                material obligations hereunder promptly after receipt of notice of
                such
                failure; (d) there is a material adverse change in Customer’s financial
                condition; (e) Customer files or has filed against it a petition
                for
                liquidation, reorganization or the appointment of a receiver for
                all or a
                substantial portion of Customer’s assets under any bankruptcy, insolvency
                or other similar law; (f) Customer fails to pay its debts generally
                as
                they become due or Customer makes an assignment for the benefit of
                creditors; or (g) Customer has a breach or default under this Agreement
                (other than those listed in this Paragraph 4).   If an
                Event of Default occurs, MLPFS shall have each of the following rights
                (in
                addition to any other right

            

    

     

     

    
      
        
           

        

        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              or
                remedy it may have at law, in equity or under this Agreement): to
                sell,
                exercise, or offset any or all securities, any Contracts or other
                property
                long in any account with Merrill Lynch; to buy in or offset any or
                all
                securities, any Contracts or other property short in any account
                with
                Merrill Lynch; to liquidate any of your securities, Contracts or
                other
                property in any account with Merrill Lynch (whether electronically,
                by
                open outcry, by exchange of futures for physicals (“EFP”) transactions,
                exchange of futures for swaps (“EFS”) transactions or by any other legal
                and lawful means permitted under the rules of any applicable board
                of
                trade); to treat any or all of Customer’s obligations due Merrill Lynch as
                immediately due and payable; to treat all limits, margin facilities
                and
                call tolerance facilities in place as revoked; and to apply any cash,
                securities or other property of Customer held by or on behalf of
                Merrill
                Lynch toward any amount payable by Customer hereunder; or to cancel
                any
                outstanding orders for any account with Merrill Lynch.
                

            

    

     

    Any
      action referred to herein may be taken only after Merrill Lynch has made
      reasonable efforts under the circumstances to contact Customer and Advisor
      (as
      defined in Paragraph 5 below), if applicable, provided that
      Merrill Lynch’s
      position shall not be jeopardized thereby.  Any such sales, purchases
      or other offsets or liquidations may be made in Merrill Lynch’s reasonable
      exercise of discretion on any board of trade or other market where such business
      is then usually transacted, and on any such sale or purchase Merrill Lynch
      may
      be the purchaser or seller for its own account, it being understood that a
      prior
      demand, or call, or prior notice of the time and place of such sale or purchase
      shall not be considered a waiver of Merrill Lynch’s right to sell or buy without
      demand or notice as herein provided.  Customer shall at all times be
      liable for the payment of any debit balance owing in its Account with Merrill
      Lynch upon demand and shall be liable for any deficiency remaining in any such
      Account in the event of the liquidation thereof in whole or in part by Customer
      or by Merrill Lynch.

     

    
      	
              5.

            	
              Advice;
                Recommendations.  Any advice communicated by MLPFS with
                respect to any Contract transmitted to Customer by MLPFS is incidental
                to
                the conduct of MLPFS’ business as a broker-dealer/futures commission
                merchant and such advice shall not serve as the primary basis for
                any
                decision by or on behalf of Customer.  All decisions by
                Customer, whether or not utilizing any advice of MLPFS, are solely
                within
                the power and discretion of Customer and/or its duly appointed commodity
                trading advisor or investment adviser (collectively referred to as
                the
                “Advisor”).  MLPFS makes no representation or warranty as to the
                accuracy, completeness, reliability or prudence of any such advice
                or
                information.  Customer and Advisor, if applicable, acknowledges
                and agrees that MLPFS and its officers or employees may take or hold
                positions in, or make recommendations to other customers concerning
                Contracts which are the subject of recommendations from MLPFS to
                Customer,
                and, if applicable, to Advisor, which positions and recommendations
                may be
                consistent with or contrary to recommendations to Customer or Advisor.
                

            

    

     

    
      	
              6.

            	
              Margin.  Customer
                agrees to maintain collateral and/or margin in such amount and form
                as the
                relevant exchange or clearing house  may from time to time in
                its discretion require and you further agree to pay immediately on
                demand
                any amount owing in respect of your Account.  Customer hereby
                grants to Merrill Lynch the right to pledge, repledge, hypothecate,
                rehypothecate, loan, invest or substitute any margin delivered to
                Merrill
                Lynch from time to time without notice to Customer (i) in accordance
                with
                Paragraph 7 of this Agreement and (ii) otherwise to the extent permitted
                by Applicable Law. 

            

    

     

    
      	
              7.

            	
              Security
                Interest.  Any and all Contracts and all securities,
                investment property, cash or other property posted by Customer as
                margin
                with MLPFS in this Account or any related collateral account shall
                be
                subject to, and Customer hereby grants to MLPFS, a general lien and
                security interest and right of set-off for the discharge of Customer’s
                liabilities and obligations to MLPFS, wherever and however arising
                and
                without regard to whether or not MLPFS has made
                advances

            

    

    
 

    
      
        
           

        

        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              with
                respect to such property.  Customer hereby irrevocably appoints
                MLPFS as its attorney-in-fact with power of substitution to execute
                any
                documents for the perfection or registration of such general lien
                and
                security interest.  Customer shall not cause or allow any of the
                collateral held in its Account, whether now owned or hereafter acquired,
                to be or become subject to any other lien, security interest, mortgage
                or
                encumbrance of any nature, without the prior written approval of
                MLPFS.
                

            

    

     

    
      	
              8.

            	
              Position
                Limits.   Customer shall comply with all position
                limit rules imposed by Applicable Law, including filing any required
                reports and submitting requests for exemptions, and shall obtain
                any
                necessary exceptions, consents or exemptions.

            

    

     

    
      	
              9.

            	
              EFP/EFS
                Transactions.  Customer acknowledges that if it engages
                in EFP or EFS transactions, it is familiar with all rules and regulations
                applicable to such transactions and certifies to Merrill Lynch Customer’s
                possession of all required records documenting each underlying cash
                transaction.  Customer agrees to produce such records to Merrill
                Lynch upon its request.  Customer agrees to indemnify and hold
                  Merrill Lynch harmless from all costs, claims, fines or penalties
                that
                Merrill Lynch may incur resulting from an EFP or EFS transaction
                entered
                into by Customer, except for any cost, claim, fine or penalty resulting
                from Merrill Lynch’s gross negligence or willful misconduct.
                

            

    

     

    
      	
              10.

            	
              London
                Metal Exchange
                (“LME”) Transactions.  Customer acknowledges that its
                counterparty in respect of all transactions conducted on the LME
                is
                Merrill Lynch International, which is a member of the
                LME.  MLPFS acts as agent in respect of transactions involving
                LME-registered client contracts. 

            

    

     

    
      	
              11.

            	
              MLPFS’
                Responsibility.  Customer understands that, except where
                required by a particular board of trade, MLPFS acts as agent and
                not as
                principal for Customer’s futures and commodity options transactions which
                are effected on boards of trade.  MLPFS does not guarantee the
                performance of the obligations of any party to the futures or commodity
                options contracts purchased and/or sold by Customer. MLPFS shall
                not be
                liable to Customer for any claims, costs, expenses, damages or losses
                arising out of or in connection with this Agreement,  for any
                conduct undertaken or omitted in good faith, and in the belief that
                such
                conduct or omission was in, or not opposed to, the best interests
                of
                Customer; provided, that such conduct or omission did not constitute
                gross
                negligence or intentional misconduct on the part of
                MLPFS.    MLPFS shall not be liable to Customer for
                claims, costs, expenses, damages or losses due to circumstances beyond
                MLPFS’ control, or due to the negligence, dishonesty, bad faith or
                misfeasance of any third party chosen by MLPFS in good
                faith.     In no respect by way of limiting the
                foregoing exculpatory provisions but rather by way of greater certainty,
                MLPFS shall not be liable to Customer for any actions or omissions
                of:  (i)  any third party Advisor; (ii) any broker,
                dealer or counterparty unaffiliated with Merrill Lynch chosen
                by  MLPFS in good faith; or (iii) any broker, dealer or
                counterparty chosen by third party Advisor.

            

    

     

    
      	
              12.

            	
              Delivery
                Procedures.  Prior to the last trading day in the case of
                positions in open futures and options, and at least two business
                days
                prior to the value date in the case of forward contracts, or in any
                event
                at such earlier time as Merrill Lynch may reasonably require, Customer
                agrees that it shall give Merrill Lynch instructions to liquidate
                or make
                or take delivery under such futures or forward contracts, or to liquidate,
                exercise or allow the expiration of such options and shall deliver
                to
                Merrill Lynch sufficient funds and any documents required in connection
                with any such exercise or delivery. (Customer understands and acknowledges
                that option positions may be subject to automatic exercise procedures.
                Merrill Lynch will exercise all in-the-money
                option

            

    

    
 

    
      
        
           

        

        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              positions
                that are subject to automatic exercise unless Customer advises Merrill
                Lynch to the contrary.) If Customer fails to comply with any of the
                foregoing obligations, Merrill Lynch may, at its discretion and in
                any
                commercially reasonable manner, liquidate any open positions, make
                or
                receive delivery of any securities, commodities or instruments, or
                exercise or allow the expiration of any option. Customer shall remain
                fully liable for all costs, expenses, and liabilities incurred by
                Merrill
                Lynch in connection with such transactions and for any remaining
                debit
                balance. 

            

    

     

    
      	
              13.

            	
              Confirmations
                and
                Statements; Consent for Electronic Delivery.  Customer
                shall timely review all confirmations and statements received from
                MLPFS
                to verify that the description of the transactions is accurate and
                complete.  Confirmations and statements of Customer’s Account
                shall be conclusive if not objected to in writing no later than (i)
                one
                business day after electronic transmission or posting by MLPFS, or
                (ii)
                three business days after mailing by MLPFS. With respect to monthly
                statements, written objection to matters inconsistent with previously
                furnished confirmations and statements must be made within five business
                days after transmission, posting or mailing by MLPFS. Customer may
                consent
                to the electronic delivery of confirmations and statements by executing
                the Consent for Electronic Delivery of Confirmations and Statements
                in
                Appendix G hereto.
                

            

    

     

    
      	
              14.

            	
              Option
                Expiration
                Dates.  Customer acknowledges that Merrill Lynch’s
                confirmation of purchase and sale statements shall reflect option
                expiration dates that Merrill Lynch obtains from sources generally
                believed to be reliable, and Merrill Lynch shall be responsible only
                for
                gross negligence or willful misconduct in connection therewith.
                

            

    

     

    
      	
              15.

            	
              Use
                of
                Brokers.  Merrill Lynch, for and on behalf of Customer,
                is authorized in its sole discretion to select floor brokers and,
                on
                boards of trade where Merrill Lynch is not a clearing member, unaffiliated
                clearing brokers, which will act as brokers and agents in connection
                with
                transactions in Contracts for the Account.  Merrill Lynch shall
                not be liable for the malfeasance or nonperformance of any such third
                party broker, so long as Merrill Lynch uses due care in the selection
                of
                such broker.  Customer is authorized, subject to Merrill Lynch’s
                approval and documentation requirements, if any, to select and engage
                execution brokers to execute transactions for the Customer’s Account and
                to negotiate the commissions to be paid to such execution broker
                by
                Merrill Lynch on behalf of Customer.  Any such execution broker
                or any floor broker used under any circumstances to execute any
                transaction, other than an employee of Merrill Lynch, shall not be
                deemed
                to be an agent of Merrill Lynch. 

            

    

     

    
      	
              16.

            	
              Authorization
                to
                Transfer Funds.  Customer authorizes Merrill Lynch to
                transfer to or from the regulated futures Account of Customer to
                any other
                accounts of Customer such excess funds as may be required to avoid
                a
                margin call or for any other reason not in conflict with the Act
                and the
                regulations promulgated thereunder. (For this purpose, “regulated” means
                any contract governed by the Act at the time of such
                transaction.)  Any such transfer shall be in compliance with the
                Act and the regulations promulgated thereunder.  It is
                understood that, within a reasonable time after making any such transfer,
                Merrill Lynch shall confirm the same in writing to Customer.
                

            

    

     

    
      	
              17.

            	
              Currency
                Risk.  Customer shall bear all risk and cost in respect
                of the conversion of currencies incident to transactions effected
                on
                behalf of Customer pursuant hereto.  In no event shall Merrill
                Lynch be required to effect or be responsible for the conversion
                of funds
                in anticipation of changes in prevailing rates of exchange.
                

            

    

     

    
      	
              18.

            	
              Foreign
                Traders or
                Brokers.  If you are a foreign trader or foreign broker,
                you understand that pursuant to CFTC Regulation 15.05, Merrill Lynch
                is
                your agent (and in the case of a foreign broker, the agent of your
                customers) for purposes of accepting delivery and service of
                any

            

    

    
 

    
      
        
           

        

        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              communications
                issued by the CFTC with respect to any futures or options contracts
                which
                are or have been maintained in accounts carried by Merrill Lynch.
                Service
                or delivery of any such communication shall constitute valid and
                effective
                service or delivery upon you (and if you are a foreign broker, upon
                your
                customers). You understand that said regulation requires Merrill
                Lynch to
                transmit the communication promptly to you (or your customer) in
                a manner
                which is reasonable under the circumstances or specified by the CFTC.
                You
                also understand that CFTC Regulation 21.03 requires you to provide
                to the
                CFTC, upon special call, market information concerning your futures
                and
                options trading (or that of your customers) as outlined in the regulation.
                If you fail to respond to the special call, the CFTC may direct the
                appropriate contract market and all brokers to prohibit further trades
                for
                or on your behalf (or for or on behalf of your customers) in the
                contract
                specified in the call unless such trades offset existing open contracts.
                Special calls are made where the information requested would assist
                the
                CFTC in determining whether a threat of market manipulation, corner,
                squeeze or other market disorder existed. Under CFTC Regulation 21.03(g),
                if you believe you are aggrieved by the action taken by the CFTC,
                you
                shall have the opportunity for a prompt hearing after the action
                has been
                taken. (You understand that copies of CFTC Regulations 15.05 and
                21.03 are
                available from Merrill Lynch upon request.)

            

    

     

    
      	
              19.

            	
              Indemnification.   Customer
                shall indemnify and hold harmless MLPFS from and against any claims,
                costs, expenses, damages or losses (including, without limitation,
                from
                and against any judgment, settlement, attorneys’ fees and other costs or
                expenses incurred in connection with the defense of any actual or
                threatened action or proceeding) suffered or sustained by MLPFS with
                respect to your Account or any transaction or position therein of
                by
                reason of the fact that MLPFS is or was connected in any respect
                with
                Customer; provided, that the conduct or omission which led to such
                claim,
                cost, expense, damage or loss met the standard of exculpation set
                forth in
                Section 11 above. 

            

    

     

    Without
      limiting the generality of the foregoing, Customer agrees to reimburse MLPFS
      on
      demand for any cost of collection incurred by MLPFS, including reasonable
      attorneys’ fees , in collecting any sums owing MLPFS under this Agreement and
      any cost incurred by the MLPFS  in successfully defending against any
      claims asserted by Customer, in each case including, without limitation,
      interest and expenses.

     

    
      	
              20.

            	
              Intentionally
                left blank 

            

    

     

    
      	
              21.

            	
              Hedge
                Agreement
                (Optional - Appendix D).
                

            

    

     

    The
      Customer and, if applicable, Advisor, each as to itself, by signing the optional
      Hedge Agreement found at Appendix D hereto, shall
      thereby represent and warrant that the Account is a non-speculative account
      and
      every order given for the purchase or sale of Contracts for the Account, except
      with prior written notice to the contrary to Merrill Lynch, shall be (i) a
      bona
      fide hedging transaction as that term is defined in Regulation 1.3(z) of the
      Rules and Regulations of the CFTC or (ii) a risk management or other
      non-speculative position for which relief has been granted under the rules
      of a
      board of trade to permit reduced margin levels for such
      transactions.

     

    
      	
              22.

            	
              Advisors.  Any
                decision, instruction, action or authorization of a third party Advisor
                selected by Customer that is furnished to MLPFS with respect to the
                Account shall constitute the decision, instruction, action or
                authorization of Customer.  Any communication, notice, report,
                statement, advice or information given to Advisor by MLPFS or received
                from Advisor by MLPFS in respect of the Account shall be deemed to
                have
                been given to, or received from, Customer, as the case may be.
                

            

    

    
 

    
      
        
           

        

        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    
      	
              23.

            	
              Acknowledgements.  Customer
                acknowledges and agrees that Merrill Lynch maintains its principal
                place
                of business in the State of New York; that this Agreement shall be
                accepted and entered into by Merrill Lynch in the State of New York;
                that
                any Account established pursuant to this Agreement shall be located
                in New
                York; and that any loans, advances or other extensions of credit
                made by
                Merrill Lynch in connection with any Account (including, without
                limitation, margin credit extended by Merrill Lynch) shall be funded
                by
                Merrill Lynch in New York.  Customer further agrees to pay to
                Merrill Lynch on demand principal, interest and other fees and charges
                in
                connection with such loans, advances or other extensions of credit
                at the
                rates, times and manner determined by Merrill Lynch from time to
                time, in
                its discretion, in accordance with the laws of the State of New
                York.  Customer also acknowledges and agrees that Merrill Lynch
                may receive and retain as its own any interest, increment, profit,
                gain or
                benefit, directly or indirectly accruing from or relating to any
                of the
                cash or other funds Merrill Lynch receives from you in connection
                with
                your Account, unless you and Merrill Lynch otherwise agree.
                

            

    

     

    
      	
              24.

            	
              Governing
                Law.  This Agreement shall be governed by the laws of the
                State of New York, without giving effect to its conflicts of law
                principles.  Subject to your right to initiate a CFTC
                Reparations Proceeding, or unless you have specifically agreed to
                arbitrate any dispute with Merrill Lynch, you agree that Merrill
                Lynch
                may, in its sole discretion, initiate proceedings in the court of
                any
                jurisdiction in which you are a resident or in which your assets
                are
                situated.  In any legal action permitted by or against you, you
                agree that the U.S. courts sitting in the State of New York shall
                have
                jurisdiction over you, and that the venue of any such action shall
                be the
                Southern District of New York.  Customer agrees that service of
                process may be made upon it by first class or certified mail to its
                address as shown on Merrill Lynch’s records and Customer hereby waives any
                objection to such service. 

            

    

     

    
      	
              25.

            	
              Waiver
                of Jury
                Trial.  Customer hereby waives a trial by jury in any
                action arising out of or relating to this Agreement or any transaction
                in
                connection therewith. 

            

    

     

    
      	
              26.

            	
              Arbitration
                Agreement (Optional for
                Non-Eligible Contract Participants - Appendix E).
                

            

    

     

    Any
      controversy arising out of or relating to Customer’s Account, or to transactions
      with Merrill Lynch pursuant to this Agreement or the breach thereof, shall
      be
      settled by arbitration in accordance with the rules, then in effect, of the
      NFA,
      the contract market or board of trade upon which the transaction giving rise
      to
      the claim was executed or the New York Stock Exchange, Inc., as Customer may
      elect.  If Customer does not make such election by registered mail
      addressed to Merrill Lynch at its main office within 45 days after demand by
      Merrill Lynch that Customer make such election, then Merrill Lynch may make
      such
      election.  Merrill Lynch agrees to pay any incremental fees which may
      be assessed by the forum chosen by Customer for the provision of a “mixed panel”
of arbitrators, unless the arbitrators determine that Customer has acted in
      bad
      faith in initiating or conducting the proceedings.  Judgment upon any
      award rendered by the arbitrators may be entered in any court having
      jurisdiction thereof.  In addition, neither Customer nor Merrill Lynch
      hereby waives any right to assert any equitable remedies each may have as
      against the other prior to the election or commencement of
      arbitration.

     

    THREE
      FORUMS EXIST FOR THE RESOLUTION OF COMMODITY DISPUTES: CIVIL COURT LITIGATION,
      REPARATIONS AT THE CFTC AND ARBITRATION CONDUCTED BY A SELF-REGULATORY OR OTHER
      PRIVATE ORGANIZATION.

     

    THE
      CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION MAY
      IN
      SOME CASES PROVIDE MANY BENEFITS TO CUSTOMERS, INCLUDING THE ABILITY TO OBTAIN
      AN EXPEDITIOUS AND FINAL RESOLUTION OF DISPUTES WITHOUT INCURRING
      SUBSTANTIAL

    
 

    
      
        
           

        

        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    COSTS.  THE
      CFTC REQUIRES, HOWEVER, THAT EACH CUSTOMER INDIVIDUALLY EXAMINE THE RELATIVE
      MERITS OF ARBITRATION AND THAT YOUR CONSENT TO THIS ARBITRATION AGREEMENT BE
      VOLUNTARY.

     

    BY
      SIGNING THIS AGREEMENT, YOU: (1) MAY BE WAIVING YOUR RIGHT TO SUE IN A COURT
      OF
      LAW; AND (2) ARE AGREEING TO BE BOUND BY ARBITRATION OF ANY CLAIMS OR
      COUNTERCLAIMS WHICH YOU OR MERRILL LYNCH MAY SUBMIT TO ARBITRATION UNDER THIS
      AGREEMENT. YOU ARE NOT, HOWEVER, WAIVING YOUR RIGHT TO ELECT INSTEAD TO PETITION
      THE CFTC TO INSTITUTE REPARATIONS PROCEEDINGS UNDER SECTION 14 OF THE COMMODITY
      EXCHANGE ACT WITH RESPECT TO ANY DISPUTE WHICH MAY BE ARBITRATED PURSUANT TO
      THIS AGREEMENT. IN THE EVENT A DISPUTE ARISES, YOU SHALL BE NOTIFIED IF MERRILL
      LYNCH INTENDS TO SUBMIT THE DISPUTE TO ARBITRATION. IF YOU BELIEVE A VIOLATION
      OF THE COMMODITY EXCHANGE ACT IS INVOLVED AND IF YOU PREFER TO REQUEST A SECTION
      14 “REPARATIONS” PROCEEDING BEFORE THE CFTC, YOU SHALL HAVE 45 DAYS FROM THE
      DATE OF SUCH NOTICE IN WHICH TO MAKE THAT ELECTION.

     

    NON-ELIGIBLE
      CONTRACT PARTICIPANTS NEED NOT SIGN THIS ARBITRATION AGREEMENT (BY EXECUTING
      APPENDIX E HERETO) TO OPEN AN ACCOUNT WITH MERRILL LYNCH.  SEE 17
      C.F.R. 166.5.

     

    Please
      note that, if you are an eligible contract participant as defined in the Act,
      this paragraph is binding upon you.

     

    
      	
              27.

            	
              Bankruptcy
                Trustee (Optional - Appendix
                E). 

            

    

     

    CFTC
      Regulation 190.06 requires that, in the unlikely event of Merrill Lynch’s
      bankruptcy, Customer be given the opportunity to give instructions to the
      bankruptcy trustee to liquidate or transfer to another futures commission
      merchant all of Customer’s open futures positions.  Customer
      acknowledges that no assurance can be given that any open futures positions
      will
      be transferred even if Customer has given such instructions.  Unless
      Customer indicates a contrary preference in Appendix E hereto, the trustee
      would be authorized to liquidate Customer’s open positions, without seeking
      further instructions from Customer.

     

    
      	
              28.

            	
              Authorization
                to Take
                Other Side of Transaction (Optional
                - Appendix E). 

            

    

     

    In
      connection with the execution of buy or sell orders for Contracts placed by
      Customer or Advisor on Customer’s behalf with Merrill Lynch, Customer hereby
      consents and agrees that Merrill Lynch, its directors, officers, employees,
      agents or any floor broker may take, without prior notice to Customer, the
      other
      side of Customer’s transaction by the purchase or sale for an account in which
      Merrill Lynch or any person affiliated with Merrill Lynch has a direct or
      indirect interest, subject to the limitations and conditions, if any, contained
      in the rules or regulations of any board of trade upon which such buy or sell
      orders are executed, and subject to the limitations and conditions, if any,
      contained in any applicable CFTC Regulations.

     

    
      	
              29.

            	
              Direct
                Foreign Order
                Transmittal.  If Customer wishes to place orders for
                execution in Merrill Lynch’s foreign futures and options customer omnibus
                account directly with a foreign futures and options broker, Customer
                represents that it is an “authorized customer” as such term is defined in
                CFTC Regulation 30.12.  For purposes of Regulation 30.12, an
                “authorized customer” is a customer (i) which is an “eligible swap
                participant” as defined in CFTC Regulation 35.1(b)(2), or (ii) whose
                investment decisions with respect to foreign futures and option
                transactions are made

            

    

    
 

    
      
        
           

        

        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              by
                a commodity trading advisor subject to regulation under the Act or
                a
                foreign person performing a similar role or function subject as such
                to
                foreign regulation, provided
that
                such
                commodity trading advisor has over $50,000,000 in total assets under
                management and places the foreign futures or foreign options
                order.  Merrill Lynch’s Direct Order Transmittal Client
                Disclosure Statement has been separately provided to you.
                

            

    

     

    
      	
              30.

            	
              Verification
                of
                Information.  Customer agrees to provide financial
                information reasonably requested by Merrill Lynch.  Customer
                understands that an investigation may be conducted at banks, financial
                institutions and credit agencies pertaining to Customer’s credit standing
                and its business.  Customer agrees to notify Merrill Lynch if
                financial information provided to Merrill Lynch changes in any material
                respect. 

            

    

     

    
      	
              31.

            	
              Extraordinary
                Events.  Merrill Lynch shall not be liable for any loss,
                liability, expense, damages, fine or tax caused, directly or indirectly,
                by any events beyond Merrill Lynch’s control, including, without
                limitation, any (i) governmental, judicial, board of trade or other
                self-regulatory organization restriction, action or order, (ii) suspension
                or termination of trading, (iii) breakdown or failure of transmission
                or
                communication facilities, (iv) failure or delay by any board of trade
                or
                clearing house to enforce its rules or to pay or return any amounts
                owed
                to Merrill Lynch with respect to any Contracts executed and/or cleared
                for
                Customer’s Account, or (v) war, strike, act of terrorism, natural disaster
                or other force majeure.  In no event shall Merrill Lynch be
                liable for consequential, incidental or special
                damages.  Merrill Lynch may, without liability, cancel this
                Agreement or any particular transaction contemplated hereunder if
                its
                performance is delayed or rendered impossible due to any such event.
                

            

    

     

    
      	
              32.

            	
              Third
                Party
                Actions.  Customer understands that commodity interest
                information, price quotations and trade reports are subject to error
                as
                well as delay, and acknowledges that it relies on such information
                at its
                own risk.  Under no circumstances shall Merrill Lynch have any
                responsibility, liability or obligation regarding any conduct, act,
                omission or representation of any introducing firm, commodity trading
                advisor or third party vendor selected by Customer to give Customer
                research or advice, to electronically route orders to Merrill Lynch
                or to
                provide similar services to Customer.

            

    

     

    
      	
              33.

            	
              Recording.  You
                acknowledge and agree that Merrill Lynch may tape-record any and
                all
                telephone calls from or to you concerning your Account and that such
                tape-recording may be done in the regular course of business without
                further notice to you. 

            

    

     

    
      	
              34.

            	
              Notices
                or
                Communications.  Reports, confirmations, statements,
                notices and any other communications may be transmitted to Customer
                at the
                address designated in this Agreement, or to such address as Customer
                may
                designate in writing to Merrill Lynch.  Except as otherwise set
                forth herein, all communications so sent, whether by mail, messenger,
                telegraph or otherwise, shall be deemed transmitted when deposited
                in the
                U.S. mail, or when received by a transmitting agent, and shall be
                deemed
                to have been delivered to Customer personally, whether or not actually
                received by Customer.  All communications to Merrill Lynch,
                Pierce, Fenner & Smith Incorporated shall be to its office at One
                South Wacker Drive, Suite 300, Chicago, Illinois 60606, Attention:
                Manager
                - Futures Client Services, or to such other address as Merrill Lynch
                shall
                hereafter direct Customer, in writing, to use.

            

    

     

    
      	
              35.

            	
              Successors;
                Binding
                Effect.  This Agreement shall be binding on and inure to
                the benefit of Merrill Lynch’s successors, by merger, consolidation or
                otherwise, and assigns, and Merrill Lynch may transfer your Account
                to any
                such successors or assigns.  This Agreement and the obligations
                of Customer hereunder may not be assigned or delegated by Customer
                without
                the 

            

    

    
 

    
      
        
           

        

        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    
      	
               

            	
              prior
                written consent of Merrill Lynch, and any purported assignment or
                delegation without such consent shall be void.

            

    

     

    
      	
              36.

            	
              Amendment,
                Modification; Waiver.  Merrill Lynch shall have the right
                to amend this Agreement by modifying or rescinding any of its existing
                provisions or by adding any new provision at any time by sending
                notice of
                the amendment to Customer.  Any such amendment shall be
                effective as of a date to be established by Merrill Lynch, subject
                to
                Applicable Law. Customer understands that there may be additional
                documentation required by Applicable Law or the policies and procedures
                of
                Merrill Lynch and Customer agrees to promptly comply with any requests
                for
                additional documents.  Neither Merrill Lynch’s failure to insist
                at any time upon strict compliance with this Agreement or with any
                of the
                terms hereof nor any continued course of such conduct on its part
                shall
                constitute or be considered a waiver by Merrill Lynch of any of its
                rights
                hereunder. 

            

    

     

    
      	
              37.

            	
              Severability.  If
                any provision of this Agreement is or at any time becomes inconsistent
                with or invalid under any present or future Applicable Law, such
                inconsistent or invalid provision shall be deemed to be suspended
                or
                modified to conform to such Applicable Law, but in all other respects
                this
                Agreement shall continue in full force and effect.
                

            

    

     

    
      	
              38.

            	
              Entire
                Agreement.  This Agreement constitutes the entire
                agreement between Customer and MLPFS with respect to the subject
                matter
                hereof, and supersedes any prior agreements between the parties with
                respect to such subject matter. 

            

    

     

    
      	
              39.

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

            

    

     

    
      	
              40.

            	
              Termination.  This
                Agreement shall continue until signed notice of termination is received
                by
                or from you, and in the case of such termination this Agreement shall
                continue effective as to transactions entered into and outstanding
                amounts
                due Merrill Lynch prior to such termination by Customer.  Any
                modifications to this Agreement must be in writing and accepted by
                Merrill
                Lynch in writing and no employee of Merrill Lynch is authorized to
                make
                any representations contrary to the terms of this
                Agreement.  Upon the actual receipt by Merrill Lynch of written
                notice of termination, this Agreement shall terminate, provided that
                Customer
                shall remain fully responsible and liable with respect to transactions
                entered into pursuant to this Agreement prior to such termination,
                until
                all such positions have been transferred or liquidated and any and
                all
                amounts due prior thereto have been paid in full to Merrill
                Lynch.  Merrill Lynch may terminate this Agreement at any time
                upon mailing or delivery of written notice of termination to Customer,
                provided
                that
                any such
                termination shall not affect any transactions entered into prior
                to such
                termination and shall not relieve either party of any obligations
                in
                connection with any debit or credit balance or other liability or
                obligation incurred prior to termination.

            

    

     

    

    [The
      remainder of this page has intentionally been left blank.]

     

     

    
      
        
           

        

        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    

    The
      undersigned understands the terms and conditions of this Futures Customer
      Agreement and agrees to be bound by them.

     

    
      	
              
              

              Signed
                for and on behalf of:

               

              
              

              Each
                entity as identified on Exhibit 1 attached hereto

              (which
                may be amended from time to time)

            
	 	 
	
               

            	
              By: 
                Merrill Lynch Alternative Investments LLC

            
	 	
              Manager

            
	 	 
	
               

            	
              By:
                ___________________________________                                           

            
	 	
              Name:  Steven
                B. Olgin

            
	 	
              Title:    Vice
                President, Chief Operating Officer and
                Manager

            

    

     

    Acknowledged
      and agreed:

     

    MERRILL
      LYNCH, PIERCE, FENNER & SMITH INCORPORATED

    

    By:
      _____________________________                     ________________________________

    Date:

    

    ________________________________                     ________________________________

    Print
      Name                                                                           
Title:

     

     

    
      
        
           

        

        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    EXHIBIT
      1

    (as
      of December 31, 2004)

     

    

     

    ML
      APPLETON FUTURESACCESS LLC

     

    ML
      ASPECT FUTURES ACCESS LLC

     

    ML
      CORNERSTONE FUTURESACCESS LLC

     

    ML
      WINTON FUTURESACCESS LLC

    
 

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    
      Merrill
        Lynch

      
        Futures
          Customer Agreement

      

    

     

    
    

    
      	 
	 

    

     

    Appendix
      A

    Acknowledgement
      of Risk Disclosure Statement

    for
      Futures and Options

     

    By
      initialing in the space below, Customer acknowledges that it has received and
      understands the separate consolidated Risk Disclosure Statement for Futures
      and
      Options provided to it by Merrill Lynch, Pierce, Fenner & Smith Incorporated
      in accordance with Rule 1.55(c) of the Regulations of the Commodity Futures
      Trading Commission and all other disclosures provided to it by Merrill Lynch
      in
      accordance with Applicable Law or otherwise.

    
      	 	
              
              

              __________________

            
	 	
              Customer
                Initial

            
	 	 
	 	 
	 	 
	 	 

    

    
 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        Merrill
          Lynch

        
          Futures
            Customer Agreement

        

      

       

    

    
      
      

      
        	 
	 

      

       

    

    Appendix
      B

    Customer
      New Account Information Form

    

    

    ______________________________________________________

    Customer’s
      Full Legal Name

    

     

    I.           
      Contact Information

    

    

     
      
       

      
      

      
        	
                _______________________________

                Operations
                  Contact  

              	
                _______________________________

                Telephone Number 

              	 

      

       

      
        
        

        
          	
                   

                	
                  _______________________________

                  E-Mail Address 

                	 

        

      

    

    

    

    Customer’s
      Address for

    Original
      Confirmation

    (must
      not
      be an Authorized Trader

    
      	or
              Trader
              Assistant):  	_______________________________ 	 

    

     

    
      
      

      
        	 	_______________________________ 	 

      

       

      
      

      
        	  	_______________________________ 	 

      

       

    Advisor’s
      Address for

    Duplicate
      Confirmation

    
      
      

      
        	(if
                applicable):   	_______________________________ 	 

      

    

     

    
      
      

      
        	  	_______________________________ 	 

      

      
         

        
        

        
          	  	_______________________________ 	 

        

      

    

    
       

       

      
      

      
        	Additional
                Confirmation:  	_______________________________ 	 

      

    

     

    
      
        
        

        
          	  	_______________________________ 	 

        

        
          
             

            
            

            
              	  	_______________________________ 	 

            

             

             

          

        

      

    

    Customer’s
      Wire Information

    for
      Cash:

     

    
      
        
        

        
          	Bank  	_______________________________ 	 

        

      

    

     

    
      
        
        

        
          	ABA
                  or SWIFT
                  Number  	_______________________________ 	 

        

      

    

    
 

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Customer’s
      Wire Information

    for
      Collateral:

     

    
      
         

        
        

        
          	Bank  	_______________________________ 	 

        

      

    

     

    
      
        
        

        
          	ABA
                  or SWIFT
                  Number  	_______________________________ 	 

        

         

        Customer
          is a member of the following

      

    

    
      
        
        

        
          	exchanges:  	_______________________________ 	 

        

      

    

    
      
         

        
        

        
          	  	_______________________________ 	 

        

      

    

    

     

    II.           
      Financial
      Information

    

    Please
      forward a copy of Customer’s most recent financials.  If the account
      will be traded by an advisor, please provide a letter from the advisor
      confirming the total amount of Customer’s assets under management with the
      advisor.

    

    Financials
      enclosed:                                                                           
_____________

    Initial

    

    Financials
      to be forwarded

    under
      separate
      cover:                                                                          _____________

    Initial

    

    Total
      amount of assets

    under
      management with

    
      
        
          
          

          
            	advisor
                    (if
                    applicable):  	_______________________________ 	 

          

        

      

    

    

    

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    
      Merrill
        Lynch

      
        Futures
          Customer Agreement

         

        
        

        
          	 
	 

        

      

    

     

     Appendix
      D

    Hedge
      Agreement

    (To
      be
      signed by hedge customers only.)

     

    The
      Customer and, if applicable, Advisor, each as to itself, represents and warrants
      that the Account is a hedge account and every order given for the purchase
      or
      sale of Contracts for the Account, except with prior written notice to the
      contrary to the Broker, shall be (i) a bona fide hedging transaction as that
      term is defined in Regulation 1.3(z) of the Rules and Regulations of the
      Commodity Futures Trading Commission or (ii) a risk management or other
      non-speculative position for which relief had been granted under the rules
      of a
      designated contact market, a derivatives transaction execution facility or
      a
      foreign board of trade, exchange or market, to permit reduced margin levels
      for
      such transactions.

     

    These
      transactions are not for speculation.  In the event that Customer
      intends to enter into any transactions in this Account for speculative purposes,
      Customer shall notify Merrill Lynch in writing prior to the entry of such
      transactions.

     

    ____________N/A_________________________

    Name
      of Customer

    (Corporation,
      Partnership or Other Entity)

     

    
      	
              
              

              By:
                ______________________________________

                    
                Signature

            	
              
              

              _____________________________

              Date

            
	
              
              

               

                    
                ______________________________________

                    
                Print Name

            	
              
              

               

              _____________________________

              Title

            

    

     

     

     

    _____________________________________

    Name
      of Advisor (if applicable)

     

    
      
        	
                
                

                By:
                  ______________________________________

                      
                  Signature

              	
                
                

                _____________________________

                Date

              
	
                
                

                 

                      
                  ______________________________________

                      
                  Print Name

              	
                
                

                 

                _____________________________

                Title

              

      

       

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      Merrill
        Lynch

      
        Futures
          Customer Agreement

         

        
          
          

          
            	 
	 

          

           

        

      

    

    Appendix
      E

    Customer
      Elections

     

    Arbitration
      Agreement

    By
      initialing the space below, Customer agrees to arbitrate controversies as
      described in Paragraph 27 of the Futures Customer Agreement.

     

    _____N/A_____________________

    Customer
      Initial

     

    Bankruptcy
      Trustee (CFTC Regulation 190.06)

    By
      initialing the space below, Customer advises that it would prefer to be
      contacted by the bankruptcy trustee for instructions regarding the disposition
      of Customer’s open futures positions as described in Paragraph 28 of the Futures
      Customer Agreement.

     

    ________N/A__________________

    Customer
      Initial

     

    Authorization
      to Take Other Side of Transaction

    By
      initialing the space below, Customer authorizes Merrill Lynch, without prior
      notice to Customer, to take the other side of Customer’s transaction as
      described in Paragraph 29 of the Futures Customer Agreement entered into by
      Customer and Merrill Lynch.

     

    __________________________

    Customer
      Initial

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Merrill
        Lynch

      
        Futures
          Customer Agreement

      

    

    
       

      
      

      
        	 
	 

      

       

       

       

    

    Merrill
      Lynch, Pierce, Fenner & Smith Incorporated

    
      	
               

               

              By:     
                ___________________________________

              Signature

            	 
	
              
              

               

              ___________________________________

              Print
                Name and Title

            	 
	
              
              

               

              ___________________________________

              Date

            	 

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
      Merrill
        Lynch                                                                     Merrill
        Lynch Acct#:
        __________________

      
        Futures
          Customer Agreement                                                              (for
          Merrill Lynch office use
          only)

      

    

    
      
        

      

    

    Appendix
      G

    Consent
      for Electronic Delivery of Confirmations and Statements

     

    By
      completing this Consent, Customers and/or Advisors may elect to receive daily
      and monthly statements by electronic transmission in lieu of or in addition
      to
      hard copy statements.

     

    The
      Advisor may not consent on behalf
      of the Customer and, likewise, the Customer may not consent on behalf of the
      Advisor.

     

    Customer/Advisor
      hereby requests that hereafter Merrill Lynch deliver the following confirmations
      and statements for Accounts held for Customer by electronic media rather than
      by
      means of – or in addition to – hard copy mailing.  Customer/Advisor
      requests that Merrill Lynch deliver the confirmations and statements to
      Customer/Advisor by means of the electronic media set forth
      below.  Customer/Advisor recognizes that, as a result,
      Customer/Advisor will not receive copies of the confirmations and statements
      in
      hard copy form unless it has indicated otherwise
      below.  Customer/Advisor understands that there will be no additional
      cost to Customer/Advisor for delivering such communications in this
      manner.  Customer/Advisor further understands that the consent
      provided herein is revocable by Customer/Advisor at any time upon written notice
      to Merrill Lynch.

     

    Please
      check below which confirmations and statements you would like to receive
      electronically and provide the e-mail address OR fax number
      to
      which the statements should be delivered.

    

    
      	 	
              Deliver
                by

              Electronic
                Transmission:

            	 	
              Continue
                Hard Copy

              Delivery
                of:

            
	 	
              Daily

              Statement

            	
              Monthly

              Statement

            	
              
              

               

              E-mail
                Address or Fax Number:

            	
              Daily

              Statement

            	
              Monthly

              Statement

            
	
              
              

               

              Customer:

            	
              
              

               

              ________

            	
               

              __________

            	
               

              _______________________________

            	
               

              ________

            	
               

              ________

            
	 	 	 	 	 	 
	
              
              

              Advisor:

            	
              
              

              ________

            	
              __________

            	
              _______________________________

            	
              ________

            	
              ________

            
	 	 	 	 	 	 

    

     

    (If
      you
      wish to name additional recipients, please attach a list of e-mail addresses
      or
      fax numbers to this Appendix.)

    

    

    ______________________________________

    Name
      of Customer

    (Corporation,
      Partnership or Other
      Entity)

     

    
       

      
        	
                
                

                By:
                  ______________________________________

                      
                  Signature

              	
                
                

                _____________________________

                Date

              
	
                
                

                 

                      
                  ______________________________________

                      
                  Print Name

              	
                
                

                 

                _____________________________

                Title

              

      

       

    

     

    ______________________________________

    Name
      of Advisor (if applicable)

     

    
       

      
        	
                
                

                By:
                  ______________________________________

                      
                  Signature

              	
                
                

                _____________________________

                Date

              
	
                
                

                 

                      
                  ______________________________________

                      
                  Print Name

              	
                
                

                 

                _____________________________

                Title

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