Document:

AMENDED
AND RESTATED

     

    OPERATING
AGREEMENT

     

    OF

     

    ULTIMATE
ESCAPES HOLDINGS, LLC

     

    Dated
as of October 28, 2009

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

     

    
      
        
          
            	 
      	 
      	
                    Page

                  
	 
      	 
      	 
      
	
                    ARTICLE
      I FORMATION AND CONTINUATION OF THE COMPANY

                  	
                    2

                  
	 
      	 
      
	
                    Section
      1.1.

                  	
                    Formation
      and Continuation of the Company

                  	
                    2

                  
	
                    Section
      1.2.

                  	
                    Name

                  	
                    2

                  
	
                    Section
      1.3.

                  	
                    Business
      of the Company

                  	
                    2

                  
	
                    Section
      1.4.

                  	
                    Location
      of Principal Place of Business

                  	
                    2

                  
	
                    Section
      1.5.

                  	
                    Registered
      Agent and Office

                  	
                    2

                  
	
                    Section
      1.6.

                  	
                    Term

                  	
                    2

                  
	 
      	 
      	 
      
	
                    ARTICLE
      II DEFINITIONS

                  	
                    2

                  
	 
      	 
      
	
                    Section
      2.1.

                  	
                    Definitions

                  	
                    12

                  
	
                    Section
      2.2.

                  	
                    Accounting
      Terms and Determinations

                  	
                    12

                  
	 
      	 
      	 
      
	
                    ARTICLE
      III UNITS; CAPITAL CONTRIBUTIONS

                  	
                    12

                  
	 
      	 
      
	
                    Section
      3.1.

                  	
                    Units.

                  	
                    12

                  
	
                    Section
      3.2.

                  	
                    Interest
      on Capital Contributions

                  	
                    12

                  
	
                    Section
      3.3.

                  	
                    Withdrawal
      and Return of Capital Contributions

                  	
                    12

                  
	
                    Section
      3.4.

                  	
                    Unit
      Certificates

                  	
                    12

                  
	
                    Section
      3.5.

                  	
                    [Intentionally
      deleted]

                  	
                    14

                  
	
                    Section
      3.6.

                  	
                    Earn-Out
      Payment

                  	
                    14

                  
	
                    Section
      3.7.

                  	
                    Appointment
      of Committee

                  	
                    17

                  
	
                    Section
      3.8.

                  	
                    Post
      Closing Reconciliation- PE Contribution Agreement

                  	
                    17

                  
	 
      	 
      	 
      
	
                    ARTICLE
      IV CAPITAL ACCOUNTS

                  	
                    17

                  
	 
      	 
      
	
                    Section
      4.1.

                  	
                    General

                  	
                    17

                  
	
                    Section
      4.2.

                  	
                    Capital
      Accounts

                  	
                    17

                  
	 
      	 
      	 
      
	
                    ARTICLE
      V ALLOCATIONS AND DISTRIBUTIONS

                  	
                    18

                  
	 
      	 
      
	
                    Section
      5.1.

                  	
                    Allocation
      of Profits and Losses.

                  	
                    18

                  
	
                    Section
      5.2.

                  	
                    Distributions.

                  	
                    20

                  
	 
      	 
      	 
      
	
                    ARTICLE
      VI BOOKS OF ACCOUNT, REPORTS, FISCAL YEAR

                  	
                    20

                  
	 
      	 
      
	
                    Section
      6.1.

                  	
                    Books
      and Records

                  	
                    20

                  
	
                    Section
      6.2.

                  	
                    Annual
      Tax Reports

                  	
                    21

                  
	
                    Section
      6.3.

                  	
                    Fiscal
      Year

                  	
                    21

                  
	 
      	 
      	 
      
	
                    ARTICLE
      VII POWERS, RIGHTS AND DUTIES OF THE MEMBERS

                  	
                    21

                  
	 
      	 
      
	
                    Section
      7.1.

                  	
                    Limitations

                  	
                    21

                  
	
                    Section
      7.2.

                  	
                    Liability

                  	
                    21

                  
	
                    Section
      7.3.

                  	
                    No
      Priority

                  	
                    21

                  
	
                    Section
      7.4.

                  	
                    Admission
      of Springing Members as Special Members

                  	
                    22

                  

          

        

      

    

    
      
         

      

      
        i

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  Section
      7.5.

                	
                  Admission
      of JDI

                	
                  22

                
	 
      	 
      	 
      
	
                  ARTICLE
      VIII POWERS, RIGHTS AND DUTIES OF THE BOARD OF MANAGERS

                	
                  22

                
	 
      	 
      
	
                  Section
      8.1.

                	
                  Authority

                	
                  22

                
	
                  Section
      8.2.

                	
                  Powers
      and Duties of the Board of Managers

                	
                  23

                
	
                  Section
      8.3.

                	
                  Board
      of Managers

                	
                  23

                
	
                  Section
      8.4.

                	
                  Officers,
      Agents and Employees.

                	
                  24

                
	
                  Section
      8.5.

                	
                  Company
      Assets

                	
                  25

                
	
                  Section
      8.6.

                	
                  Exculpation

                	
                  25

                
	
                  Section
      8.7.

                	
                  Tax
      Matters Partner

                	
                  25

                
	
                  Section
      8.8.

                	
                  Indemnification
      of the Board of Managers, Officers and Agents.

                	
                  25

                
	
                  Section
      8.9.

                	
                  Limitations
      on the Company’s Activities –Material Actions.

                	
                  26

                
	 
      	 
      	 
      
	
                  ARTICLE
      IX TRANSFERS OF INTEREST BY MEMBERS

                	
                  26

                
	 
      	 
      
	
                  Section
      9.1.

                	
                  Transfers
      by the Initial Members and JDI

                	
                  26

                
	
                  Section
      9.2.

                	
                  Effects
      of Non-Conforming Transfers

                	
                  27

                
	
                  Section
      9.3.

                	
                  Registration
      Rights Agreement

                	
                  27

                
	
                  Section
      9.4.

                	
                  Right
      of Consent to Transfer

                	
                  27

                
	 
      	 
      	 
      
	
                  ARTICLE
      X EXCHANGE OF UNITS; LOCK-UP

                	
                  27

                
	 
      	 
      
	
                  Section
      10.1.

                	
                  Grant
      of Exchange Rights.

                	
                  28

                
	
                  Section
      10.2.

                	
                  Exercise
      of Exchange Right.

                	
                  29

                
	
                  Section
      10.3.

                	
                  Exchange
      Closing

                	
                  30

                
	
                  Section
      10.4.

                	
                  Conditions
      to Exchange Closing.

                	
                  30

                
	
                  Section
      10.5.

                	
                  Exchange
      Closing Deliveries

                	
                  31

                
	
                  Section
      10.6.

                	
                  Covenants
      Relating to the Exchange

                	
                  31

                
	
                  Section
      10.7.

                	
                  Term
      of Exchange Rights

                	
                  32

                
	
                  Section
      10.8.

                	
                  Lock-Up
      of Initial Members and JDI

                	
                  32

                
	
                  Section
      10.9.

                	
                  Rule
      145

                	
                  32

                
	
                  Section
      10.10.

                	
                  Secure
      Series A Preferred Shares

                	
                  32

                
	 
      	 
      	 
      
	
                  ARTICLE
      XI LIQUIDATION AND DISTRIBUTION OF ASSETS

                	
                  32

                
	 
      	 
      
	
                  Section
      11.1.

                	
                  Dissolution
      of the Company.

                	
                  33

                
	
                  Section
      11.2.

                	
                  Distribution
      in Liquidation

                	
                  34

                
	
                  Section
      11.3.

                	
                  Final
      Reports

                	
                  34

                
	
                  Section
      11.4.

                	
                  Rights
      of Members

                	
                  34

                
	
                  Section
      11.5.

                	
                  No
      Deficit Restoration

                	
                  34

                
	
                  Section
      11.6.

                	
                  Termination

                	
                  34

                
	 
      	 
      	 
      
	
                  ARTICLE
      XII AMENDMENT OF AGREEMENT

                	
                  35

                
	 
      	 
      
	
                  Section
      12.1.

                	
                  Amendments

                	
                  35

                
	
                  Section
      12.2.

                	
                  Amendment
      of Certificate of Formation

                	
                  35

                
	 
      	 
      	 
      
	
                  ARTICLE
      XIII MISCELLANEOUS

                	
                  35

                
	 
      	 
      
	
                  Section
      13.1.

                	
                  Notices

                	
                  35

                

        

      

    

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  Section
      13.2.

                	
                  Binding
      Effect; Assignment

                	
                  36

                
	
                  Section
      13.3.

                	
                  Waiver
      of Jury Trial

                	
                  36

                
	
                  Section
      13.4.

                	
                  Entire
      Agreement

                	
                  36

                
	
                  Section
      13.5.

                	
                  Descriptive
      Headings

                	
                  36

                
	
                  Section
      13.6.

                	
                  Counterparts

                	
                  36

                
	
                  Section
      13.7.

                	
                  Governing
      Law; Jurisdiction

                	
                  36

                
	
                  Section
      13.8.

                	
                  Specific
      Performance

                	
                  37

                
	
                  Section
      13.9.

                	
                  Construction

                	
                  37

                
	
                  Section
      13.10.

                	
                  Severability

                	
                  37

                
	
                  Section
      13.11.

                	
                  Third
      Parties

                	
                  37

                
	
                  Section
      13.12.

                	
                  Waiver
      of Partition

                	
                  38

                
	
                  Section
      13.13.

                	
                  Certain
      Constituent Member Rights

                	
                  38

                
	 
      	 
      	 
      
	
                  ARTICLE
      XIV INITIAL PUBLIC OFFERING

                	
                  38

                
	 
      	 
      
	
                  Section
      14.1.

                	
                  Approval

                	
                  38

                
	
                  Section
      14.2.

                	
                  Severability

                	
                  38

                
	 
      	 
      	 
      
	
                  ARTICLE
      XV INDEPENDENT MANAGER AND APPROVAL BOARD

                	
                  38

                
	 
      	 
      
	
                  Section
      15.1.

                	
                  Appointment
      of Independent Manager

                	
                  38

                
	
                  Section
      15.2.

                	
                  Approval
      Board

                	
                  39

                
	 
      	 
      	 
      
	
                  ARTICLE
      XVI PLEDGE OF INTERESTS
      TO AGENT

                	
                  39

                

        

      

    

    
      
         

      

      
        iii

        
          

        

      

      
         

      

    

    AMENDED
AND RESTATED

     

    OPERATING
AGREEMENT

     

    OF

     

    ULTIMATE
ESCAPES HOLDINGS, LLC

     

    This
AMENDED AND RESTATED OPERATING AGREEMENT (the “Agreement”) of Ultimate Escapes
Holdings, LLC (the “Company”), dated as of October
28, 2009, is entered into by and among the Members listed on the signature pages
hereof, Michael C. Doyle, as the Independent Manager (as said term is defined
hereinbelow), and James Tousignant and Philip Callaghan, as the Springing
Members (as said term is defined hereinbelow).  Capitalized terms used
herein and not otherwise defined herein shall have the meanings set forth in
Section 2.1.

     

    RECITALS

     

    WHEREAS,
the Certificate of Formation of the Company was filed with the Secretary of
State of the State of Delaware on September 7, 2007;

     

    WHEREAS,
the Initial Members entered into an Operating Agreement of the Company on
September 7, 2007 (as subsequently amended from time to time, the “Original
Agreement”);

     

    WHEREAS,
the Members wish to amend and restate the Original Agreement in its entirety in
connection with the contribution of the Contribution Property by Secure America
Acquisition Corporation, a Delaware corporation (“Secure”), to the Company in
exchange for membership interests in the Company, as described in the
Contribution Agreement, dated as of September 2, 2009, by and among the
Company, Secure and the Member Representative (as may be amended, modified or
supplemented, the “Contribution
Agreement”), and the other transactions contemplated by the Contribution
Agreement (collectively, the “Transactions”);
and

     

    WHEREAS,
immediately after the consummation of the Transactions and in connection with
the redemption of JDI’s (as said term is defined hereinbelow) entire membership
interest in Ultimate Resort and JDI’s assignment to Ultimate Resort of the Mezz
Loan and the Mezz Second Mortgage Note (as said terms are defined hereinbelow)
(the “JDI Ultimate Resort
Redemption”), Ultimate Resort is transferring 3,123,797 Retained Units
(as said term is defined hereinbelow) (the “JDI Units”) to JDI; provided; however, JDI
acknowledges and agrees that 302,267 of the JDI Units shall be deposited with
the Escrow Agent (as said term is defined hereinbelow) and shall be held in
accordance with and subject to the terms of the Escrow Agreement (as said term
is defined hereinbelow).

     

    AGREEMENT

     

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

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    ARTICLE
I

    FORMATION AND CONTINUATION
OF THE COMPANY

     

    Section
1.1.        Formation and Continuation
of the Company.  The
Company was formed as a limited liability company under the Act by the filing of
the Certificate of Formation with the Secretary of State of the State of
Delaware on September 7, 2007.  The parties hereto agree to continue
the Company.  The Company shall accomplish all filing, recording,
publishing and other acts necessary or appropriate for compliance with all
requirements for operation of the Company as a limited liability company under
this Agreement and the Act and under all other laws of the State of Delaware and
such other jurisdictions in which the Company determines that it may conduct
business.

     

    Section
1.2.        Name.  The
name of the Company is “Ultimate Escapes Holdings, LLC,” as such name may be
modified from time to time by the Board of Managers as it may deem
advisable.

     

    Section
1.3.        Business of the
Company.  The
purpose of the Company shall be to engage in any activity and/or business for
which limited liability companies may be formed under the Act.  In
engaging in such activities, the Company shall have the power to do any and all
things that are necessary for or convenient or incidental to the accomplishment
of its purposes, including all powers granted under the Act.

     

    Section
1.4.        Location of Principal Place
of Business.  The
location of the principal place of business of the Company shall be at such
location as may be determined by the Board of Managers.  In addition,
the Company may maintain such other offices as the Board of Managers may deem
advisable at any other place or places.

     

    Section
1.5.        Registered Agent and
Office.  The
registered agent for the Company shall be National Corporate Research, Ltd. and
the address of the Company’s registered agent and the address of the Company’s
registered office in the State of Delaware shall be 615 South DuPont Highway,
Kent County, Dover, Delaware or such other registered agent or registered office
as the Board of Managers may designate from time to time.

     

    Section
1.6.        Term.  The
term of the Company commenced on the date of filing of the Certificate of
Formation, and shall be perpetual unless the Company is earlier dissolved and
terminated in accordance with the provisions of this Agreement.

     

    ARTICLE
II

    DEFINITIONS

     

    Section
2.1.        Definitions.  The
following terms used in this Agreement shall have the following
meanings.

     

    “2010 Earn-out EBITDA” has the
meaning set forth in Section
3.6.

    

    “2011 Earn-out EBITDA” has the
meaning set forth in Section
3.6.

    

    “Act” means the Delaware
Limited Liability Company Act.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    “Action” means any private,
regulatory or governmental inquiry, action, suit, proceeding, litigation, claim,
arbitration or investigation.

     

    “Adjusted
Capital Account” means
the balance in the Capital Account maintained for each Member as of the end of
each Fiscal Year as adjusted under Section
4.2 hereof,
and further (i) increased by any amounts which such Member is obligated to
restore pursuant to any provision of this Agreement or is treated as being
obligated to restore pursuant to Treasury Regulations Section
1.704-1(b)(2)(ii)(c) or is deemed to be obligated to restore pursuant to the
penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5) and (ii) decreased by the items described in Treasury Regulations
Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and
1.704-1(b)(2)(ii)(d)(6).  The foregoing definition of Adjusted Capital
Account is intended to comply with the provisions of Treasury Regulations
Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.

     

     “Adjusted EBITDA” has the
meaning set forth in Section
3.6.

     

    “Affiliate” of a Person means
any other Person controlling, controlled by or under common control with such
Person.  For the purpose of this definition, the term “control”
(including with correlative meanings, the terms “controlling,” “controlled by”
and “under common control with”), as used with respect to any Person, shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, either through the
ownership of such Person’s voting stock, by contract or otherwise.

     

     “Agent” means CapitalSource
Finance LLC, as Agent for itself and the other lenders under the Basic
Documents.

     

    “Agreement” means this Amended
and Restated Operating Agreement, as amended, modified or supplemented from time
to time in accordance with the terms hereof.

     

    “Bankruptcy” means, with
respect to any Person, if such Person (i) makes an assignment for the benefit of
creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a
bankrupt or insolvent, or has entered against it an order for relief, in any
bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking
for itself any reorganization, arrangement, composition, readjustment,
liquidation or similar relief under any statute, law or regulation, (v) files an
answer or other pleading admitting or failing to contest the material
allegations of a petition filed against it in any proceeding of this nature,
(vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver
or liquidator of the Person or of all or any substantial part of its properties,
or (vii) if 120 days after the commencement of any proceeding against the Person
seeking reorganization, arrangement, composition, readjustment, liquidation or
similar relief under any statute, law or regulation, if the proceeding has not
been dismissed, or if within 90 days after the appointment without such Person’s
consent or acquiescence of a trustee, receiver or liquidator of such Person or
of all or any substantial part of its properties, the appointment is not vacated
or stayed, or within 90 days after the expiration of any such stay, the
appointment is not vacated. The foregoing definition of “Bankruptcy” is intended
to replace and shall supersede and replace the definition of “Bankruptcy” set
forth in Sections 18-101(1) and 18-304 of the Act.

     

    “Basic Documents” means the
Loan Documents, the Mezz Loan Documents, and all agreements, instruments,
documents and certificates contemplated thereby or delivered in connection
therewith and/or any amendments, modifications, changes or supplements thereto
required under the terms of or contemplated by, or necessary or appropriate to
effect the transactions contemplated by the Loan Documents.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    “Board of Managers” means the
Board of Managers of the Company established pursuant to Section 8.3.

     

    “Business Day” means any day on
which the principal offices of the SEC in Washington, D.C. are open to accept
filings.

     

    “Capital Account” has the
meaning set forth in Section 4.2.

     

    “Capital
Contribution” means the
amount of cash or the fair market value of property or services contributed to
the Company by each Member as the consideration for such Member’s interest in
the Company pursuant to Article III. Any reference in the Agreement to the
Capital Contribution of a then Member shall include a Capital Contribution
previously made by any prior Member with respect to the interest of such then
Member in the Company.

     

    “Capital
Transaction” means a
refinancing, revaluation, sale of all or substantially all of the Company’s
assets, or a transaction in contemplation of
liquidation.

     

    “Carrying Value”
means, with respect to any Company
asset, the asset’s adjusted basis for United States federal income tax purposes,
except as follows:

    

    (i)
the initial Carrying Value of any asset contributed by a Member to the Company
shall be the gross fair market value of such asset, as determined by the Board
of Managers, at the time of such
contribution;

    

    (ii) the
Carrying Values of all Company assets may, in the sole discretion of the Board
of Managers, be adjusted to equal their respective gross fair market values, as determined by the Board of
Managers, as of the following
times:  (A) the acquisition of an additional interest in the
Company by any new or existing Member in exchange for more than a de minimis Capital Contribution;
(B) the distribution by the Company to a Member of more
than a de minimis amount of
Company property as consideration
for an interest in the Company; (C) the liquidation of the Company within the
meaning of Regulations
Section 1.704-1(b)(2)(ii)(g);
and (D) in connection with the grant of an interest in the Company (other than a
de minimis interest) as consideration for the provision of services to or for
the benefit of the Company by an existing Member acting in a Member capacity or
by a new Member acting in a Member capacity or in anticipation of becoming a
Member;

    

    (iii)
the Carrying Value of any Company asset distributed to any Member shall be the
gross fair market value of such asset on the date of distribution, as determined
by the Board of Managers; and

    

    (iv)
the Carrying Values of Company assets shall be increased (or decreased) to
reflect any adjustments to the adjusted basis of such assets pursuant to Code
Sections 734(b) or 743(b), but only to the extent that such adjustments are
taken into account in determining Capital Accounts pursuant to Treasury
Regulations Section 1.704-1(b)(2)(iv)(m) and paragraph (vi) of the definition of
Profit and Loss; provided, however, that Carrying Values shall not be adjusted
pursuant to this paragraph (iv) to the extent that an adjustment pursuant to
paragraph (ii) above is required in connection with a transaction that would
otherwise result in an adjustment pursuant to this paragraph
(iv).

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    If
the Carrying Value of an asset has been determined or adjusted pursuant to
paragraph (ii) or (iv) above, such Carrying Value shall thereafter be adjusted
by the Depreciation taken into account with respect to such asset for purposes
of computing Profit and Loss.

    

    “Certificate of Formation”
means the Certificate of Formation of the Company, as amended, modified or
supplemented from time to time.

     

    “Code” means the Internal
Revenue Code of 1986, as amended from time to time (or any succeeding
law).

     

    “Company” has the meaning set
forth in the recitals.

     

    “Contribution Agreement” has
the meaning set forth in the recitals.

     

    “Contribution Property” means a
minimum of Eight Million Dollars ($8,000,000) in immediately available
funds.

     

    “Control” has the meaning set
forth in the definition of “Affiliate.”

     

    “Depreciation” means, for each Fiscal Year, an
amount equal to the depreciation, amortization, or other cost recovery deduction
allowable for federal income tax purposes with respect to an asset for such
Fiscal Year, except that if the Carrying Value of an asset differs from its
adjusted basis for federal income tax purposes at the beginning of such Fiscal
Year, Depreciation shall be an amount that bears the same ratio to such
beginning Carrying Value as the federal income tax depreciation, amortization,
or other cost recovery deduction for such Fiscal Year bears to such beginning
adjusted tax basis, provided, however, that if the adjusted basis for federal
income tax purposes of an asset at the beginning of such Fiscal Year is zero,
Depreciation shall be determined with reference to such beginning Carrying Value
using any reasonable method selected by the Board of
Managers.

     

    “Earn-Out Objection Period” has
the meaning set forth in Section 3.6.

     

    “Earn-Out Payment” has the
meaning set forth in Section
3.6.

     

    “Earn-Out Sharing Percentages”
has the meaning set forth in Section 3.6(a).

     

    “Earn-Out Statement” has the
meaning set forth in Section
3.6.

     

    “Escrow Agent” means SunTrust
Banks, Inc., a Georgia corporation.

     

    “Escrow Agreement” means that
certain Indemnification and Escrow Agreement of even date herewith by and among
Secure, the Company, the Member Representative and the Escrow
Agent.

     

    “Escrowed Indemnification
Units” has the meaning set forth in Section 3.1.

     

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

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    “Exchange Closing” has the
meaning set forth in Section 10.2.

     

    “Exchange Closing Date” has the
meaning set forth in Section 10.3.

     

    “Exchange Consideration” has
the meaning set forth in Section 10.1.

     

    “Exchange Rate” has the meaning
set forth in Section 10.1.

     

    “Exchange Notice” has the
meaning set forth in Section 10.2.

     

    “Exchange Right” has the
meaning set forth in Section 10.1.

     

    “Fair Market Value” means the
average of the closing price of the Public Company Shares, on the principal
exchange on which Public Company Shares are traded during the 30 trading days
prior to the date of determination.

     

    “Family Members” means, with
respect to any individual, such Person’s spouse, children, siblings, parents and
all lineal descendants of such Person’s parents (in each case, natural or
adopted).

     

    “Final EBITDA” has the meaning
set forth in Section
3.6.

     

    “First Earn-Out” has the
meaning set forth in Section
3.6.

     

    “First Target” has the meaning
set forth in Section
3.6.

     

    “Fiscal Quarter” means the
three-month period ending on March 31, June 30, September 30 and
December 31 of each Fiscal Year.

     

    “Fiscal Year” has the meaning
set forth in Section 6.4.

     

    “GAAP” means United States
generally accepted accounting principles consistently applied as in effect from
time to time.

     

    “Governmental Entity” means any
court, administrative agency, regulatory body, commission or other governmental
authority, board, bureau or instrumentality, domestic or foreign and any
subdivision thereof.

     

    “HSR Act” has the meaning set
forth in Section 10.3.

     

    “Immediate Family” means, with
respect to any member (or any constituent upper-tier member who is a natural
person) of an Initial Member, a spouse, parents, lineal descendants, the spouse
of any lineal descendant, and brothers and sisters (or a trust, all of whose
current beneficiaries are Immediate Family members of a member (or any
constituent upper-tier member who is a natural person) of an Initial
Member).

     

    “Indemnified Party” has the meaning set
forth in Section 8.8.

     

    “Indemnity Guaranty” means,
collectively, the Tousignant Guaranty and the Keith Guaranty.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    “Independent Accountant” has
the meaning set forth in Section 3.6.

    

    “Independent Manager” means a
natural person who, for the five-year period prior to his or her appointment as
Independent Manager has not been, and during the continuation of his or her
service as Independent Manager is not (i) an employee, director, stockholder,
partner, officer attorney or counsel of the Company or any of its Affiliates
(other than his or her service as an independent manager or other similar
capacity); (ii) a customer, supplier or other person who derives any of its
purchases or revenues from its activities with a Member, the Company or any
Affiliate of either of them; (iii) a person or other entity controlling or under
common control with any such person described above, or (iv) any member of the
immediate family of a person described in (i), (ii) or (iii).

    

    “Initial Members” means Ultimate Resort
and PE.

     

    “Interest” when used in reference
to an interest in the Company, means the entire ownership interest of a Member
in the Company at any particular time, including its interest in the capital,
profits, losses and distributions of the Company.

     

    “JDI” means JDI Ultimate,
L.L.C., a Delaware limited liability company.

     

    “JDI Ultimate Resort
Redemption” has the meaning set forth in the recitals.

     

    “JDI Units” has the meaning set
forth in the recitals.

     

    “Keith Guaranty” means that
certain Amended and Restated Indemnity Guaranty, dated September 15, 2009,
executed by Richard Keith in favor of Agent.

    

    “Liens” has the meaning set
forth in Section 10.2.

     

    “Liquidator” has the meaning set
forth in Section 11.1.

     

    “Loan Agreement” means that
certain Consolidated Amended and Restated Loan and Security Agreement, dated
September 15, 2009, between the Borrowers (as such term is defined therein), as
borrower, and the Agent, as lender.

    

    “Loan Documents” has the
meaning given to such term in the Loan Agreement.

    

    “Management Agreement” means
the agreement of the Independent Manager in the form attached hereto as Schedule
2.1(a).  The Management Agreement shall be deemed incorporated
into and a part of this Agreement.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    “Material Action”
means  (i) the consolidation or merger of the Company with or into any
other Person or the sale or other disposition of all or substantially all of the
Company’s assets;  (ii) to institute proceedings to have the Company
or any of the UE Holdings Subsidiaries, be adjudicated bankrupt or insolvent,
consent to the institution of bankruptcy or insolvency proceedings against the
Company or any of  the UE Holdings Subsidiaries or file a petition
seeking, or consent to, reorganization or relief with respect to the Company or
any of the UE Holdings Subsidiaries under any applicable federal or state law
relating to bankruptcy, (iii) to directly or indirectly solicit creditors of the
Company or any of the UE Holdings Subsidiaries for the purpose of filing or
joining in the filing of an involuntary bankruptcy petition against the Company
or any of the UE Holdings Subsidiaries; (iv) to file an answer consenting to, or
failing to object to or joining in any involuntary petition filed against the
Company or the UE Holdings Subsidiaries by any other creditor or other person or
entity under the United States Bankruptcy Code or any other federal or state
bankruptcy or insolvency law providing for a collective proceeding among the
creditors of the Company or any of the UE Holdings Subsidiaries; (v) in any
proceeding under the United States Bankruptcy Code or in any other judicial
proceeding, the making of an application to a court to declare that all or a
portion of the lien of Agent and/or Lenders (as defined in the Loan Agreement)
or the obligation of the Company or any of the UE Holdings Subsidiaries to pay
principal and interest as specified by the Loan Agreement or other documents in
connection therewith is rescinded, set aside, or determined to be void or
unenforceable; or making an application of the Company or any of the UE Holdings
Subsidiaries to the applicable court, that any of the terms of any of the Loan
Documents be modified without Agent’s consent (which consent may be withheld in
Agent’s sole discretion); (vi) consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator (or other similar official) of the
Company or any of the UE Holdings Subsidiaries or a substantial part of its
property, or make any assignment for the benefit of creditors of the Company or
any of the UE Holdings Subsidiaries or admit in writing the inability of the
Company or any of the UE Holdings Subsidiaries to pay its debts generally as
they become due, (vii) take action in furtherance of any such action, or, to the
fullest extent permitted by law, dissolve or liquidate the Company or any of the
UE Holding Subsidiaries or (viii) any other event listed in Section 1.2 of each
Indemnity Guaranty.

    

    “Member” means each of the
Persons listed on the signature pages attached hereto, as well as each
Substitute Member.

     

    “Member Representative” means
the Person designated as such in the Contribution Agreement.

     

    “Mezz Loan Documents” means the
“Loan Documents” as defined in the Mezz Second Mortgage Note.

     

    “Mezz Loan” means that certain
loan from JDI to the UE Holdings Subsidiaries and the entities entering into the
Mezz Second Mortgage Note, in the amount of $10,000,000, which loan has been
assigned in its entirety to Ultimate Resort.

     

    “Mezz Second Mortgage Note”
means the Second Mortgage Note, dated on or about the date hereof, among the UE
Holdings Subsidiaries and the entities entering into the Second Mortgage Note,
as borrowers, and JDI, as the lender, and Agent, as agent, which note has been
assigned in its entirety to Ultimate Resort.

     

    “Minimum Quarterly
Distributions” has the meaning set
forth in Section 5.2.

     

     “Obligations” shall mean the
indebtedness, liabilities and obligations of the Company, any of the UE Holdings
Subsidiaries, or any Borrower under or in connection with the Basic Documents or
any related document in effect as of any date of determination.

     

    “Offered Units” has the meaning
set forth in Section 10.1.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    “Original Agreement” has the meaning set
forth in the recitals.

     

    “Parties” means the Company and
the Members, collectively.

     

    “PE” means Private Escapes
Holdings, LLC, a Delaware limited liability company.

     

    “PE Contribution Agreement”
means that certain Third Amended and Restated Contribution Agreement dated the
21st day of July, 2009 by and between Ultimate Resort, PE and the Company, as
may be amended from time to time.

     

    “Percentage Interest” with respect to each
Member, means a fraction, expressed as a percentage, the numerator of which is
the number of Units held by such Member, and the denominator of which is the
aggregate number of all outstanding Units.  Each Member’s initial
Percentage Interest shall be set forth opposite such Member’s name on Schedule I.

     

    “Permitted Transferee” shall mean (w) any
members (or any constituent upper-tier members until you get to a natural
person) of the Initial Members or JDI; (x) members of the Immediate Family of any member (or any
constituent upper-tier member who is a natural person) of an Initial Member or
JDI; (y) an entity in which (A) any member of an Initial Member or JDI and/or
members of the Immediate Family of any member of an Initial Member or JDI
beneficially own 100% of such entity’s voting and non-voting equity securities,
or (B) a member of any Initial Member or JDI and/or a member of the Immediate
Family of any member of an Initial Member or JDI is a general partner and in
which such member of an Initial Member or JDI and/or members of the Immediate
Family of any member of an Initial Member or JDI beneficially own 100% of all
capital accounts of such entity; and (z) a revocable trust established by any
member of an Initial Member or JDI during his/her lifetime for the benefit of
such member of an Initial Member or for the exclusive benefit of all or any
Immediate Family member of any member of an Initial Member or JDI.

    

    “Person” means any individual,
partnership, limited liability company, association, corporation, trust or other
entity.

     

    “Profit or Loss”
means, for each Fiscal Year or other period, the taxable income or loss, as the
case may be, of the Company for such
Fiscal Year or other period, determined in accordance with Code Section 703(a) (for this purpose, all
items of income, gain, loss, or deduction required to be stated separately
pursuant to Code Section 703(a)(1) shall be included in taxable income or loss),
with the following adjustments (without
duplication):

     

    (i)           Any income of the Company that is exempt
from federal income tax and not otherwise taken into account in computing Profit
or Loss pursuant to this definition of “Profit” and “Loss” shall be added to
such taxable income or loss;

     

    (ii)          Any expenditures of the Company described
in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B)
expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and
not otherwise taken into account in computing Profit or Loss pursuant to this
definition of “Profit” and “Loss,” shall be subtracted from such taxable income
or loss;

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (iii)           In
the event the Carrying Value of any Company asset is adjusted pursuant to
subparagraphs (ii) or (iii) of the definition of “Carrying Value,” the amount of
such adjustment shall be treated as an item of gain (if the adjustment increases
the Carrying Value of the asset) or an item of loss (if the adjustment decreases
the Carrying Value of the asset) from the disposition of such asset and shall be
taken into account for purposes of computing Profit or Loss;

     

    (iv)           Gain
or loss resulting from any disposition of Company property with respect to which
gain or loss is recognized for federal income tax purposes shall be computed by
reference to the Carrying Value of the property disposed of, notwithstanding
that the adjusted tax basis of such property differs from its Carrying
Value;

     

    (v)           In
lieu of the depreciation, amortization, and other cost recovery deductions taken
into account in computing such taxable income or loss, there shall be taken into
account Depreciation for such Allocation Year, computed in accordance with the
definition of Depreciation herein;

     

    (vi)           To
the extent an adjustment to the adjusted tax basis of any Company asset pursuant
to Code Section 734(b) is required, pursuant to Treasury Regulations Section
1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital
Accounts as a result of a distribution other than in liquidation of a Member’s
interest in the Company, the amount of such adjustment shall be treated as an
item of gain (if the adjustment increases the basis of the asset) or loss (if
the adjustment decreases such basis) from the disposition of such asset and
shall be taken into account for purposes of computing Profit or Loss;
and

     

    (vii)         Notwithstanding
any other provision of this definition, any items that are specially allocated
pursuant to Sections 5.1 (d)
through (f) hereof shall not be taken into account in computing Profit or
Loss.

     

    “Proposed Exchange Closing
Date” has
the meaning set forth in Section 10.2.

     

    “Public Company
Administration” has the meaning set
forth in Section 7.7.

     

    “Public Company Shares” means
the common stock of Secure, $0.0001 par value.

     

    “Rating Agency” has the meaning
assigned to that term in the Basic Documents.

     

    “Rating Agency Condition” means
(i) with respect to any action taken at any time before the loan evidenced and
secured by the Basic Documents has been sold or assigned to a securitization
trust, that the lender thereunder has consented in writing to such action, and
(ii) with respect to any action taken at any time after such loan has been
sold or assigned to a securitization trust, that each Rating Agency shall have
been given ten (10) days prior notice thereof and that each of the Rating
Agencies shall have notified the Company in writing that such action will not
result in a reduction or withdrawal of the then current rating by such Rating
Agency of any of securities issued by such securitization trust.

     

    “Registration Rights Agreement”
has the meaning set forth in Section 9.3.

     

    “Retained Units” has the
meaning set forth in Section
3.1.

     

    “SEC” means the United States
Securities and Exchange Commission.

     

    “Second Earn-Out” has the
meaning set forth in Section
3.6.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    “Second Target” has the meaning
set forth in Section
3.6.

     

    “Secure” has the meaning set
forth in the Recitals.

     

    “Secure Stockholder Meeting”
has the meaning set forth in Section 8.3(a).

     

    “Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated
thereunder.

     

    “Sharing Percentages” has the
meaning set forth in Section
3.6(c).

     

    “Special Member” means, upon
such Person’s admission to the Company as a member of the Company pursuant to
Section 9.13, a Person
acting as a Springing Member, in such Person’s capacity as a member of the
Company.  A Special Member shall only have the rights and duties
expressly set forth in this Agreement.

     

    “Springing Member” means a
Person who is not a member of the Company but who has signed this Agreement in
order that, upon the conditions described in Section 9.13,  such
Person can become the Special Member without any delay in order that at all
times the Company shall have at least one member.

     

    “Tax Matters Partner” has the meaning set
forth in Section 8.7.

     

    “Tax Rate” means the maximum
combined federal, state and local tax rate applicable to individuals residing in
New York, NY taking into account the character of the income allocated and the
deductibility of New York State and New York City taxes for United States
federal income tax purposes and the deductibility of New York City taxes for New
York State tax purposes, but only if and to the extent that such Member is
responsible to pay such taxes.

     

    “Tousignant Guaranty” that
certain Amended and Restated Indemnity Guaranty, dated September 15, 2009,
executed by James Tousignant in favor of Agent.

     

    “Transactions” has the meaning set
forth in the recitals.

     

    “Transfer,” “Transferee” and “Transferor” have the respective
meanings set forth in Section 9.1.

     

    “Treasury Regulations” shall mean the
regulations promulgated by the U.S. Department of the Treasury under the
Code.

     

    “UE Holdings Subsidiaries”
means P&J Partners, LLC, a Delaware limited liability company, and UE
Holdco, LLC, a Delaware limited liability company.

     

    “Ultimate Resort” means
Ultimate Resort Holdings, LLC, a Delaware limited liability
company.

     

    “Units” has the meaning set
forth in Section 3.1.

     

    “Void Transfer” has the meaning set
forth in Section 9.2.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    Section
2.2.           Accounting Terms and
Determinations.  Unless otherwise specified herein, all
accounting terms used herein shall be interpreted, all determinations with
respect to accounting matters hereunder shall be made, and all financial
statements and certificates and reports as to financial matters required to be
furnished hereunder shall be prepared, in accordance with GAAP.

     

    ARTICLE
III

    UNITS; CAPITAL
CONTRIBUTIONS

     

    Section
3.1.           Units.

     

    (a)           Authorized
Units.  The Interest of the Members in the Company shall be
represented by “Units.”  The Company
shall be authorized to issue up to [20,000,000] Units.

     

    (b)           Capital
Contributions.  Prior to the execution of this Agreement, the
Initial Members owned all of the Interests in the Company, and have made Capital
Contributions to the Company in the aggregate respective amounts set forth in
the books and records of the Company.  Upon the execution of this
Agreement by the Parties, Secure is contributing the Contribution Property to
the Company as a Capital Contribution.

     

    (c)           Issuance of
Units.  Upon the closing of the transactions contemplated by
the Contribution Agreement, the Company shall issue to Secure the number of
Units set forth on Schedule I
hereto in consideration for the Capital Contributions made as of the date
hereof.  Schedule
I also sets forth the number of Units owned by the Initial Members (and
JDI after the consummation of the JDI Ultimate Resort Redemption) in
consideration for the Capital Contributions previously made by them as of the
date of this Agreement (the “Retained Units”, however, it
being explicitly understood that the term “Retained Units” for the purposes of
Section 3.6(c) below
and the Escrow Agreement shall mean 7,178,841 Units).  The Initial
Members and JDI may be entitled to receive additional Units in accordance with
the provisions of Section 3.6.  Pursuant to
the Escrow Agreement, 717,884 of the Retained Units are being deposited by the
Initial Members and JDI (with Ultimate Resort depositing 358,186 Units, JDI
depositing 302,267 Units and PE depositing 57,431 Units) in the account
specified in the Escrow Agreement (the “Escrowed Indemnification
Units”).

     

    Section
3.2.           Interest on Capital
Contributions.  No Member shall be entitled to interest on or
with respect to any Capital Contribution.

     

    Section
3.3.           Withdrawal and Return of
Capital Contributions.  Except as provided in this Agreement,
no Member shall be entitled to withdraw any part of such Member’s Capital
Contribution or to receive distributions from the Company.

     

    Section
3.4.           Unit
Certificates.

     

    (a)           Each
Unit in the Company shall constitute and shall remain a “security” within the
meaning of, and be governed by, (i) Article 8 of the Uniform Commercial Code
(including Section 8-102(a)(15) thereof) as in effect from time to time in
the State of Delaware, and (ii) Article 8 of the Uniform Commercial Code of any
other applicable jurisdiction that now or hereafter substantially includes the
1994 revisions to Article 8 thereof as adopted by the American Law Institute and
the National Conference of Commissioners on Uniform State Laws and approved by
the American Bar Association on February 14, 1995 and the Company hereby
“opts-in” to such provisions for the purpose of the Uniform Commercial
Code.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (b)           Notwithstanding
any provision of this Agreement to the contrary, to the extent any provision of
this Agreement is inconsistent with any non-waivable provision of Article 8 of
the Uniform Commercial Code as in effect in the State of Delaware, the
provisions of Article 8 of the Uniform Commercial Code as in effect in the State
of Delaware shall control.

     

    (c)           THE
TRANSFER OF THE MEMBERSHIP INTERESTS IN THE COMPANY DESCRIBED IN THIS AGREEMENT
ARE RESTRICTED AS PROVIDED HEREIN.

     

    (d)           Except
as otherwise required in connection with Section 3.8 below, subject to
Agent’s consent, the Basic Documents, to the fullest extent permitted by
applicable law, without any further act, vote or approval of any Member,
Director, Officer or any Person, the Company shall issue a new Certificate in
place of any Certificate previously issued to the holder of  a Unit in
the Company represented by such Certificate, as reflected on the books and
records of the Company:

     

    
      	
               
      

            	
              (i)

            	
              makes
      proof by affidavit, in form and substance satisfactory to the Company,
      that such previously issued Certificate has been lost, stolen or
      destroyed;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              requests
      the issuance of a new Certificate before the Company has notice that such
      previously issued Certificate has been acquired by a purchaser for value
      in good faith and without notice of an adverse
  claim;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              if
      requested by the Company, delivers to the Company a bond, in form and
      substance satisfactory to the Company, with such surety or sureties as the
      Company may direct, to indemnify the Company against any claim that may be
      made on account of the alleged loss, destruction or theft of the
      previously issued Certificate; and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              satisfies
      any other reasonable requirements imposed by the
  Company.

            

    

     

    (e)           Except as otherwise provided in
Section
3.8 below, subject to
Agent’s consent, the Basic Documents and Section
9.4, to the fullest extent
permitted by applicable law, upon a Member’s transfer or assignment, in whole or
in part, of its Units in the Company represented by a Certificate in accordance
with Section
9.1 and/or Section
9.4, the transferee of
such Units in the Company shall deliver the Certificate or Certificates
representing such Units to the Company for cancellation (executed by such
transferee on the reverse side thereof), and the Company shall thereupon issue a
new Certificate to such transferee for the percentage of Units in the Company so
transferred or assigned and, if applicable, cause to be issued to the
transferring or assigning Member a new Certificate for those Units in the
Company that were represented by the canceled Certificate and that are not so
transferred or assigned.

     

    (f)           Units
shall be represented by certificates issued by the Company and signed by an
authorized designee of the Company and in the form attached hereto as Schedule 3.4(f) (a “Certificate”).  The
Company may in its discretion imprint any or all certificates representing Units
now or hereafter owned by any Member with the following legends, such imprinting
to be without prejudice, however, to the rights of such Member at all times to
sell or otherwise dispose of all or any part of such Units, subject to the terms
of this Agreement or under an exemption from the registration requirement
available under the Securities Act:

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    THE UNITS
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

     

    THE UNITS
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER RESTRICTIONS AND OTHER
TERMS CONTAINED IN THE AMENDED AND RESTATED OPERATING AGREEMENT OF ULTIMATE
ESCAPES HOLDINGS, LLC, DATED AS OF OCTOBER 28, 2009, AS SUCH AGREEMENT MAY BE
AMENDED FROM TIME TO TIME.  A COPY OF SUCH AGREEMENT IS ON FILE AT THE
COMPANY’S PRINCIPAL EXECUTIVE OFFICES.

     

    (g)           After
such time as any of the legends described by Section 3.4(f) are no
longer required on any certificate or certificates representing the Units, upon
the request of any Member, the Company shall cause such certificate or
certificates to be exchanged for a certificate or certificates that do not bear
such legends.

     

    (h)           The
Board of Managers shall have the power and authority to provide that all
certificates issued to represent or evidence Units shall bear such other legends
as the Board of Managers deems appropriate including, but not limited to, any
legends to assure that the Company does not become liable for violations of
federal or state securities laws or other applicable law.

     

    Section
3.5.           [Intentionally
deleted]

     

    Section
3.6.           Earn-Out
Payment.

     

    (a)           Earn-Outs.  The
Company shall issue to the Initial Members and JDI (pro rata in accordance with
their respective percentages set forth opposite their names under the heading
“Earn-Out Sharing Percentage” on Schedule I (the “Earn-Out Sharing
Percentages”)) up to an aggregate of Seven Million (7,000,000) Units (the
“Earn-Out Payment”) upon
the Company meeting certain performance targets as follows:

     

    (i)           If
the Company’s Adjusted EBITDA for the year ending December 31, 2010 or the year
ending December 31, 2011 (“2010
Earn-out EBITDA”) is equal to or greater than $27,000,000 (the “First Target”), based on the
Company’s audited consolidated financial statements for the year ending December
31, 2010 or the year ending December 31, 2011, as applicable, the Initial
Members and JDI (pro rata in accordance with their Earn-Out Sharing Percentages)
shall be entitled to receive, in accordance with Section 3.6(c), an aggregate
of Three Million (3,000,000) Units (the “First
Earn-Out”).  In the event that the 2010 Earn-out EBITDA is less
than the First Target but greater than $23,000,000, then the Initial Members and
JDI (pro rata in accordance with their Earn-Out Sharing Percentages) shall be
entitled to receive a corresponding proportionate percentage of the First
Earn-Out equal to the adjusted EBITDA earned for the applicable year in excess
of $23,000,000 divided by $4,000,000.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (ii)           If
the Company’s Adjusted EBITDA for the year ending December 31, 2011 or the year
ending December 31, 2012 (“2011
Earn-Out EBITDA”) is equal to or greater than $45,000,000 (the “Second Target”), as set forth
in the Company’s audited consolidated financial statements for the year ending
December 31, 2011 or the year ending December 31, 2012, as applicable, the
Initial Members and JDI (pro rata in accordance with their Earn-Out Sharing
Percentages) shall be entitled to receive, in accordance with Section 3.6(c), an aggregate
of an additional Four Million (4,000,000) Units (the “Second
Earn-Out”).  In the event that the 2011 Earn-out EBITDA is less
than the Second Target but greater than $32,000,000, then the Initial Members
and JDI (pro rata in accordance with their Earn-Out Sharing Percentages) shall
be entitled to receive a corresponding proportionate percentage of the Second
Earn-Out equal to the adjusted EBITDA earned for the applicable year in excess
of $32,000,000 divided by $13,000,000.

     

    The
Parties hereby agree the Earn-Out Payment under this Section 3.6 will not exceed
Seven Million (7,000,000) Units in the aggregate.  In the event the
Company does not achieve any of the targets set forth in this Section 3.6, then neither the
Initial Members nor JDI shall be entitled to receive any Earn-Out Payment. The
Earn-Out Payment, if any, will be allocated among the Initial Members and JDI
pro rata in accordance with their Earn-Out Sharing Percentages.

     

    (b)           Audit. As soon as practicable
after the filing of Secure’s Annual Report on Form 10-K for the applicable
target period for the Earn-Out Payment, as the case may be, but no later than
the thirtieth (30th) day after such filing date, Secure (or its audit committee
or accountants) shall prepare and deliver to the Member Representative a
statement setting forth in reasonable detail the Adjusted EBITDA achieved by the
Company for the applicable target period together with the calculation used to
determine the Adjusted EBITDA for the applicable period (the “Earn-Out Statement”). The
Earn-Out Statement will be prepared in accordance with this Section 3.6(b). The Member
Representative shall have thirty (30) days following its receipt of the Earn-Out
Statement (the “Earn-Out
Objection Period”) to accept or dispute its accuracy. During the Earn-Out
Objection Period, the Member Representative and his accountant shall be
permitted to review the pertinent accounting books and records and work papers
of the Company used in the preparation of the Earn-Out Statement and the Company
shall, and shall cause its independent accountants to, cooperate and assist in
the conduct of such audit and review and make available, to the extent
reasonably necessary, its personnel. Unless the Member Representative delivers a
written objection to Secure on or prior to the expiration of the Earn-Out
Objection Period, the Adjusted EBITDA set forth in the Earn-Out Statement shall
be deemed to be the final amount of Adjusted EBITDA for such target period (the
“Final EBITDA”) and will
become final and binding on the Parties. If the Member Representative does
object, the written objection must specify the items or calculations with which
he takes issue. If the Member Representative objects in accordance with the
previous sentence to the Earn-Out Statement delivered in accordance with this
Section 3.6(b), Secure
and the Member Representative shall, during the 30-day period following such
objection, negotiate in good faith to reach agreement on the disputed items or
amounts. If Secure and the Member Representative resolve their disagreements in
accordance with the foregoing sentence, the Adjusted EBITDA set forth in the
Earn-Out Statement with those modifications, if any, to which Secure and the
Member Representative shall have agreed shall be deemed to be the Final EBITDA.
If, upon completion of such 30-day period, Secure and the Member Representative
are unable to reach agreement on all the disputed items, they shall promptly
thereafter cause a
nationally recognized independent accounting firm mutually agreeable to
Secure and the Member Representative (the “Independent Accountant”) to
review this Agreement and the disputed items or calculations and all records
related thereto for the purpose of preparing the Earn-Out Statement; provided
that the Independent Accountant may consider only those items or amounts in the
Earn-Out Statement as to which Secure and the Member Representative have
disagreed and shall be limited to deciding each such disagreement in an amount
which shall be equal to or between the amounts proposed by Secure, on the one
hand, and the Member Representative, on the other hand, and no more and no less;
provided, further, that the Independent Accountant shall act as an expert and
not as an arbitrator. Secure and the Member Representative shall require the
Independent Accountant to deliver to them, as promptly as practicable, a report
setting forth its calculations. Such report will be final and binding upon the
Parties hereto and shall be deemed to be the Final EBITDA. Secure, on the one
hand, and the Member Representative (who shall be reimbursed for such costs by
the Initial Members and JDI pro rata), on the other hand, shall bear the costs
of the Independent Accountant proportionately in relation to the amount by which
the amounts in dispute differ from the Independent Accountant’s determination of
the Final EBITDA.

     

    
      
        
        

      

      
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    (c)           Set-Off.  The
Initial Members and JDI acknowledge and agree that a portion of the Earn-Out
Payment equal to fifteen percent (15%) of the Retained Units (the “Earn-Out Payment Holdback
Amount”) is subject to set-off for any claim for Damages that the Secure
Indemnified Parties (as defined in the Escrow Agreement) have against the
Initial Members (and JDI pro rata in accordance with their respective
percentages set forth opposite their names under the heading “Sharing
Percentage” on Schedule
I (the “Sharing
Percentages”)in accordance with the terms of the Escrow Agreement,
including, without limitation, any Established Claim (as defined in the Escrow
Agreement) which is based on a breach of a Fundamental Representation (as
defined in the Escrow Agreement) or on fraud or intentional misconduct. This
right of set-off is in addition to, and not in lieu of, any rights a Secured
Indemnified Party may have against the Escrow Fund (as defined in the Escrow
Agreement).  The Secure Indemnified Parties acknowledge and agree that
with respect to any claims that they may
have for Damages under this Agreement, they
shall first look to and exhaust the Escrowed Indemnification Units (as defined
in the Escrow Agreement) prior to attempting to set-off any amounts from any
Earn-Out Payments due to the Initial
Members and JDI pursuant to this Section 3.6(c) and section
1(g) of the Escrow Agreement.

     

    (d)           Issuance of Earn-Out Payment to
Initial Members and JDI. The Company shall issue the relevant Earn-Out
Payment, if any, to the Initial Members and JDI pro rata in accordance with
their Earn-Out Sharing Percentages, after the relevant determination of the
Final EBITDA for the applicable target period in accordance with Section 3.6(b). The Earn-Out
Payment shall be issued by the Company to the Initial Members and JDI, to the
extent earned and with respect to the applicable target period, within 45 days
following determination of the relevant Final EBITDA.

     

    
      
        
        

      

      
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    For
purposes of this Agreement, “Adjusted EBITDA,” with respect
to any period, shall mean, as determined in accordance with GAAP, the difference
between revenue (plus the non-refundable portion of the Company’s membership
fees to the extent such membership fees are not included in revenue pursuant to
GAAP) and expense of the Company and its subsidiaries on a consolidated basis
for such period, plus the sum of (i) interest expense, (ii) income tax expense,
(iii) depreciation expense and (iv) amortization expense.  Adjusted
EBITDA, with respect to any period, shall include organic growth and the effect
of any acquisitions or dispositions of lines of businesses or other material
assets and all member assessments incurred during the period for which Adjusted
EBITDA is being calculated, but shall exclude all non-cash compensation related
to the Incentive Plan (as such term is defined in the Contribution
Agreement).

     

    Section
3.7.           Appointment of
Committee.  Prior to the date
hereof, the board of directors of Secure has appointed a committee consisting of
one of its then members to act on behalf of Secure to take all necessary actions
and make all decisions pursuant to the Escrow Agreement regarding Secure’s right
to indemnification pursuant to Section 5.3 of the Contribution
Agreement.  In the event of a vacancy in such committee, the board of
directors of Secure shall appoint as a successor a Person who was a director of
Secure prior to the date hereof or some other Person who would qualify as an
“independent” director of Secure and who has not had any relationship with the
Company prior to the Closing.  Such committee is intended to be the
“Committee” referred to in Article VII
of the Contribution Agreement and the Escrow Agreement.

     

    Section
3.8.          Post Closing Reconciliation-
PE Contribution Agreement.  PE agrees that it shall make
additional contributions to the Company in strict accordance with Sections
2.1(b)(1) and 3.3 of the PE Contribution Agreement.  In the event that
PE fails to pay any amount when due in accordance with Sections 2.1(b)(1)
and  3.3 of the PE Contribution Agreement, the Members agree that the
Company shall have the right to exercise any right or remedy provided therein,
including but not limited to reducing a Member’s Units in the
Company.

     

    ARTICLE
IV

    CAPITAL
ACCOUNTS

     

    Section
4.1.           General.  The
Members agree to treat the Company as a partnership and the Members as partners
for federal income tax purposes and shall file all tax returns
accordingly.  Notwithstanding anything to the contrary in this
Agreement, for so long as any Member owns any Units (or may receive Units
pursuant to the provisions of Section 3.6), the Company shall not
take any action to change the Company’s status as a partnership for tax
purposes.

     

    Section
4.2.           Capital
Accounts.  The Company shall maintain separate capital accounts
(a “Capital Account”)
for each Member.  Each Member’s initial Capital Account shall be equal
to the amount set forth opposite such Member’s name on Schedule I.  Capital
Accounts shall be maintained in accordance with the following
provisions:

     

    (a)           Each
Member’s Capital Account shall be credited by the amount of such Member’s
Capital Contributions and all Profits allocated to such Member pursuant to Section 5.1.

     

    (b)           Each
Member’s Capital Account shall be debited by the amount of cash and the Carrying
Value of any property (net of liabilities that such Member is considered to
assume or take subject to) distributed to such Member and any Losses allocated
to such Member pursuant to Section 5.1.

     

    
      
        
        

      

      
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    (c)           The
foregoing provisions and the other provisions of this Agreement relating to the
maintenance of Capital Accounts are intended to comply with Treasury Regulations
issued under Section 704(b) of the Code and shall be interpreted and
applied in a manner consistent with such Treasury Regulations; provided, however, that such
maintenance does not have a material adverse effect on the economic interest of
the Members.  The Board of Managers shall be authorized to make
appropriate amendments to the allocations of items pursuant to this Agreement if
necessary in order to comply with Section 704 of the Code or applicable
Treasury Regulations thereunder.

     

    (d)           The
Initial Members JDI and Secure agree that the initial Capital Accounts of the
Members and their respective Percentage Interests, will be based on a tentative
valuation of the Company assets as agreed to and set forth on Schedule I.  In the
event that additional Units are issued pursuant to Section 3.6 as a result of an Earn-Out
Payment, the Initial Members, JDI and Secure further agree that such issuance
shall be treated as a retroactive adjustment to the Capital Accounts of the
Initial Members, JDI and Securea corresponding adjustment to the Capital
Accounts of the Initial Members, JDI and Secure.

     

    ARTICLE
V

    ALLOCATIONS AND
DISTRIBUTIONS

     

    Section
5.1.           Allocation of Profits and
Losses.

     

    (a)           Except
as otherwise provided herein, Profits and Losses, other than from a Capital
Transaction, shall be allocated to the Members in accordance with Percentage
Interests.  In the event that a Member’s Percentage Interest changes
during the year, the Board of Managers shall adjust allocations of income, gain,
loss, deduction and credit to take account of the varying interests of the
Members in any manner consistent with Code Section 706 and the Treasury
Regulations thereunder.

     

    (b)           Except
as otherwise provided herein, Profits and Losses from a Capital Transaction
(or in the event of a liquidation of the Company, items thereof) shall be
allocated among the Members in a manner so as to cause their Adjusted
Capital Accounts to equal as nearly as possible the amount that would be
distributed to thee Members on liquidation of the Company if all of the
Company's assets were sold for their Carrying Value, liabilities satisfied
and the remaining proceeds distributed in accordance with Section 11.2(d).  

     

    (c)           Notwithstanding
any provision of this Section
5.1, no item of deduction or loss shall be allocated to a Member to the
extent the allocation would cause a negative balance in such Member’s Adjusted Capital Account.  In the event
some but not all of the Members would have such Adjusted Capital Account deficits as a
consequence of such allocation of loss or deduction, the limitation set forth in
this Section 5.1(c)
shall be applied on a Member-by-Member basis so as to allocate the maximum
permissible deduction or loss to each Member under Section 1.704-1(b)(2)(ii)(d)
of the Treasury Regulations.  In the event any loss or deduction shall
be specially allocated to a Member pursuant to the preceding sentence, an equal
amount of income of the Company shall be specially allocated to such Member
prior to any allocation pursuant to Section 5.1(a) or Section
5.1(b).

     

    
      
        
        

      

      
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    (d)           In
the event any Member unexpectedly receives any adjustments, allocations, or
distributions described in Treasury Regulations
Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6), items of Company income and
gain shall be specially allocated to such Member in an amount and manner
sufficient to eliminate as quickly as possible any deficit balance in its Adjusted Capital Account; provided, however, that any
allocation of income or gain under this sentence shall be required only if and
to the extent that such Member would have a deficit balance in such Member’s
Adjusted Capital Account after all other allocations provided for in this
Agreement have been tentatively made as if this Section 5.1(d) were not contained herein.

     

    (e)           For
purposes of this Agreement (i) “partner nonrecourse deductions” (as defined
in Treasury Regulations Section 1.704-2(i)), if any, of the Company shall
be allocated for each period to the Member that bears the economic risk of loss
within the meaning of Treasury Regulations Section 1.704-2(i), and (ii)
“nonrecourse deductions” (as defined in Treasury Regulations
Section 1.704-2(b)), if any, of the Company shall be allocated to the
Members in accordance with Percentage
Interests.        

     

    (f)           This
Agreement shall be deemed to include “minimum gain chargeback” and “partner
nonrecourse debt minimum gain chargeback” provisions within the meaning of
Treasury Regulations under Section 704(b) of the Code.  Accordingly,
notwithstanding any other provision of this Agreement, items of gross income
shall be allocated to the Members on a priority basis to the extent and in the
manner required by such provisions.

     

    (g)           For
income tax purposes only, each item of income, gain, loss and deduction of the
Company shall be allocated among the Members in the same manner as the
corresponding items of Profits and Losses and specially allocated items are
allocated for Capital Account purposes; provided, that, in the case of
any Company asset the Carrying Value of which differs from its adjusted tax
basis for United States federal income tax purposes, income, gain, loss and
deduction with respect to such asset shall be allocated solely for income tax
purposes in accordance with the principles of Sections 704(b) and (c) of the
Code (as determined by the Board of Mangers, but using the “traditional method”
as defined under Treasury Regulations Sections 1.704-3(b)) so as to take
account of the difference between Carrying Value and adjusted basis of such
asset.

     

    (h)           All
elections, decisions and other matters concerning the allocation of income,
gains and losses among the Members, and accounting procedures, not specifically
and expressly provided for by the terms of this Agreement, shall be determined
by the Board of Managers.

     

    (i)           The
Board of Managers shall, to the maximum extent possible, and in accordance with
Treasury Regulations Section 1.752-3(a)(3), allocate liabilities to the Members
listed in Schedule
5.1(i) in an amount equal to not less than the amount set forth on such
Schedule with respect to each such Member, as amended from time to
time.  To the extent that any such allocation of liabilities to any of
such Members for any Fiscal Year would be less than the amount set forth on
Schedule 5.1(i)
with respect to a Member (a “shortfall”), the Board of
Managers shall provide notice to such Member not less than sixty (60) days prior
to the end of the Fiscal Year, offering such Member the right to enter into one
or more guarantees of Company liabilities (including, at the option of the
Member, a “bottom dollar guaranty”) in an amount sufficient to satisfy such
shortfall.

     

    
      
        
        

      

      
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    Section
5.2.           Distributions.

     

    (a)           Distributions.  Except
as otherwise provided herein and as further limited by the Basic Documents, all
distributions shall be made at such times and in such amounts as the Board of
Managers may determine to and among the Members on a pro rata basis in accordance
with their respective Percentage Interests.  In the event that distributions under
Section 5.2(b) or (c) cause aggregate distributions to Members under this
Section 5.2 to be other than in accordance with the Percentage Interests of the
Members, the Board of Managers shall adjust distributions under this Section
5.2(a) to ensure that aggregate distributions to Members under this Section 5.2
are in accordance with the Percentage Interests of the
Members.

     

    (b)           Minimum Quarterly
Distribution.  Notwithstanding Section 5.2(a), with respect to
each Fiscal Year of the Company, no later than April 10, June 10,  and
September 10 of such Fiscal Year and January 10 of the next succeeding Fiscal
Year, the Company shall distribute to each Member an amount with respect to each
date so that no Member receives less than an amount equal to one quarter of 110%
of the product of the Tax Rate and the amount allocated to such Member as the
Company’s taxable income for the preceding Fiscal Year (the “Minimum Quarterly
Distributions”); provided, however, that with
respect to the first and second Fiscal Year of the Company following the date of
this agreement, such taxable income shall include the taxable income allocated
to any such Member with respect to the predecessor entities.  Solely for purposes of calculating Minimum
Quarterly Distributions, if a Member is allocated a net taxable loss for federal
income tax purposes for any fiscal year of the Company, such net taxable loss
shall be offset against, and shall reduce, the net taxable income allocated to
such Member in subsequent quarters until such net taxable loss is
exhausted.

     

    (c)           Tax True Up
Distribution.  Notwithstanding Section 5.2(a), later than April
10 of each year, the Company shall distribute to each of the Members an amount
equal to the excess if any of (i) the product of the Tax Rate and the amount
allocated to each such Member as the Company’s taxable income for the preceding
Fiscal Year over (ii) the Minimum Quarterly Distributions with respect to such
preceding Fiscal Year.

     

    (d)           Withholding.  The Company shall
comply with withholding requirements under federal, state, local and foreign law
and shall remit amounts withheld to and file required forms with the applicable
jurisdictions.  To the extent the Company is required to withhold and
pay over any amounts to any authority with respect to distributions or
allocations to any Member, the amount withheld shall be deemed to be a
distribution to such Member in the amount of the withholding and shall reduce
the amount such Member shall otherwise receive under Section 5.2 or Section 11.2(d).  Each
Member agrees to furnish the Company with any representations and forms as shall
reasonably be requested by the Company to assist it in determining the extent
of, and in fulfilling, its withholding obligations.

     

    ARTICLE
VI

    BOOKS OF ACCOUNT, REPORTS,
FISCAL YEAR

     

    Section
6.1.           Books and
Records.  Proper and complete records and books of account
shall be kept by the Company in which shall be entered fully and accurately all
transactions and other matters relative to the Company’s business as are usually
entered into records and books of account maintained by Persons engaged in
businesses of a like character, including the Capital Account established for
each Member.  The Company books and records shall be maintained in
accordance with sound business practices and the requirements of
Section 13(b)(2) of the Exchange Act (notwithstanding the fact that the
Company is not subject to that section), including the maintenance of an
adequate system of internal controls.  The books and records shall at
all times be maintained at the principal office of the Company and shall be open
to the inspection and examination of the Members or their duly authorized
representatives for a proper purpose as set forth in Section 18-305 of the
Act during reasonable business hours and upon reasonable advance notice at the
sole cost and expense of the inspecting or examining Member.

     

    
      
        
        

      

      
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    Section
6.2.           Annual Tax
Reports.  Within ninety (90) days after the end of each
Fiscal Year, the Company shall send to each Person who was a Member at any time
during such Fiscal Year a copy of Schedule K-1 to Internal Revenue Service
Form 1065 (or any successor form) indicating such Member’s share of the
Company’s income, loss, gain, expense and other items relevant for federal
income tax purposes and corresponding analogous state and local tax
forms.

     

    Section
6.3.           Fiscal
Year.  The fiscal year of the Company (the “Fiscal Year”) shall be
the calendar year; provided,
however, that the last Fiscal Year of the Company shall end on the date
on which the Company is terminated.

     

    ARTICLE
VII

    POWERS, RIGHTS AND DUTIES OF
THE MEMBERS

     

    Section
7.1.           Limitations.  Other
than as set forth in this Agreement, the Members shall not participate in the
management or control of the Company’s business nor shall they transact any
business for the Company, nor shall they have the power to act for or bind the
Company, said powers being vested solely and exclusively in the Board of
Managers.

     

    Section
7.2.           Liability.  Subject
to the provisions of the Act, no Member shall be liable for the repayment,
satisfaction or discharge of any Company liability or obligation.  No
Member shall be personally liable for the return of any portion of the Capital
Contributions (or any return thereon) of any other Member.

     

    Section
7.3.           No
Priority.  No Member shall have priority over any other Member
as to Company allocations or distributions.

     

    
      
        
        

      

      
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    Section
7.4.           Admission of Springing
Members as Special Members. Upon the
occurrence of any event that causes the last remaining Member to cease to be a
member of the Company (other than upon continuation of the Company without
dissolution upon (i) an assignment by the Member of all of its Units in the
Company and the admission of the transferee pursuant to Sections 9.1 or 9.4, or
(ii) the resignation of the last remaining Member and the admission of an
additional member of the Company), each person executing this Agreement as a
Springing Member shall, without any action of any Person and simultaneously with
the last remaining Member ceasing to be a member of the Company, automatically
be admitted to the Company as a Special Member and shall continue the Company
without dissolution.  The Company shall at all times have at least two
(2) Springing Members.  No resignation or removal of a Springing
Member, and no appointment of a successor Springing Member, shall be effective
unless and until such successor shall have executed a counterpart to this
Agreement.  In the event of a vacancy in the position of a Springing
Member, the Board shall, as soon as practicable, appoint a successor Springing
Member to fill such vacancy.  By signing this Agreement, each
Springing Member agrees that, should such Springing Member become a Special
Member, such Springing Member will be subject to and bound by the provisions of
this Agreement applicable to a Special Member.  No Special Member may
resign from the Company or transfer its rights as Special Member unless a
successor Special Member has been admitted to the Company as a Special Member by
executing a counterpart to this Agreement; provided, however, that the Special
Member shall automatically cease to be a member of the Company upon the
admission to the Company of a substitute Special Member.  Each Special
Member shall be a member of the Company but shall have no interest in the
profits, losses and capital of the Company and no right to receive any
distributions of Company assets. Pursuant to Section 18-301 of the Act, a
Special Member shall not be required to make any capital contributions to the
Company and shall not receive any Units in the Company.  Each Special
Member, in its capacity as a Special Member, may not bind the
Company.  Except as required by any mandatory provision of the Act,
each Special Member, in its capacity as a Special Member, shall have no right to
vote on, approve or otherwise consent to any action by, or matter relating to,
the Company, including, without limitation, the merger, consolidation or
conversion of the Company.  In order to implement the admission to the
Company of each Special Member, each person named in this Agreement as a
Springing Member shall execute a counterpart to this Agreement.  Prior
to its admission to the Company as a Special Member, each Person executing this
Agreement as Springing Member shall not be a member of the Company.

     

    Section
7.5.           Admission of
JDI.  Secure and the Initial Members acknowledge and agree that
in connection and contemporaneously, Ultimate Resort will transfer 3,123,797
Retained Units to JDI and thereafter JDI shall become a Member of the Company
and Secure and the Initial Members consent to such transfer and
admission.  In connection with its receipt of the JDI Units and
admission to the Company JDI acknowledges and agrees (i) that it will vote any
and all Public Company Shares that it may own in accordance with the terms of
that certain Voting Agreement dated as of the date hereof among Ultimate Resort,
PE and the other parties thereto the form of which was attached as an exhibit to
the Contribution Agreement, (ii) that it consents to the appointment of James M.
Tousignant as the Member Representative and empowers him to take such actions as
a the Member Representative shall be entitled to take under the Contribution
Agreement, the Escrow Agreement, this Agreement and any other documents executed
in connection with the Transactions, including without limitation, the right to
vote the Series A Preferred Voting Stock, (iii) that any Earn-Out Payment that
JDI may be entitled to under Section 3.6 shall be subject
to the set-off rights set forth in Section 1(g) of the Escrow Agreement up to
JDI’s Sharing Percentage, (iv) that 302,267 of the JDI Units shall be deposited
with the Escrow Agent and shall be held in accordance with and subject to the
terms of the Escrow Agreement, and (v) that any and all obligations of the
holders of the Retained Units under this Agreement shall continue in full force
and effect and JDI shall be subject to such obligations as a transferee of the
Retained Units.  In connection with the JDI Ultimate Resort Redemption
and the receipt by JDI of the JDI Units, Secure acknowledges and agrees that JDI
shall be entitled to the rights conferred under the Registration Rights
Agreement.

     

    ARTICLE
VIII

    POWERS, RIGHTS AND DUTIES OF
THE BOARD OF MANAGERS

     

    Section
8.1.           Authority. Subject to
the limitations provided in this Agreement and except as specifically
contemplated by this Agreement, the Board of Managers shall have exclusive and
complete authority and discretion to manage the operations and affairs of the
Company and to make all decisions regarding the business of the Company,
including, without limitation, any dissolution, winding up, liquidation,
consolidation or merger of the Company or sale of all or substantially all of
the Company’s assets.  Any action authorized by the Board of Managers
shall constitute the act of and serve to bind the Company.  Persons
dealing with the Company are entitled to rely conclusively on the power and
authority of the Board of Managers as set forth in this Agreement.

     

    
      
         

      

      
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    Section
8.2.          Powers and Duties of the
Board of Managers.  Except as otherwise provided in this
Agreement and without limiting Section 8.1, the Board
of Managers in managing the business of the Company shall have all the rights
and powers of the board of directors of a corporation organized under the
Delaware General Corporation Law.

     

    Section
8.3.           Board of
Managers.  A Board of Managers shall be established to manage
the business and affairs of the Company in accordance with the following
terms:

     

    (a)           Number and
Appointment.  The Board of Managers shall consist of the same
number of managers as the number of members of Secure’s board of directors from
time to time, and each member of Secure’s board of directors shall also, upon
appointment to Secure’s board of directors, be simultaneously appointed to serve
as a member of the Board of Managers, with no further action required on the
part of the Members. As with Secure, the Company’s Board of Managers shall be
divided into three classes: Class A, Class B and Class C. The number of managers
in each class shall be as nearly equal as possible. The managers in Class A
shall be elected for a term expiring at the first annual meeting of stockholders
held after the Secure stockholders’ meeting held to approve the transactions
contemplated by the Contribution Agreement and this Agreement (the “Secure Stockholder Meeting”),
the managers in Class B shall be elected for a term expiring at the second
annual meeting of stockholders after the Secure Stockholder Meeting, and the
managers in Class C
shall be elected for a term expiring at the third annual meeting of stockholders
after the Secure Stockholder Meeting. The initial members of the
Board of Managers shall be in accordance with Section 5.10 of the Contribution
Agreement.

     

    (b)           Resignation and
Removal.  If any member of the Board of Managers ceases to
serve on Secure’s board of directors for any reason, such member shall
simultaneously cease to serve as a member of the Board of Managers, with no
further action required on the part of the Members.  Except as set
forth in the preceding sentence, no member of the Board of Managers may be
removed for any reason.  Any manager may resign from the Board of
Managers at any time upon written notice to the Company.  Any such
resignation shall take effect at the time specified therein or, if the time be
not specified, upon receipt thereof, and the acceptance of such resignation,
unless required by the terms thereof, shall not be necessary to make such
resignation effective.  If such manager does not also resign from, or
does not otherwise cease to serve on, Secure’s board of directors, the Member(s)
who designated such person to serve on Secure’s board of directors in accordance
with Section 5.10 of the Contribution Agreement shall have the right to
designate a member to replace such manager on the Board of
Managers.

    
      
         

      

      
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    (c)           Meetings.  Meetings
of the Board of Managers, regular or special, may be held at any place within or
without the State of Delaware.  Members of the Board of Managers, or
of any committee designated by the Board of Managers, may participate in a
meeting of the Board of Managers or such committee by means of conference
telephone or similar communications equipment by means of which all persons
participating in the meeting can hear each other, and participation in a meeting
by such means shall constitute presence in person at such
meeting.  The Board of Managers may fix times and places for regular
meetings of the Board of Managers and no notice of such meetings need be
given.  A special meeting of the Board of Managers shall be held
whenever called by any manager then in office, at such time and place as shall
be specified in the notice or waiver thereof.  Notice of each special
meeting shall be given by the person calling the meeting to each manager
personally or by faxing or emailing and telephoning the same not later than the
day before such special meeting.

     

    (d)           Quorum and
Voting.  A whole number of managers equal to at least a
majority of the
entire Board of Managers, either present or represented by proxy, shall
constitute a quorum for the transaction of business, but if there be less than a
quorum at any meeting of the Board of Managers, a majority of the managers
present may adjourn the meeting from time to time, provided that notice of
adjournment and the time and place of the rescheduled meeting shall be given to
all of the managers not then in attendance.  Except as otherwise
provided by this Agreement, the vote of a majority of the managers present at a
meeting at which a quorum is present or at an adjourned meeting shall be the act
of the Board of Managers.

     

    (e)           Proxies.  Each
manager entitled to vote at a meeting of the Board of Managers may authorize
another person or persons to act for him or her by proxy.  Each proxy
shall be signed by the manager giving such proxy.

     

    (f)           Unanimous Written Consent of
Managers in Lieu of a Meeting.  Any action required or
permitted to be taken at any meeting of the Board of Managers may be taken
without a meeting if all of the members of the Board of Managers consent thereto
in writing.

     

    (g)           Expenses;
Compensation.  The Company shall pay all out-of-pocket expenses
incurred by each manager in connection with attending regular and special
meetings of the Board of Managers and any committee of the Board of
Managers.  Members of the Board of Managers shall not be entitled to
receive compensation for services to the Company in their capacities as members
of the Board of Managers, however, this shall in no way limit the members of the
Board of Managers from receiving reasonable compensation in their capacity as
members of the board of directors of Secure.

     

    Section
8.4.           Officers, Agents and
Employees.

     

    (a)           Appointment and Term of
Office.  The Board of Managers may appoint, and may delegate
power to appoint, such officers, agents and employees as it may deem necessary
or proper, who shall hold their offices or positions for such terms, have such
authority and perform such duties as may from time to time be determined by or
pursuant to authorization of the Board of Managers.  Notwithstanding
the foregoing, the persons appointed to serve as officers of Secure pursuant to
Section 5.10 of the Contribution Agreement are hereby appointed to the same
positions of officers of the Company.  Any action taken by an officer
of the Company pursuant to authorization of the Board of Managers shall
constitute the act of and serve to bind the Company.  Persons dealing
with the Company are entitled to rely conclusively on authority of such officers
set forth in the authorization of the Board of Managers.

     

    
      
         

      

      
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    (b)           Resignation and
Removal.  Any officer may resign at any time upon written
notice to the Company.  Any officer, agent or employee of the Company
may be removed by the Board of Managers with or without cause at any
time.  The Board of Managers may delegate such power of removal as to
officers, agents and employees not appointed by the Board of
Managers.

     

    (c)           Compensation.  The
compensation of the officers of the Company shall be fixed by the Board of
Managers or a committee thereof.

     

    Section
8.5.           Company
Assets.  All property owned by the Company, whether real or
personal, tangible or intangible, shall be deemed to be owned by the Company as
an entity, and no Member, individually, shall have any ownership of such
property.  Company funds shall be held in the name of the Company,
shall not be commingled with those of any other Person and shall be used only
for the business of the Company.

     

    Section
8.6.           Exculpation.  No
director, manager, officer, agent or employee of the Company or any Member shall
be personally liable for the return of any portion of the Capital Contributions
(or any return thereon) of any Member.  The return of such Capital
Contributions (or any return thereon) shall be made solely from the Company’s
assets.  No director, officer, agent or employee of the Company or any
Member shall be required to pay to the Company or to any Member any deficit in
the Capital Account of any Member upon dissolution of the Company or
otherwise.  No Member shall have the right to demand or receive
property other than cash or Public Company Shares for its Units.  No
director, manager, officer, agent or employee of the Company or any Member shall
be liable, responsible or accountable in damages or otherwise to the Company or
any Member for any loss incurred as a result of any act or failure to act by
such Person on behalf of the Company unless such loss is finally determined by a
court of competent jurisdiction to have resulted solely from such Person’s
fraud, gross negligence or willful misconduct.

     

    Section
8.7.           Tax Matters
Partner.  For purposes of Code section 6231(a)(7), the
“Tax Matters Partner”
shall be James M. Tousignant, acting only at the direction of the Board of
Managers.  The Tax Matters Partner shall keep the Board of Managers
and the other Members fully advised on a current basis of any contacts by or
discussions with the revenue authorities, and the Members shall have the right
to observe and participate through representatives of their own choosing (at
their sole expense) in any tax proceedings.  The Tax Matters Partner
shall not settle or compromise any issue that adversely affects Members without
the consent of such Members, such consent not to be unreasonably
withheld.  In addition, the Tax Matters Partner shall not extend the
statute of limitations as regards any partnership item affecting a Member
without such Member’s consent.

     

    Section
8.8.           Indemnification of the Board
of Managers, Officers and Agents.

     

    (a)           The
Company shall indemnify and hold harmless the managers and officers of the
Company (each, an “Indemnified
Party”) from and against any loss, expense, damage or injury suffered or
sustained by them, by reason of any claim by or on behalf of a Person other than
a Member or the Company relating to any acts, omissions or alleged acts or
omissions arising out of their activities on behalf of the Company or in
furtherance of the interests of the Company, including but not limited to any
judgment, award, settlement, reasonable attorneys’ fees and other costs or
expenses incurred in connection with the defense of any actual or threatened
action, proceeding or claim if the acts, omissions or alleged acts or omissions
upon which such actual or threatened action, proceeding or claims are based were
not a result of fraud, gross negligence or willful misconduct by such
Indemnified Party.  Any indemnification pursuant to this Section 8.8 shall only
be from the assets of the Company.

    
      
         

      

      
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    (b)           Expenses
(including attorneys’ fees) incurred by an Indemnified Party in a civil or
criminal action, suit or proceeding, other than by or on behalf of a Member or
the Company, shall be paid by the Company in advance of the final disposition of
such action, suit or proceeding; provided that if an
Indemnified Party is advanced such expenses and it is later determined by a
final, non-appealable order of a court of competent jurisdiction that such
Indemnified Party was not entitled to indemnification with respect to such
action, suit or proceeding, then such Indemnified Party shall reimburse the
Company for such advances.

     

    Section
8.9.           Limitations on the Company’s
Activities –Material Actions.

     

    (a)            The
Members shall not, so long as any Obligation is outstanding, amend, alter,
change or repeal the definitions of “Agent”, “Approval Board”, “Bankruptcy”,
Basic Documents”, “Indemnity Guaranty”, “Independent Manager”, “Keith Guaranty”,
“Loan Agreement”, “Loan Documents”, “Management Agreement”, “Material Action”,
“Mezz Loan Documents”,  “Mezz Loan”, “ Mezz Second Mortgage Note”,
“Obligations”, “Rating Agency”, “Rating Agency Condition”, “Special Member”,
“Springing Member”, “Tousignant Guaranty”, and “UE Holdings Subsidiaries” or
Sections 3.3, 5.2(a), 7.4,
8.1, 8.2, 8.9, 9.1, 9.4, 11.1, or Articles XII, XV or XVI of
this Agreement (collectively, the “Independent Manager  Provisions”)
without the unanimous written consent of the Members, the Board of Managers, the
Approval Board, and Agent.  Subject to this Section 8.9, the Members
reserve the right to amend, alter, change or repeal any provisions contained in
this Agreement in accordance with Article XII.  To the fullest extent
permitted by applicable law, in the event of any conflict between any of the
Independent Manager Provisions and any other provisions of this or any document
governing the formation, management or operation of the Company, the Independent
Manager Provisions shall control.

    

    (b)           Notwithstanding
any other provision of this Agreement and any provision of law that otherwise so
empowers the Company, the Members, the Board of Managers, the Officers, or any
other Person, for so long as any Obligation remains outstanding, neither the
Company nor the Members nor the Board of Managers nor the Officers nor any other
Person shall be authorized or empowered, nor shall they permit the Company or
any of the UE Holdings Subsidiaries, without the prior unanimous affirmative
written consent of (i) the Members, (ii) the Board of Managers and (iii) the
Approval Board, to take any Material Action. Provided, however, that the
Approval Board may not vote on, or authorize any Material Action, unless the
Approval Board includes at least one (1) Independent Manager and such action is
taken in accordance with this Agreement.

    

    ARTICLE
IX

    TRANSFERS OF INTEREST BY
MEMBERS

     

    Section
9.1.           Transfers by the Initial
Members and JDI.  Except for the pledge of Interests to Agent
pursuant to each Assignment of Ownership Interests (as defined in the Loan
Agreement), no Initial Member or JDI may sell, assign, pledge or in any manner
dispose of or create or suffer the creation of a security interest in or any
encumbrance (the commission of any such act being referred to as a “Transfer,” any person who
effects a Transfer being referred to as a “Transferor” and any person to
whom a Transfer is effected being referred to as a “Transferee”) on all or a
portion of its Interest in the Company, except for (a) any
Transfer  that is made in accordance with Article X hereof, and
(b) any Transfer to a Permitted Transferee; provided that each Permitted
Transferee shall agree in writing that it shall be subject to the terms and
conditions of this Agreement.  Any Transferee pursuant to this Section 9.1 shall be
admitted as a Substitute Member without the requirement for any further approval
or formality.

    
      
         

      

      
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    Section
9.2.          Effects of Non-Conforming
Transfers. 
With the exception of the Agent’s exercise of its rights in relation to the
Interests pledged pursuant to each Assignment of Ownership Interests (as defined
in the Loan Agreement), no Transfer of an Interest in the Company shall be
effective until such time as all requirements of this Article IX have been
satisfied and, if consents, approvals or waivers are required by the Board of
Managers or any Member, all of same shall have been confirmed in writing by the
Board of Managers or such Member, as applicable.  With the exception
of the Agent’s exercise of its rights in relation to the Interests pledged
pursuant to each Assignment of Ownership Interests (as defined in the Loan
Agreement), any Transfer or purported Transfer of an Interest in the Company not
made in accordance with this Agreement (a “Void Transfer”) shall be null
and void and of no force or effect whatsoever.  With the exception of
the Agent’s exercise of its rights in relation to the Interests pledged pursuant
to each Assignment of Ownership Interests (as defined in the Loan Agreement),
any amounts otherwise distributable under Article V or Article XI in respect of
an Interest in the Company that has been the subject of a Void Transfer may be
withheld by the Company until the Void Transfer has been rescinded, whereupon
the amount withheld (after reduction by any damages suffered by the Company
attributable to such Void Transfer) shall be distributed without
interest.

     

    Section
9.3.           Registration Rights
Agreement.  The Parties acknowledge the entry by the Initial
Members and Secure into a separate registration rights agreement on the date
hereof (the “Registration
Rights Agreement”), pursuant to which Secure has agreed to, on the terms
and subject to the conditions set forth in the Registration Rights Agreement,
register under the Securities Act any Public Company Shares which the Initial
Members may receive upon exchange of their Units for Public Company Shares
pursuant to Article X below,
including, without limitation, any Units issued pursuant to Section 3.6 of this Agreement
that are subsequently exchanged for Public Company Shares.

     

    Section
9.4.           Right of Consent to
Transfer.  So long as any Obligation is outstanding, no Member
may assign its interest in the Company, except as permitted under the Basic
Documents.  Thereafter, except for transfers to a Permitted
Transferee, no Member shall sell, assign, exchange, pledge, mortgage,
hypothecate or otherwise transfer or encumber its interest in the Company
(collectively, a “Transfer”) without the prior
written consent of the other Member(s). Any such Transfer shall be void from
inception and of no force or effect whatsoever.  Notwithstanding the
foregoing, any transfer that would cause a technical termination pursuant to
Section 708 of the Code will not constitute a Permitted Transfer without the
approval of the Board of Managers.

     

    
      
        
        

      

      
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    ARTICLE
X

    EXCHANGE OF UNITS;
LOCK-UP

     

    Section
10.1.         Grant of Exchange
Rights.

     

    (a)           Initial Member’s and JDI’s
Rights.  Each Initial Member and JDI shall have the right, but
not the obligation, exercisable at any time or from time to time (the “Exchange Right”), to exchange
with the Company all or a portion of such Initial Member’s and JDI’s Units,
including Units issued pursuant to Section 3.6 (such Units
tendered, the “Offered
Units”), on the terms and subject to the conditions set forth in this
Article X.

     

    (b)           Company’s Rights Upon Exercise of
Exchange Right.  Upon exercise of the Exchange Right by an
Initial Member or JDI, the Company shall exchange such Initial Member’s or JDI’s
Offered Units for the following (the “Exchange Consideration”): (A)
(I) a number of Public Company Shares, to be issued by Secure, equal to the
product of (x) the number of Offered Units and (y) the Exchange Rate (the “Exchange Shares”), and (II)
cash, payable by wire transfer of immediately available funds to the applicable
Initial Member or JDI, in the amount of all dividends and distributions that
would have been paid on the Exchange Shares had the Exchange Shares been
outstanding from the date hereof to the date of the Exchange Notice (the “Dividend Amount”); or (B) (I)
cash, payable by wire transfer of immediately available funds to the applicable
Initial Member or JDI, in an amount equal to the product of (x) the number of
Exchange Shares, and (y) the Fair Market Value as computed on the date on which
the Exchange Notice was delivered to the Company, and (II) cash, payable by wire
transfer of immediately available funds to the applicable Initial Member or JDI,
in the Dividend Amount.  The determination of the election of option
(A) or (B) in the preceding sentence will be made by Secure in its sole
discretion on the terms and subject to the conditions set forth in this Article X; provided, however, that
Secure may not elect option (A) if Secure is then in default under the terms of
the Registration Rights Agreement.

     

    (c)           Exchange Rate.  The
“Exchange Rate” shall be
one (1) Public Company Share for each Unit, and subject to adjustment as
follows:

     

    (i)           In
the event Secure: (a) declares or pays a dividend on the Public Company Shares
in Public Company Shares, (b) splits or subdivides the outstanding Public
Company Shares or (c) effects a reverse stock split or otherwise combines the
outstanding Public Company Shares into a smaller number of Public Company
Shares, the Exchange Rate shall be adjusted by multiplying the Exchange Rate in
effect immediately prior to such adjustment by a fraction, (1) the numerator of
which shall be the number of Public Company Shares issued and outstanding on the
record date for such dividend, distribution, split, subdivision, reverse split
or combination (assuming for such purposes that such dividend, distribution,
split, subdivision, reverse split or combination has occurred as of such time)
and (2) the denominator of which shall be the actual number of Public Company
Shares issued and outstanding on the record date for such dividend,
distribution, split, subdivision, reverse split or combination (assuming for
such purposes that such dividend, distribution, split, subdivision, reverse
split or combination has not occurred as of such time).

     

    (ii)           Any
adjustments to the Exchange Rate shall become effective immediately after the
effective date of such event, retroactive to the record date, if any, for such
event.  In the event of an adjustment of the Exchange Rate, Secure shall provide
prompt written notice to each Initial Member and JDI, including a certificate of
Secure’s principal financial officer certifying the accuracy of the calculation
and providing sufficient details to enable the Initial Members and JDI to verify
the calculation of the new Exchange Rate. The Initial Members and JDI, together,
shall have ten (10) Business Days from the date of receipt of Secure’s written
notice to object in writing, providing sufficient details to enable Secure to
verify the calculation included in such written notice of objection. If Secure,
the Initial Members and JDI are not able to agree on the adjusted Exchange Rate
within ten (10) Business Days of Secure’s receipt of the Initial Members’ or
JDI’s notice of objection, then the Independent Accountant shall determine the
Exchange Rate within ten (10) Business Days thereafter, which determination
shall be binding upon the parties.

    
      
         

      

      
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    (d)           Right to Assign Obligation to Honor
Exchange Right.  The Company may assign to Secure its right to
acquire the Offered Units and to pay the Exchange Consideration in accordance
with this Article X.  Secure
may, in its sole and absolute discretion, elect to accept such assignment, in
which event it shall pay the Exchange Consideration in accordance with this
Article X, and
thereafter the Company shall have no further obligation with respect to such
payment.

     

    (e)           Treatment of Exchange Right upon
Merger of Secure.  Upon (i) any recapitalization,
reclassification or change of the outstanding Public Company Shares (other than
a change in par value, or from par value to no par value, or from no par value
to par value, or as a result of a split, subdivision or combination), (ii) any
consolidation, merger or combination of Secure with another Person as a result
of which holders of Public Company Shares shall be entitled to receive stock,
securities, other property, assets or cash with respect to or in exchange for
such Public Company Shares, or (iii) any statutory share exchange, in each case
as a result of which holders of Public Company Shares shall be entitled to
receive stock, securities, other property, assets or cash with respect to or in
exchange for such Public Company Shares, then:

     

    (A)          At
the effective time of the transaction, the Exchange Right will be changed into a
right to convert all Units into the kind and amount of shares of stock, other
securities or other property or assets, including cash or any combination
thereof, that an Initial Member or JDI would be entitled to receive had such
Initial Member or JDI exercised an Exchange Right with regard to the Units owned
by such Initial Member or JDI immediately prior to the effective time of such
transaction.

     

    (B)          In
the event holders of Public Company Shares have the opportunity to elect the
form of consideration to be received in such transaction, the type and amount of
consideration that the Initial Member or JDI would have been entitled to receive
will be deemed to be the weighted average of the types and amounts of
consideration received by the holders of Public Company Shares that
affirmatively make an election.

     

    Section
10.2.         Exercise of Exchange
Right.

     

    (a)           In
order to exercise the Exchange Right, an Initial Member or JDI shall deliver a
written notice (an “Exchange
Notice”) to such effect to the Company, not less than ten (10) Business
Days prior to the date as of which the Initial Member or JDI desires the closing
(the “Exchange Closing”)
of the exchange to occur (such date, the “Proposed Exchange Closing
Date”).  The Exchange Notice shall include a representation and
warranty by the Initial Member or JDI to the effect that such Initial Member or
JDI owns, and will continue to own until the Exchange Closing, the Offered Units
subject to the Exchange Notice, free and clear of all liens, charges, security
interests, options, claims, mortgages, pledges, proxies, voting trusts or
agreements, obligations, understandings or arrangements or other restrictions on
title or transfer of any nature whatsoever (“Liens”) other than Liens
arising under this Agreement and Liens that will be discharged at or prior to
Exchange Closing.

    
      
         

      

      
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    (b)           Within
five (5) Business Days after receipt by the Company of an Exchange Notice, the
Company shall deliver to the exercising Initial Member or JDI a written
notice:  (i) specifying whether the Company or Secure will satisfy the
Exchange Right and deliver to the Initial Member or JDI the Exchange
Consideration, (ii) setting forth the preferred form of consideration and the
Exchange Rate, (iii) if the Exchange Consideration is to include cash pursuant
to Section 10.1(b)(B),
the applicable Fair Market Value, (iv) if the Exchange Consideration is to
include Public Company Shares pursuant to Section 10.1(b)(A),
confirming whether the Public Company Shares to be delivered to the Initial
Member or JDI will be included for listing on all exchanges on which all other
Public Company Shares are listed, and confirming (a) that there has not been
issued any order suspending the effectiveness of any registration statement
relating to the Public Company Shares and (b) that there has not been a
suspension of the qualification (or exemption from qualification) of any of the
Public Company Shares for sale in any jurisdiction, (v) acknowledging compliance
by Secure with the covenants set forth in Section 10.6  below
and that it is prepared to close on the Exchange Closing Date (as defined below)
and (vi) setting forth the exercising Initial Members’ or JDI’s rights to
receive Earn Out Shares, if any, to be granted on the Exercise Closing
Date.

     

    (c)           An
Initial Member or JDI may withdraw an Exchange Notice at any time prior to the
Exchange Closing Date.

     

    Section
10.3.         Exchange
Closing.  The Exchange Closing shall, unless otherwise mutually
agreed by the Company and the Initial Member or JDI, be held at the principal
offices of the Company, on a date (the “Exchange Closing Date”) that
is the later of (a) Proposed Exchange Closing Date as specified in the Exchange
Notice or (b) the date that is five Business Days after the expiration or
termination of the waiting period applicable to the Initial Member or JDI, if
any, under the Hart-Scott-Rodino Antirust Improvement Act of 1976, as amended
(the “HSR
Act”).  The Company agrees to use its best efforts to obtain an
early termination of the waiting period applicable to any such acquisition, if
any, under the HSR Act.  Until the Exchange Closing Date, an Initial
Member and JDI shall continue to own his Offered Units, and will continue to be
treated as a Member for all purposes of this Agreement, including, without
limitation, for purposes of voting, consent, allocations and
distributions.  Offered Units will be transferred to the Company only
upon receipt by the tendering Initial Member or JDI of Public Company Shares or
cash in payment in full therefor.

     

    Section
10.4.         Conditions to Exchange
Closing.

     

    (a)           The
obligations of each of the parties to consummate an Exchange Right shall be
subject to the condition that there shall be no injunction, restraining order or
decree of any nature of any Governmental Entity that is in effect that restrains
or prohibits the Exchange Right.

     

    (b)           In
the event that Secure elects to issue Public Company Shares to an Initial Member
or JDI in exchange for Offered Units, the obligation of an Initial Member or JDI
to consummate an Exchange Right shall be subject to the receipt of a certificate
from Secure that it and the Public Company Shares being delivered in connection
with the Closing are in compliance with Section 10.1 and
Section 10.6 and confirming (a) that there has not been issued any
order suspending the effectiveness of any registration statement relating to the
Public Company Shares and (b) that there has not been a suspension of the
qualification (or exemption from qualification) of any of the Public Company
Shares for sale in any jurisdiction.

    
      
         

      

      
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    Section
10.5.         Exchange Closing
Deliveries.  At each Exchange Closing, with respect to each
Initial Member or JDI that requests the Exchange:

     

    (a)           such
Initial Member or JDI shall deliver to the Company or Secure, as applicable,
certificates representing the Offered Units, free and clear of all Liens,
together with stock powers duly endorsed in blank;

     

    (b)           The
Company or Secure, as applicable, shall deliver to the Initial Member or
JDI:

     

    (i)           The
certificate required by Section 10.4(b); and

     

    (ii)           If
the Exchange Consideration is to be paid in Public Company Shares, a certificate
or certificates, registered in the name of such Initial Member, JDI or its
designee, representing a number of duly authorized, validly issued, fully paid
and non-assessable Public Company Shares as determined in accordance with Section 10.1, which
Public Company Shares shall be free and clear of all Liens; provided, however, the
Company or Secure, as applicable, shall deliver cash, in lieu of any fractional
shares to which such holder would otherwise be entitled, based on the Fair
Market Value for the Public Company Shares.

     

    (iii)         All
certificates representing Public Company Shares shall have endorsed thereon a
legend substantially as follows:

     

    THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES
LAW AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED, TRANSFERRED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT COVERING THESE
SECURITIES UNDER THE ACT AND ALL APPLICABLE STATE SECURITIES LAWS OR AN OPINION
FROM COUNSEL REASONABLY SATISFACTORY TO THE COMPANY IN FORM AND SUBSTANCE
SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT OR
UNDER APPLICABLE STATE SECURITIES LAWS.

     

    Section
10.6.         Covenants Relating to the
Exchange.  To facilitate Secure’s ability fully to perform its
obligations hereunder in the event that it accepts an assignment of an Exchange
Right in accordance with Section 10.1, Secure
covenants and agrees as follows:

     

    (a)           At
all times while the Exchange Rights are in existence, Secure shall reserve for
issuance such number of Public Company Shares as may be necessary to enable
Secure to issue such Shares in full payment of the Exchange Consideration in
regard to all Units which are from time to time outstanding and held by the
Initial Members and JDI.

    
      
         

      

      
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    (b)           All
Public Company Shares issuable upon exercise of the Exchange Rights shall, upon
issuance in accordance with the terms of this Article X, be duly and
validly authorized, issued and fully paid and non-assessable. Such Public
Company Shares shall be free from preemptive rights or any other contingent
purchase rights or Liens.  Secure shall use its best efforts to assure
that such Public Company Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of any
securities exchange upon which the Public Company Shares may be
listed.

     

    Section
10.7.         Term of Exchange
Rights.  The Exchange Rights of the Initial Members and JDI
with respect to the Units shall remain in effect, subject to the terms hereof,
throughout the existence of the Company.

     

    Section
10.8.         Lock-Up of Initial Members
and JDI.  From the date hereof to the earlier of (x) the date
on which Secure consummates a transaction that results in all of its
stockholders having the right to exchange their shares of Common Stock for cash,
securities or other property, or (y) the first anniversary of the date of this
Agreement, each Initial Member and JDI hereby agrees that it shall not Transfer
any Public Company Shares it obtains pursuant to the exercise of an Exchange
Right except (a) to a Permitted Transferee (provided that the Permitted
Transferee agrees, in writing, to be bound by the terms of this Section 10.8), or (b) to
the extent authorized by Secure in writing prior thereto.

     

    Section
10.9.         Rule
145.  All Public Company Shares issued pursuant to this
Agreement to “affiliates” of the Company listed on Schedule 10.9 will be
subject to certain resale restrictions under Rule 145 promulgated under the
Securities Act, and all certificates representing such shares shall bear an
appropriate restrictive legend.

     

    Section
10.10.       Secure Series A Preferred
Shares.  On the date hereof, Secure shall issue to the Member
Representative 7,556,675 shares of Secure preferred stock which will be
designated by the board of directors of Secure as a new series of Secure
preferred stock titled Series A preferred voting stock, which will be entitled
to one vote per share and to vote as a single class with the Common Stock on all
matters, but which will not be entitled to any liquidation preferences,
dividends or certain other distributions (the “Series A Preferred Voting
Stock”).  Additionally, Secure shall issue to the Member
Representative additional shares of Series A Preferred Voting Stock equal to the
number of Units that are issued in connection with any Earn-Out Payments made
pursuant to Section
3.6.   At the time that any Offered Units are exchanged
for Public Company Shares pursuant to the terms of this Article X, a like number of
shares of Series A Preferred Voting Stock will be canceled.  Secure
acknowledges and agrees that in connection with the foregoing, on the date
hereof, it shall file with the Delaware Secretary of State a Certificate of
Designation reflecting the foregoing designation, preference and rights, in a
form to be mutually acceptable to Secure and the Company.

     

    
      
        
        

      

      
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    ARTICLE
XI

    LIQUIDATION AND DISTRIBUTION
OF ASSETS

     

    Section
11.1.         Dissolution of the
Company.

     

    (a)           Subject
to the limitations set forth in Section 8.9, the Company shall be dissolved,
wound up and terminated as provided herein upon the first to occur of the
following:

     

    (i)           the
entry of a decree of judicial dissolution under Section 18-802 of the
Act;

     

    (ii)          the
determination of the Board of Managers with the consent of the Member
Representative to dissolve the Company; or

     

    (iii)         the
occurrence of any other event that would make it unlawful for the business of
the Company to be continued.

     

    Except as
expressly provided herein or as otherwise required by the Act, the Members shall
have no power to dissolve the Company.

     

    (b)           In
the event of the dissolution of the Company, the Board of Managers or a
liquidating agent or committee appointed by the Board of Managers shall act as a
liquidating agent (the Board of Managers or such liquidating agent or committee,
in such capacity, is hereinafter referred to as the “Liquidator”) and shall
commence to wind up the affairs of the Company and to liquidate Company
assets.  The Members shall continue to share all income, losses and
distributions during the period of liquidation in accordance with Article IV and Article V.  The
Liquidator shall have full right and unlimited discretion to determine the time,
manner and terms of any sale or sales of the Company assets pursuant to such
liquidation, giving due regard to the activity and condition of the relevant
market and general financial and economic conditions.

     

    (c)           The
Liquidator shall have all of the rights and powers with respect to the assets
and liabilities of the Company in connection with the liquidation and
termination of the Company that the Board of Managers would have with respect to
the assets and liabilities of the Company during the term of the Company, and
the Liquidator is hereby expressly authorized and empowered to execute any and
all documents necessary or desirable to effectuate the liquidation and
termination of the Company and the transfer of any Company assets.

     

    (d)           Notwithstanding
the foregoing, a Liquidator which is not a Member shall not be deemed a Member
and shall not have any of the economic interests in the Company of a Member; and
such Liquidator shall be compensated for its services to the Company at normal,
customary and competitive rates for its services to the Company, as reasonably
determined by the Board of Managers.

     

    (e)           Notwithstanding
any other provision of this Agreement, the Bankruptcy of a Member or a Special
Member shall not cause the Member or Special Member, respectively, to cease to
be a member of the Company and upon the occurrence of such an event, the Company
shall continue without dissolution.

     

    (f)           Notwithstanding
any other provision of this Agreement, each Member and each Special Member
waives any right it might have to agree in writing to dissolve the Company upon
the Bankruptcy of the Member or a Special Member, or the occurrence of an event
that causes a Member or a Special Member to cease to be a member of the
Company.

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

     

    Section
11.2.         Distribution in
Liquidation.  Subject to applicable law, the Company’s assets
shall be applied in the following order of priority:

     

    (a)           first,
to pay the costs and expenses of the winding up, liquidation and termination of
the Company;

     

    (b)          second,
to creditors of the Company, in the order of priority provided by law, including
fees, indemnification payments and reimbursements payable to the Members or
their Affiliates, but not including those liabilities (other than liabilities to
the Members for any expenses of the Company paid by the Members or their
Affiliates, to the extent the Members are entitled to reimbursement hereunder)
to the Members in their capacity as Members;

     

    (c)           third,
to establish reserves reasonably adequate to meet any and all contingent or
unforeseen liabilities or obligations of the Company; provided, however, that at
the expiration of such period of time as the Liquidator may deem in good faith
to be advisable, the balance of such reserves remaining after the payment of
such contingencies or liabilities shall be distributed as hereinafter provided;
and

     

    (d)          fourth,
the remainder to the Members on a pro rata basis in accordance
with their respective Percentage Interests.

     

    Section
11.3.         Final
Reports.  Within a reasonable time following the completion of
the liquidation of the Company’s assets, the Liquidator shall deliver to each of
the Members a statement which shall set forth the assets and liabilities of the
Company as of the date of complete liquidation and each Member’s portion of
distributions pursuant to Section 11.2.

     

    Section
11.4.         Rights of
Members.  Each Member shall look solely to the Company’s assets
for all distributions with respect to the Company and such Member’s Capital
Contribution (including return thereof), and such Member’s share of profits or
losses thereon, and shall have no recourse therefor (upon dissolution or
otherwise) against the Member, the Member Representative or the Board of
Managers.  No Member shall have any right to demand or receive
property other than cash upon dissolution and termination of the
Company.

     

    Section
11.5.         No Deficit
Restoration.  Notwithstanding any other provision of this
Agreement to the contrary, upon liquidation of a Member’s Interest in the
Company (whether or not in connection with a liquidation of the Company), no
Member shall have any liability to restore any deficit in its Capital
Account.  In addition, no allocation to any Member of any loss,
whether attributable to depreciation or otherwise, shall create any asset of or
obligation to the Company, even if such allocation reduces the Capital Account
of any Member or creates or increases a deficit in such Capital Account; it is
also the intent of the Members that no Member shall be obligated to pay any such
amount to or for the account of the Company or any creditor of the
Company.  Except as set forth in Section 13.11, no creditor of the
Company is intended as a third-party beneficiary of this Agreement nor shall any
such creditor have any rights hereunder.

     

    Section
11.6.         Termination.  The
Company shall terminate when all property owned by the Company shall have been
disposed of and the assets shall have been distributed as provided in Section 11.2 and
Certificate of Cancellation have been filed with the Secretary of State of the
State of Delaware.

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

     

    ARTICLE
XII

    AMENDMENT OF
AGREEMENT

     

    Section
12.1.         Amendments.  Except
as expressly limited by Section 8.9 and Article IX hereof, this Agreement may be
amended, and the observance of any term of this Agreement may be waived, with
(and only with) the written consent of Secure and the Member Representative;
provided, however, that
no amendment or waiver that disproportionately and adversely affects any Member
may be approved without such Member’s written consent; provided so long as any
Obligation is outstanding, this Agreement may not be modified, altered,
supplemented or amended unless the Rating Agency Condition is satisfied
except:  (i) to cure any ambiguity or (ii) to convert or supplement
any provision in a manner consistent with the intent of this Agreement and the
other Basic Documents.  Each Member hereby agrees to cooperate and
take all actions reasonably requested by Secure to give effect to any amendment
to this Agreement approved in accordance with this Section 12.1.

     

    Section
12.2.         Amendment of Certificate of
Formation.  In the event this Agreement shall be amended
pursuant to this Article XII, Secure
shall amend the Certificate of Formation to reflect such change if Secure deems
such amendment of the Certificate of Formation to be necessary or
appropriate.

     

    ARTICLE
XIII

    MISCELLANEOUS

     

    Section
13.1.         Notices.  All
notices, consents, waivers and other communications hereunder shall be in
writing and shall be deemed to have been duly given when delivered in person, by
facsimile or other electronic means, receipt confirmed, or on the next Business
Day when sent by reliable overnight courier to the respective Parties at the
following addresses (or at such other address for a Party as shall be specified
by like notice):

     

    
      
        
          
            
              
                	
                        If
      to a Member:

                      	 
      	
                        To
      the addresses set forth below each Member’s name on the signature page
      hereto.

                      
	 	 	 
	
                        If
      to the Company:

                      	 
      	
                        Ultimate
      Escapes Holdings, LLC

                      
	 
      	 
      	
                        3501
      W. Vine St. Suite 225

                      
	 
      	 
      	
                        Kissimmee,
      FL 34741

                      
	 
      	 
      	
                        Attn:  James
      M. Tousignant, President

                      
	 
      	 
      	
                        Facsimile:  (407)
      483-1935

                      
	
                        with
      a copy to:

                      	 
      	 
      
	
                        (which
      shall not constitute notice)

                      	 
      	
                        Greenberg
      Traurig LLP

                      
	 
      	 
      	
                        200
      Park Avenue

                      
	 
      	 
      	
                        New
      York, NY 10166

                      
	 
      	 
      	
                        Attn:  Alan
      I. Annex, Esq.

                      
	 
      	 
      	
                        Facsimile:
      (212) 801-6400

                      

              

            

          

           

        

      

    

    or to
such other address as any Party hereto may, from time to time, designate in
writing delivered pursuant to the terms of this Section 13.1.

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

    Section
13.2.   Binding Effect;
Assignment.  This Agreement and all of the provisions hereof
shall be binding upon and inure to the benefit of the Parties hereto and their
respective successors and permitted assigns. This Agreement shall not be
assigned by operation of law or otherwise by any Member except in compliance
with Article IX
hereof, and any assignment not permitted hereunder shall be null and
void.

     

    Section
13.3.   Waiver of Jury
Trial.  Each of the Parties hereby waives to the fullest extent
permitted by applicable Law any right it may have to a trial by jury with
respect to any Action directly or indirectly arising out of, under or in
connection with this Agreement or the transactions contemplated hereby. Each of
the Parties (a) certifies that no representative, agent or attorney of any other
party has represented, expressly or otherwise, that such other party would not,
in the event of any Action, seek to enforce that foregoing waiver and (b)
acknowledges that it and the other Parties hereto have been induced to enter
into this Agreement by, among other things, the mutual waivers and
certifications in this Section
13.3.

     

    Section
13.4.   Entire
Agreement.  This Agreement constitutes the entire agreement
among the Members with respect to the subject matter hereof, supersedes and is
in full substitution for any and all prior agreements and understandings among
them relating to such subject matter.  Without limiting the generality
of the foregoing, this Agreement amends, restated and supersedes the Original
Agreement in its entirety, and the Original Agreement is of no further force or
effect.  The Schedules to this Agreement are hereby incorporated and
made a part hereof and are an integral part of this Agreement.

     

    Section
13.5.   Descriptive
Headings.  The descriptive headings of the several sections of
this Agreement are inserted for convenience only and shall not control or affect
the meaning or construction of any of the provisions hereof.

     

    Section
13.6.   Counterparts.  For
the convenience of the Parties, any number of counterparts of this Agreement may
be executed by any one or more Parties, and each such executed counterpart shall
be, and shall be deemed to be, an original, but all of which shall constitute,
and shall be deemed to constitute, in the aggregate but one and the same
instrument.

     

    Section
13.7.   Governing Law;
Jurisdiction.  This Agreement shall be governed by, construed
and enforced in accordance with the laws of the State of Delaware without regard
to the conflict of laws principles thereof. All Actions arising out of or
relating to this Agreement shall be heard and determined exclusively in any
state or federal court located in Delaware. The Parties hereto hereby (a) submit
to the exclusive jurisdiction of any Delaware state or federal court for the
purpose of any Action arising out of or relating to this Agreement brought by
any Party hereto and (b) irrevocably waive, and agree not to assert by way of
motion, defense or otherwise, in any such Action, any claim that it is not
subject personally to the jurisdiction of the above-named courts, that its
property is exempt or immune from attachment or execution, that the Action is
brought in an inconvenient forum, that the venue of the Action is improper, or
that this Agreement or the transactions contemplated hereby may not be enforced
in or by any of the above-named courts. The Parties agree that a final judgment
in any Action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.
Each of the Parties irrevocably consents to the service of the summons and
complaint and any other process in any other Action or proceeding relating to
the transactions contemplated by this Agreement, on behalf of itself or its
property, by personal delivery of copies of such process to such
Party.  Nothing in this Section 13.7 shall affect the
right of any Party to serve legal process in any other manner permitted by
law.

     

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

    Section
13.8.   Specific
Performance.  The Parties hereto agree that irreparable damage
would occur in the event that any of the provisions of this Agreement were not
performed by the Company or Secure in accordance with their specific terms or
were otherwise breached. Accordingly, the Parties further agree that prior to
the termination of this Agreement in accordance with Section 7.1, each Party
shall be entitled to seek an injunction or restraining order to prevent breaches
of this Agreement and to seek to enforce specifically the terms and provisions
hereof, this being in addition to any other right or remedy to which such Party
may be entitled under this Agreement, at law or in equity.

     

    Section
13.9.   Construction.  The
language used in this Agreement will be deemed to be the language chosen by the
Parties to express their mutual intent, and no rule of strict construction will
be applied against any Party.  Any references to any federal, state,
local or foreign statute or law will also refer to all rules and regulations
promulgated thereunder, unless the context requires otherwise.  Unless
the context otherwise requires:  (a) a term has the meaning
assigned to it by this Agreement; (b) “including” means “including but not
limited to”; (c) “or” is disjunctive but not exclusive; (d) words in
the singular include the plural, and in the plural include the singular; and
(e) “$” means the currency of the United States of America.  No
specific provision, representation or warranty shall limit the applicability of
a more general provision, representation or warranty.  It is the
intent of the Parties that each representation, warranty, covenant, condition
and agreement contained in this Agreement shall be given full, separate, and
independent effect and that such provisions are
cumulative.  References to “days” shall mean calendar days unless
expressly stated otherwise.  The words “hereof,” “herein,” “hereby”
and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this
Agreement. The Parties have participated jointly in the negotiation and drafting
of this Agreement. Consequently, in the event an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted
jointly by the Parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provision
of this Agreement.

     

    Section
13.10.   Severability.  In
case any provision in this Agreement shall be held invalid, illegal or
unenforceable in a jurisdiction, such provision shall be modified or deleted, as
to the jurisdiction involved, only to the extent necessary to render the same
valid, legal and enforceable, and the validity, legality and enforceability of
the remaining provisions hereof shall not in any way be affected or impaired
thereby nor shall the validity, legality or enforceability of such provision be
affected thereby in any other jurisdiction. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the
Parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the Parties as closely as possible in a mutually
acceptable manner in order that the transactions contemplated hereunder be
consummated as originally contemplated to the fullest extent
possible.

     

    Section
13.11.   Third
Parties.  Agent, and its successors and assigns, are hereby
declared to be intended third party beneficiaries of the provisions of Section
8.9, and it is expressly intended that if any of the actions set forth in
Section 8.9 are undertaken in violation of the terms and conditions of this
Agreement, Agent, and its successors and assigns, shall have standing to contest
such action in a court of competent jurisdiction.  Except as set forth
in previous sentence and except for the rights of the Indemnified Parties
pursuant to Section
8.8, nothing contained in this Agreement or in any instrument or document
executed by any party in connection with the transactions contemplated hereby
shall create any rights in, or be deemed to have been executed for the benefit
of, any Person that is not a Party hereto or thereto or a successor or permitted
assign of such a Party.

     

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

    Section
13.12.   Waiver of
Partition.  The Members hereby agree that Company assets are
not and will not be suitable for partition.  Accordingly, each of the
Members hereby irrevocably waives any and all rights (if any) that such Member
may have to maintain any action for partition of any of such
assets.

     

    Section
13.13.   Certain Constituent Member
Rights.  The Members acknowledge and agree that there are
certain rights granted with respect to the Company’s assets to certain members
of Ultimate Resort, LLC, a Florida limited liability company (“UR”) pursuant to Section 3.7
of that certain Amended and Restated Operating Agreement of UR dated as of March
9, 2007 (the “UR Member
Rights”).  The Company and the Members acknowledge that they
shall at all times honor the UR Member Rights which are in existence on the date
hereof.

     

    ARTICLE
XIV

    INITIAL PUBLIC
OFFERING

     

    Section
14.1.   Approval.  The
Company may conduct an initial public offering of all or part of its Membership
Interests on such terms as the Board of Managers shall determine.  The
Company may effect a conversion of Membership Interests from those of a limited
liability company to ownership in a corporation on such terms as are approved by
the Board of Managers.

     

    Section
14.2.   Severability.  This
Article is severable from the balance of this Agreement and shall be disregarded
in construction of this Agreement.

     

    ARTICLE
XV

    INDEPENDENT MANAGER AND
APPROVAL BOARD

     

    Section
15.1.   Appointment of Independent
Manager.  So long as any of the Obligations remains
outstanding, the Members shall cause the Company at all times to have at least
one (1) Independent Manager who will be appointed by Ultimate
Resort.  Each Independent Manager shall be, and is hereby designated
as a “manager” within the meaning of Section 18-101(10) of the Act, and shall
have only those powers in management of the business and affairs of the Company
as shall be specifically provided in this Agreement.  To the fullest
extent permitted by law, including Section 18-1101(c) of the Act, each
Independent Manager shall consider only the interests of the Company or UE
Holdings Subsidiaries (depending on which is the subject of the Material
Action), including its respective creditors.  No resignation or
removal of an Independent Manager, and no appointment of a successor Independent
Manager, shall be effective until such successor (i) shall have accepted his or
her appointment as an Independent Manager by a written instrument, which may be
a counterpart signature page to the Management Agreement, and (ii) shall have
executed a counterpart to this Agreement.  In the event of a vacancy
in the position of an Independent Manager, the Members shall, as soon as
practicable, appoint a successor Independent Manager.  All right,
power and authority of the Independent Manager shall be limited to the extent
necessary to exercise those rights and perform those duties specifically set
forth in this Agreement.  Except as provided in the third sentence of
this Section 15.1, in
exercising their rights and performing their duties under this Agreement, any
Independent Manager shall have a fiduciary duty of loyalty and care similar to
that of a director of a business corporation organized under the General
Corporation Law of the State of Delaware.  No Independent Manager
shall at any time serve as trustee in bankruptcy for any affiliate of the
Company.  Upon execution hereinbelow, the Members appoint Michael C.
Doyle as the initial Independent Manager of the Company.

     

    
      
         

      

      
        38

        
          

        

      

      
         

      

    

    Section
15.2.   Approval
Board.  The Members hereby establish a board (the “Approval Board”), which shall
not be deemed “managers” as defined in the Act (other than the Independent
Manager), but which shall (i) remain in existence (A) for so long as the
Obligations remain outstanding and (B) until the obligations of James Tousignant
pursuant to the Tousignant Guaranty and Richard Keith pursuant to the Keith
Guaranty have been discharged in full, unless the consent of James Tousignant or
Richard Keith, as applicable, is given to earlier termination under this clause
(i)(B) (but such consent shall not affect clause (i)(A)) and (ii) always consist
of the following three persons (unless a successor is appointed in accordance
with the terms hereof):  (1) James Tousignant; (2) Richard Keith; and (3)
the Independent Manager.  If at any time that the Tousignant Guaranty is in
effect, James Tousignant (or his successor) becomes disabled or dies, James
Tousignant or James Tousignant’s guardian (in the case of disability) or his
estate (in the case of his death) shall have the sole right to appoint the
successor person to fill such Approval Board position currently held by James
Tousignant.  If at any time that the Keith Guaranty is in effect, Richard
Keith (or his successor) becomes disabled or dies, Richard Keith or Richard
Keith’s guardian (in the case of disability) or his estate (in the case of his
death) shall have the sole right to appoint the successor person to fill such
Approval Board position currently held by Richard Keith.  Notwithstanding
anything to the contrary contained in this Agreement, the Approval Board shall
not have any authority to manage the business or affairs of the Company and
shall not have any obligations under this Agreement except as expressly set
forth in Section 8.9.

     

    ARTICLE
XVI

    PLEDGE OF
INTERESTS TO AGENT

     

    Section
16.1.   Notwithstanding any provision of this Agreement to the
contrary, upon a foreclosure, sale or other transfer of the Units of a Member,
as a member of the Company (the “Pledged Interest”), pursuant
to the Assignments of Ownership Interests (as defined in the Loan Agreement)
(hereinafter, the “Pledge
Agreement”), the holder of the Pledged Interest shall automatically be
admitted as a member of the Company upon such foreclosure, sale or other
transfer, with all of the rights and obligations of the Member, as member
hereunder.  Such admission shall be deemed effective immediately prior
to such transfer and, immediately following such admission, the transferor
member shall cease to be a member of the Company.  The Company
acknowledges that the pledge of the Pledged Interest made by the Member in
connection with the Pledge Agreement shall, to the fullest extent permitted by
applicable law, be a pledge not only of its rights with respect to the profits
and losses of the Company, but also a pledge of all rights and obligations of
the Member hereunder.  Upon a foreclosure, sale or other transfer of
the Units in the Company pursuant to the Pledge Agreement, the successor Member
may transfer its interests in the Company, subject to Sections 9.1 and 9.4
hereof.  Notwithstanding any provision in the Act or any other
provision contained herein to the contrary, and to the fullest extent permitted
by applicable law, the Member shall be permitted to pledge the Pledged Interest,
and upon any foreclosure of the Pledged Interest in accordance with the Pledge
Agreement, and the admission of the Pledgee as a member of the Company as
provided in this Article XVI, transfer to the Pledgee all such rights and powers
to manage and control the affairs of the Company as it may have
hereunder.

    [SIGNATURE
PAGES FOLLOW]

    
      
         

      

      
        39

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned Member has caused this counterpart signature
page to the Amended and Restated Operating Agreement of Ultimate Escapes
Holdings, LLC, dated as of October 28, 2009, to be duly executed as of the date
first above written.

     

    
      
        
          
            
              
                	
                        THE
      COMPANY:

                      
	 
      
	
                        ULTIMATE
      ESCAPES HOLDINGS, LLC

                      
	 
      	 
      
	
                        By: 

                      	
                                

                      
	 
      	
                        Name:

                      
	 
      	
                        Title:

                      
	 
      
	
                        THE
      MEMBERS:

                      
	 
      
	
                        SECURE
      AMERICA ACQUISITION 
CORPORATION

                      
	 
      	 
      
	
                        By:

                      	
                                

                      
	 
      	
                        Name:

                      
	 
      	
                        Title:

                      
	 
      	 
      
	
                        Address for Notices:

                      
	 
      
	
                        Secure
      America Acquisition Holdings, LLC

                      
	
                        1005
      North Glebe Road, Suite 550

                      
	
                        Arlington,
      VA 22201

                      
	
                        Attn:
      C. Thomas McMillen

                      
	
                        Facsimile:
      (703) 528-0956

                      
	 
      
	
                        ULTIMATE
      RESORT HOLDINGS, LLC

                      
	 
      	 
      
	
                        By:

                      	
                                

                      
	 
      	
                        Name:

                      
	 
      	
                        Title:

                      
	 
      	 
      
	
                        Address for Notices:

                      
	 
      
	
                        Ultimate
      Resort Holdings, LLC

                      
	
                        3501
      W. Vine Street, Suite 225

                      
	
                        Kissimmee,
      Florida 34741

                      
	
                        Attn:  James
      Tousignant

                      
	
                        Facsimile
      No.:  (407)
483-1935

                      

              

            

          

        

      

    

    
      
         

      

      
        40

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    PRIVATE
      ESCAPES HOLDINGS, LLC

                  
	 
      	 
      
	
                    By: 

                  	
                            

                  
	 
      	
                    Name:

                  
	 
      	
                    Title:

                  
	 
      	 
      
	
                    Address for Notices:

                  
	 
      
	
                    Private
      Escapes Holdings, LLC

                  
	
                    314
      East Mountain Avenue, Suite 101

                  
	
                    Fort
      Collins, Colorado 80524

                  
	
                    Attn:  Richard
      Keith

                  
	
                    Facsimile
      No.:  (970) 212-1620

                  
	 
      
	
                    JDI
      ULTIMATE, L.L.C.

                  
	 
      	 
      
	
                    By:

                  	
                            

                  
	 
      	
                    Name:

                  
	 
      	
                    Title:

                  
	 
      	 
      
	
                    Address for Notices:

                  
	 
      
	
                    JDI
      Ultimate, L.L.C.

                  
	
                    52
      N. Elston Avenue

                  
	
                    Chicago,
      Illinois 60622

                  
	
                    Attn:  Jeff
      Aeder

                  
	
                    Facsimile
      No.:  (312) 433-0555

                  
	 
      	 
      
	 
      	
                    SPRINGING
      MEMBERS:

                  
	 
      	 
      
	 
      	
                            

                  
	 
      	
                    Name:  James
      Tousignant

                  
	 
      	 
      
	 
      	
                            

                  
	 
      	
                    Name:  Philip
      Callaghan

                  
	 
      	 
      
	 
      	
                    INDEPENDENT
      MANAGER:

                  
	 
      	 
      
	 
      	
                            

                  
	 
      	
                    Name:  Michael
      C. Doyle

                  

          

        

      

    

    
      
         

      

      
        41

        
          

        

      

      
         

      

    

    SCHEDULE
I

     

    UNIT
OWNERSHIP

    
       

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    	
                                            Name

                                          	 	
                                            Address

                                          	 	
                                            Units

                                          	 	 	
                                            Percentage

                                            Interest

                                          	 	 	
                                            Sharing

                                            Percentage

                                          	 	 	
                                            Earn-Out

                                            Sharing

                                            Percentage

                                          	 	 	
                                            Capital

                                            Account

                                          	 
	
                                            Secure
      America Acquisition Corporation

                                          	 	 
      	 	 	[·	]	 	 	[·	]%	 	 	N/A	 	 	 	N/A	 	 	$	[·	]
	
                                            Ultimate
      Resort Holdings, LLC

                                          	 	 
      	 	 	3,858,571	 	 	 	[·	]%	 	 	49.89	%	 	 	56.13	%	 	$	30,637.054	 
	
                                            JDI
      Ultimate, L.L.C.

                                          	 	 
      	 	 	3,123,797	 	 	 	[·	]%	 	 	42.11	%	 	 	35.87	%	 	$	24,802,948	 
	
                                            Private
      Escapes Holdings, LLC

                                          	 	 
      	 	 	574,307	 	 	 	[·	]%	 	 	8.0	%	 	 	8.0	%	 	$	4,560,000	 
	
                                            Totals

                                          	 	 
      	 	 	[·	]	 	 	[·	]%	 	 	100	%	 	 	100	%	 	$	[·	]

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        42

        
          

        

      

      
         

      

    

    SCHEDULE
2.1(a)

    Management
Agreement

     

    October
28, 2009

     

    Ultimate
Escapes Holdings, LLC

    3501 W.
Vine Street, Suite 225

    Kissimmee,
Florida 34741

    

    Re:   Management
Agreement — Ultimate Escapes Holdings, LLC

    

    Ladies
and Gentlemen:

     

    For good
and valuable consideration, the undersigned Person, who has been designated as
an Independent Manager of Ultimate Escapes Holdings, LLC, a Delaware limited
liability company (the “Company”), in
accordance with the Amended and Restated Operating Agreement of the Company,
dated as of October 28, 2009, as it may be amended or restated from time to time
(the “LLC
Agreement”), hereby agrees as follows:

     

    1.   The
undersigned accepts such Person’s rights and authority as the Independent
Manager under the LLC Agreement and agrees to perform and discharge such
Person’s duties and obligations as the Independent Manager under the LLC
Agreement, and further agrees that such rights, authorities, duties and
obligations under the LLC Agreement shall continue until such Person’s successor
as the Independent Manager is designated or until such Person’s resignation or
removal as the Independent Manager in accordance with the LLC
Agreement.  The undersigned agrees and acknowledges that he has been
designated as a “manager” of the Company within the meaning of the Delaware
Limited Liability Company Act.

     

    2.   So
long as any Obligation is outstanding, the undersigned agrees, solely in his
capacity as a creditor of the Company on account of any indemnification or other
payment owing to the undersigned by the Company, not to acquiesce, petition or
otherwise invoke or cause the Company to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Company under any federal or state bankruptcy, insolvency or similar
law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Company or any substantial part of
the property of the Company, or ordering the winding up or liquidation of the
affairs of the Company.

     

    3.   THIS
MANAGEMENT AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE, AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY
SUCH LAWS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

     

    Initially
capitalized terms used and not otherwise defined herein have the meanings set
forth in the LLC Agreement.

     

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

     

    
      
        	
                        

              
	
                Michael
      C. Doyle

              

      

    

    
      
         

      

      
        43

        
          

        

      

      
         

      

    

    SCHEDULE
3.4(f)

    

    CERTIFICATE
FOR

    ULTIMATE ESCAPES HOLDINGS,
LLC

     

    
      	
              Certificate
      Number ____

            	 
      	 
      	 
      	 
      	
              ___
      Units

            

    

    

    ULTIMATE ESCAPES HOLDINGS,
LLC, a Delaware limited liability company (the “Company”), hereby certifies
that __________________________ (the “Holder”) is the registered
owner of _____ Units in the Company (the “Interests”).

    

    THE UNITS
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

     

    THE UNITS
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER RESTRICTIONS AND OTHER
TERMS CONTAINED IN THE AMENDED AND RESTATED OPERATING AGREEMENT OF ULTIMATE
ESCAPES HOLDINGS, LLC, DATED AS OF OCTOBER 28, 2009, AS SUCH AGREEMENT MAY BE
AMENDED FROM TIME TO TIME. A COPY OF SUCH AGREEMENT IS ON FILE AT THE COMPANY’S
PRINCIPAL EXECUTIVE OFFICES.

     

    By
acceptance of this Certificate, and as a condition to being entitled to any
rights and/or benefits with respect to the Interests evidenced hereby, the
Holder is deemed to have agreed to comply with and be bound by all of the terms
and conditions of the Agreement.  The Company will furnish a copy of
the Agreement to the Holder without charge upon written request to the Company
at its principal place of business.  The Company maintains books for
the purpose or registering the transfer of Interests.

     

    Each
limited liability company interest in the Company shall constitute a “security”
within the meaning of, and governed by, (i) Article 8 of the Uniform Commercial
Code (including Section 8-102(a)(15) thereof) as in effect from time to time in
the State of Delaware, and (ii) Article 8 of the Uniform Commercial Code of any
other applicable jurisdiction that now or hereafter substantially includes the
1994 revisions to Article 8 thereof as adopted by the American Law Institute and
the National Conference of Commissioner on Uniform State Laws and approved by
the American Bar Association on February 14, 1995.

     

    This
Certificate shall be governed by and construed in accordance with the laws of
the State of Delaware without regard to principles of conflict of
laws.

     

    IN
WITNESS WHEREOF, the Company has caused this Certificate to be executed by
_______________________ its ______________________ as of the date set forth
below.

     

    
      	
              Dated:
      _____________ __, 200_

            	 
      	
              ULTIMATE
      ESCAPES HOLDINGS, LLC

            
	 
      	 
      	 
      	 
      
	 
      	 
      	
              By:

            	
                        

            
	 
      	 
      	
              Name: 

            	 
      
	 
      	 
      	
              Title:

            	 
      

    

    
      
         

      

      
        44

        
          

        

      

      
         

      

    

    REVERSE
SIDE OF CERTIFICATE

    REPRESENTED
INTERESTS OF

    ULTIMATE
ESCAPES HOLDINGS, LLC

     

    FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers unto
__________________________ [print or typewrite the name of the transferee],
_____________________ [insert Social Security Number or other taxpayer
identification number of transferee], the following specified number of Units:
__________________________ [identify number of Units being transferred], and
irrevocably constitutes and appoints _____________________ as attorney-in-fact
to transfer the same on the books and records of the Company, with full power of
substitution in the premises.

     

    
      
        
          	
                  Dated:
      ___________ ___, 200_

                	
                  Signature: 

                	
                        

                	 
	 
      	 
      	
                  (Transferor)

                	 

        

      

    

     

    
      
        
          
            
              	
                      Address:  

                    	
                          

                    	 

            

          

        

      

    

    

    APPLICATION
FOR TRANSFER OF INTERESTS

    The
undersigned applicant (the “Applicant”) hereby (a)
applies for a transfer of the number of Units (the “Transfer”) and applies to be
admitted to the Company as a substitute member of the Company, (b) agrees to
comply with and be bound by all of the terms and provisions of the Agreement,
(c) represents that the Transfer complies with the terms and conditions of the
Agreement, (d) represents that the Transfer does not violate any applicable laws
and regulations, and (e) agrees to execute and acknowledge such instruments
(including, without limitation, a counterpart of the Agreement), in form and
substance satisfactory to the Company, as the Company reasonably deems necessary
or desirable to effect the Applicant’s admission to the Company as a substitute
member of the Company and to confirm the agreement of the Applicant to be bound
by all the terms and provisions of the Agreement with respect to the
Interests.  Initially capitalized terms used herein and not otherwise
defined herein are used as defined in the Agreement.

    

    The
Applicant directs that the foregoing Transfer and the Applicant’s admission to
the Company as a Substitute Member shall be effective as of
______________________________.

    

    
      
        	
                Name
      of Transferee (Print)

              
	
                      

              

      

    

    
      
        
          	
                  Dated:  

                	
                       

                	 
      	
                  Signature: 

                	
                       

                
	 
      	 
      	 
      	 
      	
                  (Transferee)

                
	 
      	 
      	
                  Address: 

                	 
      
	
                        

                

        

      

    

    The
Company has determined (a) that the Transfer described above is permitted by the
Agreement, (b) hereby agrees to effect such Transfer and the admission of the
Applicant as a substitute member of the Company effective as of the date and
time directed above, and (c) agrees to record, as promptly as possible, in the
books and records of the Company the admission of the Applicant as a substitute
member.

    

    
      
        	
                ULTIMATE
      ESCAPES HOLDINGS, LLC

              
	 
      	 
      
	
                By:

              	
                      

              
	 
      	
                Name:

              
	 
      	
                Title:

              

      

    

    
      
         

      

      
        45Unassociated Document

    UNITED
STATES GASOLINE FUND, LP

    MARKETING
AGENT AGREEMENT

    

    

    MARKETING
AGENT AGREEMENT (the “Agreement”) made as of February 15, 2008, by and among
United States Gasoline Fund, LP, a Delaware limited partnership (the “Fund”),
Victoria Bay Asset Management, LLC, a Delaware limited liability company, as
General Partner of the Fund (the “General Partner”) and ALPS Distributors, Inc.,
a Colorado corporation (the “Marketing Agent”).

    

    W I T N E
S S E T H :

    

    WHEREAS,
the Fund is governed by the Limited Partnership Agreement dated February 11,
2008, to be amended as of the date on which the first Creation Basket (as
defined below) is purchased (such agreement as it will be amended, the
“Partnership Agreement”) between the General Partner and the limited partners of
the Fund;

    

    WHEREAS,
the General Partner, on behalf of the Fund, has filed with the Securities and
Exchange Commission (the “Commission” or “SEC”) a registration statement on Form
S-1 (Registration No. 333-142206) and amendments thereto, including as part
thereof a prospectus (the “Prospectus”), under the Securities Act of 1933, as
amended (the “1933 Act”), the forms of which have heretofore been delivered to
the Marketing Agent;

    

    WHEREAS,
as described in the Prospectus and the authorized purchaser agreements to be
entered into by the General Partner and certain broker dealers from time to time
including the agreement with Merrill Lynch Professional Clearing Corp., dated
February __,  2008, in the form attached hereto as Exhibit A (each
such agreement, an “Authorized Purchaser Agreement”), units of fractional
undivided beneficial interest in and ownership of the limited partnership (the
“Units”) may be created or redeemed by an Authorized Purchaser in aggregations
of one hundred thousand (100,000) Units (each aggregation, a “Creation Basket”
or “Redemption Basket,” respectively; collectively, “Baskets”); and

    

    WHEREAS,
pursuant to the Partnership Agreement, the General Partner wishes to retain the
Marketing Agent to provide certain assistance with respect to the marketing of
the Units and in connection with the creation or redemption of the
Baskets;

    

    NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement,
the General Partner, the Fund and the Marketing Agent hereby agree as
follows:

    

    

    SECTION
1

    DEFINITIONS

    

    1.1         Definitions. In addition to
the other terms that are defined in this Agreement, the following terms shall
have the following meanings assigned to them. All other capitalized terms used
herein, but not otherwise defined herein, shall have the meanings assigned to
such terms in the Partnership Agreement.

    

    “Authorized Purchaser” means the
broker-dealer who enters into an Authorized Purchaser Agreement with the General
Partner, including the initial Authorized Purchaser, Merrill Lynch Professional
Clearing Corp.

    

    “Business Day” means any day other than
a day on which the American Stock Exchange, the New York Mercantile Exchange or
the New York Stock Exchange is closed for regular trading.

    

    “Control” means, with respect to any
Person, the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.

    

    “Governmental Entity” means any
supranational, national, state, local, foreign, political subdivision, court,
administrative agency, commission or department or other governmental authority
or instrumentality.

    

    “Law” means any law, statute, treaty,
rule, directive, regulation or guideline or Order of any Governmental
Entity.

    

    “Orders” means judgments, writs,
decrees, compliance agreements, injunctions or orders of any Governmental Entity
or arbitrator.

    

    “Person” shall be construed broadly and
shall include an individual, a partnership, a corporation, a limited liability
company, an association, a joint stock company, a trust, a joint venture, an
unincorporated organization or another entity, including a Governmental Entity
(or any department, agency or political subdivision thereof).

    

    “Preliminary Prospectus” means the
preliminary prospectus dated __________ relating to the Units and any other
prospectus dated prior to effectiveness of the Registration Statement relating
to the Units.

    

    “Prospectus” means, except when
otherwise specified, the prospectus, in the form filed by the General Partner on
behalf of the Fund with the Commission on or before the second business day
after the date hereof (or such earlier time as may be required under the 1933
Act) or, if no such filing is required, the form of final prospectus included in
the Registration Statement at the time it became effective.

    

    “Representative” means officers,
directors, employees, agents, attorneys, accountants and financial advisors of a
Person, as the case may be.

    

    “Registration Statement” means, except
when otherwise specified, the Fund’s registration statement on Form S-1 (File
No. 333-142206) filed by the General Partner with the Commission as amended when
it becomes effective under the 1933 Act, including all documents filed as a part
thereof.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SECTION
2

    REPRESENTATIONS
AND WARRANTIES

    OF THE
GENERAL PARTNER

    

    2.1         Representations and Warranties of the
General Partner. The General Partner, on its own behalf and in its
capacity as General Partner of the Fund, represents and warrants to, and agrees
with, the Marketing Agent that:

    

    
      	
               
      

            	
              (a)

            	
              At
      the time of purchase of a Creation Basket by an Authorized Purchaser under
      the Authorized Purchaser Agreement, the Registration Statement shall have
      become effective and no stop order of the SEC with respect thereto has
      been issued and no proceedings for such purpose have been instituted or,
      to the General Partner’s knowledge after due inquiry, is contemplated by
      the SEC; any Preliminary Prospectus provided to prospective investors, at
      the time of filing thereof, complied in all material respects to the
      requirements of the 1933 Act; the Registration Statement complies and will
      comply when it becomes effective and at the time of purchase of a Creation
      Basket by an Authorized Purchaser, in all material respects with the
      requirements of the 1933 Act and the Prospectus will comply, as of its
      date and at the time of purchase of a Creation Basket by an Authorized
      Purchaser, in all material respects with the requirements of the 1933 Act
      and any statutes, regulations, contracts or other documents that are
      required to be described in the Registration Statement or the Prospectus
      or to be filed as exhibits to the Registration Statement have been and
      will be so described or filed; the conditions to the use of Form S-1 have
      been satisfied; the Registration Statement does not and will not when it
      becomes effective and at the time of purchase of a Creation Basket by an
      Authorized Purchaser contain an untrue statement of a material fact or
      omit to state a material fact required to be stated therein or necessary
      to make the statements therein not misleading and the Prospectus will not,
      as of its date and at the time of purchase of the Creation Baskets by the
      Authorized Purchaser, contain an untrue statement of a material fact or
      omit to state a material fact required to be stated therein or necessary
      to make the statements therein, in light of the circumstances under which
      they were made, not misleading; provided, however, that the General
      Partner makes no warranty or representation with respect to any statement
      contained in any Preliminary Prospectus, the Registration Statement or any
      Prospectus in reliance upon and in conformity with information concerning
      the Marketing Agent and furnished in writing by or on behalf of the
      Marketing Agent to the General Partner expressly for use in the
      Registration Statement or such Prospectus; and the General Partner has not
      distributed nor will distribute any offering material in connection with
      the offering or creation of the Baskets by the Authorized Purchaser other
      than any Preliminary Prospectus provided to prospective investors, the
      Registration Statement or the
Prospectus;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (b)

            	
              as
      of the date of this Agreement, and as of the time of purchase of a
      Creation Basket by an Authorized Purchaser, respectively, the statement of
      financial position as set forth in the section of the Registration
      Statement and the Prospectus entitled “Financial Condition of USNG”
      accurately reflects the financial condition of the Fund as of the date
      specified in such statement of financial
  position;

            

    

    

    
      	
               
      

            	
              (c)

            	
              at
      the time of purchase of a Creation Basket by an Authorized Purchaser, the
      Fund has been duly formed and is validly existing as a limited partnership
      under the laws of the State of Delaware, as described in the Registration
      Statement and the Prospectus;

            

    

    

    
      	
               
      

            	
              (d)

            	
              the
      General Partner has been duly organized and is validly existing as a
      limited liability company in good standing under the laws of the State of
      Delaware, with full power and authority to conduct its business as
      described in the Registration Statement and the Prospectus, and has all
      requisite power and authority to execute and deliver this
      Agreement;

            

    

    

    
      	
               
      

            	
              (e)

            	
              each
      of the Fund and the General Partner is duly qualified and is in good
      standing in each jurisdiction where the conduct of its business requires
      such qualification;

            

    

    

    
      	
               
      

            	
              (f)

            	
              at
      the time of purchase of a Creation Basket by an Authorized Purchaser, the
      Units in a Creation Basket will have been duly and validly authorized and,
      when issued and delivered against payment therefor, will be duly and
      validly issued, fully paid and non-assessable and free of statutory and
      contractual preemptive rights, rights of first refusal and similar
      rights;

            

    

    

    
      	
               
      

            	
              (g)

            	
              at
      the time of purchase of a Creation Basket by an Authorized Purchaser, the
      Units will conform in all material respects to the description thereof
      contained in the Registration Statement and the Prospectus and the holders
      of the Units will not be subject to Personal liability by reason of being
      such holders, except as set forth in the Partnership Agreement as in
      effect at that time;

            

    

    

    
      	
               
      

            	
              (h)

            	
              this
      Agreement has been duly authorized, executed and delivered by the General
      Partner and constitutes the valid and binding obligations of the General
      Partner, enforceable against the General Partner in accordance with its
      terms;

            

    

    

    
      	
               
      

            	
              (i)

            	
              the
      General Partner is not in breach or violation of or in default under (nor
      has any event occurred which with notice, lapse of time or both would
      result in any breach or violation of, constitute a default under or give
      the holder of any indebtedness (or a Person acting on such holder’s
      behalf) the right to require the repurchase, redemption or repayment of
      all or a part of such indebtedness) its respective constitutive documents,
      or any indenture, mortgage, deed of trust, bank loan or credit agreement
      or other evidence of indebtedness, or any license, lease, contract or
      other agreement or instrument to which the General Partner is a party or
      by which any of them or any of their properties may be bound or affected,
      and the execution, delivery and performance of this Agreement, the
      issuance and sale of Units in Creation Baskets to the Authorized Purchaser
      and the consummation of the transactions contemplated hereby will not
      conflict with, result in any breach or violation of or constitute a
      default under (nor constitute any event which with notice, lapse of time
      or both would result in any breach or violation of or constitute a default
      under), respectively, the amended and restated limited liability company
      agreement of the General Partner, or any indenture, mortgage, deed of
      trust, bank loan or credit agreement or other evidence of indebtedness, or
      any license, lease, contract or other agreement or instrument to which the
      General Partner is a party or by which, respectively, the General Partner
      or any of its properties may be bound or affected, or any federal, state,
      local or foreign law, regulation or rule or any decree, judgment or order
      applicable to the General Partner;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (j)

            	
              no
      approval, authorization, consent or order of or filing with any federal,
      state, local or foreign governmental or regulatory commission, board,
      body, authority or agency is required in connection with the issuance and
      sale of the Units other than registration of the Units under the 1933 Act
      and the registration of the General Partner as a Commodity Pool Operator
      with the National Futures Association (the “NFA”) under the Commodities
      Exchange Act (the “CEA”) and the filing of the Prospectus with the NFA,
      which has been or will be effected, and any necessary qualification under
      the securities or blue sky laws of the various jurisdictions in which the
      Units are being offered or any requirements for listing under the rules
      and regulations of the American Stock Exchange
  (“AMEX”);

            

    

    

    
      	
               
      

            	
              (k)

            	
              except
      as set forth in the Registration Statement and the Prospectus (i) no
      Person has the right, contractual or otherwise, to cause the Fund to issue
      or sell to it any Units or other equity interests of the Fund, and (ii) no
      Person has the right to act as an underwriter or as a financial advisor to
      the Fund in connection with the offer and sale of the Units, in the case
      of each of the foregoing clauses (i), and (ii), whether as a result of the
      filing or effectiveness of the Registration Statement or the sale of the
      Units as contemplated thereby or otherwise; no Person has the right,
      contractual or otherwise, to cause the General Partner on behalf of the
      Fund or the Fund to register under the 1933 Act any other equity interests
      of the Fund, or to include any such units or interests in the Registration
      Statement or the offering contemplated thereby, whether as a result of the
      filing or effectiveness of the Registration Statement or the sale of the
      Units as contemplated thereby or
otherwise;

            

    

    

    
      	
               
      

            	
              (l)

            	
              the
      General Partner has all necessary licenses, authorizations, consents and
      approvals and has made all necessary filings required under any federal,
      state, local or foreign law, regulation or rule, and has obtained all
      necessary authorizations, consents and approvals from other Persons, in
      order to conduct its respective business; the General Partner is not in
      violation of, or in default under, or has received notice of any
      proceedings relating to revocation or modification of, any such license,
      authorization, consent or approval or any federal, state, local or foreign
      law, regulation or rule or any decree, order or judgment applicable to the
      General Partner;

            

    

    

    
      	 	
              (m)

            	
              all
      legal or governmental proceedings, affiliate transactions, off-balance
      sheet transactions, contracts, licenses, agreements, leases or documents
      of a character required to be described in the Registration Statement or
      the Prospectus or to be filed as exhibits to the Registration Statement
      have been so described or filed as
required;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (n)

            	
              except
      as set forth in the Registration Statement and the Prospectus, there are
      no actions, suits, claims, investigations or proceedings pending or
      threatened or, to the General Partner’s knowledge after due inquiry,
      contemplated to which the General Partner, or (to the extent that is or
      could be material in the context of the offering and sale of the Baskets
      to the Authorized Purchaser) any of the General Partner’s directors or
      officers, is or would be a party or of which any of their respective
      properties are or would be subject at law or in equity, before or by any
      federal, state, local or foreign governmental or regulatory commission,
      board, body, authority or agency;

            

    

    

    
      	
               
      

            	
              (o)

            	
              Spicer
      Jeffries LLP, whose report on the audited financial statements of the Fund
      is filed with the Commission as part of the Registration Statement and the
      Prospectus, are independent public accountants as required by the 1933
      Act;

            

    

    

    
      	
               
      

            	
              (p)

            	
              the
      audited financial statements included in the Prospectus, together with the
      related notes and schedules, present fairly the financial position of the
      Fund as of the date indicated and have been prepared in compliance with
      the requirements of the 1933 Act and in conformity with generally accepted
      accounting principles; there are no financial statements (historical or
      pro forma) that are required to be included in the Registration Statement
      and the Prospectus that are not included as required; and the Fund does
      not have any material liabilities or obligations, direct or contingent
      (including any off-balance sheet obligations), not disclosed in the
      Registration Statement and the
Prospectus;

            

    

    

    
      	
               
      

            	
              (q)

            	
              Subsequent
      to the respective dates as of which information is given in the
      Registration Statement and the Prospectus, and prior to the purchase by
      the Authorized Purchaser of the Baskets, there has not been (i) any
      material adverse change, (ii) any transaction which is material to the
      General Partner or the Fund taken as a whole, (iii) any obligation, direct
      or contingent (including any off-balance sheet obligations), incurred by
      the General Partner, which is material to the Fund, (iv) any change in the
      outstanding indebtedness of the General Partner or the Fund, or (v) any
      dividend or distribution of any kind declared, paid or made on the
      Units;

            

    

    

    
      	
               
      

            	
              (r)

            	
              the
      Fund is not and, after giving effect to the offering and sale of the
      Baskets, will not be an “investment company” or an entity “controlled” by
      an “investment company,” as such terms are defined in the Investment
      Company Act of 1940, as amended (the “Investment Company
      Act”);

            

    

    

    
      	
               
      

            	
              (s)

            	
              except
      as set forth in the Registration Statement and the Prospectus, the General
      Partner and the Fund own, or have obtained valid and enforceable licenses
      for, or other rights to use, the inventions, patent applications, patents,
      trademarks (both registered and unregistered), tradenames, copyrights,
      trade secrets and other proprietary information described in the
      Registration Statement and the Prospectus as being owned or licensed by
      them or which are necessary for the conduct of their respective
      businesses, (collectively, “Intellectual Property”); (i) except as set
      forth in the Registration Statement and the Prospectus, to the knowledge
      of the General Partner or the Fund, there are no third parties who have or
      will be able to establish rights to any Intellectual Property, except for
      the ownership rights of the owners of the Intellectual Property which is
      licensed to the General Partner or the Fund; (ii) to the knowledge of the
      General Partner or the Fund, there is no infringement by third parties of
      any Intellectual Property; (iii) there is no pending or, to the knowledge
      of the General Partner or the Fund, threatened action, suit, proceeding or
      claim by others challenging the General Partner’s or the Fund’s rights in
      or to any Intellectual Property, and the General Partner and the Fund are
      unaware of any facts which could form a reasonable basis for any such
      claim; (iv) there is no pending or, to the knowledge of the General
      Partner or the Fund, threatened action, suit, proceeding or claim by
      others challenging the validity or scope of any Intellectual Property; (v)
      there is no pending or, to the knowledge of the General Partner or the
      Fund, threatened action, suit, proceeding or claim by others that the
      General Partner or the Fund infringes or otherwise violates any patent,
      trademark, copyright, trade secret or other proprietary rights of others,
      and the General Partner and the Fund are unaware of any facts which could
      form a reasonable basis for any such claim; (vi) to the knowledge of the
      General Partner or the Fund, there is no patent or patent application that
      contains claims that interfere with the issued or pending claims of any of
      the Intellectual Property; and (vii) to the knowledge of the General
      Partner or the Fund, there is no prior art that may render any patent
      application licensed to the General Partner
  unpatentable;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (t)

            	
              all
      tax returns required to be filed by the General Partner have been filed,
      and all taxes and other assessments of a similar nature (whether imposed
      directly or through withholding) including any interest, additions to tax
      or penalties applicable thereto due or claimed to be due from such
      entities have been paid; and no tax returns or tax payments are due with
      respect to the Fund as of the date of this
  Agreement;

            

    

    

    
      	
               
      

            	
              (u)

            	
              the
      General Partner has not sent or received any communication regarding
      termination of, or intent not to renew, any of the contracts or agreements
      referred to or described in, or filed as an exhibit to, the Registration
      Statement, and no such termination or non-renewal has been threatened by
      the General Partner or any other party to any such contract or
      agreement;

            

    

    

    
      	
               
      

            	
              (v)

            	
              on
      behalf of the Fund, the General Partner has established and maintains
      disclosure controls and procedures (as such term is defined in Rule 13a-14
      and 15d-14 under the Exchange Act of 1934, as amended (the “Exchange
      Act”), giving effect to the rules and regulations, and SEC staff
      interpretations thereunder)); such disclosure controls and procedures are
      designed to ensure that material information relating to the Fund, is made
      known to the General Partner, and such disclosure controls and procedures
      are effective to perform the functions for which they were established; on
      behalf of the Fund, the General Partner has been advised of: (i) any
      significant deficiencies in the design or operation of internal controls
      which could adversely affect the Fund’s ability to record, process,
      summarize, and report financial data; and (ii) any fraud, whether or not
      material, that involves management or other employees who have a role in
      the Fund’s internal controls; and any material weaknesses in internal
      controls have been identified for the Fund’s
  auditors;

            

    

    

    
      	 	
              (w)

            	
              any
      statistical and market-related data included in the Registration Statement
      and the Prospectus are based on or derived from sources that the General
      Partner believes to be reliable and accurate, and the General Partner has
      obtained the written consent to the use of such data from such sources to
      the extent required; and

            

    

    

    
      	
               
      

            	
              (x)

            	
              neither
      the General Partner, nor any of the General Partner’s directors, members,
      officers, affiliates or controlling Persons has taken, directly or
      indirectly, any action designed, or which has constituted or might
      reasonably be expected to cause or result in, under the Exchange Act or
      otherwise, the stabilization or manipulation of the price of any security
      or asset of the Fund to facilitate the sale or resale of the Units; and to
      the General Partner’s knowledge after due inquiry, there are no
      affiliations or associations between any member of the AMEX and any of the
      General Partner’s officers, directors or 5% or greater securityholders,
      except as may be set forth in the Registration Statement and the
      Prospectus.

            
	 	 	 
	 	 	In
      addition, any certificate signed by any officer of the General Partner and
      delivered to the Marketing Agent or counsel for the Marketing Agent in
      connection with the offering of the Units shall be deemed to be a
      representation and warranty by the General Partner as to matters covered
      thereby, to the Marketing Agent. 

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
3

    REPRESENTATIONS
OF THE MARKETING AGENT

    

    The
Marketing Agent represents and warrants and covenants the
following:

    

    3.1.        The
Marketing Agent (a) is either (i) registered as a broker-dealer under the
Exchange Act, and is a member in good standing of the Financial Industry
Regulatory Authority (“FINRA”), or (ii) exempt from being, or otherwise is not
required to be, licensed as a broker-dealer or a member of FINRA, and in either
case is qualified to act as a broker or dealer in the states or other
jurisdictions where the nature of its business so requires; and (b) has all
other necessary licenses, authorizations, consents and approvals and has made
all necessary filings required under any federal, state, local or foreign law,
regulation or rule, and has obtained all necessary authorizations, consents and
approvals from other Persons, in order to conduct its activities as contemplated
by this Agreement. The Marketing Agent will maintain any such registrations,
qualifications and membership in good standing and in full force and effect
throughout the term of this Agreement. The Marketing Agent will comply with all
applicable federal laws, including but not limited to, federal securities and
commodities laws, the laws of the states or other jurisdictions concerned, and
the rules and regulations promulgated thereunder, and with the Constitution,
By-Laws and Conduct Rules of FINRA (if it is a FINRA member) and, to the extent
applicable, the rules and regulations of the NFA, and is solely responsible for
determining the application of any such laws or regulations in all cases at its
own expense.  The Marketing Agent will not directly or indirectly
offer, sell or deliver Baskets in or from any state or jurisdiction where they
may not lawfully be offered, sold and/or delivered;

    

    3.2.        If
the Marketing Agent is offering or selling Units in jurisdictions outside the
several states, territories and possessions of the United States and is not
otherwise required to be registered, qualified or a member of FINRA as set forth
in Section 3.1 above, the Marketing Agent will (i) observe the applicable laws
of the jurisdiction in which such offer and/or sale is made, (ii) comply with
the full disclosure requirements of the 1933 Act, and the rules and regulations
promulgated thereunder, and (iii) conduct its business in accordance with the
spirit of FINRA Conduct Rules;

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.3.        The
Marketing Agent is in compliance with the money laundering and related
provisions of the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “PATRIOT
Act”), and the regulations promulgated thereunder, if the Marketing Agent is
subject to the requirements of the PATRIOT Act;

    

    3.4.        The
Marketing Agent agrees to comply with the prospectus delivery and disclosure
requirements of the 1933 Act, as well as the disclosure delivery requirements
under the CEA;

    

    3.5.        The
Marketing Agent (i) has been duly organized and is validly existing as a
corporation in good standing under the laws of the State of Colorado, with full
power and authority to conduct its business and has all requisite power and
authority to execute and deliver this Agreement and (ii) is duly qualified and
is in good standing in each jurisdiction where the conduct of its business
requires such qualification; and

    

    3.6.        This
Agreement has been duly authorized, executed and delivered by the Marketing
Agent and constitutes the valid and binding obligations of the Marketing Agent,
enforceable against the Marketing Agent in accordance with its
terms.

    

    

    SECTION
4

    EXCLUSIVE
MARKETING AGENT AND STRUCTURE OF THE FUND

    

    4.1         Appointment. The General
Partner hereby appoints the Marketing Agent as the exclusive marketing agent for
Units on the terms and for the periods set forth in this Agreement, and as set
forth in the Authorized Purchaser Agreements as may be entered into from time to
time.  The Marketing Agent hereby accepts such appointment and agrees
to act in such capacity hereunder.

    

    4.2         Name of the Fund; License. For
the term of this Agreement, the General Partner shall cause the name of the Fund
to be “United States Gasoline Fund, LP.”

    

    4.3        
Marketing Agent Fee. The
Marketing Agent shall be paid by the General Partner for the services of the
Marketing Agent as marketing agent to the Fund hereunder, a fee for its services
hereunder, calculated daily and payable monthly, as follows (the
“Fee”):

    

    
      	
              §  

            	
              .06%
      on the Fund’s assets up to
$3,000,000,000

            

    

    
      	
              §  

            	
              .04%
      on the Fund’s assets in excess of
$3,000,000,000

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
Marketing Agent will provide an annual marketing budget equal to 33% of the Fee
for purposes of marketing the Fund’s Units.  The above fees do not
include the following expenses, which will be billed back to the General
Partner: cost of placing advertisements in various periodicals; web construction
and development; or the printing and production of various marketing
materials.

    

    4.4         Expenses. Except as otherwise
expressly provided in this Agreement or agreed to in writing by the parties,
each party hereto shall bear its own fees and expenses incurred in connection
with this Agreement and the transactions contemplated hereby and thereby
(including, without limitation, the legal, accounting and due diligence fees,
costs and expenses incurred by such party).

    

    

    SECTION
5

    COVENANTS
OF THE GENERAL PARTNER

    

    5.1         Certain Covenants of the General
Partner. The General Partner, on its own behalf and in its capacity as
General Partner of the Fund, covenants and agrees:

    

    
      	
               
      

            	
              (a)

            	
              to
      furnish such information as may be required and otherwise to cooperate in
      qualifying the Units for offering and sale under the securities or blue
      sky laws of such states and foreign jurisdictions as the Marketing Agent
      may reasonably designate and to maintain such qualifications in effect so
      long as the Marketing Agent may request during the term of this Agreement;
      provided that the Fund shall not be required to qualify as a foreign
      corporation or to consent to the service of process under the laws of any
      such jurisdiction (except service of process with respect to the offering
      and sale of the Units); and to promptly advise the Marketing Agent of the
      receipt by the General Partner or the Fund of any notification with
      respect to the suspension of the qualification of the Units for sale in
      any jurisdiction or the initiation or threatening of any proceeding for
      such purpose;

            

    

    

    
      	
               
      

            	
              (b)

            	
              to
      take all necessary action to register the Units under the 1933 Act in
      order to sell the initial Creation Basket and take, from time to time,
      such steps, including payment of the related filing fees, as may be
      necessary to register additional Units under the 1933 Act to the end that
      all Units sold in additional Creation Baskets will be properly registered
      under the 1933 Act and to keep the Registration Statement effective and
      current during the term of this
Agreement;

            

    

    

    
      	
               
      

            	
              (c)

            	
              to
      make available to the Marketing Agent, as soon as practicable after the
      Registration Statement becomes effective, and thereafter from time to
      time, furnish to the Marketing Agent, as many copies of the Prospectus (or
      of the Prospectus as amended or supplemented if any amendments or
      supplements have been made thereto after the effective date of the
      Registration Statement) as the Marketing Agent may request for the
      purposes contemplated by the 1933
Act;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (d)

            	
              to
      advise the Marketing Agent promptly and, if requested by the Marketing
      Agent, to confirm such advice in writing when the Registration Statement
      and any post-effective amendment thereto has become effective, and upon
      receipt of request from the Marketing Agent therefore, to file a
      post-effective amendment removing any reference to the Marketing Agent
      thereunder;

            

    

    

    
      	
               
      

            	
              (e)

            	
              to
      prepare, at the expense of the Fund, such amendments or supplements to the
      Registration Statement or the Prospectus and to file such amendments or
      supplements with the Commission, when and as required, by the 1933 Act,
      the Exchange Act, and the rules and regulations of the Commission
      thereunder, including if requested by the Marketing Agent; to advise the
      Marketing Agent promptly of any proposal to amend or supplement the
      Registration Statement or the Prospectus and to provide the Marketing
      Agent and the Marketing Agent’s counsel with copies of any such documents
      for review and comment within a reasonable amount of time prior to any
      proposed filing and to file no such amendment or supplement to which the
      Marketing Agent or its counsel shall reasonably object in writing; and to
      advise the Marketing Agent promptly, confirming such advice in writing, of
      any request by the Commission for amendments or supplements to the
      Registration Statement or the Prospectus or for additional information
      with respect thereto, or of notice of institution of proceedings for, or
      the entry of a stop order suspending the effectiveness of the Registration
      Statement and, if the Commission should enter a stop order suspending the
      effectiveness of the Registration Statement, to use its best efforts to
      obtain the lifting or removal of such order as soon as
      possible;

            

    

    

    
      	
               
      

            	
              (f)

            	
              to
      file promptly all reports and any information statement required to be
      filed by the Fund with the Commission in order to comply with the Exchange
      Act and the CEA subsequent to the date of the Prospectus and for so long
      as the term of this Agreement; and to provide the Marketing Agent and the
      Marketing Agent’s counsel with a copy of such reports and statements and
      other documents to be filed by the Fund pursuant to Section 13, 14 or
      15(d) of the Exchange Act (excluding filings under Rule 12b-25) and under
      17 C.F.R. §4.22 during such period for review and comment within a
      reasonable amount of time prior to any proposed filing and to file no such
      amendment or supplement to which the Marketing Agent or its counsel shall
      reasonably object in writing;

            

    

    

    
      	
               
      

            	
              (g)

            	
              if
      necessary or appropriate, to file a registration statement pursuant to
      Rule 462(b) under the 1933 Act;

            

    

    

    
      	
               
      

            	
              (h)

            	
              to
      advise the Marketing Agent promptly of the happening of any event during
      the term of this Agreement which could require the making of any change in
      the Prospectus then being used so that such Prospectus would not include
      an untrue statement of material fact or omit to state a material fact
      necessary to make the statements therein, in the light of the
      circumstances under which they are made, not misleading, and, during such
      time, to prepare and furnish, at the expense of the Fund, to the Marketing
      Agent promptly such amendments or supplements to such Prospectus as may be
      necessary to reflect any such
change;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (i)

            	
              to
      furnish to the holders of the Fund’s Units as soon as practicable after
      the end of each fiscal year an annual report (including a balance sheet
      and statements of income and cash flow of the Fund for such fiscal year,
      accompanied by a copy of the certificate or report thereon of nationally
      recognized independent certified public
  accountants);

            

    

    

    
      	
               
      

            	
              (j)

            	
              to
      furnish to the Marketing Agent a copy of the Registration Statement, as
      initially filed with the Commission, and of all amendments thereto
      (including all exhibits thereto);

            

    

    

    
      	
               
      

            	
              (k)

            	
              to
      (1) furnish to the Marketing Agent promptly during the term of this
      Agreement (i) copies of any reports, proxy statements, or other
      communications which are sent to the holders of the Fund’s Units or shall
      from time to time publish or publicly disseminate, (ii) copies of all
      annual, quarterly and current reports filed with the Commission on Forms
      10-K, 10-Q and 8-K, or such other similar forms as may be designated by
      the Commission, (iii) copies of documents or reports filed with the AMEX,
      (iv) copies of documents or reports filed with the NFA and with the
      Commodity Futures Trading Commission, and (v) such other information as
      the Marketing Agent may reasonably request regarding the Fund; and (2)
      make available for inspection by the Marketing Agent, its attorneys,
      accountants and other advisors or agents, all financial and other records,
      pertinent corporate documents and properties, and cause the officers,
      directors and employees of the General Partner and independent accountants
      to supply all information reasonably requested by the Marketing Agent, its
      attorneys, accountants and other advisors and
  agents;

            

    

    

    
      	
               
      

            	
              (l)

            	
              to
      use its best efforts to cause the Units to be listed on the
      AMEX;

            

    

    

    
      	 	
              (m)

            	
              to
      furnish to the Marketing Agent (i) at the time of the purchase of the
      initial Creation Basket by the Initial Authorized Purchaser and
      (ii)  at such other times as the Marketing Agent reasonably
      requests, which may include when the Registration Statement or the
      Prospectus is amended or supplemented, and an opinion of Sutherland Asbill
      & Brennan LLP, counsel for the General Partner, addressed to the
      Marketing Agent and substantially in the form attached hereto as Exhibit
      B;

            

    

    

    
      	
               
      

            	
              (n)

            	
              to
      cause Spicer Jeffries LLP to deliver to the Marketing Agent (i) at the
      time of the effectiveness of the purchase of the Baskets by the Authorized
      Purchaser and (ii) at each time (A) the Registration Statement or the
      Prospectus is amended or supplemented by the filing of a post-effective
      amendment, (B) a new Registration Statement is filed to register
      additional Units in reliance on Rule 429, and there is financial
      information incorporated by reference into the Registration Statement or
      the Prospectus, letters dated such dates and addressed to the Marketing
      Agent, containing statements and information of the type ordinarily
      included in accountants’ letters to underwriters with respect to the
      financial statements and other financial information contained in or
      incorporated by reference into the Registration Statement and the
      Prospectus;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (o)

            	
              to
      deliver to the Marketing Agent (i) at the time of the effectiveness of the
      purchase of a Creation Basket by an Authorized Purchaser, (ii) at each
      time the Registration Statement or the Prospectus is amended or
      supplemented, (iii) at each time the Registration Statement or the
      Prospectus files any report, statement or other document pursuant to
      Section 13, 14 or 15(d) of the Exchange Act (excluding filings required by
      Rule 12b-25), and (iv) at such other times as the Marketing Agent
      reasonably requests, an officer’s certificate in the form attached as
      Exhibit D hereto;

            

    

    

    
      	
               
      

            	
              (p)

            	
              to
      furnish to the Marketing Agent (i) at the time of the effectiveness of the
      purchase of a Creation Basket by an Authorized Purchaser and (ii) at each
      time (A) the Registration Statement or the Prospectus is amended or
      supplemented, (iii) at each time the Fund files any report, statement or
      other document pursuant to Section 13, 14 or 15(d) of the Exchange Act
      (excluding filings required by Rule 12b-25), and (iv) at such other times
      as the Marketing Agent reasonably requests, such other documents and
      certificates as of such dates as the Marketing Agent may reasonably
      request; and

            

    

    

    
      	
               
      

            	
              (q)

            	
              to
      cause the Fund to file a post-effective amendment to the Registration
      Statement no less frequently than once per calendar quarter on or about
      the same time that the Fund files a quarterly or annual report pursuant to
      Section 13 or 15(d) of the Exchange Act (including the information
      contained in such report), until such time as the Fund’s reports filed
      pursuant to Section 13 or 15(d) of the Exchange Act are incorporated by
      reference in the Registration
Statement.

            

    

    

    For the purposes of this Section 5.1,
the term “Registration Statement” shall mean the Registration Statement as
amended or supplemented from time to time to and including the date as of which
the relevant representation is made, and the term “Prospectus” shall mean the
Prospectus as amended or supplemented from time to time to and including the
date as of which the relevant covenant is made.

    

    SECTION
6

    MARKETING
PLAN DEVELOPMENT

    AND
MARKETING AGENT COVENANTS

    

    6.1         Pre-Launch
Development.

    

    
      	
               
      

            	
              (a)

            	
              The
      General Partner and the Marketing Agent will develop the Fund and its
      marketing plan prior to the effective date of the Registration Statement
      in accordance with the provisions of this Section 6.1 and the marketing
      strategy as described in Exhibit C.

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      General Partner and the Marketing Agent will use commercially reasonable
      efforts to commit sufficient resources to finalize the Registration
      Statement and the governing documents of the Fund and the Fund’s service
      providers, communicate with the Commission to obtain approval of the
      Registration Statement and communicate with the AMEX to obtain approval of
      the listing of the Units on the
AMEX.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.2         Post-Launch
Activities.

    

    
      	
               
      

            	
              (a)

            	
              The
      General Partner and the Marketing Agent will market the Fund and the Units
      on an ongoing basis after the Registration Statement is declared effective
      and the Units have been listed on the AMEX in accordance with the
      provisions of this Section 6.2.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Subject
      to necessary regulatory approvals and compliance with all applicable legal
      and regulatory requirements, the Marketing Agent
  shall:

            

    

    

    
      	
               
      

            	
              (i)

            	
              in
      good faith, and subject to existing market conditions, use
      commercially-reasonable efforts to market the Fund;
  and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              include
      gasoline in strategic and tactical research of the Marketing
      Agent.

            

    

    

    
      	
               
      

            	
              (c)

            	
              The
      Marketing Agent shall provide the General Partner with copies of all
      written marketing materials distributed by it connected with the
      Fund.

            

    

    

    
      	
               
      

            	
              (d)

            	
              The
      Marketing Agent shall process orders for Baskets as set forth in the
      Authorized Purchaser Agreement.

            

    

    

    6.3         Joint Reviews.

    

    
      	
               
      

            	
              (a)

            	
              In
      order to oversee the pre-launch development and post-launch performance of
      the Fund on a regular basis, the parties
shall:

            

    

    

    
      	 	
              (i)  

            	
              conduct
      at least once each calendar quarter in which the annual review described
      in clause (ii) below is not conducted, a review of the performance of the
      Fund, with such review to include the senior management of the General
      Partner and the senior management of the Marketing Agent and to cover such
      topics as asset growth/decline, sales strategy, new business efforts, new
      product initiatives and stock exchange trading activity;
    and

            

    

    

    
      	 	
              (ii)  

            	
              conduct
      at least once each calendar year, a review of the overall performance of
      the Fund, which will include a review of the most recent quarterly period,
      with such review to include the chief executive officer of the General
      Partner and senior management of the Marketing Agent and to cover such
      topics as strategic direction and new business
  initiatives.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Prior
      to each of the quarterly and annual reviews which will take place pursuant
      to this Section 6.3, the General Partner and the Marketing Agent will
      jointly prepare and circulate among the parties, a report covering the
      quarterly or annual period which is the subject of each review, with such
      report to cover such topics described
above.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.4         Information Provided to Marketing
Agent. In performing its duties hereunder, the Marketing Agent shall be
entitled to rely on and shall not be responsible in any way for information
provided to it by the General Partner and its service providers and shall not be
liable or responsible for the errors and omissions of such service providers,
provided that the foregoing shall not be construed to protect the Marketing
Agent against any liability to the General Partner or the Fund to which the
Marketing Agent would otherwise be subject by reason of willful misfeasance, bad
faith or gross negligence in the performance of its duties or by reason of its
reckless disregard of its obligations and duties under this
Agreement.

    

    6.5         Conditions to Marketing Agent’s
Obligations. The obligations of the Marketing Agent hereunder are subject
in the Marketing Agent’s discretion, to the condition that (i) all
representations and warranties and other statements of the General Partner
herein or delivered pursuant hereto be true and correct (a) at and as of the
date made, (b) at the time of the purchase of the Baskets by the Authorized
Purchaser, (c) at each time the Registration Statement or the Prospectus is
amended or supplemented, (d) at each time the Fund files any report, statement
or other document pursuant to Section 13, 14 or 15(d) of the Exchange Act
(excluding filings under Rule 12b-25), (e) at each time the Fund issues any
Baskets and (f) at such other times the Marketing Agent reasonably requests, in
each case as though made at and as of such dates, and the General Partner agrees
that all such representations, warranties and other statements are expressly
made on and as of such dates (except, in all cases, that such representations,
warranties and statements relating to the Registration Statement and the
Prospectus shall be deemed to relate to the Registration Statement and the
Prospectus as amended and supplemented to such date) and (ii) the General
Partner shall have performed all of its covenants, agreements and obligations
hereunder theretofore to be performed in all respects. The respective
indemnities, agreements, representations, warranties and other statements by the
General Partner set forth in or made pursuant to this Agreement shall remain in
full force and effect regardless of any investigation (or any statement as to
the results thereof) made by or on behalf of the Marketing Agent or any
controlling Person of the Marketing Agent, or the General Partner, or any
officer or director or any controlling Person thereof, and shall survive the
execution, delivery, performance and termination of this Agreement.

    

    

    SECTION
7

    INDEMNIFICATION

    

    7.1         Indemnification of Marketing
Agent. The General Partner agrees to indemnify, defend and hold harmless
the Marketing Agent, its partners, stockholders, members, directors, officers
and employees of the foregoing, and the successors and assigns of all of the
foregoing Persons, from and against any loss, damage, expense, liability or
claim (including the reasonable cost of investigation) which the Marketing Agent
or any such Person may incur under the 1933 Act, the Exchange Act, the common
law or otherwise, insofar as such loss, damage, expense, liability or claim
arises out of or is based upon:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (a)

            	
              any
      untrue statement or alleged untrue statement of a material fact contained
      in the Registration Statement (or in the Registration Statement as amended
      or supplement) or in a Prospectus (the term Prospectus for the purpose of
      this Section 7 being deemed to include the Prospectus and the Prospectus
      as amended or supplemented), or arises out of or is based upon any
      omission or alleged omission to state a material fact required to be
      stated in either such Registration Statement or such Prospectus or
      necessary to make the statements made therein not misleading, except
      insofar as any such loss, damage, expense, liability or claim arises out
      of or is based upon any untrue statement or alleged untrue statement of a
      material fact contained in and in conformity with information concerning
      the Marketing Agent furnished in writing by or on behalf of the Marketing
      Agent to the General Partner expressly for use in such Registration
      Statement or such Prospectus;

            

    

    

    
      	
               
      

            	
              (b)

            	
              any
      untrue statement or alleged untrue statement of a material fact or breach
      by the General Partner of any representation or warranty contained in
      Section 2 hereof or in any certificate delivered by the General Partner
      pursuant to paragraph (o) of Section 5.1
hereof;

            

    

    

    
      	
               
      

            	
              (c)

            	
              the
      failure by the General Partner to perform when and as required any
      agreement or covenant contained
herein;

            

    

    

    
      	
               
      

            	
              (d)

            	
              any
      untrue statement of any material fact contained in any audio or visual
      materials provided by the General Partner or based upon written
      information furnished by or on behalf of the General Partner including,
      without limitation, slides, videos, films or tape recordings used in
      connection with the marketing of the
Units;

            

    

    

    
      	
               
      

            	
              (e)

            	
              the
      Marketing Agent’s performance of its duties under this Agreement except in
      the case of this clause (e), for any loss, damage, expense, liability or
      claim resulting from the gross negligence or willful misconduct of the
      Marketing Agent; provided, however, that the indemnity agreement contained
      in clause (a) above with respect to any amended Preliminary Prospectus
      shall not inure to the benefit of the Marketing Agent (or to the benefit
      of any Person controlling the Marketing Agent) from whom the Person
      asserting any such loss, damage, expense, liability or claim purchased the
      Units which is the subject thereof if the Prospectus corrected any such
      alleged untrue statement or omission in any case where the Marketing Agent
      was required to send or give a copy of the Prospectus to such Person by
      the 1933 Act, the General Partner had notified the Marketing Agent of the
      amendment or supplement prior to the sending of the written confirmation
      of sale and the Marketing Agent failed to send or give a copy of the
      Prospectus to such Person, unless the failure is the result of
      noncompliance by the General Partner with paragraph (c) of Section 5.1
      hereof.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In no
case is the indemnity of the General Partner in favor of the Marketing Agent and
such other Persons as are specified in this Section 7.1 to be deemed to protect
the Marketing Agent and such Persons against any liability to the General
Partner or the Fund to which the Marketing Agent would otherwise be subject by
reason of willful misfeasance, bad faith or gross negligence in the performance
of its duties or by reason of its reckless disregard of its obligations and
duties under this Agreement.

    

    If any
action, suit or proceeding (each, a “Proceeding”) is brought against the
Marketing Agent or any such Person in respect of which indemnity may be sought
against the General Partner pursuant to the foregoing paragraph, the Marketing
Agent or such Person shall promptly notify the General Partner in writing of the
institution of such Proceeding and the General Partner shall assume the defense
of such Proceeding, including the employment of counsel reasonably satisfactory
to such indemnified party and payment of all fees and expenses; provided,
however, that the omission to so notify the General Partner shall not relieve
the General Partner from any liability which it may have to the Marketing Agent
or any such Person except to the extent that it has been materially prejudiced
by such failure and has not otherwise learned of such Proceeding. The Marketing
Agent or such Person shall have the right to employ its or their own counsel in
any such case, but the fees and expenses of such counsel shall be at the expense
of the Marketing Agent or of such Person unless the employment of such counsel
shall have been authorized in writing by the General Partner in connection with
the defense of such Proceeding or the General Partner shall not have, within a
reasonable period of time in light of the circumstances, employed counsel to
have charge of the defense of such Proceeding or such indemnified party or
parties shall have reasonably concluded that there may be defenses available to
it or them which are different from, additional to or in conflict with those
available to the General Partner (in which case the General Partner shall not
have the right to direct the defense of such Proceeding on behalf of the
indemnified party or parties), in any of which events such fees and expenses
shall be borne by the General Partner and paid as incurred (it being understood,
however, that the General Partner shall not be liable for the expenses of more
than one separate counsel (in addition to any local counsel) in any one
Proceeding or series of related Proceedings in the same jurisdiction
representing the indemnified parties who are parties to such
Proceeding).

    

    The
General Partner shall not be liable for any settlement of any Proceeding
effected without the General Partner’s written consent but if settled with the
General Partner’s written consent, the General Partner agrees to indemnify and
hold harmless the Marketing Agent and any such Person from and against any loss
or liability by reason of such settlement. Notwithstanding the foregoing
sentence, if at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel as contemplated by the second sentence of this paragraph, then the
indemnifying party agrees that it shall be liable for any settlement of any
Proceeding effected without its written consent if (i) such settlement is
entered into more than 60 Business Days after receipt by such indemnifying party
of the aforesaid request, (ii) such indemnifying party shall not have fully
reimbursed the indemnified party in accordance with such request prior to the
date of such settlement and (iii) such indemnified party shall have given the
indemnifying party at least 30 Business Days’ prior notice of its intention to
settle. No indemnifying party shall, without the prior written consent of the
indemnified party, effect any settlement of any pending or threatened Proceeding
in respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party, unless
such settlement includes an unconditional release of such indemnified party from
all liability on claims that are the subject matter of such Proceeding and does
not include an admission of fault, culpability or a failure to act, by or on
behalf of such indemnified party.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.2         The
Marketing Agent agrees to indemnify, defend and hold harmless each of the Fund,
the General Partner and its partners, holders of Units, members, directors,
officers, employees and any Person who controls the General Partner within the
meaning of Section 15 of the 1933 Act or Section 20 of the Exchange Act, and the
successors and assigns of all of the foregoing Persons, from and against any
loss, damage, expense, liability or claim (including the reasonable cost of
investigation) which the General Partner any such Person may incur under the
1933 Act, the Exchange Act, the common law or otherwise, insofar as such loss,
damage, expense, liability or claim arises out of or is based upon any untrue
statement or alleged untrue statement of a material fact contained in and in
conformity with information furnished in writing by or on behalf of the
Marketing Agent to the General Partner expressly for use in the Registration
Statement (or in the Registration Statement as amended or supplemented by any
post-effective amendment thereof) or in a Prospectus, or arises out of or is
based upon any omission or alleged omission to state a material fact in
connection with such information required to be stated in such Registration
Statement or such Prospectus or necessary to make such information not
misleading.

    

    The
Marketing Agent will also indemnify the General Partner as stated above insofar
as such loss, damage, expense, liability or claim arises out of or is based upon
the Marketing Agent’s performance of its duties under this Agreement, except in
the case of any loss, damage, expense, liability or claim resulting from the
gross negligence or willful misconduct of the General Partner.  In no
case is the indemnity of the Marketing Agent in favor of the General Partner to
be deemed to protect the General Partner and such Persons against any liability
to the Marketing Agent to which the General Partner would otherwise be subject
by reason of willful misfeasance, bad faith or gross negligence in the
performance of its duties or by reason of its reckless disregard of its
obligations and duties under this Agreement.

    

    If any
Proceeding is brought against the General Partner or any Person referred to in
the preceding paragraph in respect of which indemnity may be sought against the
Marketing Agent pursuant to the foregoing paragraph, the General Partner or such
Person shall promptly notify the Marketing Agent in writing of the institution
of such Proceeding and the Marketing Agent shall assume the defense of such
Proceeding, including the employment of counsel reasonably satisfactory to such
indemnified party and payment of all fees and expenses; provided, however, that
the omission to so notify the Marketing Agent shall not relieve the Marketing
Agent from any liability which it may have to the General Partner or any such
Person except to the extent that it has been materially prejudiced by such
failure and has not otherwise learned of such Proceeding.  The General
Partner or such Person shall have the right to employ their own counsel in any
such case, but the fees and expenses of such counsel shall be at the expense of
the General Partner or such Person unless the employment of such counsel shall
have been authorized in writing by the Marketing Agent in connection with the
defense of such Proceeding or the Marketing Agent shall not have, within a
reasonable period of time in light of the circumstances, employed counsel to
defend such Proceeding or such indemnified party or parties shall have
reasonably concluded that there may be defenses available to it or them which
are different from or additional to or in conflict with those available to the
Marketing Agent (in which case the Marketing Agent shall not have the right to
direct the defense of such Proceeding on behalf of the indemnified party or
parties, but the Marketing Agent may employ counsel and participate in the
defense thereof but the fees and expenses of such counsel shall be at the
expense of the Marketing Agent), in any of which events such fees and expenses
shall be borne by the Marketing Agent and paid as incurred (it being understood,
however, that the Marketing Agent shall not be liable for the expenses of more
than one separate counsel (in addition to any local counsel) in any one
Proceeding or series of related Proceedings in the same jurisdiction
representing the indemnified parties who are parties to such
Proceeding).

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
Marketing Agent shall not be liable for any settlement of any such Proceeding
effected without the written consent of the Marketing Agent but if settled with
the written consent of the Marketing Agent, the Marketing Agent agrees to
indemnify and hold harmless the General Partner and any such Person from and
against any loss or liability by reason of such settlement. Notwithstanding the
foregoing sentence, if at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel as contemplated by the second sentence of this paragraph, then the
indemnifying party agrees that it shall be liable for any settlement of any
Proceeding effected without its written consent if (i) such settlement is
entered into more than 60 Business Days after receipt by such indemnifying party
of the aforesaid request, (ii) such indemnifying party shall not have reimbursed
the indemnified party in accordance with such request prior to the date of such
settlement and (iii) such indemnified party shall have given the indemnifying
party at least 30 Business Days’ prior notice of its intention to settle. No
indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened Proceeding in respect
of which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party, unless such settlement
includes an unconditional release of such indemnified party from all liability
on claims that are the subject matter of such Proceeding.

    

    7.3         The
indemnity agreements contained in this Section 7 and the covenants, warranties
and representations of the General Partner contained in this Agreement shall
remain in full force and effect regardless of any investigation made by or on
behalf of the Marketing Agent, its partners, stockholders, members, directors,
officers, employees and or any Person (including each partner, stockholder,
member, director, officer or employee of such Person) who controls the Marketing
Agent within the meaning of Section 15 of the 1933 Act or Section 20 of the
Exchange Act, or by or on behalf of each of the General Partner, the Fund, their
partners, stockholders, members, directors, officers, employees or any Person
who controls the General Partner or the Fund within the meaning of Section 15 of
the 1933 Act or Section 20 of the Exchange Act, and shall survive any
termination of this Agreement or the initial issuance and delivery of the Units.
The General Partner and the Marketing Agent agree promptly to notify each other
of the commencement of any Proceeding against it and, in the case of the General
Partner, against any of the General Partner’s officers or directors in
connection with the issuance and sale of the Units, or in connection with the
Registration Statement or the Prospectus.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
8

    DURATION

    

    This
Agreement shall become effective on the date hereof and continue for an initial
term of one (1) year from the date of this Agreement and will include any
renewal term of this Agreement and will last until the expiration of this
Agreement or the earlier termination of this Agreement in accordance with its
terms (the “Term”). This Agreement will automatically be renewed for successive
one (1) year periods unless, no later than thirty (30) calendar days prior to
the end of the then-current Term, either the Marketing Agent, on the one hand,
or the General Partner, on the other hand, elects to terminate this Agreement by
delivering written notice thereof to the other party.  Notwithstanding
the foregoing, this Agreement may be terminated by any party upon written notice
to the other parties if (a) the Fund is terminated, (b) any other party becomes
insolvent or bankrupt or files a voluntary petition, or is subject to an
involuntary petition, in bankruptcy or attempts to or makes an assignment for
the benefit of its creditors or consents to the appointment of a trustee or
receiver, provided that the General Partner may not terminate this Agreement
pursuant to this provision if the event relates to the General Partner or the
Fund or (c) any other party willfully and materially breaches its obligations
under this Agreement and such breach has not been cured to the reasonable
satisfaction of the non-breaching party prior to the expiration of ninety (90)
days after notice by the non-breaching party to the breaching party of such
breach.

    

    

    SECTION
9

    CONFIDENTIALITY

    

    9.1         Confidentiality.

    

    
      	
               
      

            	
              (a)

            	
              The
      General Partner and the Marketing Agent shall during the Term and for one
      (1) year thereafter maintain in confidence, use only for the purposes
      provided for in this Agreement, and not disclose to any third party,
      without first obtaining the other party’s consent in writing, any and all
      Confidential Information (as defined below) such party receives from the
      other party; provided, however, that either party may disclose
      Confidential Information received from the other party to those of its
      Representatives as may be necessary for such party to carry out its
      obligations under this Agreement.

            

    

    

    
      	
               
      

            	
              “Confidential
      Information” shall mean all information or data of a party that is
      disclosed to or received by the other party, whether orally, visually or
      in writing, in any form, including, without limitation, information or
      data which relates to such party’s business or operations, research and
      development, marketing plans or activities, or actual or potential
      products.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (b)

            	
              Notwithstanding
      the provisions of this Agreement to the contrary, a party shall have no
      liability to the other party for the disclosure or use of any Confidential
      Information of the other party if the Confidential
      Information:

            

    

    

    
      	
               
      

            	
              (i)

            	
              is
      known to such party at the time of disclosure other than as the result of
      a breach of this Section 9 by such
party;

            

    

    

    
      	
               
      

            	
              (ii)

            	
              has
      been or becomes publicly known, other than as the result of a breach of
      this Section 9 by such party, or has been or is publicly disclosed by the
      other party;

            

    

    

    
      	
               
      

            	
              (iii)

            	
              is
      received by such party after the date of this Agreement from a third party
      (unless such third party breaches an obligation of confidentiality to the
      other party); or

            

    

    

    
      	
               
      

            	
              (iv)

            	
              is
      required to be disclosed by Law or similar compulsion or in connection
      with any legal proceeding, provided that such party shall promptly inform
      the other party in writing of such requirement and that such disclosure
      shall be limited to the extent so required and, except to the extent
      prohibited by Law, such party shall reasonably cooperate with the other
      party (at the expense of the other party) in seeking a protective order or
      other suitable confidentiality
protections.

            

    

    

    
      	
               
      

            	
              (c)

            	
              The
      parties recognize and acknowledge that a breach or threatened breach by a
      party of the provisions of this Section 9 may cause irreparable and
      material loss and damage to the other party which cannot be adequately
      remedied at law and that, accordingly, in addition to, and not in lieu of,
      any damages or other remedy to which the non-breaching party may be
      entitled, the issuance of an injunction or other equitable remedy (without
      the requirement that a bond or other security be posted) is an appropriate
      remedy for the non-breaching party for any breach or threatened breach of
      the obligations set forth in this Section
9.

            

    

    

    
      	
               
      

            	
              (d)

            	
              Each
      party agrees that it will use the same degree of care, but no less than a
      reasonable degree of care, in safeguarding the Confidential Information of
      the other party as it uses for its own Confidential Information of a
      similar nature. Each party shall promptly notify the other party in
      writing of any misuse, misappropriation or unauthorized disclosure of the
      Confidential Information of the other party which may come to such party’s
      attention.

            

    

    

    
      	
               
      

            	
              (e)

            	
              Upon
      the termination of this Agreement, if requested in writing by a party, the
      other party shall, at such party’s option, promptly destroy or return to
      the party all Confidential Information received from the other party, all
      copies and extracts of such Confidential Information and all documents or
      other media containing any such Confidential
  Information.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECTION
10

    MISCELLANEOUS

    

    10.1       No Third Party Beneficiaries.
This Agreement shall not confer any rights or remedies upon any Person other
than the parties hereto, the indemnities referred to in this Agreement and their
respective successors and assigns.

    

    10.2       Entire Agreement. This
Agreement (including any schedules and exhibits attached hereto and thereto)
contains all of the agreements among the parties hereto and thereto with respect
to the transactions contemplated hereby and thereby and supersedes all prior
agreements or understandings, whether written or oral, among the parties with
respect thereto.

    

    10.3       Amendment and Modification.
This Agreement may be amended, modified or supplemented only by a written
instrument executed by all the parties.

    

    10.4       Successors and Assigns;
Assignment. All the terms and provisions of this Agreement shall be
binding upon and inure to the benefit of the parties and their respective
successors and permitted assigns. This Agreement shall not be assigned by any
party without the prior written consent of the other parties and any assignment
without such consent shall be null and void.

    

    10.5       Waiver of Compliance. Except
as otherwise provided in this Agreement, any failure of any of the parties to
comply with any obligation, covenant, agreement or condition herein may be
waived by the party entitled to the benefits thereof only by a written
instrument signed by the party granting such waiver, but any such waiver, or the
failure to insist upon strict compliance with any obligation, covenant,
agreement or condition herein, shall not operate as a waiver of, or estoppel
with respect to, any subsequent or other failure or breach.

    

    10.6       Severability. The parties
hereto desire that the provisions of this Agreement be enforced to the fullest
extent permissible under the Law and public policies applied in each
jurisdiction in which enforcement is sought. Accordingly, in the event that any
provision of this Agreement would be held in any jurisdiction to be invalid,
prohibited or unenforceable for any reason, such provision, as to such
jurisdiction, shall be ineffective, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction. Notwithstanding the foregoing, if such
provision could be more narrowly drawn so as not to be invalid, prohibited or
unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so
narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other
jurisdiction.

    

    10.7       Notices. All notices, waivers,
or other communications pursuant to this Agreement shall be in writing and shall
be deemed to be sufficient if delivered Personally, by facsimile (and, if sent
by facsimile, followed by delivery by nationally-recognized express courier),
sent by nationally-recognized express courier or mailed by registered or
certified mail (return receipt requested), postage prepaid, to the parties at
the following addresses (or at such other address for a party as shall be
specified by like notice):

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (a)        if
to General Partner, to:

    

    Victoria Bay Asset Management,
LLC

    c/o Nicholas D. Gerber

    P.O. Box 6919

    Moraga,
CA  94570

    

    (b)        if
to the Marketing Agent, to:

    

    ALPS Distributors, Inc.

    1625 Broadway, Suite 2200

    Denver, CO 80202

    Attention: General Counsel

    

    All such notices and other
communications shall be deemed to have been delivered and received (i) in the
case of Personal delivery or delivery by facsimile or e-mail, on the date of
such delivery if delivered during business hours on a Business Day or, if not
delivered during business hours on a Business Day, the first Business Day
thereafter, (ii) in the case of delivery by nationally-recognized express
courier, on the first Business Day following dispatch, and (iii) in the case of
mailing, on the third Business Day following such mailing.

    

    10.8       Governing Law;
Jurisdiction.

    

    
      	
               
      

            	
              (a)

            	
              All
      questions concerning the construction, interpretation and validity of this
      Agreement shall be governed by, and construed and enforced in accordance
      with, the domestic laws of the State of New York, without giving effect to
      any choice or conflict of law provision or rule (whether in the State of
      New York or any other jurisdiction) that would cause the application of
      the laws of any jurisdiction other than the State of New York. In
      furtherance of the foregoing, the internal law of the State of New York
      will control the interpretation and construction of this Agreement, even
      if under such jurisdiction’s choice of law or conflict of law analysis,
      the substantive law of some other jurisdiction would ordinarily or
      necessarily apply.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Each
      party irrevocably consents and agrees, for the benefit of the other
      parties, that any legal action, suit or proceeding against it with respect
      to its obligations, liabilities or any other matter arising out of or in
      connection with this Agreement may be brought in the courts of the State
      of New York and hereby irrevocably consents and submits to the
      non-exclusive jurisdiction of each such court in Personam, generally and
      unconditionally with respect to any action, suit or proceeding for itself
      and in respect of its properties, assets and revenues. Each party
      irrevocably waives any immunity to jurisdiction to which it may otherwise
      be entitled or become entitled (including sovereign immunity, immunity to
      pre-judgment attachment and execution) in any legal suit, action or
      proceeding against it arising out of or based on this Agreement or the
      transactions contemplated hereby or thereby which is instituted in any
      court of the State of New York.

            

    

    

    The
provisions of this Section 10.8 shall survive any termination of this Agreement,
in whole or in part.

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    10.9       No Partnership. Nothing in
this Agreement is intended to, or will be construed to constitute the General
Partner or the Fund, on the one hand, and the Marketing Agent, on the other
hand, as partners or joint venturers; it being intended that the relationship
between them will at all times be that of independent contractors.

    

    10.10     Force Majeure. Neither party
will be liable to any other party for any delay or failure to perform its
obligations under this Agreement (except for the payment of money) if such delay
or failure arises from or is due to any cause or causes beyond the reasonable
control of the party affected which impedes, delays or aggravates any obligation
under this Agreement, including, without limitation, acts of God, acts of any
Governmental Entity, labor disturbances, act of terrorism or act of public enemy
due to war, the outbreak or escalation of hostilities, riot, fire, flood, civil
commotion, insurrection, severe or adverse weather conditions, power failure or
computer or communications line failure.

    

    10.11     Interpretation. The article
and section headings contained in this Agreement are solely for the purpose of
reference, are not part of the agreement of the parties and shall not in any way
affect the meaning or interpretation of this Agreement.

    

    10.12     No Strict Construction. The
language used in this Agreement will be deemed to be the language chosen by the
parties to express their mutual intent, and no rule of strict construction will
be applied against any party.

    

    10.13     Counterparts; Facsimile
Signatures. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.  Facsimile counterpart
signatures to this Agreement shall be acceptable and binding.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

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

    

    
      
        	VICTORIA BAY ASSET MANAGEMENT,
      LLC 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	/s/ Howard
    Mah	 	 	
              	 
	
                Name:
      Howard Mah

              	 	 	
                 

              	 
	
                

                  Title:
      Management Director

                

              	 	 	
                 

              	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	UNITED STATES GASOLINE FUND,
      LP 	 	 	 	 
	
                By:
      Victoria Bay Asset Management, LLC, as General
    Partner 

              	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	/s/ Howard
    Mah	 	 	 	 
	Name: Howard
      Mah	 	 	 	 
	Title: Management
      Director	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	ALPS DISTRIBUTORS,
      INC. 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	By: 	/s/
      Edmund J. Burke 	 	 	 	 
	Name: Edmund
      J. Burke 	 	 	 	 
	Title: President	 	 	 	 
	 	 	 	 	 

      

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
A

    

    

    FORM
OF

    UNITED
STATES GASOLINE FUND, LP

    AUTHORIZED
PURCHASER AGREEMENT

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    EXHIBIT
B

    FORM
OF SUTHERLAND ASBILL & BRENNAN LLP OPINION

    

    

    

    [TO BE
PROVIDED]

    

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    EXHIBIT
C

    MARKETING
STRATEGY OF

    ALPS
DISTRIBUTORS, INC. (“ALPS”)

    

    ALPS
agrees to carry out the following duties.

    

    
      	
              (a) 

            	
              ALPS
      senior management will:

            

    

    

    
      	
              ·  

            	
              Develop
      an overall strategic sales and marketing plan with the National Accounts
      Manager of ALPS, the Fund and the General
  Partner.

            

    

    
      	
              ·  

            	
              Supervise
      sales related activities.

            

    

    
      	
              ·  

            	
              Participate
      in field sales activities.

            

    

    

    
      	
              (b)  

            	
              ALPS
      will provide a dedicated National Accounts Manager on a full-time basis
      who will:

            

    

                                                 

    
      	
              ·  

            	
              Implement
      a tactical sales strategy.

            

    

    
      	
              ·  

            	
              Establish
      home office contacts with targeted
  broker/dealers.

            

    

    
      	
              ·  

            	
              Develop
      product education presentations.

            

    

    
      	
              ·  

            	
              Conduct
      product education presentations with fee based financial
      advisors.

            

    

    
      	
              ·  

            	
              Attend
      major fee based advisor
conferences.

            

    

     

    
      
        	
                (c)  

              	
                ALPS will provide two shared External
      Wholesalers who will:

              

      

         

    

    
      	
              ·  

            	
              Assist
      the National Accounts Manager in implementing the tactical sales
      strategy.

            

    

    
      	
              ·  

            	
              Establish
      regional relationships with wire houses and fee based
      advisors.

            

    

    
      	
              ·  

            	
              Deliver
      product education presentations.

            

    

    
      	
              ·  

            	
              Conduct
      product education presentations with wire house brokers and fee based
      financial advisors.

            

    

    
      	
              ·  

            	
              Attend
      major fee based advisor
conferences.

            

    

     

    
      
        
          	
                  (d)  

                	
                  ALPS will provide one shared Internal
      Wholesaler who will:

                

        

           

      

    

    
      	
              ·  

            	
              Support
      the National Accounts Manager’s and Wholesaler’s field
      activities.

            

    

    
      	
              ·  

            	
              Telemarket
      to independent financial planners.

            

    

    
      	
              ·  

            	
              Coordinate
      conference participation.

            

    

    
      	
              ·  

            	
              Attend
      various conferences.

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              (e)  

            	
              ALPS
      will provide resources from its call center
to:

            

    

    

    
      	
              ·  

            	
              Place
      outbound follow-up calls on 100% of phone and internet requests for
      information.

            

    

    
      	
              ·  

            	
              Receive
      creation/redemption calls and communicate with authorized purchasers,
      advisors and the custodian.

            

    

    
      	
              ·  

            	
              Transfer
      “hot” advisor leads to Internal
Wholesaler.

            

    

    
      	
              ·  

            	
              Support
      a dedicated Fund toll-free line for
advisors.

            

    

    

    
      	
              (f)  

            	
              ALPS
      will provide marketing staff to:

            

    

    

    
      	
              ·  

            	
              Write,
      design and produce FINRA approved sales and marketing
      materials.

            

    

    
      	
              ·  

            	
              Create
      FINRA approved seminars and product
  presentations.

            

    

    
      	
              ·  

            	
              Coordinate
      advisor specific advertising with the advertising
  agency.

            

    

    
      	
              ·  

            	
              Manage
      marketing budget.

            

    

    
      	
              ·  

            	
              Create
      and maintain website.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
D

    

    UNITED
STATES GASOLINE FUND, LP

    OFFICER’S
CERTIFICATE

    

    The
undersigned, a duly authorized officer of Victoria Bay Asset Management, LLC, a
Delaware limited liability company (the “General Partner”), and pursuant to
Section 13(d) of the United States Gasoline Fund, LP Marketing Agent Agreement
(the “Agreement”), dated as of _______________ by and between the General
Partner and ALPS Distributors, Inc. (“Marketing Agent”) hereby certifies
that:

    

    1.   Each
of the following representations and warranties of the General Partner is true
and correct in all material respects as of the date hereof:

    

    (a)  the
Prospectus does not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading; the Registration Statement complies in all material respects
with the requirements of the 1933 Act and the Prospectus complies in all
material respects with the requirements of the 1933 Act and any statutes,
regulations, contracts or other documents that are required to be described in
the Registration Statement or the Prospectus or to be filed as exhibits to the
Registration Statement have been so described or filed; the conditions to the
use of Form S-1 or S-3, if applicable, have been satisfied; the Registration
Statement does not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading and the Prospectus does not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading; provided, however,
that the General Partner makes no warranty or representation with respect to any
statement contained in the Registration Statement or any Prospectus in reliance
upon and in conformity with information concerning the Authorized Purchaser and
furnished in writing by or on behalf of the Authorized Purchaser to the General
Partner expressly for use in the Registration Statement or such Prospectus; and
neither the General Partner nor any Person known to the General Partner acting
on behalf of the Fund has distributed nor will distribute any offering material
other than the Registration Statement or the Prospectus;

    

    (b)  the
Fund has been duly formed and is validly existing as a commodity pool under the
laws of the State of Delaware, as described in the Registration Statement and
the Prospectus, and as described in the Prospectus, the Marketing Agent is
authorized to issue and deliver the Baskets to the Authorized
Purchaser;

    

    (c)  the
General Partner has been duly organized and is validly existing as a limited
liability company in good standing under the laws of the State of Delaware, with
full power and authority to conduct its business as described in the
Registration Statement and the Prospectus, and has all requisite power and
authority to execute and deliver this Agreement;

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d)  the
General Partner is duly qualified and is in good standing in each jurisdiction
where the conduct of its business requires such qualification; and the Fund is
not required to so qualify in any jurisdiction;

    

    (e)  the
outstanding Units have been duly and validly issued and are fully paid and
non-assessable and free of statutory and contractual preemptive rights, rights
of first refusal and similar rights;

    

    (f)  the
Units conform in all material respects to the description thereof contained in
the Registration Statement and the Prospectus and the holders of the Units will
not be subject to Personal liability by reason of being such
holders;

    

    (g)  the
Agreement has been duly authorized, executed and delivered by the General
Partner and constitutes the valid and binding obligations of the General
Partner, enforceable against the General Partner in accordance with its
terms;

    

    (h)  the
General Partner is not in breach or violation of or in default under (nor has
any event occurred which with notice, lapse of time or both would result in any
breach or violation of, constitute a default under or give the holder of any
indebtedness (or a Person acting on such holder’s behalf) the right to require
the repurchase, redemption or repayment of all or a part of such indebtedness)
its constitutive documents, or any indenture, mortgage, deed of trust, bank loan
or credit agreement or other evidence of indebtedness, or any license, lease,
contract or other agreement or instrument to which the General Partner is a
party or by which any of them or any of their properties may be bound or
affected, and the execution, delivery and performance of the Agreement, the
issuance and sale of Units to the Authorized Purchaser hereunder and the
consummation of the transactions contemplated hereby do not conflict with,
result in any breach or violation of or constitute a default under (nor
constitute any event which with notice, lapse of time or both would result in
any breach or violation of or constitute a default under), respectively, the
amended and restated limited liability company agreement of the General Partner,
or any indenture, mortgage, deed of trust, bank loan or credit agreement or
other evidence of indebtedness, or any license, lease, contract or other
agreement or instrument to which the General Partner is a party or by which,
respectively, the General Partner or any of its properties may be bound or
affected, or any federal, state, local or foreign law, regulation or rule or any
decree, judgment or order applicable to the General Partner;

    

    (i)  no
approval, authorization, consent or order of or filing with any federal, state,
local or foreign governmental or regulatory commission, board, body, authority
or agency is required in connection with the issuance and sale of Baskets to the
Authorized Purchaser hereunder or the consummation by the General Partner or the
Fund of the transactions contemplated hereunder other than registration of the
Units under the 1933 Act, which has been effected, and any necessary
qualification under the securities or blue sky laws of the various jurisdictions
in which the Units are being offered;

    

    (j)  except
as set forth in the Registration Statement and the Prospectus (i) no Person has
the right, contractual or otherwise, to cause the Fund to issue or sell to it
any Units or other equity interests of the Fund, and (ii) no Person has the
right to act as an underwriter or as a financial advisor to the Fund in
connection with the offer and sale of the Units, in the case of each of the
foregoing clauses (i), and (ii), whether as a result of the filing or
effectiveness of the Registration Statement or the sale of the Units as
contemplated thereby or otherwise; no Person has the right, contractual or
otherwise, to cause the General Partner on behalf of the Fund or the Fund to
register under the 1933 Act any other equity interests of the Fund, or to
include any such shares or interests in the Registration  Statement or
the offering contemplated thereby, whether as a result of the filing or
effectiveness of the Registration Statement or the sale of the Units as
contemplated thereby or otherwise;

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (k)  each
of the General Partner and the Fund has all necessary licenses, authorizations,
consents and approvals and has made all necessary filings required under any
federal, state, local or foreign law, regulation or rule, and has obtained all
necessary authorizations, consents and approvals from other Persons, in order to
conduct its respective business; the General Partner is not in violation of, or
in default under, or has not received notice of any proceedings relating to
revocation or modification of, any such license, authorization, consent or
approval or any federal, state, local or foreign law, regulation or rule or any
decree, order or judgment applicable to the General Partner;

    

    (l)  all
legal or governmental proceedings, affiliate transactions, off-balance sheet
transactions, contracts, licenses, agreements, leases or documents of a
character required to be described in the Registration Statement or the
Prospectus or to be filed as exhibits to the Registration Statement have been so
described or filed as required;

    

    (m)  except
as set forth in the Registration Statement and the Prospectus, there are no
actions, suits, claims, investigations or proceedings pending or threatened or
contemplated to which the  General Partner or the Fund, or any of the
General Partner’s directors or officers, is or would be a party or of which any
of their respective properties are or would be subject at law or in equity,
before or by any federal, state, local or foreign governmental or regulatory
commission, board, body, authority or agency;

    

    (n)  Spicer
Jeffries LLP, whose report on the audited financial statements of the Fund is
filed with the SEC as part of the Registration Statement and the Prospectus, are
independent public accountants as required by the 1933 Act;

    

    (o)  the
audited financial statement(s) included in the Prospectus, together with the
related notes and schedules, presents fairly the financial position of the Fund
as of the date indicated and has been prepared in compliance with the
requirements of the 1933 Act and in conformity with generally accepted
accounting principles; there are no financial statements (historical or pro
forma) that are required to be included in the Registration Statement and the
Prospectus that are not included as required; and the Fund does not have any
material liabilities or obligations, direct or contingent (including any
off-balance sheet obligations), not disclosed in the Registration Statement and
the Prospectus;

    

    (p)  subsequent
to the respective dates as of which information is given in the Registration
Statement and the Prospectus, there has not been (i) any material adverse
change, or any  development involving a prospective material adverse
change affecting the General Partner or the Fund, (ii) any transaction which is
material to the General Partner or the Fund taken as a whole, (iii) any
obligation, direct or contingent (including any off-balance sheet obligations),
incurred by the General Partner or the Fund, which is material to the Fund, (iv)
any change in the Units purchased by the Authorized Purchaser or outstanding
indebtedness of the General Partner or the Fund or (v) any dividend or
distribution of any kind declared, paid or made on such Units;

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (q)  the
Fund is not and, after giving effect to the offering and sale of the Units, will
not be an “investment company” or an entity “controlled” by an “investment
company,” as such terms are defined in the Investment Company Act;

    

    (r)  except
as set forth in the Registration Statement and the Prospectus, the General
Partner and the Fund own, or have obtained valid and enforceable licenses for,
or other rights to use, the inventions, patent applications, patents, trademarks
(both registered and unregistered), tradenames, copyrights, trade secrets and
other proprietary information described in the Registration Statement and the
Prospectus as being owned or licensed by them or which are necessary for the
conduct of their respective businesses, (collectively, “Intellectual
Property”);

    

    (i) to
the knowledge of the General Partner or the Fund, there are no third parties who
have or will be able to establish rights to any Intellectual Property, except
for the ownership rights of the owners of the Intellectual Property which is
licensed to the General Partner or the Fund;

    

    (ii) to
the knowledge of the General Partner or the Fund, there is no infringement by
third parties of any Intellectual Property;

    

    (iii)
there is no pending or, to the knowledge of the General Partner, threatened
action, suit, proceeding or claim by others challenging the General Partner or
the Fund’s rights in or to any Intellectual Property, and the General Partner
and the Fund are unaware of any facts which could form a reasonable basis for
any such claim;

    

    (iv)
there is no pending or, to the knowledge of the General Partner or the Fund,
threatened action, suit, proceeding or claim by others challenging the validity
or scope of any Intellectual Property as to which the General Partner and the
Fund have no knowledge of any such pending or threatened claims, and the General
Partner and the Fund are unaware of any facts which could form a reasonable
basis for any such claim;

    

    (v) there
is no pending or, to the knowledge of the General Partner or the Fund,
threatened action, suit, proceeding or claim by others that the General Partner
or the Fund infringes or otherwise violates any patent, trademark, copyright,
trade secret or other proprietary rights of others, and the General Partner and
the Fund are unaware of any facts which could form a reasonable basis for any
such claim;

    

    (vi) to
the knowledge of the General Partner or the Fund, there is no patent or patent
application that contains claims that interfere with the issued or pending
claims of any of the Intellectual Property; and

    

    (vii)  to
the knowledge of the General Partner or the Fund, there is no prior art that may
render any patent application licensed to the General Partner
unpatentable.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    (s)  all
tax returns required to be filed by the General Partner have been filed, and all
taxes and other assessments of a similar nature (whether imposed directly or
through withholding) including any interest, additions to tax or penalties
applicable thereto due or claimed to be due from such entities have been paid;
and no tax returns or tax payments are due with respect to the Fund as of the
date of this Certificate;

    

    (t)  the
General Partner has not sent or received any communication regarding termination
of, or intent not to renew, any of the contracts or agreements referred to or
described in, or filed as an exhibit to, the Registration Statement, and no such
termination or non-renewal has been threatened by the General Partner or any
other party to any such contract or agreement;

    

    (u)  on
behalf of the Fund, the General Partner has established and maintains disclosure
controls and procedures (as such term is defined in Rule 13a-14 and 15d-14 under
the Exchange Act, giving effect to the rules and regulations, and SEC staff
interpretations (whether or not public), thereunder)); such disclosure controls
and procedures are designed to ensure that material information relating to the
Fund, is made known to the General Partner, and such disclosure controls and
procedures are effective to perform the functions for which they were
established; on behalf of the Fund, the General Partner has been advised of: (i)
any significant deficiencies in the design or operation of internal controls
which could adversely affect the Fund’s ability to record, process, summarize,
and report financial data; and (ii) any fraud, whether or not material, that
involves management or other employees who have a role in the Fund’s internal
controls; any material weaknesses in internal controls have been identified for
the Fund’s auditors;

    

    (w)  any
statistical and market-related data included in the Registration Statement and
the Prospectus are based on or derived from sources that the General Partner
believes to be reliable and accurate, and the General Partner has obtained the
written consent to the use of such data from such sources to the extent
required; and

    

    (x)  neither
the General Partner, nor any of the General Partner’s directors, members,
officers, affiliates or controlling Persons has taken, directly or indirectly,
any action designed, or which has constituted or might reasonably be expected to
cause or result in, under the Exchange Act or otherwise, the stabilization or
manipulation of the price of any security or asset of the Fund to facilitate the
sale or resale of the Units.

    

    For
purposes hereof, the term “Registration Statement” shall mean the Registration
Statement as amended or supplemented from time to time to the date hereof, the
term “Preliminary Prospectus” shall mean the preliminary prospectus dated
___________ relating to the Units and any other prospectus dated prior to
effectiveness of the Registration Statement relating to the Units, and the term
“Prospectus” shall mean the Prospectus as amended or supplemented from time to
time to the date hereof.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    2.   Each
of the obligations of the General Partner to be performed by it on or before the
date hereof pursuant to the terms of the Agreement, and each of the provisions
thereof to be complied with by the General Partner on or before the date hereof,
has been duly performed and complied with in all material
respects.  Capitalized terms used, but not defined herein shall have
the meanings assigned to such terms in the Agreement.

    

    IN
WITNESS WHEREOF, I have hereunto, on behalf of the General Partner, subscribed
my name this ___ day of _________________.

     

     

    
      
        	 	 	 	 	 
	
              	 	 	By: 	 	 
	
                 

              	 	 	
                Name:

              	 
	
                 

              	 	 	
                Title:

              	 

      

     

    

    

    I,
_______________, in my capacity as [title], hereby certify that _______________
is the duly elected [title] of the General Partner, and that the signature set
forth immediately above is [his/her] genuine signature.

    

    IN
WITNESS WHEREOF, I have hereunto set my hand as of the date first set forth
above.

    

    
       

      
        
          	 	 	 	 	 
	
                	 	 	By: 	 	 
	
                   

                	 	 	
                  Name:

                	 
	
                   

                	 	 	
                  Title:

                	 

        

    

    
      
        
        

      

      
        6

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