Document:

efc8-0330_ex102.htm

    Exhibit
10.2

     

    Aspect
Global Diversified Fund LP

     

     

     

     

     

     

     

     

     

     

     

    

     

    CALYON
FINANCIAL

     

    
      
        

      

       

    

    Form
of Futures Account Agreement

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

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Global Diversified Fund LP

      

    

     

     

     

    Thank you
for your interest in opening a futures trading account with Calyon Financial
Inc.

     

    This
package includes the agreements and forms necessary to establish a futures
trading account as well as certain documentation which may, at your discretion,
be completed by you to allow specific types of trading
activities.  Included is a set of Disclosure Statements required by
different exchanges and regulators for certain types of
activities.  You should review these statements to understand some of
the risks of trading and be aware of how your rights in certain markets might be
limited.  These Statements should be kept by you and copies should be
distributed to the relevant parties within your organizations.

     

    In
addition to the attached documents, specific legal and financial information may
be required from you prior to approving a new account.

     

    Employees
of banks and brokerage firms will be asked to submit an Employee Consent
Letter.

     

    If your
account will be traded by a party other than yourself under a Power of Attorney,
additional documentation will be required prior to the start of
trading.

     

    Hedge
clients must be sure to complete the Hedge Election section on page 15 of the
Futures Account Agreement.

     

     

    
      	
            	
              Encl: 

            	
              Futures
      Account Agreement

            

    

    Calyon
Financial Inc. Disclosure Documents

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

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    CALYON
FINANCIAL INC.

    FUTURES
ACCOUNT AGREEMENT

     

    In
consideration of the acceptance by Calyon Financial Inc. (“Calyon Financial”) of
one or more accounts of the undersigned (“Customer”) (if more than one account
is at any time opened or reopened with Calyon Financial, all are covered by this
Agreement and are referred to individually and collectively as the “Account”),
and Calyon Financial’s agreement to act as broker, directly or indirectly, or as
dealer, for the execution, clearance and/or carrying of transactions for the
purchase and sale of commodity interests, including commodities, spot and
forward contracts, commodity futures contracts, options on commodity futures
contracts, security futures product contracts, and transactions involving the
exchange of futures for cash commodities or the exchange of futures in
connection with cash commodity transactions, Calyon Financial and Customer agree
as follows:

     

    
      	
              1.

            	
              APPLICABLE
      RULES AND REGULATIONS

            

    

     

    The
Account and each transaction therein shall be Subject to the terms of this
Agreement and to (a) all applicable laws and the regulations, rules and
orders (collectively “regulations”) of all regulatory and self-regulatory
organizations having jurisdiction and (b) the constitution, by-laws, rules,
regulations, orders, resolutions, interpretations and customs and usages
(collectively “rules”) of the market and any associated clearing organization or
clearing house (each an “exchange”) on or subject to the rules of which such
transaction is executed and/or cleared.  The reference in the
preceding sentence to exchange rules is solely for Calyon Financial’s protection
and Calyon Financials failure to comply therewith shall not constitute a breach
of this Agreement or relieve Customer of any obligation or responsibility under
this Agreement.  Calyon Financial shall not be liable to Customer as a
result of any action or omission by Calyon Financial, its officers, directors,
employees or agents to comply with any exchange rule.

     

    
      	
              2.

            	
              PAYMENTS
      TO CALYON FINANCIAL

            

    

     

    Customer
agrees to pay to Calyon Financial immediately on request (a) commissions,
give-up charges, fees and service charges as are in effect from time to time for
the Customer, together with all applicable regulatory and self-regulatory
organization and exchange fees, charges, including all such fees, charges or
costs assessed against Calyon Financial with respect to any equity securities of
Customer deposited for margin obligations, and taxes; (b) the amount of any
debit balance or any other liability that may result from transactions executed
for the Account; and (c) interest on such debit balance or liability at the
prevailing rate charged by Calyon Financial at the time such debit balance or
liability arises and service charges on any such debit balance or liability
together with any reasonable attorneys’ fees and costs incurred in collecting
any such debit balance or liability.  Customer understands that most
of the payment obligations enumerated in subsection (a) above are automatically
charged against its Account after each transaction.  Customer
acknowledges that Calyon Financial may charge commissions at other rates to
other customers.

     

    
      
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              3.

            	
              CUSTOMER’S
      DUTY TO MAINTAIN ADEQUATE MARGIN

            

    

     

    Customer
shall at all times maintain adequate margin (also known as “performance bond”)
in the Account so as continually to meet the original and maintenance margin
requirements established by Calyon Financial for Customer.  Calyon
Financial may change such requirements from time to time at Calyon Financial’s
discretion upon notice to Customer.  Such margin requirements may
exceed the margin requirements set by any exchange or other regulatory authority
and may vary from Calyon Financial’s requirements for other
customers.

     

    Customer
agrees, when so requested, orally or by written notice, on the business day it
is received, unless sooner required by Calyon Financial for an intraday
requirement, to wire transfer (by the Fed wire system to the account of Calyon
Financial) margin funds, and to furnish Calyon Financial with names of bank
officers for immediate verification of such transfers.  Customer
acknowledges and agrees that Calyon Financial may receive and retain as its own
any interest, increment, profit, gain or benefit, directly or indirectly,
accruing from any of the funds Calyon Financial receives from
Customer.

     

    
      	
              4.

            	
              DELIVERY;
      OPTION EXERCISE, ASSIGNMENT AND
EXPIRATION

            

    

     

    
      	
               
      

            	
              A.

            	
              Delivery.  If
      Customer desires to make or take delivery under a commodity interest
      contract, Customer agrees to give Calyon Financial timely notice of such
      intent for open positions maturing in a current delivery month according
      to applicable rules and regulations of the exchange or clearing house and
      Calyon Financial’s instructions.  Sufficient funds to take
      delivery or the necessary delivery documents must be delivered by Customer
      to Calyon Financial according to Calyon Financial’s
      instructions.  If funds, documents or Customer’s Intentions with
      respect to delivery are not received, Calyon Financial may, without
      notice, either liquidate Customer’s position or make or receive delivery
      on behalf of Customer upon such terms and by such methods as Calyon
      Financial reasonably determines.  Customer understands that
      Calyon Financial may, upon prior notice to Customer, establish cut-off
      times for timely notification that may be earlier than the times
      established by the applicable rules and regulations of the exchanges or
      clearing houses to ensure that Calyon Financial compiles with such rules
      and regulations.  If Customer desires to make or take delivery
      of a security futures product, Customer agrees to open a securities
      account pursuant to Calyon Financial’s Securities and Options Account
      Agreement to effect such delivery.

            

    

     

    If, at
any time, Customer fails to deliver to Calyon Financial any property previously
sold by Calyon Financial on Customer’s behalf in compliance with commodity
interest contracts, or Calyon Financial shall deem it necessary (whether by
reason of the requirements of any exchange, clearing house or otherwise) to
replace any securities, commodity interest contracts, financial instruments, or
other property previously delivered by Calyon Financial for the Account of
Customer with other property of like or equivalent kind or amount, Customer
hereby authorizes Calyon Financial to borrow or to buy any property necessary to
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    delivered,
or to deliver the same to such other party or to whom delivery is to be
made.  Calyon Financial may subsequently repay any borrowing or
purchase thereof with property purchased or otherwise acquired for the Account
of Customer.  Customer shall pay Calyon Financial for any actual
costs, losses and damages from the foregoing, including, but not limited to,
consequential damages, penalties and fines that Calyon Financial may incur or
that Calyon Financial may sustain from its inability to borrow or buy any such
property.

     

    
      	
               
      

            	
              B.

            	
              Option Exercise, Assignment and
      Expiration.  Customer agrees to give Calyon Financial
      timely notice if Customer Intends to exercise or abandon an option
      contract according to the rules and regulations of the exchanges or
      clearing houses.  Customer understands that most exchanges and
      clearing houses have established cut-off times for the tender of exercise
      or abandonment instructions, and that an option will become worthless if
      instructions are not delivered before such expiration
      time.  Customer also understands that certain exchanges and
      clearing houses will automatically exercise some “in-the-money” options
      unless instructed otherwise.  Customer acknowledges full
      responsibility for taking action either to exercise or to prevent the
      exercise of an option contract, as the case may be, and Calyon Financial
      is not required to take any action with respect to an option contract,
      including without limitation any action to exercise an option prior to its
      expiration date, or to prevent the automatic exercise of an option, except
      upon Customer’s express instructions.  Customer further
      understands that Calyon Financial may, upon prior notice to Customer,
      establish exercise instruction cut-off times that may be earlier than the
      times established by the applicable rules and regulations of the exchanges
      and clearing houses to ensure that Calyon Financial compiles with such
      rules and regulations.

            

    

     

    Customer
understands that (a) all short option positions are subject to assignment
at any time, including positions established on the same day that exercises are
assigned, and (b) exercised assignment notices are allocated in a manner
that has been approved by the applicable exchange or clearing house from among
all Calyon Financial customers’ short options positions that are subject to
assignment.

     

    
      	
              5.

            	
              FOREIGN
      CURRENCY

            

    

     

    If Calyon
Financial enters into any transaction for Customer effected in a currency other
than U.S. dollars:  (a) any profit or loss caused by changes in
the rate of exchange for such currency shall be for Customer’s Account and risk
and (b) unless another currency is designated in Calyon Financial’s
confirmation of such transaction, all margin for such transaction and the profit
or loss on the liquidation of such transaction shall be in U.S. dollars at a
rate of exchange determined by Calyon Financial on the basis of then prevailing
market rates of exchange for such foreign currency.

     

     

     

     

    
      
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              6.

            	
              CALYON
      FINANCIAL MAY LIMIT POSITIONS HELD

            

    

     

    Customer
agrees that Calyon Financial, upon notice to Customer, may limit the number of
open positions (net or gross) that Customer may execute, clear and/or carry with
or acquire through it.  Customer agrees (a) not to make any trade
that would have the effect of exceeding such limits, (b) that Calyon
Financial may require Customer to reduce open positions carried with Calyon
Financial and (c) that Calyon Financial may refuse to accept orders to
establish new positions.  Calyon Financial may impose and enforce such
limits, reduction or refusal whether or not they are required by applicable law,
regulations or rules.  Customer shall comply with all position limits
established by any regulatory or self-regulatory organization or any
exchange.  In addition, Customer agrees to notify Calyon Financial
promptly if Customer is required to file position reports with any regulatory or
self-regulatory organization or with any exchange.

     

    
      	
              7.

            	
              NO
      WARRANTY AS TO INFORMATION OR
RECOMMENDATION

            

    

     

    Customer
acknowledges that:

     

    
      	
               
      

            	
              (a)

            	
              Any
      market recommendations and information Calyon Financial may communicate to
      Customer, although based upon information obtained from sources believed
      by Calyon Financial to be reliable, may be incomplete and not subject to
      verification;

            

    

     

    
      	
               
      

            	
              (b)

            	
              Calyon
      Financial makes no representation, warranty or guarantee as to, and shall
      not be responsible for, the accuracy or completeness of any information or
      trading recommendation furnished to
customer;

            

    

     

    
      	
               
      

            	
              (c)

            	
              Recommendations
      to Customer as to any particular transaction at any given time may differ
      among Calyon Financial’s personnel due to diversity in analysis of
      fundamental and technical factors and may vary from any standard
      recommendation made by Calyon Financial in its research reports or
      otherwise; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              Calyon
      Financial has no obligation or responsibility to update any market
      recommendations, research or information it communicates to
      Customer.

            

    

     

    Customer
understands that Calyon Financial and its officers, directors, affiliates,
stockholders, representatives or associated persons may have positions in and
may intend to buy or sell commodity interests that are the subject of market
recommendations furnished to Customer, and that the market positions of Calyon
Financial or any such officer, director, affiliate, stockholder, representative
or associated person may or may not be consistent with the recommendations
furnished to Customer by Calyon Financial.

     

    
      
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              8.

            	
              LIMITS
      ON CALYON FINANCIAL DUTIES;
LIABILITY

            

    

     

    Customer
agrees:

     

    
      	
               
      

            	
              (a)

            	
              That
      Calyon Financial has no duty to apprise Customer of news or of the value
      of any commodity interests or collateral pledged or in any way to advise
      Customer with respect to the
market;

            

    

     

    
      	
               
      

            	
              (b)

            	
              That
      the commissions, which Calyon Financial receives, are consideration solely
      for the execution, clearing, carrying and reporting of Customer’s
      trades;

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      there is an Account Manager, an Account Manager’s Agreement for the
      Account Manager will be provided to Calyon Financial.  The
      Account Manager specified therein is authorized to exercise discretion and
      to act on behalf of Customer with respect to the
  Account.

            

    

     

    
      	
               
      

            	
              (1)

            	
              Account
      Manager is duly organized, empowered and authorized to make the
      representations set forth in Section 17 hereof as if the Account Manager
      were substituted for the term Customer
therein.

            

    

     

    
      	
               
      

            	
              (2)

            	
              Account
      Manager shall direct Customer to take such action in respect of the
      Account as is required of Customer under this Agreement or under the rules
      and regulations.

            

    

     

    
      	
               
      

            	
              (3)

            	
              Customer
      agrees that (1) Account Manager is authorized to act on Customer’s
      behalf with respect to the Account, including the authority to select and
      authorize the payment of executing brokers, and to receive and give
      communications, instructions and authorizations; and (2) any right of
      Calyon Financial arising in connection with this Agreement is enforceable
      against all of Customer’s assets, notwithstanding that Account Manager may
      exercise discretion over less than all of the assets of
      Customer.

            

    

     

    
      	
               
      

            	
              (4)

            	
              Account
      Manager represents that it has provided to Customer and Customer
      represents it has received:  (1) a disclosure document
      concerning such Account Manager’s trading advice, including, in the event
      the Account Manager will trade options, the options strategies to be
      utilized, or (2) a written statement explaining why Account Manager
      is not required under applicable law to provide such a disclosure document
      to Customer; and

            

    

     

    
      	
               
      

            	
              (5)

            	
              Customer
      acknowledges, understands and agrees that (1) any communication,
      notice, report, statement, advice or information given to Account Manager
      by Calyon Financial or received from Account Manager by Calyon Financial
      in respect of the Account shall be deemed to have been given to, or
      received from, Customer as the case may be; (2) any decision,
      instruction or action of, or authorization by, Account Manager in respect
      of the Account shall be deemed to constitute the decision, instruction,
      action or authorization of Customer; (3) Customer has
  

            

    

     

    
      
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    carefully examined the
provision of the documents by which it has given trading authority or control
over the Account to the Account Manager and understands fully the obligations
which it has assumed by executing such document; (4) Calyon Financial is in
no way responsible for any loss to Customer occasioned by the actions of the
Account Manager and Calyon Financial does not by implication or otherwise
endorse the operating methods or trading strategies or programs of the Account
Manager; and (5) Customer gives the Account Manager authority to exercise
Customer’s rights over the Account, and does so at its own risk.

     

    
      	
               
      

            	
              (d)

            	
              That
      Calyon Financial or its shareholders, directors, officers, employees,
      agents, affiliates and controlling persons shall have no liability for
      damages, claims, losses or expenses caused by any errors, omissions or
      delays:  (a) of sub-agents employed by Calyon Financial
      which are not affiliated companies of Calyon Financial, provided that
      Calyon Financial has used reasonable care in their selection; or
      (b) of Calyon Financial itself, except those caused by Calyon
      Financial’s negligence or willful
misconduct.

            

    

     

    
      	
              9.

            	
              EXTRAORDINARY
      EVENTS

            

    

     

    Customer
agrees that Calyon Financial shall have no liability for damages, claims, losses
or expenses caused by any errors, omissions or delays resulting from an act,
condition or cause beyond the reasonable control of Calyon Financial, including,
but not limited to:  war; insurrection; riot; strike; act of God;
fire; flood; extraordinary weather conditions; accident; action of government
authority; action of exchange, clearing house or clearing organization;
communications or power failure; equipment or software malfunction (including
any electronic order routing or direct execution trading system or facility);
error, omission or delay in the report of transactions; prices, exchange rates
or other market or transaction information; or the insolvency, bankruptcy,
receivership, liquidation or other financial difficulty of any bank, clearing
broker, exchange, market, clearing house or clearing organization.

     

    
      	
              10.

            	
              INDEMNIFICATION
      OF CALYON FINANCIAL, CONTRIBUTION AND
  REIMBURSEMENT

            

    

     

    To the
extent permitted by law, Customer agrees to indemnify and hold harmless Calyon
Financial and its shareholders, directors, officers, employees, agents,
affiliates and controlling persons against any liability for damages, claims,
losses or expenses which they may incur as a result, directly or indirectly
of:  (x) Customer’s violation of federal or state laws or
regulations, or of rules of any exchange or self-regulatory organization;
(y) any other breach of this Agreement by Customer; or (z) Customer’s
failure to timely deliver any security, commodity or other property previously
sold by Calyon Financial on Customer’s behalf.  Such damages, claims,
losses or expenses shall include reasonable legal fees and all expenses, costs
of settling claims, interest, and fines or penalties imposed by the exchanges,
self regulatory organization or governmental authority.

     

    
      
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              11.

            	
              NOTICES;
      TRANSMITTALS

            

    

     

    Calyon
Financial shall transmit all communications to Customer at Customer’s address,
facsimile or telephone number set forth below or to such other address as
Customer may hereafter direct in writing.  Customer shall transmit all
communications to Calyon Financial regarding this Agreement (except routine
inquiries concerning the Account) to 550 West Jackson Blvd., Suite 500,
Chicago, Illinois 60661-5716; facsimile, (312) 441-4264,
Attention:  Legal Department.  All payments and deliveries
to Calyon Financial shall be made as instructed by Calyon Financial from time to
time and shall be deemed received only when actually received by Calyon
Financial.

     

    
      	
              12.

            	
              CONFIRMATION

            

    

     

    All
confirmations, correction notices and account statements (collectively,
“Statements”) shall be submitted to Customer and shall be deemed to be accurate
unless the Customer notifies Calyon Financial of any objection thereto prior to
the opening of trading on the contract market on which such transaction occurred
on the business day following the day on which Customer receives such Statement;
provided that with respect to monthly Statements, Customer may notify Calyon
Financial of any objection thereto within three business days after receipt of
such monthly Statement, provided the objection could not have been raised at the
time the prior Statement, e.g. confirmations and correction notices, was
received by the Customer as provided for above.  Any such notice of
objection, if given orally, shall be confirmed promptly in writing by the
Customer.  Neither customer nor Calyon Financial shall be bound by any
transaction or price reported in error.

     

    
      	
              13.

            	
              SECURITY
      INTEREST

            

    

     

    Customer
hereby grants to Calyon Financial a first lien upon and a security interest in
any and all cash, securities, whether certificated or uncertificated, security
entitlements, investment property, financial assets, foreign currencies,
commodity interests, commodity accounts, commodity contracts and other property
(including securities and options) and the proceeds of all of the foregoing
(together the “Collateral”) belonging to Customer or in which Customer may have
an interest, now or in the future, and held by Calyon Financial or in Calyon
Financial’s control or carried in any of Customer’s Accounts, or in Customer’s
accounts carried under other agreements with Calyon Financial or its
affiliates.  Such security interest is granted as security for the
performance by Customer of its obligations hereunder and for the payment of all
loans and other liabilities which Customer has or may in the future have to
Calyon Financial, whether under this Agreement or any other agreement between
the parties hereto.  Customer agrees to execute such further
instruments, documents, filings and agreements as may be requested at any time
by Calyon Financial in order to perfect and maintain perfected the foregoing
lien and security interest.  Calyon Financial, in its discretion, may
liquidate any Collateral to satisfy any margin or Account deficiencies or to
transfer the Collateral to the general ledger account of Calyon
Financial.  Terms defined in the Uniform Commercial Code, as enacted
in the State of Illinois, shall for purposes of this paragraph have the meanings
set forth therein.

     

    
      
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    In the
event that the provisions of Section 13, which relate to Collateral in any
account carried by Calyon Financial for Customer other than an Account
established hereunder, conflict with the agreement under which such other
account was established, such other agreement between Calyon Financial and
Customer shall take precedence over the provisions of this Section
13.

     

    
      	
              14.

            	
              TRANSFER
      OF FUNDS

            

    

     

    At any
time and from time to time, Calyon Financial may transfer from one account to
another account in which Customer has any interest, such excess funds, equities,
securities or other property as in Calyon Financial’s judgment may be required
for margin, or to reduce any debit balance or to reduce or satisfy any deficits
in such other accounts except that no such transfer may be made from a
segregated account subject to the Commodity Exchange Act to another account
maintained by Customer unless either Customer has authorized such transfer in
writing or Calyon Financial is effecting such transfer to enforce Calyon
Financial’s security interest pursuant to Section 13.  Calyon
Financial promptly shall confirm all transfers of funds made pursuant hereto to
Customer in writing.

     

    
      	
              15.

            	
              CALYON
      FINANCIAL’S RIGHT TO LIQUIDATE CUSTOMER
  POSITIONS

            

    

     

    In
addition to all other rights of Calyon Financial set forth in this
Agreement:

     

    
      	
               
      

            	
              (a)

            	
              When
      directed or required by a regulatory or self-regulatory organization or
      exchange having jurisdiction over Calyon Financial or the
      Account;

            

    

     

    
      	
               
      

            	
              (b)

            	
              Whenever,
      in its discretion, Calyon Financial considers it necessary for its
      protection because of margin requirements or
  otherwise;

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      Customer or any affiliate of Customer repudiates, violates, breaches or
      fails to perform on a timely basis any term, covenant or condition on its
      part to be performed under this Agreement or another agreement with Calyon
      Financial or an affiliate of Calyon Financial; and such repudiation,
      violation, breach, or failure continues for (3) business days after notice
      thereof from Calyon Financial or an affiliate of Calyon Financial, except
      that such grace period shall not be applied to a term, covenant, or
      condition that relates to any financial obligations on Customer’s part,
      including, but not limited to, the payment of margin or any delivery
      requirements;

            

    

     

    
      	
               
      

            	
              (d)

            	
              If
      a case of bankruptcy is commenced or if a proceeding under any insolvency
      or other law for the protection of creditors or for the appointment of a
      receiver, liquidator, trustee, conservator, custodian or similar officer
      is filed by or against Customer or any affiliate of Customer or if
      Customer or any affiliate of Customer makes or proposes to make any
      arrangement or composition for the benefit of its creditors, or if
      Customer or (any such affiliate) or any or all of its property is subject
      to any agreement, order, judgment or decree providing for Customer’s
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    the appointment of a receiver, liquidator, trustee, conservator,
custodian or similar officer of Customer, such affiliate or such property;

     

    
      	
               
      

            	
              (e)

            	
              In
      the case of a natural person, Calyon Financial is informed of
      Customer’s death or mental incapacity;
or

            

    

     

    
      	
               
      

            	
              (f)

            	
              If
      an attachment or similar order is levied against the Account or any other
      account maintained by a Customer or any affiliate of Customer with Calyon
      Financial or an affiliate of Calyon
Financial;

            

    

     

    Calyon
Financial shall have the right to (i) satisfy any obligations due Calyon
Financial out of any Customer’s property (also referred to as “Collateral”) in
Calyon Financial’s custody or control, (ii) liquidate any or all of
Customer’s commodity interest positions, such liquidation shall include
transactions involving the exchange of futures for cash commodities or the
exchange of futures in connection with cash commodity transactions,
(iii) cancel any or all of Customer’s outstanding orders, (iv) treat
any or all of Customer’s obligations due Calyon Financial as immediately due and
payable, (v) sell any or all of Customers property in Calyon Financial’s
custody or control in such manner as Calyon Financial determines to be
commercially reasonable, and/or (vi) terminate any or all of Calyon
Financial’s obligations for future performance to Customer, all without any
notice to or demand on Customer, if deemed necessary by Calyon
Financial.  Any action hereunder may be made in any commercially
reasonable manner.  Customer agrees that a prior demand, call or
notice shall not be considered a waiver of Calyon Financial’s right to act
without demand or notice as herein provided, that Customer shall at all times be
liable for the payment of any debit balance owing in each Account upon demand
whether occurring upon a liquidation as provided under this Section 15 or
otherwise under this Agreement, and that in all cases Customer shall be liable
for any deficiency remaining in each Account in the event of liquidation thereof
in whole or in part together with interest thereon and all costs relating to
liquidation and collection (including reasonable attorneys’ fees).  In
the event that the provisions of Section 15, which relate to Collateral in any
account carried by Calyon Financial for Customer other than an Account
instituted hereunder, conflict with the agreement under which such other account
was instituted, such other agreement between Calyon Financial and Customer shall
take precedence over the provisions of this Section 15.

     

    
      	
              16.

            	
              CALYON
      FINANCIAL’S RIGHT TO SET-OFF

            

    

     

    Any
amount payable to Calyon Financial by the Customer in the case where an event
under Section 15 has occurred, will, at the option of Calyon Financial, be
reduced by its set-off against any amounts payable by Calyon Financial or any
affiliate of Calyon Financial to Customer under this Agreement or any other
agreement between Calyon Financial or any affiliate of Calyon Financial and
Customer, or instrument or undertaking in favor of Calyon Financial or an
affiliate of Calyon Financial (the “Calyon Financial payable
amount”).  The Calyon Financial payable amount will be discharged
promptly and in all respects to the extent it is so set-off.  Calyon
Financial will give notice to Customer of any set-off effected under this
Section 16.  If a Customer’s obligation to Calyon Financial or an
affiliate is unascertained, Calyon Financial may, in good faith, 

     

    
      
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    estimate
that obligation and set off any amount owing by Calyon Financial or any
affiliate to Customer on any account in respect of the estimate, which amount
will be revised when the obligation is ascertained.  This Section and
Section 15 shall be without prejudice and in addition to any right of set-off,
combination of accounts, lien or other right to which Calyon Financial is at any
time otherwise entitled whether by operation of law, contract or
otherwise.  For purposes of this Section and Section 15, an
“affiliate” of Calyon Financial shall mean:  Calyon S.A., Calyon
Financial Canada Inc., Calyon Financial SNC, Calyon Financial Pte Ltd., Calyon
Capital Markets Asia, B.V. (Tokyo Branch), and Altura Markets, A.V.,
S.A.

     

    
      	
              17.

            	
              CUSTOMER
      REPRESENTATIONS, WARRANTIES AND
AGREEMENTS

            

    

     

    Customer
represents and warrants to and agrees with Calyon Financial that:

     

    
      	
               
      

            	
              (a)

            	
              Customer
      has full power and authority to enter into this Agreement and to engage in
      the transactions and perform its obligations hereunder and contemplated
      hereby, and:

            

    

     

    
      	
               
      

            	
              (1)

            	
              If
      Customer is a corporation or partnership, Customer represents and warrants
      that (a) it is duly organized and in good standing under the laws of
      the jurisdiction in which it is established and in every state in which it
      does business; (b) is empowered to enter into and perform this
      Agreement and to effectuate transactions in commodity interests, financial
      instruments and foreign currency as contemplated hereby; and (c) no
      person or entity has any interest in or control of the Account to which
      this Agreement pertains except as disclosed by Customer to Calyon
      Financial in writing.

            

    

     

    
      	
               
      

            	
              (2)

            	
              If
      Customer is a trust, Customer represents and warrants that (a) it is
      a duly formed and existing trust under the laws of the state of its
      formation or such other laws as are applicable, including ERISA or similar
      state law, and the party or parties designated as trustee or trustees by
      Customer to Calyon Financial in writing submitted herewith constitute the
      only or all of the proper trustees thereof; (b) the trustee or
      trustees are empowered to enter into and perform this Agreement and to
      effectuate transactions in commodity interests, financial instruments, and
      foreign currency as contemplated hereby; (c) the trustee or trustees
      make the representations set forth in Section 17 hereof as if the term
      trustee(s) were substituted for the term Customer therein; and (d) no
      person or entity has any interest in or control of the Account to which
      this Agreement pertains except as disclosed by Customer to Calyon
      Financial in writing.

            

    

     

    
      	
               
      

            	
              (b)

            	
              To
      the best of its knowledge, neither Customer nor any partner, director,
      officer, member, manager or employee of Customer nor any affiliate of
      Customer is a partner, director, officer, member, manager or employee of a
      futures commission merchant introducing broker, bank, broker-dealer,
      exchange or self-regulatory organization or an employee of commissioner of
      the Commodity Futures Trading 

            

    

     

    
      
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    Commission (the “CFTC”), except as previously disclosed in writing
to Calyon Financial.  Calyon Financial acknowledges that it has been
informed that the General Partner of the Customer is a registered broker-dealer,
commodity pool operator and introducing broker.

     

    
      	
               
      

            	
              (c)

            	
              To
      help the government fight the funding of terrorism and money-laundering
      activities, U.S. Federal law requires Calyon Financial to obtain, verify
      and record information that identifies each and every person for which an
      account is opened by Calyon Financial, whether that person is an
      individual, association, partnership, corporation, trust or other
      entity.

            

    

     

    Customer
will furnish information and documentation as requested by Calyon Financial so
that Calyon Financial can verify Customer’s identity as required by U.S. Federal
law.  Any financial statements or information, or identifying
information and documentation furnished to Calyon Financial are true, correct
and complete.  Customer hereby authorizes Calyon Financial to contact
such banks, financial institutions and credit agencies as Calyon Financial shall
deem appropriate for verification of such financial statements or other
information.  Upon the Customer’s request, Calyon Financial will
inform the Customer whether it has obtained credit reports, and if so, Calyon
Financial will inform the Customer of the name and address of the reporting
agency that furnished those reports.

     

    Except as
disclosed in writing, (i) Customer is not a commodity pool or is exempt
from registration under the rules of the CFTC, and (ii) Customer is acting
solely as principal and no one other than Customer has any interest in any
Account of Customer.  Calyon Financial acknowledges that it has been
informed that the Customer is a commodity pool.

     

    
      	
               
      

            	
              (d)

            	
              Customer
      has determined that trading in commodity interests is appropriate for
      Customer, is prudent in all respects and does not and will not violate
      Customer’s charter or by-laws (or other comparable governing document) or
      any law, rule, regulation, judgment, decree, order or agreement to which
      Customer or its property is subject or
bound;

            

    

     

    
      	
               
      

            	
              (e)

            	
              As
      required by CFTC regulations, Customer shall create, retain and produce
      upon request of the applicable contract market, the CFTC or other
      regulatory authority documents (such as contracts, confirmations, telex
      printouts, invoices and documents of title) with respect to cash
      transactions underlying exchanges of futures for cash commodities or
      exchange of futures in connection with cash commodity
      transactions;

            

    

     

    
      	
               
      

            	
              (f)

            	
              Customer
      consents to the electronic recording, at Calyon Financial’s discretion, of
      any or all telephone conversations with Calyon Financial (without
      automatic tone warning device), the use of same as evidenced by either
      party in any action or proceeding arising out of the Agreement and in
      Calyon Financial’s erasure, at its 

            

    

     

    
      
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    discretion, of any recording as part of its regular procedure for
handling of recordings;

     

    
      	
               
      

            	
              (g)

            	
              Absent
      a separate written agreement between Customer and Calyon Financial with
      respect to give-ups, Calyon Financial, in its discretion, may, but shall
      have no obligation to, accept from other brokers commodity interest
      transactions executed by such brokers on an exchange for Customer and
      proposed to be “given-up” to Calyon Financial for clearance and/or
      carrying in the Account;

            

    

     

    
      	
               
      

            	
              (h)

            	
              Calyon
      Financial, for and on behalf of Customer, is authorized and empowered to
      place orders for commodity interest transactions through one or more
      electronic or automated trading or order routing systems maintained or
      operated by or under the auspices of an exchange or by Calyon Financial,
      or any third party vendors, that Calyon Financial shall not be liable or
      obligated to Customer for any losses, claims, damages, liabilities, costs
      or expenses (including but not limited to loss of profits, loss of use,
      direct or indirect incidental or consequential damages) incurred or
      sustained by Customer and arising in whole or in part, directly or
      indirectly, from any error, fault, failure, inadequate performance or
      nonperformance, delay, omission, malfunction, inaccuracy or termination of
      an electronic trading system or order routing system or Calyon Financial’s
      inability to enter, cancel or modify an order on behalf of Customer on or
      through an electronic trading system or order routing
      system.  The provisions of this Section 17(h) shall apply
      regardless of whether any customer claim arises in contract, negligence,
      tort, strict liability, breach of fiduciary obligations or otherwise;
      and

            

    

     

    
      	
               
      

            	
              (i)

            	
              Calyon
      Financial shall be entitled to rely on any instructions, notices and
      communications, whether oral or in writing, that it reasonably believes to
      be from an individual authorized to act on behalf of Customer, including,
      but not limited to, any individuals) identified in writing by Customer as
      authorized to act on its behalf, and Customer shall be bound
      thereby.  Customer hereby waives any defense that any such
      instruction was not in writing as may be required by the relevant statutes
      or any other similar law, rule or
regulation.

            

    

     

    
      	
               
      

            	
              (j)

            	
              If
      Customer is subject to the Financial Institution Reform, Recovery and
      Enforcement Act of 1989, the certified resolutions set forth following
      this Agreement have been caused to be reflected in the minutes of
      Customer’s Board of Directors (or other comparable governing body) and
      this Agreement is and shall be, continuously from the date hereof, an
      official record of Customer.

            

    

     

    
      	
               
      

            	
              (k)

            	
              Customer
      is aware of and agrees to be bound by the rules of the NASD applicable to
      the trading of security futures product
  contracts.

            

    

     

    
      	
               
      

            	
              (l)

            	
              Customer
      is aware of and agrees not to violate applicable security futures product
      position limits.

            

    

     

    
      	
               
      

            	
              (m)

            	
              Customer
      acknowledges that Calyon Financial has furnished it with a copy of the
      current Security Futures Risk Disclosure
      Statement.

            

    

     

    
      
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    Customer
agrees to promptly notify Calyon Financial in writing if any of the warranties
and representations contained in this Section 17 become inaccurate or in any way
cease to be true, complete and correct.

     

    
      	
              18.

            	
              CALYON
      FINANCIAL’S REPRESENTATIONS AND
WARRANTIES

            

    

     

    Calyon
Financial represents and warrants that:

     

    
      	
               
      

            	
              (a)

            	
              Calyon
      Financial is registered as a futures commission merchant with the CFTC and
      is a member of the National Futures
Association.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Calyon
      Financial has all requisite authority, whether arising under applicable
      federal or state laws and rules and regulations, or the rules and
      regulations of any contract market or other self-regulatory organization
      to which Calyon Financial is subject, to enter into this
      Agreement.

            

    

     

    
      	
               
      

            	
              (c)

            	
              This
      Agreement does not violate any applicable law, any judgment, order or
      agreement to which Calyon Financial or any of its property is subject or
      by which it or its property is
bound.

            

    

     

    
      	
               
      

            	
              (d)

            	
              This
      Agreement is a valid and binding agreement of Calyon Financial enforceable
      against Calyon Financial in accordance with its terms and the person
      signing and delivering the Agreement is duly authorized to do so on behalf
      of Calyon Financial.

            

    

     

    
      	
              19.

            	
              SUCCESSORS
      AND ASSIGNS

            

    

     

    This
Agreement shall inure to the benefit of Calyon Financial, its successors and
assigns, and shall be binding upon Customer and Customer’s executors, trustees,
administrators, successors and assigns, provided, however, that this Agreement
is not assignable by Customer without the prior written consent of Calyon
Financial, which consent shall not be unreasonably withheld if such assignment
is approved in accordance with Calyon Financial’s credit policies and
procedures.

     

    
      	
              20.

            	
              MODIFICATION
      OF AGREEMENT; NON-WAIVER PROVISION

            

    

     

    This
Agreement may only be altered, modified or amended by mutual written consent of
the parties.  The rights and remedies conferred upon the parties shall
be cumulative, and its forbearance to take any remedial action available to it
under this Agreement shall not waive its right at any time or from time to time
thereafter to take such action.

     

    
      	
              21.

            	
              SEVERABILITY

            

    

     

    If any
term or provision hereof or the application thereto to any persons or
circumstances shall to any extent be contrary to any exchange, government or
self regulatory regulation or contrary to any federal, state or local law or
otherwise be invalid or unenforceable, the remainder of this Agreement or the
application of such term or prevision to persons or 

     

    
      
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    circumstances
other than those as to which it is contrary, invalid or unenforceable, shall not
be affected thereby.

     

    
      	
              22.

            	
              CAPTIONS

            

    

     

    All
captions used herein are for convenience only, are not a part of this Agreement
and are not to be used in construing or interpreting any aspect of this
Agreement.

     

    
      	
              23.

            	
              TERMINATION

            

    

     

    This
Agreement shall continue in force until written notice of termination is given
by Customer or Calyon Financial.  Termination shall not relieve either
party of any liability or obligation incurred prior to such
notice.  Upon giving or receiving notice of termination, Customer will
promptly take all action necessary to transfer all open positions in each
Account to another futures commission merchant.

     

    
      	
              24.

            	
              ENTIRE
      AGREEMENT

            

    

     

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

     

    
      	
              25.

            	
              GOVERNING
      LAW; CONSENT TO JURISDICTION

            

    

     

    
      	
               
      

            	
              (a)

            	
              In
      case of a dispute between Customer and Calyon Financial arising out of or
      relating to the making or performance of this Agreement or any transaction
      pursuant to this Agreement (i) this Agreement and its enforcement
      shall be governed by the laws of the State of Illinois without regard to
      principles of conflicts of laws, and (ii) Customer will bring any
      legal proceeding against Calyon Financial in, and Customer hereby consents
      in any legal proceeding by Calyon Financial to the jurisdiction of, any
      state or federal court located within Chicago, Illinois, in connection
      with all legal proceedings arising directly, indirectly or otherwise in
      connection with, out of, related to or from Customer’s Account,
      transactions contemplated by this Agreement or the breach
      thereof.  Customer hereby waives all objections Customer, at any
      time, may have as to the propriety of the court in which any such legal
      proceedings may be commenced, Customer also agrees that any service of
      process mailed to Customer at any address specified to Calyon Financial
      shall be deemed a proper service of process on the
      undersigned.  Customer agrees that venue of all proceedings
      shall be in Chicago, Illinois.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Notwithstanding
      the provisions of Section 25(a)(ii), Customer may elect at this time to
      have all disputes described in this Section resolved by
      arbitration.  To make such election, Customer must sign the
      Arbitration Agreement set forth in Section 26.  Notwithstanding
      such election, any question relating to whether Customer or Calyon
      Financial has commenced an arbitration proceeding in a timely manner,
      whether a dispute is within the scope of the Arbitration Agreement or
      whether a party (other than Customer or Calyon Financial) has
    

            

    

     

    
      
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    consented to arbitration and all proceedings to compel arbitration
shall be determined by a court as specified in Section 25(a)(ii).

     

    
      	
              26.

            	
              ARBITRATION
      AGREEMENT (OPTIONAL)

            

    

     

    Every
dispute between Customer and Calyon Financial arising out of or relating to the
making or performance of this Agreement or any transaction pursuant to this
Agreement, shall be settled by arbitration in accordance with the rules, then in
effect, of the National Futures Association, the contract market upon which the
transaction giving rise to the claim was executed, or the National Association
of Securities Dealers as Customer may elect.  If Customer does not
make such election by registered mail addressed to Calyon Financial at 550 West
Jackson Blvd., Suite 500, Chicago, Illinois 60661-5716,
Attention:  Legal Department, within 45 days after demand by Calyon
Financial that the Customer make such election, then Calyon Financial may make
such election.  Calyon Financial agrees to pay any incremental fees
which may be assessed by a qualified forum for making available a “mixed panel”
of arbitrators, unless the arbitrators determine that Customer has acted in bad
faith in initiating or conducting the proceedings.  Judgment upon any
award rendered by the arbitrators may be entered in any court having
jurisdiction thereof.

     

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

     

    THE
CFTC RECOGNIZES THAT THE OPPORTUNITY TO SETTLE DISPUTES BY ARBITRATION MAY IN
SOME CASES PROVIDE MANY BENEFITS TO CUSTOMERS, INCLUDING THE ABILITY TO OBTAIN
AN EXPEDITIOUS AND FINAL RESOLUTION OF DISPUTES WITHOUT INCURRING SUBSTANTIAL
COSTS.  THE CFTC REQUIRES, HOWEVER, THAT EACH CUSTOMER INDIVIDUALLY
EXAMINE THE RELATIVE MERITS OF ARBITRATION AND THAT YOUR CONSENT TO THIS
ARBITRATION AGREEMENT BE VOLUNTARY.

     

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

     

    
      
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    DAYS
FROM THE DATE OF SUCH NOTICE IN WHICH TO MAKE THAT ELECTION.

     

    YOU
NEED NOT AGREE TO THIS ARBITRATION AGREEMENT TO OPEN AN ACCOUNT WITH CALYON
FINANCIAL.

     

    See 17
CFR 166.5.

     

    Acceptance
of this arbitration agreement requires a separate signature on page
15.

     

    
      	
              27.

            	
              CONSENT
      TO TAKE THE OTHER SIDE OF ORDERS
(OPTIONAL)

            

    

     

    Without
its prior notice, Customer agrees that when Calyon Financial executes sell or
buy orders on Customer’s behalf, Calyon Financial, its directors, officers,
employees, agents, affiliates, and any floor broker may take the other side of
Customer’s transaction through any Account of such person subject to its being
executed at prevailing prices in accordance with and subject to the limitations
and conditions, if any, contained in applicable rules and
regulations.

     

    
      	
              28.

            	
              AUTHORIZATION
      TO TRANSFER FUNDS (OPTIONAL)

            

    

     

    Without
limiting other previsions herein, Calyon Financial is authored to transfer from
any segregated account subject to the Commodity Exchange Act carried by Calyon
Financial for the Customer to any other account carried by Calyon Financial for
the Customer such amount of excess funds as in Calyon Financial’s judgment may
be necessary at any time to avoid a margin call or to reduce a debit balance in
said account.  It is understood that Calyon Financial will confirm in
writing each such transfer of funds made pursuant to this authorization within a
reasonable time after such transfer.

     

    
      	
              29.

            	
              TRANSMISSION
      OF STATEMENTS (CUSTOMER TO ELECT)

            

    

     

    Customer
may elect and consent until further notice to receive statements solely by
electronic means, including without limitation, by electronic mail or facsimile,
and not by mail.  Customer shall not incur any costs or fees in
connection with the receipt of such statements by electronic
transmission.

     

    By
subscribing to electronic document delivery, the Customer understands and agrees
to the following:

     

    
      	
               
      

            	
              (a)

            	
              Customer
      has the right to receive daily and monthly statements by mail or
      electronically or a combination
thereof.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Customer has the right to request and receive a written confirmation of a
      specific trade and/or monthly statement, even if the Customer chooses to
      receive daily and monthly statements only by electronic
    means.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Customer will not receive any other notice regarding the delivery of
      electronic documents, and the Customer takes sole responsibility for
      promptly 

            

    

     

    
      
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    notifying Calyon Financial in the event that documents fail to be
properly delivered electronically.

     

    
      	
               
      

            	
              (d)

            	
              The
      Customer may terminate the option to receive electronic document delivery
      at any time by notifying Calyon Financial in
  writing.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
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    OPTIONAL
ELECTIONS/ACKNOWLEDGMENTS

     

    The
following provisions, which are set forth in this Agreement, need not be entered
into to open the Account.  Customer agrees that by its signature or
checking the box () after each such election below its optional
elections are as follows:

     

    
      	
              A)

            	
              ARBITRATION
      AGREEMENT:  (Agreement Paragraph
      26)

            

    

    (must sign and date)
___________________________________________

     

    
      	
              B)

            	
              CONSENT
      TO TAKE THE OTHER SIDE OF ORDERS:  (Agreement Paragraph
      27)  o

            	 

    

     

    
      	
              C)

            	
              AUTHORIZATION
      TO TRANSFER FUNDS:  (Agreement Paragraph
      28)         o

            

    

     

    
      	
              D)

            	
              INSTRUCTIONS
      TO RECEIVE STATEMENTS: (Agreement Paragraph
      29)

            

    

     

    Customer
must complete the following:

     

    Customer,
until further notice, elects delivery by electronic or facsimile or mail
transmission for each category or a combination thereof (check the appropriate
box(es)):

     

    
      	 
      	
              Electronic

            	
              Facsimile

            	
              Mail

            
	
              Daily
      Statements

            	
              o

            	
              o

            	
              o

            
	
              (including confirmations and
      purchase and sale statements)

            
	
              Monthly
      Statements

            	
              o

            	
              o

            	
              o

            
	 	 	 	 

    

    
      	
              E)

            	
              HEDGE
      ELECTION

            

    

     

    I)  Customer
confirms that all transactions in the Account will represent bona fide hedging
transactions, as defined by the Commodity Futures Trading Commission, unless
Calyon Financial is notified otherwise not later than the time an order is
placed for the Account:    o

     

    II)  Pursuant
to CFTC Regulation 190.06(d), Customer specifies and agrees, with respect to
hedging transactions in the Account, that in the unlikely event of Calyon
Financial’s bankruptcy, it prefers that the bankruptcy trustee [check
appropriate box]:    o

     

    
      
        	
              	
                A)

              	
                Liquidate
      all open contracts without first seeking instructions either from or on
      behalf of Customer

              

      

    

     

    
      
        	
              	
                B)

              	
                Attempt
      to obtain instructions with respect to the disposition of all open
      contracts    o

              

      

    

    (If
neither box is checked, Customer shall be deemed to elect A).

     

    
      
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    REQUIRED
DISCLOSURE/ACKNOWLEDGMENT

     

    The
undersigned hereby acknowledges (by checking the box below x) its separate receipt
from Calyon Financial of the following documents, and its understanding of the
following required document prior to the opening of the Account:

     

    DISCLOSURE
DOCUMENTS FOR FUTURES TRADING

    
      	
               
      

            	
              •

            	
              Risk
      Disclosure Statement for Futures and
Options

            

    

    
      	
               
      

            	
              •

            	
              Direct
      Foreign Order Transmittal                                                 o

            

    

    
      	
               
      

            	
              •

            	
              Electronic
      Trading and Order Routing Systems Disclosure
  Statement

            

    

    
      	
               
      

            	
              •

            	
              Questions
      and Answers to Address Key Features of CME Rule 553 – Average Price
      System

            

    

    
      	
               
      

            	
              •

            	
              Special
      Notice to Foreign Brokers and Foreign Traders – Designation of Calyon
      Financial Inc. as Agent

            

    

    
      	
               
      

            	
              •

            	
              Position
      Limit and Large Open Position Reporting Requirements for Options and
      Futures Traded on The Hong Kong
Exchanges

            

    

    
      	
               
      

            	
              •

            	
              A
      Guide to the Structure and Market Terminology of the London Metal
      Exchange

            

    

     

    REQUIRED
CUSTOMER SIGNATURES

     

    The
undersigned has received, read, understands and agrees to all the provisions of
this Agreement, and by checking the applicable boxes or signing above
acknowledges that it has received and understood each such disclosure statement
and/or made such consents or elections, and agrees to promptly notify Calyon
Financial in writing if any of the warranties and representations contained
herein become inaccurate or in any way cease to be true, complete and
correct.

     

    

     

    
      	 	 
	Customer
      Name(s)	 
	 	 
	Authorized
      Signature(s) 	
               (Date)

            
	 	 
	[If applicable, print name and
      title of signatory]	 

    

     

     

     

    CALYON
FINANCIAL INC.

    Accepted
and Agreed:

     

    
      By:
___________________________

    

    
      Name:
_________________________

      Title:
__________________________

      Date:
__________________________

    

     

    
      
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Global Diversified Fund LP

      

    

     

     

    SECURITY
FUTURES PRODUCT REGULATORY

    PROTECTIONS
AND ACCOUNT ELECTIONS

     

    This
disclosure document is furnished to a customer that desires to engage in the
trading of securities futures products pursuant to §41.41(b) of the Commodity
Exchange Act and §240.15c3-3(o) of the Securities Exchange Act of
1934.

     

    1.           Set
forth below are descriptions of protections provided by the requirements set
forth (i) under the Securities Exchange Act Rule 15c3-3 and the Securities
Investor Protection Act of 1970 applicable to a securities account, and
(ii) under Section 4d of the Commodity Exchange Act applicable to a futures
account.

     

    A.           Protections
for Securities Accounts.  Positions in
security futures products carried in a securities account are covered by SEC
rules governing the safeguarding of customer funds and securities, which are
Section 15(c)(3) of the Securities Exchange Act of 1934 and Rule 15c3-3
thereunder.  Calyon Financial Inc. (“Calyon Financial”) is required to
follow these rules as a broker/dealer.  These rules prohibit a
broker/dealer from using customer funds and securities to finance its
business.  As a result, the broker/dealer is required to set aside
funds equal to the net of all its excess payables to customers over receivables
from customers.  The rules also require a broker/dealer to segregate
all customer fully paid and excess margin securities carried by the
broker/dealer for customers.

     

    The
Securities Investor Protection Corporation (“SIPC”) also covers positions held
in securities accounts.  SIPC was created in 1970 as a non-profit,
non-government, membership corporation, funded by member
broker/dealers.  Its primary role is to return funds and securities to
customers if the broker/dealer holding these assets becomes
insolvent.  SIPC coverage applies to customers of current (and in some
cases former) SIPC members.  Most broker/dealers registered with the
SEC are SIPC members; those few that are not must disclose this fact to their
customers.  SIPC members must display an official sign showing their
membership.  Calyon Financial is a member of SIPC.

     

    SIPC
coverage is limited to $500,000 per customer, including up to $100,000 for
cash.  For example, if a customer has 1,000 shares of XYZ stock valued
at $200,000 and $10,000 cash in the account, both the security and the cash
balance would be protected.  However, if the customer has shares of
stock valued at $500,000 and $100,000 in cash, only a total of $500,000 of these
assets will be protected.

     

    For
purposes of SIPC coverage, customers are persons who have securities or cash on
deposit with a SIPC member for the purpose of, or as a result of, securities
transactions.  SIPC does not protect customer funds placed with a
broker/dealer just to earn interest.  Insiders of the broker/dealer,
such as its owners, officers, and partners are not customers for purposes of
SIPC coverage.

     

    B.           Protections
for Futures Accounts.  If positions in
security futures products are carried in a futures account, they must be
segregated from a futures commission merchants’ (“FCMs”) or brokerage firm’s own
funds and cannot be borrowed or 

     

    
      
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Global Diversified Fund LP

      

    

     

    otherwise
used for the firm’s own purposes according to Section 4d of the Commodity
Exchange Act and the rules thereunder.  Calyon Financial is a
registered FCM and is required to follow these rules.  If the funds
are deposited with another entity (e.g., a bank, clearing broker, or clearing
organization), that entity must acknowledge that the funds belong to customers
and cannot be used to satisfy the FCM’s debts.  Moreover, although a
brokerage firm may carry funds belonging to different customers in the same bank
or clearing account, it may not use the funds of one customer to margin or
guarantee the transactions of another customer.  As a result, the
brokerage firm must add its own funds to its customers’ segregated funds to
cover customer debits and deficits.  Brokerage firms must calculate
their segregation requirements daily.

     

    A
customer may not be able to recover the full amount of any funds in its account
if, in the unlikely event, Calyon Financial becomes insolvent and has
insufficient funds to cover its obligations to all of its
customers.  However, customers with funds in segregation receive
priority in bankruptcy proceedings.  Furthermore, all customers whose
funds are required to be segregated have the same priority in bankruptcy, and
there is no ceiling on the amount of funds that must be segregated for or can be
recovered by a particular customer.

     

    Please be
aware that a futures account, including any contracts that may be defined as
security futures products that are maintained in that account, is not provided
with any protections under the Securities Investor Protection Act of
1970.

     

    Calyon
Financial is also required to separately maintain funds invested in security
futures contracts traded on a foreign exchange (foreign security futures
contract).  However, these funds may not receive the same protections
once they are transferred to a foreign entity (e.g., a foreign broker, exchange
or clearing organization) to satisfy margin requirements for those
products.

     

    2.     Customer may
choose or elect to hold its positions in and margin for security futures
products (“SFPs”) in either a securities account or futures account established
and maintained by Calyon Financial.

     

    3.     Customer’s
election of account type for positions in and related margin for SFPs shall be
made by completing the Account Election Form attached and returning it to Calyon
Financial.

     

    4.     Customer may
not change an election of account type after trading has commenced in
SFPs.

     

    5.     The
regulatory protections afforded a customer in connection with trading in
security futures products differ depending on whether the positions are carried
in a securities account or a futures account.  If positions are
carried in a securities account, Customer will not receive the protections
available for futures accounts.  Similarly, if positions are carried
in a futures account, Customer will not receive the protections available for
securities accounts.

     

    
      
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    Futures Account
Election

     

    
      	
              o

            	
              Customer
      elects to hold positions in and related margin for securities futures
      products in a futures account established by Calyon Financial pursuant to
      Calyon Financial’s Futures Account Agreement [Please
      note if you elect to trade security futures products in a futures account,
      you must also complete account paperwork to open a securities account in
      the event that you take delivery on a security futures
      product]

            

    

     

    or

     

    Securities Account
Election

     

    
      	
              o

            	
              Customer
      elects to hold positions in and related margin for securities futures
      products in a securities account established by Calyon Financial pursuant
      to Calyon Financial’s Securities & Options Account
      Agreement.

            

    

    
      	
               
      

            	
              [Please
      note if you elect to trade security futures products in a securities
      account, you must also complete account paperwork to open a securities
      account]

            

    

     

     

    ______________________________

    (Name
of Customer)

     

    
      
        By:
___________________________

      

      
        Name:
_________________________

        Title:
__________________________

        Date:
__________________________

      

    

     

    
      
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Global Diversified Fund LP

      

    

     

    FOR
QUEBEC CUSTOMERS ONLY

    ADDENDUM
TO THE FUTURES ACCOUNT AGREEMENT OF

    CALYON
FINANCIAL INC.

     

    THIS ADDENDUM (“Addendum”) to
the Futures Account Agreement (“Futures Account Agreement”) dated
__________ __, ______ between Calyon Financial Inc. (“Calyon Financial”)
and __________________ (“Customer”) is made as of
___________________.

                Customer
Name

     

    Effective
as of the date hereof, Customer and Calyon Financial agree that the Futures
Account Agreement shall be amended in accordance with the following terms and
conditions:

     

    
      	
              I.

            	
              WITH RESPECT TO QUEBEC
      CUSTOMERS ONLY:

            

    

     

    
      	
               
      

            	
              A.

            	
              Section
      17 of the Futures Account Agreement is hereby amended to add subdivisions
      (n):

            

    

     

    “Customer
represents and warrants to and agrees with Calyon Financial that:

     

    ...

     

    
      	
               
      

            	
              (n)

            	
              the
      undersigned has read the following definitions of an “accredited investor”
      as defined in Multilateral Instrument 45-103 or a “sophisticated
      purchaser” as defined in the Securities Act (Quebec)
      and certifies that the undersigned is resident in Quebec or is otherwise
      subject to the laws of Quebec and is purchasing as principal for its own
      account and not for the benefit of another and is an accredited investor
      or sophisticated purchaser as indicated below [check one or more] or
      purchasing as agent or trustee for managed accounts and is an accredited
      investor as indicated below [check one or
      more]:

            

    

     

    
      
        	 	
                1.

              	
                o

              	
                a
      Canadian financial institution (meaning a bank, loan corporation, trust
      company, insurance company, treasury branch, credit union or caisse
      populaire authorized to carry on business in Canada or a province or
      territory of Canada), or an authorized foreign bank listed in Schedule III
      of the Bank Act
      (Canada);

              
	 	 	 	 
	 	
                2.

              	
                o

              	
                the
      Business Development Bank of Canada incorporated under the Business Development Bank of
      Canada Act (Canada);

              
	 	 	 	 
	 	
                3.

              	
                o

              	
                an
      association under the Cooperative Credit
      Associations Act (Canada) located in Canada or a central
      cooperative credit society for which an order has been made under section
      473(1) of that Act An association under the Cooperative Credit
      Associations Act (Canada) located in

              

      

       

      
        
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Global Diversified Fund LP

        

      

       

      
        	 	 	 	Canada
      or a central cooperative credit society for which an order has been made
      under section 473(1) of that Act;
	 	 	 	 
	 	
                4.

              	
                o

              	
                a
      subsidiary of any person or company referred to in paragraphs 1 to 3
      above, if the person or company owns all of the voting securities of the
      subsidiary, except the voting securities required by law to be owned by
      directors of that subsidiary:

              
	 	 	 	 
	 	
                5.

              	
                o

              	
                a
      person or company registered under the securities legislation of a
      jurisdiction of Canada, as an adviser or dealer, other than a limited
      market dealer registered under the Securities Act
      (Ontario) or the Securities Act
      (Newfoundland and Labrador);

              
	 	 	 	 
	 	
                6.

              	
                o

              	
                an
      individual registered or formerly registered under the securities
      legislation of a jurisdiction of Canada, as a representative of a person
      or company referred to in paragraph 5 above;

              
	 	 	 	 
	 	
                7.

              	
                o

              	
                the
      government of Canada or a jurisdiction of Canada, or any crown
      corporation, agency or wholly owned entity of the government of Canada or
      a jurisdiction of Canada;

              
	 	 	 	 
	 	
                8.

              	
                o

              	
                a
      municipality, public board or commission in Canada;

              
	 	 	 	 
	 	
                9.

              	
                o

              	
                any
      national, federal, state, provincial, territorial or municipal government
      of or in any foreign jurisdiction, or any agency of that
      government;

              
	 	 	 	 
	 	
                10.

              	
                o

              	
                a
      pension fund that is regulated by either the Office of the Superintendent
      of Financial Institutions (Canada) or a pension commission or similar
      regulatory authority of a jurisdiction of Canada;

              
	 	 	 	 
	 	
                11.

              	
                o

              	
                an
      individual who, either alone or jointly with a spouse, beneficially owns,
      directly or indirectly, financial assets having an aggregate realizable
      value that before taxes, but net of any related liabilities, exceeds
      Cdn$1,000,000;

              
	 	 	 	 
	 	
                12.

              	
                o

              	
                an
      individual whose net income before taxes exceeded Cdn$200,000 in each of
      the two most recent years or whose net income before taxes combined with
      that of a spouse exceeded Cdn$300,000 in each of the two most recent years
      and who, in either case, reasonably expects to exceed that net income
      level in the current year;

              

      

       

      
        
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Global Diversified Fund LP

        

      

       

      
        	 	 	 	 
	 	
                13.

              	
                o

              	
                a
      person or company, other than a mutual fund or non-redeemable investment
      fund, that, either alone or with a spouse, has net assets of at least
      Cdn$5,000,000, and unless the person or company is an individual, that
      amount is shown on its most recently prepared financial
      statements;

              
	 	 	 	 
	 	
                14.

              	
                o

              	
                a
      mutual fund or non-redeemable investment fund that, in the local
      jurisdiction, distributes its securities only to persons or companies that
      are accredited investors;

              
	 	 	 	 
	 	
                15.

              	
                o

              	
                a
      mutual fund or non-redeemable investment fund that, in the local
      jurisdiction, distributes its securities under one or more prospectuses
      for which the regulator has issued receipts;

              
	 	 	 	 
	 	
                16.

              	
                o

              	
                a
      trust company or trust corporation registered or authorized to carry on
      business under the Trust
      and Loan Companies Act (Canada) or under comparable legislation in
      a jurisdiction of Canada or a foreign jurisdiction, trading as a trustee
      or agent on behalf of a fully managed account;

              
	 	 	 	 
	 	
                17.

              	
                o

              	
                a
      person or company trading as agent an behalf of a fully managed account if
      that person or company is registered or authorized to carry on business
      under the securities legislation of a jurisdiction of Canada or a foreign
      jurisdiction as a portfolio manager or under an equivalent category of
      adviser or is exempt from registration as a portfolio manager or the
      equivalent category of adviser;

              
	 	 	 	 
	 	
                18.

              	
                o

              	
                a
      registered charity under the Income Tax Act (Canada)
      that, in regard to the trade, has obtained advice from an eligibility
      adviser or other adviser registered to provide advice on the securities
      being traded;

              
	 	 	 	 
	 	
                19.

              	
                o

              	
                an
      entity organized in a foreign jurisdiction that is analogous to any of the
      entities referred to in paragraphs 1 to 5 and paragraph 10 above in form
      and function;

              
	 	 	 	 
	 	
                20.

              	
                o

              	
                a
      person or company in respect of which all of the owners of interests,
      direct or indirect, legal or beneficial, are persons or companies that are
      accredited investors;

              
	 	 	 	 
	 	
                21.

              	
                o

              	
                the
      Caisse centrale Desjardins du Quebec;

              
	 	 	 	 
	 	
                22.

              	
                o

              	
                a
      financial services cooperative within the meaning of an Act Respecting Financial
      Services Cooperatives
(Quebec);

              

      

       

      
        
          JUNE
2008

          
          

        

        
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Global Diversified Fund LP

        

      

       

      
        	 	 	 	 
	 	
                23.

              	
                o

              	
                a
      person designated as a “sophisticated purchaser” by the Quebec Autorité
      des marchés financiers.

              

      

    

     

    For the
purposes of this Addendum, the following definitions apply:

     

    “financial assets” means cash
and securities;

     

    “mutual fund” includes an
issuer of a security that entitles the holder to receive on demand, or within a
specified period after demand, an amount computed by reference to the value of a
proportionate interest in the whole or in a part of the net assets, including a
separate fund or trust account, of the issuer of the security;

     

    “person” includes an
individual, corporation, partnership, party, trust, fund, association and any
other organized group of persons and the personal or other legal representative
of a person to whom the context can apply according to law;

     

    “related liabilities”
means

     

    
      	
               
      

            	
              (a)

            	
              liabilities
      incurred or assumed for the purpose of financing the acquisition or
      ownership of financial assets, or

            

    

    
      	
               
      

            	
              (b)

            	
              liabilities
      that are secured by financial
assets.

            

    

     

    “subsidiary” means an issuer
that is controlled by another issuer.

     

    For the
purposes of this Addendum, an issuer is affiliated with another issuer
if:

     

    
      	
               
      

            	
              (a)

            	
              one
      of them is the subsidiary of the other,
or

            

    

    
      	
               
      

            	
              (b)

            	
              each
      of them is controlled by the same person or
  company.

            

    

     

    For the
purposes of this Addendum, an issuer is controlled by a person or company
if,

     

    
      	
               
      

            	
              (a)

            	
              voting
      securities of the issuer are held, other than by way of security only, by
      or for the benefit of that person,
and

            

    

    
      	
               
      

            	
              (b)

            	
              the
      voting rights attached to those voting securities are entitled, if
      exercised, to elect a majority of the directors of the
    issuer.

            

    

     

    The
undersigned:  (a) If an individual, is making the above statement
based on personal knowledge of his/her financial situation and has reviewed
personal financial documentation with an accountant, financial advisor or other
financial professional to determine the above statement is true; or (b) if
other than an individual, is making the above statement based on a review of its
financial statements for the most recently completed financial year and any
interim financial statements prepared since the end of such financial year and
has undertaken such other review and due diligence necessary to determine and
certify that it is an “accredited investor” as that term is defined in
Multilateral Instrument 45-103 “Capital Raising Exemptions”; and the undersigned
understands that Calyon Financial is relying on this certificate as evidence of
the Customer’s status as accredited investor or sophisticated
purchaser.

     

    
      
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Global Diversified Fund LP

      

    

     

    
      	
               
      

            	
              B.

            	
              The
      parties have requested that this Futures Account Agreement and all related
      documents and agreements be drawn up in the English language
      only.  Les
      parties aux présentes ont demandé que la présente convention et tous les
      documents et conventions s’y rapportant soient rédigées en langues
      anglaise seulement.

            

    

     

    
      	
               
      

            	
              C.

            	
              Except
      as herein modified or amended, the provisions, conditions and terms of the
      Futures Account Agreement shall remain unchanged and in full force and
      effect.

            

    

     

    
      	
               
      

            	
              D.

            	
              In
      the case of any inconsistency between the provisions of the Futures
      Account Agreement and this Addendum, the provisions at this Addendum shall
      govern and control.

            

    

     

    
      	
               
      

            	
              E.

            	
              The
      capitalized terms used in this Addendum shall have the same definitions as
      set forth in the Futures Account Agreement to the extent that such
      capitalized terms are defined therein and not redefined in this
      Addendum.

            

    

     

    

     

    
      	
              CALYON
      FINANCIAL INC.

            	________________________________
	 
      	
              (Customer
      Name)

            
	 
      	 
      
	
              By:
      __________________________

            	
              
                By:
      __________________________

              

            
	
              Name:
      ________________________

            	
              
                Name:
      ________________________

              

            
	
              Title:
      _________________________

            	
              
                Title:
      _________________________

              

            
	
              Date:
      _________________________

            	
              
                Date:
      _________________________

              

            

    

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        JUNE
2008

        
        

      

      
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Global Diversified Fund LP

      

    

     

    
 

    Chicago

    Calyon
Financial Inc.

    550 West
Jackson Blvd.

    Suite
500

    Chicago,
Illinois 60661-5716

    PHONE:
1-312-762-1000

    FAX:
1-312-782-1001

    

     

    

     

    New
York

    Calyon
Financial Inc.

    666 Third
Avenue

    14th
Floor

    New York,
New York 10017

    PHONE:
1-646-658-3960

    FAX:
1-646-658-3999

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    
      	
              [LOGO]

            	
              CALYON

            	
              calyonfinancial.com

            
	
              FINANCIALFIRST AMENDMENT TO

      LOAN AND SECURITY AGREEMENT

      This FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (“Amendment”) is entered into as of February __, 2008 by and among KELLWOOD COMPANY (“Borrower Representative”), each of the other Borrowers signatory hereto (collectively with Borrower Representative, the “Borrowers”), BANK OF AMERICA, N.A., as agent for the Lenders (“Agent”) and the Lenders party hereto.

      Recitals

      A.    The Borrowers, the Lenders and the Agent are party to that certain Loan and Security Agreement, dated as of April 12, 2006, (as such agreement may be amended, restated, or otherwise modified from time to time, the “Loan Agreement”) pursuant to which the Lenders have agreed to make certain loans and extend certain other financial accommodations to the Borrowers as provided therein.  Terms defined in the Loan Agreement, where used in this Amendment, shall have the same meanings in this Amendment as are prescribed by the Loan Agreement.

      B.           The Borrowers, the Agent and the Required Lenders desire to modify the Loan Agreement in certain respects, in accordance with the terms and conditions contained herein.

      NOW, THEREFORE, in consideration of the terms and conditions contained herein, and of any loans or financial accommodations heretofore, now, or hereafter made to or for the benefit of the Borrowers by the Lenders, it hereby is agreed as follows:

      ARTICLE 1

      AMENDMENTS TO LOAN AGREEMENT

      Section 1.1        Amendments to Section 1.1 of the Loan Agreement.  Section 1.1 of the Loan Agreement is hereby amended by:

      

      	
                   
  	
                  (a)
 	
                  inserting the following as a new definition therein in alphabetical order:
 

      

      

      	
                   
  	
                  “Sun Capital - means Sun Capital Partners, Inc. or any of its Affiliates.”
 

      

      (b)          amending and restating the definition of “Change of Control” located therein in its entirety to read as follows:

       “Change of Control - (a) any “person”  or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) other than Sun Capital (i) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire (such right, an 

       

       CH\1005392.6

       

      
      

      

      

      “option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 30% or more of the Equity Interest in the Parent entitled to vote for members of the board of directors or equivalent governing body of the Parent on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right) or (ii) otherwise has the ability, directly or indirectly, to elect a majority of the Board of Directors of the Parent (such a person or group as described in clause (i) or (ii) above, a “Controlling Owner”); (b) a change in the majority of directors of the Parent, unless (i) approved by the then majority of directors or (ii) such directors were appointed by
      Sun Capital while Sun Capital is a Controlling Owner; provided that, a “Change of Control” shall be deemed to have occurred if the majority of directors of the Parent were appointed by Sun Capital and ninety (90) days from the date Sun Capital became a Controlling Owner have elapsed; (c) Sun Capital becomes a Controlling Owner at any time on or prior to March 31, 2008 and ninety (90) days from the date Sun Capital became a Controlling Owner have elapsed; or (d) Sun Capital becomes a Controlling Owner at any time after March 31, 2008.”

      Section 1.2       All references in the Loan Agreement or in any other Loan Document to “Gerber Childrenswear, Inc.” shall be deemed to be a reference to “Gerber Childrenswear LLC”.

      ARTICLE 2

      MISCELLANEOUS

      Section 2.1       Conditions to Effectiveness.  This Amendment, including the amendments and other terms set forth herein, shall become effective upon satisfaction or waiver of the following conditions precedent, as determined by the Agent in its sole discretion: 

      (a)          this Amendment shall have been duly executed and delivered by the Agent, Borrowers and Required Lenders; 

      (b)          all representations and warranties of the Borrowers contained herein shall be true and correct in all respects;

      (c)          the Agent shall have received a copy of the Organic Documents setting forth the conversion and name change of Gerber Childrenswear, Inc. to Gerber Childrenswear LLC; and 

      (d)          the Agent shall have received, in immediately available funds, the Amendment Fee (as defined below).

      Section 2.2       Representations, Warranties, and Covenants of the Borrowers.  The Borrowers hereby represent and warrant that as of the date of this Amendment and after giving effect hereto (a) no event has occurred and is continuing which, after giving effect to this Amendment, constitutes a Default or an Event of Default, (b) the representations and warranties of the Obligors contained in the Loan Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof to the same extent as though made on 

       

      2

       

       CH\1005392.6

       

      
      

      

      

      and as of the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, in which case they are true and correct in all material respects as of such earlier date, (c) the execution and delivery by the Borrowers of this Amendment and the performance by the Obligors of the Loan Agreement, as amended by this Amendment, are within their respective corporate powers and have been duly authorized by all necessary action, (d) this Amendment and the Loan Agreement, as amended by this Amendment, are legal, valid, and binding obligations of the Obligors enforceable against the Obligors in accordance with their terms, and (e) the execution and delivery by the Borrowers of this Amendment and the performance by the Obligors of the Loan Agreement, as amended by this Amendment, do not require the consent of any Person (other than that which has been
      obtained) and do not contravene the terms of any Obligor’s Organic Documents, any Restrictive Agreement or any other indenture, agreement, or undertaking to which any Obligor is a party or by which any Obligor or any of its property is bound.

      Section 2.3        Amendment Fee.  As consideration for the execution and delivery of this Amendment, Borrowers shall pay to the Agent for the ratable benefit of the Lenders an amendment fee in the amount of $40,000 (the “Amendment Fee”), which fee shall be fully earned and payable on the date hereof.

      Section 2.4        Reference to and Effect on the Loan Agreement.  Except as expressly provided herein, the Loan Agreement and all other Loan Documents shall remain unmodified and in full force and effect and are hereby ratified and confirmed.  The execution, delivery, and effectiveness of this Amendment shall not operate as a waiver or forbearance of (a) any right, power, or remedy of the Lenders under the Loan Agreement or any of the other Loan Documents or (b) any Default or Event of Default.  This Amendment shall constitute a Loan Document.

      Section 2.5        Fees, Costs, and Expenses.  Subject to and in accordance with Section 3.4 of the Loan Agreement, the Borrowers agree to pay on demand all costs and expenses of the Agent in connection with the preparation, negotiation, execution and delivery, and closing of this Amendment and all related documentation, including the fees and out-of-pocket expenses of counsel for the Agent with respect thereto.

      Section 2.6       Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto as separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, when taken together, shall constitute but one and the same agreement.  A telecopy, pdf or similar electronic file of any such executed counterpart shall be deemed valid and may be relied upon as an original.

      

      	
                   
  	
                  Section 2.7
 	
                  Effect; Ratification.  
 

      

      (a)          Except as specifically set forth above, the Loan Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 

      (b)          The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of Agent or any Lender under the Loan 

       

      3

       

       CH\1005392.6

       

      
      

      

      

      Agreement or any other Loan Document, nor constitute amendment of any provision of the Loan Agreement or any other Loan Document, except as specifically set forth herein.  Upon the effectiveness of this Amendment, each reference in the Loan Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Loan Agreement as amended hereby. 

      (c)          Each Borrower acknowledges and agrees that the amendments set forth herein are effective solely for the purposes set forth herein and that the execution and delivery by Agent and Lenders of this Amendment shall not be deemed (i) except as expressly provided in this Amendment, to be a consent to any amendment, waiver or modification of any term or condition of the Loan Agreement or of any other Loan Document, (ii) to create a course of dealing or otherwise obligate Agent or Lenders to forbear, waive, consent or execute similar amendments under the same or similar circumstances in the future, or (iii) to amend, prejudice, relinquish or impair any right of Agent or Lenders to receive any indemnity or similar payment from any Person or entity as a result of any matter
      arising from or relating to this Amendment.

      Section 2.8       Reaffirmation.  Each Borrower signatory hereto hereby acknowledges and reaffirms all of its obligations and undertakings under each of the Loan Documents to which it is a party and acknowledges and agrees that subsequent to, and after taking account of the provisions of this Amendment, each such Loan Document is and shall remain in full force and effect in accordance with the terms thereof.   Further, Gerber Childrenswear LLC hereby acknowledges and agrees that it is liable for all of the obligations of Gerber Childrenswear, Inc. (“Gerber”) and hereby expressly assumes the obligations of Gerber under the Loan Agreement and the other Loan Documents.

      Section 2.9        No Oral Agreements.  THIS WRITTEN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

      Section 2.10     GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ILLINOIS, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS).

      [Signature Pages Follow]

       

      4

       

       CH\1005392.6

       

      
      

      

      

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

       

      BORROWERS:

       

      KELLWOOD COMPANY 

      ROYAL ROBINS, INC.

       

      By:   

      

      	
                   
 	
                  Name:
 	
                  Gregory W. Kleffner
 

      

      Title:     Chief Financial Officer for each of the above listed companies

       

      KWD HOLDINGS, INC.

      KELLWOOD FINANCIAL RESOURCES, INC. (formerly known as Newkell, Inc.)

       

      By:   

      

      	
                   
 	
                  Name:
 	
                  Gregory W. Kleffner
 

      

      

      	
                   
 	
                  Title:
 	
                  Vice President for each of the above listed
 

      

      Companies

       

      AMERICAN RECREATION 

      PRODUCTS, INC.

      GERBER CHILDRENSWEAR LLC (f/k/a Gerber Childrenswear, Inc.)

      HALMODE APPAREL, INC.

      KELLWOOD RETAIL GROUP, INC.

      NEW CAMPAIGN, INC.

      PHAT FASHIONS LLC

      PHAT LICENSING LLC

      SIERRA DESIGNS ACQUISITION CORPORATION

      HANNA ANDERSSON CORPORATION

       

      By:   

      

      	
                   
 	
                  Name:
 	
                  Gregory W. Kleffner
 

      

      

      	
                   
 	
                  Title:
 	
                  Senior Vice President Finance for
 

      

      

      	
                   
 	
                  each of the above listed companies
 

      

       

       

      
      

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       CH\1005392.6

       

      
      

      

      

      AGENT:

       

      BANK OF AMERICA, N.A., 

      as Agent

       

      By:   

      Name:            

      Title:                

       

      Address for Notices:

       

      Bank of America Business Capital

      231 South LaSalle, 7th Floor

      Mail Code IL1-231-07-49

      Chicago, IL 60604

      Attention:  Senior Portfolio Manager

      Telecopier:  (312) 755-3300

       

      [Signature Page to the First Amendment to LSA]

       CH\1005392.6

       

      
      

      

      

      
      LENDERS:

       

      WACHOVIA CAPITAL FINANCE CORPORATION (CENTRAL),

      as a Lender 

       

      By:   

      Name:            

      Title:                

       

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       CH\1005392.6

       

      
      

      

      

      
      THE BANK OF NEW YORK,

      as a Lender

       

      By:   

      Name:            

      Title:                

       

       

      [Signature Page to the First Amendment to LSA]

       CH\1005392.6

       

      
      

      

      

      
      THE BANK OF NOVA SCOTIA,

      as a Lender 

       

      By:   

      Name:            

      Title:                

       

       

      [Signature Page to the First Amendment to LSA]

       CH\1005392.6

       

      
      

      

      

      
      FIFTH THIRD BANK,

      as a Lender

       

      By:   

      Name:            

      Title:                

       

       

       

      [Signature Page to the First Amendment to LSA]

       CH\1005392.6

       

      
      

      

      

      
      FIRST BANK,

      as a Lender

       

      By:   

      Name:            

      Title:                

       

       

       

      [Signature Page to the First Amendment to LSA]

       CH\1005392.6

       

      
      

      

      

      
      HSBC BANK USA, NATIONAL ASSOCIATION,

      as a Lender

       

      By:   

      Name:            

      Title:                

       

       

       

      [Signature Page to the First Amendment to LSA]

       CH\1005392.6

       

      
      

      

      

      
      JP MORGAN CHASE BANK, N.A.,

      as a Lender 

       

      By:   

      Name:            

      Title:                

       

       

       

      [Signature Page to the First Amendment to LSA]

       CH\1005392.6

       

      
      

      

      

      
      SUNTRUST BANK,

      as a Lender 

       

      By:   

      Name:            

      Title:                

       

       

       

      [Signature Page to the First Amendment to LSA]

       CH\1005392.6

       

      
      

      

      

      
      UMB BANK, N.A.,

      as a Lender

       

      By:   

      Name:            

      Title:                

       

       

       

      [Signature Page to the First Amendment to LSA]

       CH\1005392.6

       

      
      

      

      

      
      U.S. BANK NATIONAL ASSOCIATION,

      as a Lender

       

      By:   

      Name:            

      Title:                

       

       

       

       

      [Signature Page to the First Amendment to LSA]

       CH\1005392.6

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