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      USOil_8-k_January 2007
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      STATES</font></div>
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      AND EXCHANGE COMMISSION</font></div>
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      DC 20549 </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PURSUANT
      TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;&#160;&#160;&#160;January
      19, 2007</strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
                STATES OIL FUND, LP</strong></font></div>
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                name of registrant as specified in its charter)</font></div>
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                or other jurisdiction</font></div>
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                incorporation)</font></div>
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                File Number)</font></div>
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                Employer</font></div>
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                No.)</font></div>
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                Harbor Bay Parkway, Suite 145</strong></font></div>
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                California 94502</strong></font></div>
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            <td valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                of principal executive offices)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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            <td align="left" valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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                telephone number, including area code</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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                522-3336 </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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            <td valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
            <td valign="top" width="35%">&#160;</td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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            <td valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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            <td valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Not
                Applicable</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
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            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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          <tr>
            <td valign="top" width="21%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
            </td>
            <td valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
                name or former address, if changed since last report)</font></div>
            </td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>see</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
      Instruction A.2. below): </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">[
      ]<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;
      Written communication pursuant to Rule&#160;425 under the Securities Act (17 CFR
      230.425) </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">[
      ]<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;
      Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">[
      ]<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;
      Pre-commencement communications pursuant to Rule&#160;13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4c)) </font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item&#160;1.01</strong></font></div>
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            </td>
            <td align="left" valign="top" width="75%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
                into Material Definitive Agreement. </strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      general partner and limited partner of United States Oil Fund, LP (the
&#8220;Registrant&#8221;) entered into the Third Amended and Restated Agreement of Limited
      Partnership (the &#8220;Amended Limited Partnership Agreement&#8221;) on January 19, 2007.
      The A</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">mended
      Limited Partnership</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Agreement provides for the operation of the partnership and the rights and
      obligations of the partners.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Amended Limited Partnership Agreement amends and restates the Registrant&#8217;s
      current limited partnership agreement, the Second Amended and Restated Agreement
      of Limited Partnership entered into on October 15, 2006 (the &#8220;Limited
      Partnership Agreement&#8221;), in its entirety. The amendments are largely editorial
      in nature or conforming changes. The key substantive amendment relates to the
      expenses to be directly borne by the Registrant. Article 3.1.2 of the Limited
      Partnership Agreement has been changed in the Amended Limited Partnership
      Agreement to explicitly state that in addition to the management fee paid to
      the
      general partner of the Registrant, the Registrant will also pay brokerage fees,
      licensing fees for the use of intellectual property used by the Registrant,
      registration or other fees paid to the Securities and Exchange Commission (the
      &#8220;SEC&#8221;), the NASD, or any other regulatory agency in connection with the offer
      and sale of the limited partnership units of the Registrant, and all legal,
      accounting, printing and other expenses associated with such offer and sale.
      Previously, the general partner of the Registrant paid for the regulatory fees
      and other costs associated with the initial public offering and subsequent
      offering of the Registrant&#8217;s units. In addition, Article 3.1.2 of the Limited
      Partnership Agreement previously provided for the Registrant to pay for
      extraordinary expenses but did not include details as to the kinds of expenses
      that would be considered not in the ordinary course. The Registrant has issued
      an extraordinary number of units in the past three weeks. As a result of this
      and higher than anticipated redemptions and issuances of units, the Registrant
      must register additional units with the SEC more frequently than and in amounts
      not previously anticipated. Due to the extraordinary levels of issuances, today
      the Registrant will pay the registration costs of the additional units in the
      process of being registered at this time with the SEC. While the Registrant
      now
      is aware that such extraordinary levels of issuances and redemptions of units
      may occur in the future, given the lack of predictability with respect to the
      timing and amount of such issuances, the Amended Limited Partnership Agreement
      now specifies that the regulatory fees and other costs associated with such
      issuances are not expenses in the ordinary course of the Registrant&#8217;s business.
      In addition, the Registrant will pay for the fees and expenses of the
      independent directors of the general partner, including the cost of their
      directors and officers&#8217; liability insurance. Previously, such directors had not
      been compensated nor were they covered by such insurance. The independent
      directors have requested this compensation and insurance and, though not
      required as a condition to their service on the board of directors, it has
      been
      determined that providing such compensation and insurance is in the best
      interests of the Registrant. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      copy of
      the Third Amended and Restated Agreement of Limited Partnership is filed as
      Exhibit 10.1 to this Current Report on Form 8-K.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01 Financial Statements and Exhibits.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
      Exhibits.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
      10.1 </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES
      </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      Registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
                STATES OIL FUND, LP</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Date:
                January 19, 2007</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
                Victoria Bay Asset Management, LLC, its general partner</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
                /s/ Howard Mah</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:&#160;&#160;Howard
                Mah</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:&#160;&#160;&#160;&#160;Chief
                Financial Officer</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><br>Exhibit
      10.1</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES OIL FUND, LP</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>THIRD
        AMENDED AND RESTATED</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>AGREEMENT
        OF LIMITED PARTNERSHIP</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        Third Amended and Restated Agreement of Limited Partnership (this </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Agreement&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">),
        executed on January __, 2007, is entered into by and among Victoria Bay Asset
        Management, LLC, a Delaware limited liability company, as General Partner
        and KV
        Execution Services, LLC, as the Initial Limited Partner, together with any
        Persons who shall hereafter be admitted as Partners in accordance with this
        Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
        the General Partner, Wainwright Holdings, Inc., a Delaware corporation, as
        the
        Organizational Limited Partner, and the Initial Limited Partner are parties
        to
        that certain second amended and restated limited partnership agreement entered
        into on October 15, 2006 (the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;LP
        Agreement&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">),
        regarding the operation of the Partnership and their rights and obligations
        thereunder; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
        the Organizational Limited Partner has withdrawn from the Partnership and
        the
        General Partner and the Initial Limited Partner now desire to amend and restate
        the LP Agreement regarding the operation of the Partnership;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW
        THEREFORE, in consideration of the mutual promises and agreements herein
        made
        and intending to be legally bound, hereby agree to amend and restate the
        LP
        Agreement in its entirety as follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        1</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Definitions</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        used
        in this Agreement, the following terms shall have the following
        meanings:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Accounting
        Period&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the following periods: the initial accounting period which shall commence
        upon the commencement of operations of the Partnership. Each subsequent
        Accounting Period shall commence immediately after the close of the preceding
        Accounting Period. Each Accounting Period hereunder shall close on the earliest
        of (i) the last Business Day of a month, (ii) the effective date of dissolution
        of the Partnership, and (iii) such other day or days in addition thereto
        or in
        substitution therefore as may from time to time be determined by the General
        Partner in its discretion either in any particular case or
        generally.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Act&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the Revised Uniform Limited Partnership Act of the State of Delaware,
        as
        amended from time to time.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Additional
        Limited Partner&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean a Person admitted to the Partnership as a Limited Partner pursuant to
        this
        Agreement and who is shown as such on the books and records of the
        Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Affiliate&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean, when used with reference to a specified Person, (i) any Person who
        directly or indirectly through one or more intermediaries controls or is
        controlled by or is under common control with the specified Person or (ii)
        any
        Person that is an officer of, partner in, or trustee of, or serves in a similar
        capacity with respect to, the specified Person or of which the specified
        Person
        is an officer, partner or trustee, or with respect to which the specified
        Person
        serves in a similar capacity.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.5
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Assignee&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean a Record Holder that has not been admitted to the Partnership as a
        Substituted Limited Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.6
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Agreement&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean this Third Amended and Restated Agreement of Limited Partnership, as
        may be
        amended, modified, supplemented or restated from time to time.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.7
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Authorized
        Purchaser Agreement&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean an agreement among the Partnership, the General Partner and a Participant,
        as may be amended or supplemented from time to time in accordance with its
        terms.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.8
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Business
        Day&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean any day other than a day on which the American Stock Exchange, the New
        York
        Mercantile Exchange or the New York Stock Exchange is closed for regular
        trading.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.9
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Beneficial
        Owner&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the ultimate beneficial owner of Units held by a nominee which has
        furnished the identity of the Beneficial Owner in accordance with Section
        6031(c) of the Code (or any other method acceptable to the General Partner
        in
        its sole discretion) and with Section 9.2.2 of this Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.10
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Capital
        Account&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        have the meaning assigned to such term in Section 4.1.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.11
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Capital
        Contribution&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the total amount of money or agreed-upon value of property contributed
        to
        the Partnership by all the Partners or any class of Partners or any one Partner,
        as the case may be (or the predecessor holders of the interests of such Partner
        or Partners).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.12
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Capital
        Transaction&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean a sale of all or substantially all of the assets of the Partnership
        not in
        the ordinary course of business.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.13
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Certificate&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean a certificate issued by the Partnership evidencing ownership of one
        or more
        Units.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.14
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Close
        of Business&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean 5:00 PM (New York City time).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.15
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Creation
        Basket&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean 100,000 Units, or such other number of Units as may be determined by
        the
        General Partner from time to time, purchased by a Participant.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.16
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Code&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the Internal Revenue Code of 1986, as amended.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.17
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Departing
        Partner&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean a former General Partner, from and after the effective date of any
        withdrawal or removal of such former General Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.18
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Depository&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        or
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;DTC&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean The Depository Trust Company, New York, New York, or such other depository
        of Units as may be selected by the General Partner as specified
        herein.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.19
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Depository
        Agreement&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the Letter of Representations from the General Partner to the Depository,
        dated as of February 3, 2006, as may be amended or supplemented from time
        to
        time.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.20
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Distributable
        Cash&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean, with respect to any period, all cash revenues of the Partnership (not
        including (i) Capital Contributions, (ii) funds received by the Partnership
        in
        respect of indebtedness incurred by the Partnership, (iii) interest or other
        income earned on temporary investments of Partnership funds pending utilization,
        and (iv) proceeds from any Capital Transaction), less the sum of the following:
        (x) all amounts expended by the Partnership pursuant to this Agreement in
        such
        period and (y) such working capital or reserves or other amounts as the General
        Partner reasonably deems to be necessary or appropriate for the proper operation
        of the Partnership&#8217;s business or its winding up and liquidation. The General
        Partner in its sole discretion may from time to time declare other funds
        of the
        Partnership to be Distributable Cash.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.21
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;DTC
        Participants&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        have the meaning assigned to such term in Section 9.2.2.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.22
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;General
        Partner&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean Victoria Bay Asset Management, LLC, a Delaware limited liability company,
        or any Person who, at the time of reference thereto, serves as a general
        partner
        of the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.23
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Global
        Certificates&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the global certificate or certificates issued to the Depository as provided
        in the Depository Agreement, each of which shall be in substantially the
        form
        attached hereto as Exhibit B.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.24
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Indirect
        Participants&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        have the meaning assigned to such term in Section 9.2.2.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.25
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Initial
        Limited Partner&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        have the meaning assigned to such term in Section 3.3.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.26
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Initial
        Offering Period&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the period commencing with the initial effective date of the Prospectus
        and
        terminating no later than the ninetieth (90th) day following such date unless
        extended for up to an additional 90 days at the sole discretion of the General
        Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.27
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Limited
        Partner&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the Organizational Limited Partner prior to its withdrawal from the
        Partnership and any other Person who is a limited partner (whether the Initial
        Limited Partner, a Limited Partner admitted pursuant to this Agreement or
        an
        assignee who is admitted as a Limited Partner) at the time of reference thereto,
        in such Person&#8217;s capacity as a limited partner of the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.28
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Management
        Fee&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the management fee paid to the General Partner pursuant to this
        Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.29
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Net
        Asset Value&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        or
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;NAV&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the current market value of the Partnership&#8217;s total assets, less any
        liabilities, as reasonably determined by the General Partner or its
        designee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.30
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Opinion
        of Counsel&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean a written opinion of counsel (who may be regular counsel to the Partnership
        or the General Partner) acceptable to the General Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.31
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Organizational
        Limited Partner&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean Wainwright Holdings, Inc., a Delaware corporation, in its capacity as
        the
        organizational limited partner of the Partnership pursuant to this
        Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.32
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Outstanding&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean, with respect to the Units or other Partnership Securities, as the case
        may
        be, all Units or other Partnership Securities that are issued by the Partnership
        and reflected as outstanding on the Partnership&#8217;s books and records as of the
        date of determination.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.33
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Participant&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean a Person that is a DTC Participant and has entered into an Authorized
        Purchaser Agreement which, at the relevant time, is in full force and
        effect.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.34
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Partner&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the General Partner or any Limited Partner. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Partners&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the General Partner and all Limited Partners (unless otherwise
        indicated).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.35
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Partnership&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the limited partnership hereby formed, as such limited partnership may
        from
        time to time be constituted.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.36
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Partnership
        Securities&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean any additional Units, options, rights, warrants or appreciation rights
        relating thereto, or any other type of equity security that the Partnership
        may
        lawfully issue, any unsecured or secured debt obligations of the Partnership
        or
        debt obligations of the Partnership convertible into any class or series
        of
        equity securities of the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.37
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Person&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean any natural person, partnership, limited partnership, limited liability
        company, trust, estate, corporation, association, custodian, nominee or any
        other individual or entity in its own or any representative
        capacity.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.38
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Profit
        or Loss&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        with
        respect to any Accounting Period shall mean the excess (if any) of:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
        the
        Net Asset Value as of the Valuation Time on the Valuation Date,
        less</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        the
        Net Asset Value as of the Valuation Time on the Valuation Date immediately
        preceding the commencement of such Accounting Period,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">adjusted
        as deemed appropriate by the General Partner to reflect any Capital
        Contributions, redemptions, withdrawals, distributions, or other events
        occurring or accounted for during such Accounting Period (including any
        allocation of Profit or Loss to a redeeming partner pursuant to Article 4.3.2
        with respect to such Accounting Period).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        the
        amount determined pursuant to the preceding sentence is a positive number,
        such
        amount shall be the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Profit&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        for the
        Accounting Period and if such amount is a negative number, such amount shall
        be
        the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Loss&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        for the
        Accounting Period.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.39
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Prospectus&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the United States Oil Fund, LP prospectus, dated April 25, 2006, as
        the
        same may have been amended or supplemented, used in connection with the offer
        and sale of Units in the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.40
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Record
        Date&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the date established by the General Partner for determining (a) the
        identity of Limited Partners (or Assignees if applicable) entitled to notice
        of,
        or to vote at any meeting of Limited Partners or entitled to vote by ballot
        or
        give approval of any Partnership action in writing without a meeting or entitled
        to exercise rights in respect of any action of Limited Partners or (b) the
        identity of Record Holders entitled to receive any report or
        distribution.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.41
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Record
        Holder&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the Person in whose name such Unit is registered on the books of the
        Transfer Agent as of the open of business on a particular Business
        Day.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.42
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Redeemable
        Units&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean any Units for which a redemption notice has been given.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.43
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Redemption
        Basket&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean 100,000 Units, or such other number of Units as may be determined by
        the
        General Partner from time to time, redeemed by a Participant.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.44
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Revolving
        Credit Facility&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean a revolving credit facility that the Partnership may enter into on behalf
        of the Partnership with one or more commercial banks or other lenders for
        liquidity or other purposes for the benefit of the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.45
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Substituted
        Limited Partner&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean a Person who is admitted as a Limited Partner to the Partnership pursuant
        to Article 11.2 in place of and with all the rights of a Limited Partner
        and who
        is shown as a Limited Partner on the books and records of the
        Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.46
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Tax
        Certificate&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean an Internal Revenue Service Form W-9 (or the substantial equivalent
        thereof) in the case of a Limited Partner that is a U.S. person within the
        meaning of the Code, or an Internal Revenue Service Form W-8BEN or other
        applicable form in the case of a Limited Partner that is not a U.S.
        person.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.47
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Transfer
        Agent&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean Brown Brothers Harriman &amp; Co. or such bank, trust company or other
        Person (including, without limitation, the General Partner or one of its
        Affiliates) as shall be appointed from time to time by the Partnership to
        act as
        registrar and transfer agent for the Units or any applicable Partnership
        Securities.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.48
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Transfer
        Application&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean an application and agreement for transfer of Units, which shall be
        substantially in the form attached hereto as Exhibit D.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.49
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Unit&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean an interest of a Limited Partner or an assignee of the Partnership
        representing such fractional part of the interests of all Limited Partners
        and
        assignees as shall be determined by the General Partner pursuant to this
        Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.50
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Unit
        Register&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        have the meaning assigned to such term in Article 9.2.1.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.51
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Unitholders&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the General Partner and all holders of Units, where no distinction is
        required by the context in which the term is used.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.52
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Valuation
        Date&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean the last Business Day of any Accounting Period.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.53
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Valuation
        Time&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean (i) Close of Business on a Valuation Date or (ii) such other time or
        day as
        the General Partner in its discretion may determine from time to time either
        in
        any particular case or generally.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        2</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
        Provisions</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.1
        This
        Agreement shall become effective on the date of this Agreement. The rights
        and
        liabilities of the Partners shall be as provided in the Act, except as herein
        otherwise expressly provided. The Partnership shall continue without
        interruption as a limited partnership pursuant to the provisions of the
        Act.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.2
        The
        name of the Partnership shall be United States Oil Fund, LP; however, the
        business of the Partnership may be conducted, upon compliance with all
        applicable laws, under any other name designated in writing by the General
        Partner to the Limited Partners.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.3
        The
        Partnership&#8217;s principal place of business shall be located </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">at
        1320
        Harbor Bay Parkway, Suite 145, Alameda, California 94502</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        or such
        other place as the General Partner may designate from time to time. The
        registered agent for the Partnership is Corporation Service Company and the
        registered office is located at 2711 Centerville Road, Suite 400, Wilmington,
        Delaware 19808, County of New Castle. The Partnership may maintain such other
        offices at such other places as the General Partner deems
        advisable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4
        The
        investment objective of the Partnership is for changes in percentage terms
        of
        the Units&#8217; net asset value to reflect the changes in percentage terms of the
        spot price of West Texas Intermediate light, sweet crude oil delivered to
        Cushing, Oklahoma (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;WTI
        light, sweet crude oil&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">),
        less
        the Partnership&#8217;s expenses. The Partnership will invest in futures contracts for
        WTI light, sweet crude oil and other petroleum-based fuels that are traded
        on
        the New York Mercantile Exchange or other U.S. and foreign exchanges
        (collectively, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Oil
        Futures Contracts&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        and
        other oil interests such as cash-settled options on Oil Futures Contracts,
        forward contracts for oil, and over-the-counter transactions that are based
        on
        the price of oil, other petroleum-based fuels, Oil Futures Contracts and
        indices
        based on the foregoing (collectively, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Other
        Oil Interests&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8216;).
        The
        Partnership seeks to achieve its investment objective by investing in a mix
        of
        Oil Futures Contracts and Other Oil Interests such that the Partnership&#8217;s NAV
        will closely track the price of an Oil Futures Contract (the</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Benchmark
        Oil Futures Contract&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        that
        the General Partner believes has historically exhibited a close price
        correlation with the spot price of WTI light, sweet crude oil.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.5
        The
        term of the Partnership shall be from the date of its formation in perpetuity,
        unless earlier terminated in accordance with the terms of this
        Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.6
        The
        General Partner shall execute, file and publish all such certificates, notices,
        statements or other instruments required by law for the formation or operation
        of a limited partnership in all jurisdictions where the Partnership may elect
        to
        do business. The General Partner shall not be required to deliver or mail
        to
        Limited Partners a copy of the certificate of limited partnership of the
        Partnership or any certificate of amendment thereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.7
        The
        Partnership shall be empowered to do any and all acts and things necessary,
        appropriate, proper, advisable, incidental to or convenient for the furtherance
        and accomplishment of the purposes, business, protection and benefit of the
        Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.8
        The
        business and affairs of the Partnership shall be managed by the General Partner
        in accordance with Article 7 hereof. The General Partner has seven directors,
        a
        majority of whom may also be executive officers of the General Partner. The
        General Partner shall establish and maintain an audit committee of its board
        of
        directors for the Partnership (the &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Audit
        Committee</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;)
        in
        compliance with, and granted the requisite authority and funding pursuant
        to,
        any applicable (1) federal securities laws and regulations, including the
        Sarbanes-Oxley Act of 2002, and (2) rules, policies and procedures of any
        national securities exchange on which the securities issued by the Partnership
        are listed and traded.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        3</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Partners
        and Capital Contributions</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>General
        Partner. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1.1
        The
        name of the General Partner is Victoria Bay Asset Management, LLC, which
        maintains its principal business office at 1320 Harbor Bay Parkway, Suite
        145,
        Alameda, California 94502.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1.2
        In
        consideration of management and administrative services rendered by the General
        Partner, the Partnership shall pay the Management Fee to the General Partner
        (or
        such other person or entity designated by the General Partner) including
        the
        payment of expenses in the ordinary course of business. Expenses in the
&#8220;ordinary course of business&#8221; shall not include the payment of (i) brokerage
        fees, (ii) licensing fees for the use of intellectual property used by the
        Partnership, or (iii) registration or other fees paid to the Securities and
        Exchange Commission (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;SEC&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">),
        the
        NASD, or any other regulatory agency in connection with the offer and sale
        of
        the Units and all legal, accounting, printing and other expenses associated
        therewith. The Partnership also pays the fees and expenses, including directors
        and officers&#8217; liability insurance, of the independent directors. The Management
        Fee shall be payable monthly. The initial Management Fee shall be set forth
        on
        Exhibit A attached hereto, as may be amended from time to time. The General
        Partner may, in its sole discretion, waive all or part of the Management
        Fee.
        The Partnership shall be responsible for all extraordinary expenses (i.e.,
        expenses not in the ordinary course of business, including, without limitation,
        the items listed above in this Section 3.1.2, the indemnification of any
        Person
        against liabilities and obligations to the extent permitted by law and required
        under this Agreement and the bringing and defending of actions at law or
        in
        equity and otherwise engaging in the conduct of litigation and the incurring
        of
        legal expense and the settlement of claims and litigation).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1.3
        In
        connection with the formation of the Partnership under the Act, the General
        Partner acquired a 2% interest in the profits and losses of the Partnership,
        and
        made an initial capital contribution to the Partnership in the amount of
        $20.00,
        and the Organizational Limited Partner acquired a 98% interest in the profits
        and losses of the Partnership, and made an initial capital contribution to
        the
        Partnership in the amount of $980.00. The interest of the Organizational
        Limited
        Partner was redeemed, the initial capital contribution of the Organizational
        Limited Partner was refunded, and the Organizational Limited Partner withdrew
        and ceased to be a Limited Partner. 98% of any interest or other profit that
        may
        have resulted from the investment or other use of such initial capital
        contributions was allocated and distributed to the Organizational Limited
        Partner, and the balance thereof was allocated and distributed to the General
        Partner. As of the first date of the offering, the General Partner shall
        be
        issued an appropriate number of Units based on its initial capital contribution.
        The General Partner may but shall not be required to make Capital Contributions
        to the Partnership on or after the date hereof. If the General Partner does
        make
        a Capital Contribution to the Partnership on or after the date hereof, it
        shall
        be issued Units based on the same terms and conditions applicable to the
        purchase of a Creation Basket under Article 16 hereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1.4
        The
        General Partner may not, without written approval by all of the Limited Partners
        or by other written instrument executed and delivered by all of the Limited
        Partners subsequent to the date of this Agreement, take any action in
        contravention of this Agreement, including, without limitation, (i) any act
        that
        would make it impossible to carry on the ordinary business of the Partnership,
        except as otherwise provided in this Agreement; (ii) possess Partnership
        property, or assign any rights in specific Partnership property, for other
        than
        a Partnership purpose; (iii) admit a Person as a Partner, except as otherwise
        provided in this Agreement; (iv) amend this Agreement in any manner, except
        as
        otherwise provided in this Agreement or under applicable law; or (v) transfer
        its interest as general partner of the Partnership, except as otherwise provided
        in this Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1.5
        Except as otherwise provided herein, the General Partner may not sell, exchange
        or otherwise dispose of all or substantially all of the Partnership&#8217;s assets in
        a single transaction or a series of related transactions (including by way
        of
        merger, consolidation or other combination with any other Person) or approve
        on
        behalf of the Partnership the sale, exchange or other disposition of all
        or
        substantially all of the assets of the Partnership, taken as a whole, without
        the approval of at least a majority of the Limited Partners; provided, however,
        that this provision shall not preclude or limit the General Partner&#8217;s ability to
        mortgage, pledge, hypothecate or grant a security interest in all or
        substantially all of the Partnership&#8217;s assets and shall not apply to any forced
        sale of any or all of the Partnership&#8217;s assets pursuant to the foreclosure of,
        or other realization upon, any such encumbrance.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1.6
        Unless approved by a majority of the Limited Partners, the General Partner
        shall
        not take any action or refuse to take any reasonable action the effect of
        which,
        if taken or not taken, as the case may be, would be to cause the Partnership,
        to
        the extent it would materially and adversely affect the Limited Partners,
        to be
        taxable as a corporation for federal income tax purposes.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1.7
        Notwithstanding any other provision of this Agreement, the General Partner
        is
        not authorized to institute or initiate on behalf of, or otherwise cause
        the
        Partnership to:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11.25pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">make
        a
        general assignment for the benefit of creditors; </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11.25pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">file
        a
        voluntary bankruptcy petition; or </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 11.7pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">file
        a
        petition seeking for the Partnership a reorganization, arrangement, composition,
        readjustment liquidation, dissolution or similar relief under any
        law.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Issuance
        of Units.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Units in
        the Partnership will only be issued in a Creation Basket or whole number
        multiples thereof.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Initial
        Limited Partner.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The name
        of the initial Limited Partner is KV Execution Services, LLC (the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Initial
        Limited Partner&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">).
        The
        business address of the Initial Limited Partner is KV Execution Services
        LLC,
        1041 Highway 36, Suite 301, Atlantic Highlands, NJ 07716. The initial Capital
        Contribution of the Initial Limited Partner was $13,478,000. The Initial
        Limited
        Partner purchased the initial Creation Basket at an initial offering price
        per
        Unit equal to the closing price of near-month oil futures contracts for WTI
        light, sweet crude oil as listed on the New York Mercantile Exchange on the
        last
        Business Day prior to the effective date of the registration statement relating
        to the Prospectus.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Capital
        Contribution</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        Except
        as otherwise provided in this Agreement, no Partner shall have any right
        to
        demand or receive the return of its Capital Contribution to the Partnership.
        No
        Partner shall be entitled to interest on any Capital Contribution to the
        Partnership or on such Partner&#8217;s capital account.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        4</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Capital
        Accounts of Partners and Operation Thereof</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Capital
        Accounts.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        There
        shall be established on the books and records of the Partnership for each
        Partner (or Beneficial Owner in the case of Units held by a nominee) a capital
        account (a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Capital
        Account&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">).
        It is
        intended that each Partner&#8217;s Capital Account shall be maintained at all times in
        a manner consistent with Section 704 of the Code and applicable Treasury
        regulations thereunder, and that the provisions hereof relating to the Capital
        Accounts shall be interpreted in a manner consistent therewith. For each
        Accounting Period, the Capital Account of each Partner shall be:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
        credited with the amount of any Capital Contributions made by such Partner
        during such Accounting Period;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
        credited with any allocation of Profit made to such Partner for such Accounting
        Period;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
        debited with any allocation of Loss made to such Partners for such Accounting
        Period; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
        debited with the amount of cash paid to such Partner as an amount withdrawn
        or
        distributed to such Partner during such Accounting Period, or, in the case
        of
        any payment of a withdrawal or distribution in kind, the fair value of the
        property paid or distributed during such Accounting Period.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1.1
        For
        any Accounting Period in which Units are issued or redeemed for cash or other
        property, the General Partner shall, in accordance with Treasury Regulation
        Section 1.704-1(b)(2)(iv)(f), adjust the Capital Accounts of all Partners
        and
        the carrying value of each Partnership asset upward or downward to reflect
        any
        unrealized gain or unrealized loss attributable to each such Partnership
        asset,
        as if such unrealized gain or unrealized loss had been recognized on an actual
        sale of the asset and had been allocated to the Partners at such time pursuant
        to Article 4.2 of this Agreement in the same manner as any item of gain or
        loss
        actually recognized during such period would have been allocated.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1.2
        To
        the extent an adjustment to the adjusted tax basis of any Partnership asset
        pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to
        Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account
        in
        determining Capital Accounts, the amount of such adjustment to the Capital
        Accounts shall be treated as an item of gain (if the adjustment increases
        the
        basis of the asset) or loss (if the adjustment decreases such basis), and
        such
        item of gain or loss shall be specially allocated to the Partners in a manner
        consistent with the manner in which their Capital Accounts are required to
        be
        adjusted pursuant to such Section of the Treasury Regulations.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Allocation
        of Profit or Loss.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Profit
        or Loss for an Accounting Period shall be allocated among the Partners in
        proportion to the number of Units each Partner holds as of the close of business
        on the last Business Day of such Accounting Period. The General Partner may
        revise, alter or otherwise modify this method of allocation to the extent
        it
        deems necessary to comply with the requirements of Section 704 or Section
        706 of
        the Code and Treasury Regulations or administrative rulings
        thereunder.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Allocations
        for Tax Purposes</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3.1
        Except as otherwise provided in this Agreement, for each fiscal year of the
        Partnership, items of income, deduction, gain, loss, and credit recognized
        by
        the Partnership for federal income tax purposes shall be allocated among
        the
        Partners in a manner that equitably reflects the amounts credited or debited
        to
        each Partner&#8217;s Capital Account for each Accounting Period during such fiscal
        year. Allocations under this Article 4.3 shall be made by the General Partner
        in
        accordance with the principles of Sections 704(b) and 704(c) of the Code
        and in
        conformity with applicable Treasury Regulations promulgated thereunder
        (including, without limitation, Treasury Regulations Sections
        1.704-1(b)(2)(iv)(f), 1.704-1(b)(4)(i), and 1.704-3(e)).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3.2
        Notwithstanding anything else contained in this Article 4, if any Partner
        has a
        deficit Capital Account for any Accounting Period as a result of any adjustment
        of the type described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(5)
        or
        1.704-1(b)(2)(ii)(d) (6), then the Partnership&#8217;s income and gain shall be
        specially allocated to such Partner in an amount and manner sufficient to
        eliminate such deficit as quickly as possible. Any special allocation of
        items
        of income or gain pursuant to this Article 4.3.2 shall be taken into account
        in
        computing subsequent allocations pursuant to this Article 4 so that the
        cumulative net amount of all items allocated to each Partner shall, to the
        extent possible, be equal to the amount that would have been allocated to
        such
        Partner if there had never been any allocation pursuant to the first sentence
        of
        this Article 4.3.2.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3.3
        Allocations that would otherwise be made to a Limited Partner under the
        provisions of this Article 4 shall instead be made to the Beneficial Owner
        of
        Units held by a nominee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Compliance</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        In
        applying the provisions of this Article 4, the General Partner is authorized
        to
        utilize such reasonable accounting conventions, valuation methods and
        assumptions as the General Partner shall determine to be appropriate and
        in
        compliance with the Code and applicable Treasury Regulations. The General
        Partner may amend the provisions of this Agreement to the extent it determines
        to be necessary to comply with the Code and Treasury Regulations.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        5</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Records
        and Accounting; Reports</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Records
        and Accounting.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        Partnership will keep proper books of record and account of the Partnership
        at
        its office located in 1320 Harbor Bay Parkway, Suite 145, Alameda, California
        94502 or such office, including that of an administrative agent, as it may
        subsequently designate upon notice to the Limited Partners. These books and
        records are open to inspection by any person who establishes to the
        Partnership&#8217;s satisfaction that such person is a Limited Partner upon reasonable
        advance notice at all reasonable times during the usual business hours of
        the
        Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Annual
        Reports.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Within
        90 days after the end of each fiscal year, the General Partner shall cause
        to be
        delivered to each Person who was a Partner at any time during the fiscal
        year,
        an annual report containing the following:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
        financial statements of the Partnership, including, without limitation, a
        balance sheet as of the end of the Partnership&#8217;s fiscal year and statements of
        income, Partners&#8217; equity and changes in financial position, for such fiscal
        year, which shall be prepared in accordance with generally accepted accounting
        principles consistently applied and shall be audited by a firm of independent
        certified public accountants registered with the Public Company Accounting
        Oversight Board,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
        a
        general description of the activities of the Partnership during the period
        covered by the report, and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
        a
        report of any material transactions between the Partnership and the General
        Partner or any of its Affiliates, including fees or compensation paid by
        the
        Partnership and the services performed by the General Partner or any such
        Affiliate or such fees or compensation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Quarterly
        Reports.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Within
        45 days after the end of each quarter of each fiscal year, the General Partner
        shall cause to be delivered to each Person who was a Partner at any time
        during
        the quarter then ended, a quarterly report containing a balance sheet and
        statement of income for the period covered by the report, each of which may
        be
        unaudited but shall be certified by the General Partner as fairly presenting
        the
        financial position and results of operations of the Partnership during the
        period covered by the report. The report shall also contain a description
        of any
        material event regarding the business of the Partnership during the period
        covered by the report.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Monthly
        Reports.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Within
        30 days after the after the end of each month, the General Partner shall
        cause
        to be delivered to each Person who was a Partner at any time during the month
        then ended, a monthly report containing an account statement, which will
        include
        a statement of income (loss) and a statement of changes in NAV, for the
        prescribed period. In addition, the account statement will disclose any material
        business dealings between the Partnership, General Partner, commodity trading
        advisor (if any), futures commission merchant, or the principals thereof
        that
        previously have not been disclosed in the Partnership&#8217;s Prospectus or any
        amendment thereto, other account statements or annual reports.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.5
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Tax
        Information.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner shall use its best efforts to prepare and to transmit a U.S.
        federal income tax form K-1 for each Partner, Assignee, or Beneficial Owner
        or a
        report setting forth in sufficient detail such transactions effected by the
        Partnership during each fiscal year as shall enable each Partner, Assignee,
        or
        Beneficial Owner to prepare its U.S. federal income tax return, if any, within
        a
        reasonable period after the end of such fiscal year.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.6
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Tax
        Returns.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner shall cause income tax returns of the Partnership to be prepared
        and timely filed with the appropriate authorities.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.7
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Tax
        Matters Partner.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner is hereby designated as the Partnership&#8217;s </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Tax
        Matters Partner,&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        as
        defined under Section 6231(a)(7) of the Code. The General Partner is
        specifically directed and authorized to take whatever steps the General Partner,
        in its discretion, deems necessary or desirable to perfect such designation,
        including filing any forms or documents with the U.S. Internal Revenue Service
        and taking such other action as may from time to time be required under U.S.
        Treasury regulations. Any Partner shall have the right to participate in
        any
        administrative proceedings relating to the determination of Partnership items
        at
        the Partnership level. Expenses of such administrative proceedings undertaken
        by
        the Tax Matters Partner shall be expenses of the Partnership. Each Partner
        who
        elects to participate in such proceedings shall be responsible for any expenses
        incurred by such Partner in connection with such participation. The cost
        of any
        resulting audits or adjustments of a Partner&#8217;s tax return shall be borne solely
        by the affected Partner. In the event of any audit, investigation, settlement
        or
        review, for which the General Partner is carrying out the responsibilities
        of
        Tax Matters Partner, the General Partner shall keep the Partners reasonably
        apprised of the status and course of such audit, investigation, settlement
        or
        review and shall forward copies of all written communications from or to
        any
        regulatory, investigative or judicial authority with regard
        thereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        6</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fiscal
        Affairs</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Fiscal
        Year.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        fiscal year of the Partnership shall be the calendar year. The General Partner
        may select an alternate fiscal year.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Partnership
        Funds.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Pending
        application or distribution, the funds of the Partnership shall be deposited
        in
        such bank account or accounts, or invested in such interest-bearing or
        non-interest bearing investment, including, without limitation, checking
        and
        savings accounts, certificates of deposit and time or demand deposits in
        commercial banks, U.S. government securities and securities guaranteed by
        U.S.
        government agencies as shall be designed by the General Partner. Such funds
        shall not be commingled with funds of any other Person. Withdrawals therefrom
        shall be made upon such signatures as the General Partner may
        designate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Accounting
        Decisions.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        All
        decisions as to accounting principles, except as specifically provided to
        the
        contrary herein, shall be made by the General Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Tax
        Elections.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner shall, from time to time, make such tax elections as it deems
        necessary or desirable in its sole discretion to carry out the business of
        the
        Partnership or the purposes of this Agreement. Notwithstanding the foregoing,
        the General Partner shall make a timely election under Section 754 of the
        Code.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.5
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Partnership
        Interests.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Title to
        the Partnership assets shall be deemed to be owned by the Partnership as
        an
        entity, and no Partner or Assignee, individually or collectively, shall have
        any
        ownership interest in such Partnership assets or any portion thereof. Title
        to
        any or all of the Partnership assets may be held in the name of the Partnership,
        the General Partner or one or more nominees, as the General Partner may
        determine. The General Partner hereby declares and warrants that any Partnership
        assets for which record title is held in the name of the General Partner
        shall
        be held by the General Partner for the exclusive use and benefit of the
        Partnership in accordance with the provisions of this Agreement; provided,
        however, that the General Partner shall use its reasonable efforts to cause
        record title to such assets (other than those assets in respect of which
        the
        General Partner determines that the expense and difficulty of conveyancing
        makes
        transfer of record title to the Partnership impracticable) to be vested in
        the
        Partnership as soon as reasonably practicable; provided, that prior to the
        withdrawal or removal of the General Partner or as soon thereafter as
        practicable, the General Partner will use reasonable efforts to effect the
        transfer of record title to the Partnership and, prior to any such transfer,
        will provide for the use of such assets in a manner satisfactory to the
        Partnership. All Partnership Assets shall be recorded as the property of
        the
        Partnership in its books and records, irrespective of the name in which record
        title to such Partnership assets are held.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        7</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rights
        and Duties of the General Partner</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Management
        Power.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner shall have exclusive management and control of the business
        and
        affairs of the Partnership, and all decisions regarding the management and
        affairs of the Partnership shall be made by the General Partner. The General
        Partner shall have all the rights and powers of general partner as provided
        in
        the Act and as otherwise provided by law. Except as otherwise expressly provided
        in this Agreement, the General Partner is hereby granted the right, power
        and
        authority to do on behalf of the Partnership all things which, in its sole
        judgment, are necessary, proper or desirable to carry out the aforementioned
        duties and responsibilities, including but not limited to, the right, power
        and
        authority from time to time to do the following:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
        the
        making of any expenditures, the lending or borrowing of money, the assumption
        or
        guarantee of, or other contracting for, indebtedness and other liabilities,
        the
        issuance of evidences of indebtedness and the incurring of any other obligations
        and the securing of same by mortgage, deed of trust or other lien or
        encumbrance;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        the
        making of tax, regulatory and other filings, or rendering of periodic or
        other
        reports to governmental or other agencies having jurisdiction over the business
        or assets of the Partnership;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
        the
        acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or
        exchange of any or all of the assets of the Partnership, or the merger or
        other
        combination of the Partnership with or into another Person (the matters
        described in this clause (c) being subject, however, to any prior approval
        that
        may be required in accordance with this Agreement);</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
        the
        use of the assets of the Partnership (including, without limitation, cash
        on
        hand) for any purpose consistent with the terms of this Agreement including,
        without limitation, the financing of the conduct of the operations of the
        Partnership, the lending of funds to other Persons, and the repayment of
        obligations of the Partnership;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)
        the
        negotiation, execution and performance of any contracts, conveyances or other
        instruments (including, without limitation, instruments that limit the liability
        of the Partnership under contractual arrangements to all or particular assets
        of
        the Partnership with the other party to the contract to have no recourse
        against
        the General Partner or its assets other than its interest in the Partnership,
        even if same results in the terms of the transaction being less favorable
        to the
        Partnership than would otherwise be the case);</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)
        the
        distribution of Distributable Cash; </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(g)
        the
        selection and dismissal of employees (including, without limitation, employees
        having titles such as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;president,&#8221;
        &#8220;vice president,&#8221; &#8220;secretary&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;treasurer&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">),
        agents, outside attorneys, accountants, consultants and contractors and the
        determination of their compensation and other terms of employment or
        hiring;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(h)
        the
        maintenance of insurance for the benefit of the Partners and the Partnership
        (including, without limitation, the assets and operations of the
        Partnership);</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
        the
        formation of, or acquisition of an interest in, and the contribution of property
        to, any further limited or general partnerships, joint ventures or other
        relationships;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(j)
        the
        control of any matters affecting the rights and obligations of the Partnership,
        including, without limitation, the bringing and defending of actions at law
        or
        in equity and otherwise engaging in the conduct of litigation and the incurring
        of legal expense and the settlement of claims and litigation;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(k)
        the
        indemnification of any Person against liabilities and contingencies to the
        extent permitted by law;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(l)
        the
        entering into of listing agreements with the American Stock Exchange and
        any
        other securities exchange and the delisting of some or all of the Units from,
        or
        requesting that trading be suspended on, any such exchange; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(m)
        the
        purchase, sale or other acquisition or disposition of Units.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Best
        Efforts</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        General Partner will use its best efforts to cause the Partnership to be
        formed,
        reformed, qualified or registered under assumed or fictitious name statutes
        or
        similar laws in any state in which the Partnership owns property or transacts
        business if such formation, reformation, qualification or registration is
        necessary in order to protect the limited liability of the Limited Partners
        or
        to permit the Partnership lawfully to own property or transact
        business.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Right
        of Public to Rely on Authority of a General Partner.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        No
        person shall be required to determine the General Partner&#8217;s authority to make
        any undertaking on behalf of the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Obligation
        of the General Partner.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner shall:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.5pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">devote
        to
        the Partnership and apply to the accomplishment of the Partnership purposes
        so
        much of its time and attention as is necessary or advisable to manage properly
        the affairs of the Partnership;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.85pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">maintain
        the Capital Account for each Partner; and </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 5.85pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">cause
        the
        Partnership to enter into and carry out the obligations of the Partnership
        contained in the agreements with Affiliates of the General Partner as described
        in the Prospectus and cause the Partnership not to take any action in violation
        of such agreements.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.5
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Good
        Faith.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner has a responsibility to the Limited Partners to exercise
        good
        faith and fairness in all dealings. In the event that a Limited Partner believes
        that the General Partner has violated its fiduciary duty to the Limited
        Partners, he may seek legal relief individually or on behalf of the Partnership
        under applicable laws, including under the Act and under securities and
        commodities laws, to recover damages from or require an accounting by the
        General Partner. Limited Partners should be aware that performance by the
        General Partner of its fiduciary duty is measured by the terms of this Agreement
        as well as applicable law. Limited Partners may also have the right, subject
        to
        applicable procedural and jurisdictional requirements, to bring class actions
        in
        federal court to enforce their rights under the federal securities laws and
        the
        rules and regulations promulgated thereunder by the SEC. Limited Partners
        who
        have suffered losses in connection with the purchase or sale of the Units
        may be
        able to recover such losses from the General Partner where the losses result
        from a violation by the General Partner of the federal securities laws. State
        securities laws may also provide certain remedies to limited partners. Limited
        Partners are afforded certain rights to institute reparations proceedings
        under
        the Commodity Exchange Act for violations of the Commodity Exchange Act or
        of
        any rule, regulation or order of the Commodities Futures Trading Commission
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(&#8220;CFTC&#8221;)</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        by the
        General Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.6
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Indemnification</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.6.1
        Notwithstanding any other provision of this Agreement, neither a General
        Partner
        nor any employee or other agent of the Partnership nor any officer, director,
        stockholder, partner, employee or agent of a General Partner (a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Protected
        Person&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        shall
        be liable to any Partner or the Partnership for any mistake of judgment or
        for
        any action or inaction taken, nor for any losses due to any mistake of judgment
        or to any action or inaction or to the negligence, dishonesty or bad faith
        of
        any officer, director, stockholder, partner, employee or agent of the
        Partnership or any officer, director, stockholder, partner, employee or agent
        of
        such General Partner, provided that such officer, director, stockholder,
        partner, employee or agent of the Partner or officer, director, stockholder,
        partner, employee or agent of such General Partner was selected, engaged
        or
        retained by such General Partner with reasonable care, except with respect
        to
        any matter as to which such General Partner shall have been finally adjudicated
        in any action, suit or other proceeding not to have acted in good faith in
        the
        reasonable belief that such Protected Person&#8217;s action was in the best interests
        of the Partnership and except that no Protected Person shall be relieved
        of any
        liability to which such Protected Person would otherwise be subject by reason
        of
        willful misfeasance, gross negligence or reckless disregard of the duties
        involved in the conduct of the Protected Person&#8217;s office. A General Partner and
        its officers, directors, employees or partners may consult with counsel and
        accountants (except for the Partnership&#8217;s independent auditors) in respect of
        Partnership affairs and be fully protected and justified in any action or
        inaction which is taken in accordance with the advice or opinion of such
        counsel
        or accountants (except for the Partnership&#8217;s independent auditors), provided
        that they shall have been selected with reasonable care.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
        any of the foregoing to the contrary, the provisions of this Article 7.6.1
        and
        of Article 7.6.2 hereof shall not be construed so as to relieve (or attempt
        to
        relieve) a General Partner (or any officer, director, stockholder, partner,
        employee or agent of such General Partner) of any liability to the extent
        (but
        only to the extent) that such liability may not be waived, modified or limited
        under applicable law, but shall be construed so as to effectuate the provisions
        of this Article 7.6.1 and of Article 7.6.2 hereof to the fullest extent
        permitted by law.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.6.2
        The
        Partnership shall, to the fullest extent permitted by law, but only out of
        Partnership assets, indemnify and hold harmless a General Partner and each
        officer, director, stockholder, partner, employee or agent thereof (including
        persons who serve at the Partnership&#8217;s request as directors, officers or
        trustees of another organization in which the Partnership has an interest
        as a
        Unitholder, creditor or otherwise) and their respective legal representatives
        and successors (hereinafter referred to as a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Covered
        Person&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        against
        all liabilities and expenses, including but not limited to amounts paid in
        satisfaction of judgments, in compromise or as fines and penalties, and counsel
        fees reasonably incurred by any Covered Person in connection with the defense
        or
        disposition of any action, suit or other proceedings, whether civil or criminal,
        before any court or administrative or legislative body, in which such Covered
        Person may be or may have been involved as a party or otherwise or with which
        such Covered Person may be or may have been threatened, while in office or
        thereafter, by reason of an alleged act or omission as a General Partner
        or
        director or officer thereof, or by reason of its being or having been such
        a
        General Partner, director or officer, except with respect to any matter as
        to
        which such Covered Person shall have been finally adjudicated in any such
        action, suit or other proceeding not to have acted in good faith in the
        reasonable believe that such Covered Person&#8217;s action was in the best interest of
        the Partnership, and except that no Covered Person shall be indemnified against
        any liability to the Partnership or Limited Partners to which such Covered
        Person would otherwise be subject by reason of willful misfeasance, bad faith,
        gross negligence or reckless disregard of the duties involved in the conduct
        of
        such Covered Person&#8217;s office. Expenses, including counsel fees so incurred by
        any such Covered Person, may be paid from time to time by the Partnership
        in
        advance of the final disposition of any such action, suit or proceeding on
        the
        condition that the amounts so paid shall be repaid to the Partnership if
        it is
        ultimately determined that the indemnification of such expenses is not
        authorized hereunder.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        to any
        matter disposed of by a compromise payment by any such Covered Person, pursuant
        to a consent decree or otherwise, no such indemnification either for said
        payment or for any other expenses shall be provided unless such compromise
        shall
        be approved as in the best interests of the Partnership, after notice that
        it
        involved such indemnification by any disinterested person or persons to whom
        the
        questions may be referred by the General Partner, provided that there has
        been
        obtained an opinion in writing of independent legal counsel to the effect
        that
        such Covered Person appears to have acted in good faith in the reasonable
        belief
        that his or her action was in the best interests of the Partnership and that
        such indemnification would not protect such persons against any liability
        to the
        Partnership or its Limited Partners to which such person would otherwise
        by
        subject by reason of willful misfeasance, bad faith, gross negligence or
        reckless disregard of the duties involved in the conduct of office. Approval
        by
        any disinterested person or persons shall not prevent the recovery from persons
        as indemnification if such Covered Person is subsequently adjudicated by
        a court
        of competent jurisdiction not to have acted in good faith in the reasonable
        belief that such Covered Person&#8217;s action was in the best interests of the
        Partnership or to have been liable to the Partnership or its Limited Partners
        by
        reason of willful misfeasance, bad faith, gross negligence or reckless disregard
        of the duties involved in the conduct of such Covered Person&#8217;s
        office.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        right
        of indemnification hereby provided shall not be exclusive of or affect any
        other
        rights to which any such Covered Person may be entitled. As used in this
        Article
        7.6.2, an </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;interested
        Covered Person&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        is one
        against whom the action, suit or other proceeding on the same or similar
        grounds
        is then or has been pending and a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;disinterested
        person&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        is a
        person against whom no actions, suits or other proceedings or another action,
        suit or other proceeding on the same or similar grounds is then or has been
        pending. Nothing contained in this Article 7.6.2 shall affect any rights
        to
        indemnification to which personnel of a General Partner, other than directors
        and officers, and other persons may be entitled by contract or otherwise
        under
        law, nor the power of the Partnership to purchase and maintain liability
        insurance on behalf of any such person.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nothing
        in this Article 7.6.2 shall be construed to subject any Covered Person to
        any
        liability to which he or she is not already liable under this Agreement or
        applicable law.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.6.3
        Each Limited Partner agrees that it will not hold any Affiliate or any officer,
        director, stockholder, partner, employee or agent of any Affiliate of the
        General Partner liable for any actions of such General Partner or any
        obligations arising under or in connection with this Agreement or the
        transactions contemplated hereby.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.7
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Resolutions
        of Conflicts of Interest; Standard of Care. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.7.1
        Unless otherwise expressly provided in this Agreement or any other agreement
        contemplated hereby, whenever a conflict of interest exists or arises between
        the General Partner on the one hand, and the Partnership or any Limited Partner,
        on the other hand, any resolution or course of action by the General Partner
        in
        respect of such conflict of interest shall be permitted and deemed approved
        by
        all Partners and shall not constitute a breach of this Agreement or of any
        agreement contemplated hereby or of a duty stated or implied by law or equity,
        if the resolution or course of action is, or by operation of this Agreement
        is
        deemed to be, fair and reasonable to the Partnership. If a dispute arises,
        it
        will be resolved through negotiations with the General Partner or by a court
        located in the State of Delaware. Any resolution of a dispute is deemed to
        be
        fair and reasonable to the Partnership if the resolution is:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">approved
                by the Audit Committee, although no party is obligated to seek such
                approval and the General Partner may adopt a resolution or course
                of
                action that has not received such
                approval;</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">on
                terms no less favorable to the Limited Partners than those generally
                being
                provided to or available from unrelated third parties;
                or</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">fair
                to the Limited Partners, taking into account the totality of the
                relationships of the parties involved including other transactions
                that
                may be particularly favorable or advantageous to the Limited
                Partners.</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.7.2
        Whenever this Agreement or any other agreement contemplated hereby provides
        that
        the General Partner is permitted or required to make a decision (i) in its
        discretion or under a grant of similar authority or latitude, the General
        Partner shall be entitled to the extent permitted by applicable law, to consider
        only such interest and factors as it desires and shall have no duty or
        obligation to give any consideration to any interest of or factors affecting
        the
        partnership or the Limited Partners, or (ii) in its good faith or under another
        express standard, the General Partner shall act under such express standard
        and
        except as required by applicable law, shall not be subject to any other
        different standards imposed by this Agreement, any other agreement contemplated
        hereby or applicable law.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.8
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Other
        Matters Concerning the General Partner. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.8.1
        The
        General Partner (including the Audit Committee) may rely on and shall be
        protected in acting or refraining from acting upon any certificate, document
        or
        other instrument believed by it to be genuine and to have been signed or
        presented by the proper party or parties.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.8.2
        The
        General Partner (including the Audit Committee) may consult with legal counsel,
        accountants, appraisers, management consultants, investment bankers and other
        consultants and advisors selected by it and any opinion or advice of any
        such
        person as to matters which the General Partner (including the Audit Committee)
        believes to be within such person&#8217;s professional or expert competence shall be
        the basis for full and complete authorization of indemnification and provide
        legal protection with respect to any action taken or suffered or omitted
        by the
        General Partner (including the Audit Committee) hereunder in good faith and
        in
        accordance with such opinion or advice.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.8.3
        The
        General Partner (including the Audit Committee) may exercise any of the powers
        granted to it by this Agreement and perform any of the duties imposed upon
        it
        hereunder either directly or by or through its agents, and the General Partner
        (including the Audit Committee) shall not be responsible for any misconduct
        or
        negligence on the part of any such agent appointed by the General Partner
        in
        good faith.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.9
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Other
        Business Ventures.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Any
        Partner, director, employee, Affiliate or other person holding a legal or
        beneficial interest in any entity which is a Partner, may engage in or possess
        an interest in other business ventures of every nature and description,
        independently or with others, whether such ventures are competitive with
        the
        Partnership or otherwise; and, neither the Partnership nor the Partners shall
        have any right by virtue of this Agreement in or to such independent ventures
        or
        to the income or profits derived there from.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.10
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Contracts
        with the General Partner or its Affiliates.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner may, on behalf of the Partnership, enter into contracts with
        any
        Affiliate. The validity of any transaction, agreement or payment involving
        the
        Partnership and any General Partner or any Affiliate of a General Partner
        otherwise permitted by the terms of this Agreement shall not be affected
        by
        reason of (i) the relationship between the Partnership and the Affiliate
        of the
        General Partner, or (ii) the approval of said transaction agreement or payment
        by officers or directors of the General Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7.11
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Additional
        General Partners.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Additional general partners may be admitted with the consent of the General
        Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        8</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rights
        and Obligations of Limited Partners</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>No
        Participation in Management.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        No
        Limited Partner (other than a General Partner if it has acquired an interest
        of
        a Limited Partner) shall take part in the management of the Partnership&#8217;s
        business, transact any business in the Partnership&#8217;s name or have the power to
        sign documents for or otherwise bind the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Limitation
        of Liability.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Except
        as provided in the Act, the debts, obligations, and liabilities of the
        Partnership, whether arising in contract, tort or otherwise, shall be solely
        the
        debts, obligations and liabilities of the Partnership. A Limited Partner
        will
        not be liable for assessments in addition to its initial capital investment
        in
        any capital securities representing limited partnership interests. However,
        a
        Limited Partner may be required to repay to the Partnership any amounts
        wrongfully returned or distributed to it under some circumstances.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Indemnification
        and Terms of Admission.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Each
        Limited Partner shall indemnify and hold harmless the Partnership, the General
        Partner and every Limited Partner who was or is a party or is threatened
        to be
        made a party to any threatened, pending or completed action, suit or
        proceedings, whether civil, criminal, administrative or investigative, by
        reason
        of or arising from any actual or alleged misrepresentation or misstatement
        of
        facts or omission to state facts made (or omitted to be made) by such Limited
        Partner in connection with any assignment, transfer, encumbrance or other
        disposition of all or any part of an interest, or the admission of a Limited
        Partner to the Partnership, against expenses for which the Partnership or
        such
        other Person has not otherwise been reimbursed (including attorneys&#8217; fees,
        judgments, fines and amounts paid in settlement) actually and reasonably
        incurred by him in connection with such action, suit or proceeding.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Effective
        Date.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        effective date of admission of a Limited Partner shall be the date designated
        by
        the General Partner in writing to such assignee or transferee.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.5
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Death
        or Incapacity of Limited Partner.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        death or legal incapacity of a Limited Partner shall not cause dissolution
        of
        the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8.6
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Rights
        of Limited Partner Relating to the Partnership. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
        In
        addition to other rights provided by this Agreement or by applicable law,
        and
        except as otherwise limited under this Agreement, each Limited Partner shall
        have the right, for a purpose reasonably related to such Limited Partner&#8217;s
        interest as a Limited Partner in the Partnership, upon reasonable demand
        and at
        such Limited Partner&#8217;s own expense:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
        to
        obtain true and full information regarding the status of the business and
        financial condition of the Partnership;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
        promptly after becoming available, to obtain a copy of the Partnership&#8217;s
        federal, state and local tax returns for each year;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)
        to
        have furnished to it, upon notification to the General Partner, a current
        list
        of the name and last known business, residence or mailing address of each
        Partner;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
        to
        have furnished to it, upon notification to the General Partner, a copy of
        this
        Agreement and the Certificate of Limited Partnership and all amendments
        thereto;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)
        to
        obtain true and full information regarding the amount of cash contributed
        by and
        a description and statement of the value of any other Capital Contribution
        by
        each Partner and which each Partner has agreed to contribute in the future,
        and
        the date on which each became a Partner; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)
        to
        obtain such other information regarding the affairs of the Partnership as
        is
        just and reasonable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        Notwithstanding any other provision of this Agreement, the General Partner
        may
        keep confidential from the Limited Partners and Assignees for such period
        of
        time as the General Partner deems reasonable, any information that the General
        Partner reasonably believes to be in the nature of trade secrets or other
        information, the disclosure of which the General Partner in good faith believes
        is not in the best interests of the Partnership or could damage the Partnership
        or that the Partnership is required by law or by agreements with third parties
        to keep confidential (other than agreements with Affiliates the primary purpose
        of which is to circumvent the obligations set forth in this Article
        8.6).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        9</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Unit
        Certificates</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Unit
        Certificates.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Certificates shall be executed on behalf of the Partnership by any officer
        of
        either of the General Partner or, if any, of the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Registration
        Form, Registration of Transfer and Exchange. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.2.1
        The
        General Partner shall cause to be kept on behalf of the Partnership a register
        (the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Unit
        Register&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        in
        which, subject to such reasonable regulations as it may prescribe, the General
        Partner will provide for the registration and the transfer of Units. The
        Transfer Agent has been appointed registrar and transfer agent for the purpose
        of registering and transferring Units as herein provided. The Partnership
        shall
        not recognize transfers of Certificates representing Units unless same are
        effected in the manner described in this Article 9.2. Upon surrender for
        registration of transfer of any Units evidenced by a Certificate, the General
        Partner on behalf of the Partnership will execute, and the Transfer Agent
        will
        countersign and deliver, in the name of the holder or the designated transferee
        or transferees, as required pursuant to the holder&#8217;s instructions, one or more
        new Certificates evidencing the same aggregate number of Units as was evidenced
        by the Certificate so surrendered.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.2.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Book-Entry-Only
        System. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Global
        Certificate Only.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Unless
        otherwise authorized by the General Partner, Certificates for Units will
        not be
        issued, other than the one or more Global Certificates issued to the Depository.
        So long as the Depository Agreement is in effect, Creation Baskets will be
        issued and redeemed and Units will be transferable solely through the book-entry
        systems of the Depository and the DTC Participants and their Indirect
        Participants as more fully described below.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Global
        Certificate.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        Partnership and the General Partner will enter into the Depository Agreement
        pursuant to which the Depository will act as securities depository for the
        Units. Units will be represented by the Global Certificate (which may consist
        of
        one or more certificates as required by the Depository), which will be
        registered, as the Depository shall direct, in the name of Cede &amp; Co., as
        nominee for the Depository and deposited with, or on behalf of, the Depository.
        No other certificates evidencing Units will be issued. The Global Certificate
        shall be in the form attached hereto as Exhibit B and shall represent such
        Units
        as shall be specified therein, and may provide that it shall represent the
        aggregate amount of outstanding Units from time to time endorsed thereon
        and
        that the aggregate amount of outstanding Units represented thereby may from
        time
        to time be increased or decreased to reflect creations or redemptions of
        Baskets. Any endorsement of a Global Certificate to reflect the amount, or
        any
        increase or decrease in the amount, of outstanding Units represented thereby
        shall be made in such manner and upon instructions given by the General Partner
        on behalf of the Partnership as specified in the Depository
        Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Legend.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Any
        Global Certificate issued to the Depository or its nominee shall bear a legend
        substantially to the following effect: &#8220;UNLESS THIS CERTIFICATE IS PRESENTED BY
        AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
        CORPORATION </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(&#8220;DTC&#8221;)</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        TO THE
        FUND OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND
        ANY
        CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR IN SUCH OTHER
        NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
        IS
        MADE TO CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>The
        Depository.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        Depository has advised the Partnership and the General Partner as follows:
        the
        Depository is a limited-purpose trust company organized under the laws of
        the
        State of New York, a member of the U.S. Federal Reserve System, a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;clearing
        corporation&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        within
        the meaning of the New York Uniform Commercial Code, and a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;clearing
        agency&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        registered pursuant to the provisions of Section 17A of the Securities Exchange
        Act of 1934, as amended. The Depository was created to hold securities of
        DTC
        Participants and to facilitate the clearance and settlement of securities
        transactions among the DTC Participants in such securities through electronic
        book-entry changes in accounts of the DTC Participants, thereby eliminating
        the
        need for physical movement of securities certificates. &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>DTC
        Participants&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        include
        securities brokers and dealers, banks, trust companies, clearing corporations,
        and certain other organizations, some of whom (and/or their representatives)
        own
        the Depository. Access to the Depository&#8217;s system is also available to others
        such as banks, brokers, dealers and trust companies that clear through or
        maintain a custodial relationship with a DTC Participant, either directly
        or
        indirectly </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(&#8220;Indirect
        Participants&#8221;)</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        Depository may determine to discontinue providing its service with respect
        to
        Creation Baskets and Units by giving notice to the General Partner pursuant
        to
        and in conformity with the provisions of the Depository Agreement and
        discharging its responsibilities with respect thereto under applicable law.
        Under such circumstances, the General Partner shall take action either to
        find a
        replacement for the Depository to perform its functions at a comparable cost
        and
        on terms acceptable to the General Partner or, if such a replacement is
        unavailable, to terminate the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Beneficial
        Owners.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        As
        provided in the Depository Agreement, upon the settlement date of any creation,
        transfer or redemption of Units, the Depository will credit or debit, on
        its
        book-entry registration and transfer system, the number of Units so created,
        transferred or redeemed to the accounts of the appropriate DTC Participants.
        The
        accounts to be credited and charged shall be designated by the General Partner
        on behalf of the Partnership and each Participant, in the case of a creation
        or
        redemption of Baskets. Ownership of beneficial interest in Units will be
        limited
        to DTC Participants, Indirect Participants and persons holding interests
        through
        DTC Participants and Indirect Participants. Beneficial Owners will be shown
        on,
        and the transfer of beneficial ownership by Beneficial Owners will be effected
        only through, in the case of DTC Participants, records maintained by the
        Depository and, in the case of Indirect Participants and Beneficial Owners
        holding through a DTC Participant or an Indirect Participant, through those
        records or the records of the relevant DTC Participants. Beneficial Owners
        are
        expected to receive, from or through the broker or bank that maintains the
        account through which the Beneficial Owner has purchased Units, a written
        confirmation relating to their purchase of Units.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Reliance
        on Procedures.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Except
        for those who have provided Transfer Applications to the General Partner,
        so
        long as Cede &amp; Co., as nominee of the Depository, is the registered owner of
        Units, references herein to the registered or record owners of Units shall
        mean
        Cede &amp; Co. and shall not mean the Beneficial Owners of Units. Beneficial
        Owners of Units will not be entitled to have Units registered in their names,
        will not receive or be entitled to receive physical delivery of certificates
        in
        definitive form and will not be considered the record or registered holder
        of
        Units under this Agreement. Accordingly, to exercise any rights of a holder
        of
        Units under the Agreement, a Beneficial Owner must rely on the procedures
        of the
        Depository and, if such Beneficial Owner is not a DTC Participant, on the
        procedures of each DTC Participant or Indirect Participant through which
        such
        Beneficial Owner holds its interests. The Partnership and the General Partner
        understand that under existing industry practice, if the Partnership requests
        any action of a Beneficial Owner, or a Beneficial Owner desires to take any
        action that the Depository, as the record owner of all outstanding Units,
        is
        entitled to take, the Depository will notify the DTC Participants regarding
        such
        request, such DTC Participants will in turn notify each Indirect Participant
        holding Units through it, with each successive Indirect Participant continuing
        to notify each person holding Units through it until the request has reached
        the
        Beneficial Owner, and in the case of a request or authorization to act that
        is
        being sought or given by a Beneficial Owner, such request or authorization
        is
        given by the Beneficial Owner and relayed back to the Partnership through
        each
        Indirect Participant and DTC Participant through which the Beneficial Owner&#8217;s
        interest in the Units is held.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Communication
        between the Partnership and the Beneficial Owners.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        As
        described above, the Partnership will recognize the Depository or its nominee
        as
        the owner of all Units for all purposes except as expressly set forth in
        this
        Agreement. Conveyance of all notices, statements and other communications
        to
        Beneficial Owners will be effected in accordance with this paragraph. Pursuant
        to the Depository Agreement, the Depository is required to make available
        to the
        Partnership, upon request and for a fee to be charged to the Partnership,
        a
        listing of the Unit holdings of each DTC Participant. The Partnership shall
        inquire of each such DTC Participant as to the number of Beneficial Owners
        holding Units, directly or indirectly, through such DTC Participant. The
        Partnership shall provide each such DTC Participant with sufficient copies
        of
        such notice, statement or other communication, in such form, number and at
        such
        place as such DTC Participant may reasonably request, in order that such
        notice,
        statement or communication may be transmitted by such DTC Participant, directly
        or indirectly, to such Beneficial Owners. In addition, the Partnership shall
        pay
        to each such DTC Participant an amount as reimbursement for the expenses
        attendant to such transmittal, all subject to applicable statutory and
        regulatory requirements.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(7)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Distributions.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Distributions on Units pursuant to this Agreement shall be made to the
        Depository or its nominee, Cede &amp; Co., as the registered owner of all Units.
        The Partnership and the General Partner expect that the Depository or its
        nominee, upon receipt of any payment of distributions in respect of Units,
        shall
        credit immediately DTC Participants&#8217; accounts with payments in amounts
        proportionate to their respective beneficial interests in Units as shown
        on the
        records of the Depository or its nominee. The Partnership and the General
        Partner also expect that payments by DTC Participants to Indirect Participants
        and Beneficial Owners held through such DTC Participants and Indirect
        Participants will be governed by standing instructions and customary practices,
        as is now the case with securities held for the accounts of customers in
        bearer
        form or registered in a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;street
        name,&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and will
        be the responsibility of such DTC Participants and Indirect Participants.
        Neither the Partnership nor the General Partner will have any responsibility
        or
        liability for any aspects of the records relating to or notices to Beneficial
        Owners, or payments made on account of beneficial ownership interests in
        Units,
        or for maintaining, supervising or reviewing any records relating to such
        beneficial ownership interests or for any other aspect of the relationship
        between the Depository and the DTC Participants or the relationship between
        such
        DTC Participants and the Indirect Participants and Beneficial Owners owning
        through such DTC Participants or Indirect Participants or between or among
        the
        Depository, any Beneficial Owner and any person by or through which such
        Beneficial Owner is considered to own Units.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Limitation
        of Liability.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        Global Certificate to be issued hereunder is executed and delivered solely
        on
        behalf of the Partnership by the General Partner, in its capacity as such,
        and
        in the exercise of the powers and authority conferred and vested in it by
        this
        Agreement. The representations, undertakings and agreements made on the part
        of
        the Partnership in the Global Certificate are made and intended not as personal
        representations, undertakings and agreements by the General Partner, but
        are
        made and intended for the purpose of binding only the Partnership. Nothing
        in
        the Global Certificate shall be construed as creating any liability on the
        General Partner, individually or personally, to fulfill any representation,
        undertaking or agreement other than as provided in this Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(9)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Successor
        Depository.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        If a
        successor to the Depository shall be employed as Depository hereunder, the
        Partnership and the General Partner shall establish procedures acceptable
        to
        such successor with respect to the matters addressed in this Section
        9.2.2.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10)
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Transfer
        of Units.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Beneficial Owners that are not DTC Participants may transfer Units by
        instructing the DTC Participant or Indirect Participant holding the Units
        for
        such Beneficial Owner in accordance with standard securities industry practice.
        Beneficial Owners that are DTC Participants may transfer Units by instructing
        the Depository in accordance with the rules of the Depository and standard
        securities industry practice.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.2.3
        Except as otherwise provided in this Agreement, the Partnership shall not
        recognize any transfer of Units until the Certificates (if applicable), and
        a
        Transfer Application have been provided to the General Partner evidencing
        such
        Units are surrendered for registration of transfer. Such Certificates must
        be
        accompanied by a Transfer Application duly executed by the transferee (or
        the
        transferee&#8217;s attorney-in-fact duly authorized in writing). No charge shall be
        imposed by the Partnership for such transfer, provided, that, as a condition
        to
        the issuance of any new Certificate under this Article 9.2, the General Partner
        may require the payment of a sum sufficient to cover any tax or other
        governmental charge that may be imposed with respect thereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Mutilated,
        Destroyed, Lost or Stolen Certificates. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.3.1
        If
        any mutilated Certificate is surrendered to the Transfer Agent, the General
        Partner on behalf of the Partnership, shall execute, and upon its request,
        the
        Transfer Agent shall countersign and deliver in exchange therefore, a new
        Certificate evidencing the same number of Units as the Certificate so
        surrendered.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.3.2
        The
        General Partner, on behalf of the Partnership, shall execute, and upon its
        request, the Transfer Agent shall countersign and deliver a new Certificate
        in
        place of any Certificate previously issued if the Record Holder of the
        Certificate:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
        makes
        proof by affidavit, in form and substance satisfactory to the General Partner,
        that a previously issued Certificate has been lost, destroyed or
        stolen;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        requests the issuance of a new Certificate before the Partnership has received
        notice that the Certificate has been acquired by a purchaser for value in
        good
        faith and without notice of an adverse claim;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
        if
        requested by the General Partner, delivers to the Partnership a bond or such
        other form of security or indemnity as may be required by the General Partner,
        in form and substance satisfactory to the General Partner, with surety or
        sureties and with fixed or open penalty as the General Partner may direct,
        in
        its sole discretion, to indemnify the Partnership, the General Partner and
        the
        Transfer Agent against any claim that may be made on account of the alleged
        loss, destruction or theft of the Certificate; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
        satisfies any other reasonable requirements imposed by the General Partner.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        a
        Limited Partner or Assignee fails to notify the Partnership within a reasonable
        time after it has notice of the loss, destruction or theft of a Certificate,
        and
        a transfer of the Units represented by the Certificate is registered before
        the
        Partnership, the General Partner or the Transfer Agent receives such
        notification, the Limited Partner or Assignee shall be precluded from making
        any
        claim against the Partnership, the General Partner or the Transfer Agent
        for
        such transfer or for a new Certificate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.3.3
        As
        a condition to the issuance of any new Certificate under this Article 9.3,
        the
        General Partner may require the payment of a sum sufficient to cover any
        tax or
        other governmental charge that may be imposed in relation thereto and any
        other
        expenses (including, without limitation, the fees and expenses of the Transfer
        Agent) connected therewith.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Record
        Holder.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        Partnership shall be entitled to recognize the Record Holder as the Limited
        Partner or Assignee with respect to any Units and, accordingly, shall not
        be
        bound to recognize any equitable or other claim to or interest in such Units
        on
        the part of any other Person, whether or not the Partnership shall have actual
        or other notice thereof, except as otherwise provided by law or any applicable
        rule, regulation, guideline or requirement of any national securities exchange
        on which the Units are listed for trading. Without limiting the foregoing,
        when
        a Person (such as a broker, dealer, bank trust company or clearing corporation
        or an agent of any of the foregoing) is acting as nominee, agent or in some
        other representative capacity for another Person in acquiring and/or holding
        Units, as between the Partnership on the one hand and such other Persons
        on the
        other hand such representative Person (a) shall be the Limited Partner or
        Assignee (as the case may be) of record and beneficially, (b) must execute
        and
        deliver a Transfer Application and (c) shall be bound by this Agreement and
        shall have the rights and obligations of a Limited Partner or Assignee (as
        the
        case may be) hereunder and as provided for herein.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.5
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Partnership
        Securities. </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        General Partner is hereby authorized to cause the Partnership to issue
        Partnership Securities, for any Partnership purpose, at any time or from
        time to
        time, to the Partners or to other Persons for such consideration and on such
        terms and conditions as shall be established by the General Partner in its
        sole
        discretion, all without the approval of any Limited Partners. The General
        Partner shall have sole discretion, subject to the requirements of the Act,
        in
        determining the consideration and terms and conditions with respect to any
        future issuance of Partnership Securities.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9.5.1
        The
        General Partner shall do all things necessary to comply with the Act and
        is
        authorized and directed to do all things it deems to be necessary or advisable
        in connection with any future issuance of Partnership Securities, including,
        without limitation, compliance with any statute, rule, regulation or guideline
        of any federal, state or other governmental agency or any national securities
        exchange on which the Units or other Partnership Securities are listed for
        trading.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        10</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transfer
        of Interests</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Transfer.
        </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1.1
        The term </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;transfer,&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        when
        used in this Article 10 with respect to an interest, shall be deemed to refer
        to
        an appropriate transaction by which the General Partner assigns its interest
        as
        General Partner to another Person or by which the holder of a Unit assigns
        such
        Unit to another Person who is or becomes an Assignee and includes a sale,
        assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange
        or any
        other disposition by law or otherwise.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1.2
        No
        interest shall be transferred in whole or in part, except in accordance with
        the
        terms and conditions set forth in this Article 10. Any transfer or purported
        transfer of an interest not made in accordance with this Article 10 shall
        be
        null and void.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Transfer
        of General Partner&#8217;s Interest. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2.1
        Except as set forth in this Article 10.2.1, the General Partner may transfer
        all, but not less than all, of its interest as the general partner to a single
        transferee if, but only if, (i) at least a majority of the Limited Partners
        approve of such transfer and of the admission of such transferee as general
        partner, (ii) the transferee agrees to assume the rights and duties of the
        General Partner and be bound by the provisions of this Agreement and other
        applicable agreements, and (iii) the Partnership receives an Opinion of Counsel
        that such transfer would not result in the loss of limited liability of any
        Limited Partner or of the Partnership or cause the Partnership to be taxable
        as
        a corporation or otherwise taxed as an entity for federal income tax purposes.
        The foregoing notwithstanding, the General Partner is expressly permitted
        to
        pledge its interest as General Partner to secure the obligations of the
        Partnership under a Revolving Credit Facility, as the same may be amended,
        supplemented, replaced, refinanced or restated from time to time, or any
        successor or subsequent loan agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2.2
        Neither Article 10.2.1 nor any other provision of this Agreement shall be
        construed to prevent (and all Partners do hereby consent to) (i) the transfer
        by
        the General Partner of all of its interest as a general partner to an Affiliate
        or (ii) the transfer by the General Partner of all its interest as a general
        partner upon its merger or consolidation with or other combination into any
        other Person or the transfer by it of all or substantially all of its assets
        to
        another Person if, in the case of a transfer described in either clause (i)
        or
        (ii) of this sentence, the rights and duties of the General Partner with
        respect
        to the interest so transferred are assumed by the transferee and the transferee
        agrees to be bound by the provisions of this Agreement; provided, that in
        either
        such case, such transferee furnishes to the Partnership an Opinion of Counsel
        that such merger, consolidation, combination, transfer or assumption will
        not
        result in a loss of limited liability of any Limited Partner or of the
        Partnership or cause the Partnership to be taxable as a corporation or otherwise
        taxed as an entity for federal income tax purpose. In the case of a transfer
        pursuant to this Article 10.2.2, the transferee or successor (as the case
        may
        be) shall be admitted to the Partnership as the General Partner immediately
        prior to the transfer of the interest, and the business of the Partnership
        shall
        continue without dissolution.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Transfer
        of Units. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3.1
        Units may be transferred only in the manner described in Article 9.2. The
        transfer of any Units and the admission of any new Partner shall not constitute
        an amendment to this Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3.2
        Until admitted as a Substituted Limited Partner pursuant to Article 11, the
        Record Holder of a Unit shall be an Assignee in respect of such Unit. Limited
        Partners may include custodians, nominees or any other individual or entity
        in
        its own or any representative capacity.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3.3
        Each distribution in respect of Units shall be paid by the Partnership, directly
        or through the Transfer Agent or through any other Person or agent, only
        to the
        Record Holders thereof as of the Record Date set for the distribution. Such
        payment shall constitute full payment and satisfaction of the Partnership&#8217;s
        liability in respect of such payment, regardless of any claim of any Person
        who
        may have an interest in such payment by reason of an assignment or
        otherwise.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3.4
        A
        transferee who has completed and delivered a Transfer Application provided
        by
        the seller of the Units (or if purchased on an exchange directly from the
        Partnership), shall be deemed to have (i) requested admission as a Substituted
        Limited Partner, (ii) agreed to comply with and be bound by and to have executed
        this Agreement, (iii) represented and warranted that such transferee has
        the
        capacity and authority to enter into this Agreement, (iv) made the powers
        of
        attorney set forth in this Agreement, and (v) given the consents and made
        the
        waivers contained in this Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Restrictions
        on Transfers.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Notwithstanding the other provisions of this Article 10, no transfer of any
        Unit
        or interest therein of any Limited Partner or Assignee shall be made if such
        transfer would (a) violate the then applicable federal or state securities
        laws
        or rules and regulations of the SEC, any state securities commission, the
        CFTC,
        or any other governmental authorities with jurisdiction over such transfer,
        (b)
        cause the Partnership to be taxable as a corporation or (c) affect the
        Partnership&#8217;s existence or qualification as a limited partnership under the Act.
        The General Partner may request each Record Holder to furnish certain
        information, including that holder&#8217;s nationality, citizenship or other related
        status. A transferee who is not a U.S. resident may not be eligible to become
        a
        Record Holder or a Limited Partner if such ownership would subject the
        Partnership to the risk of cancellation or forfeiture of any of its assets
        under
        any federal, state or local law or regulation. If the Record Holder fails
        to
        furnish the information or if the General Partner determines, on the basis
        of
        the information furnished by the holder in response to the request, that
        such
        holder is not qualified to become one of a Limited Partner, the General Partner
        may be substituted as a holder for the Record Holder, who will then be treated
        as a non-citizen assignee, and the Partnership will have the right to redeem
        those securities held by the Record Holder.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Tax
        Certificates. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5.1
        All Limited Partners or Assignees (or, if the Limited Partner or Assignee
        is a
        nominee holding for the account of a Beneficial Owner, the Beneficial Owner)
        are
        required to provide the Partnership with a properly completed Tax
        Certificate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5.2
        If
        a Limited Partner or Assignee (or, if the Limited Partner or Assignee is
        a
        nominee holding for the account of a Beneficial Owner, the Beneficial Owner)
        fails to provide the Partnership with a properly completed Tax Certificate,
        the
        General Partner may request at any time and from time to time, that such
        Limited
        Partner or Assignee (or Beneficial Owner) shall, within 15 days after request
        (whether oral or written) therefore by the General Partner, furnish to the
        Partnership, a properly completed Tax Certificate. If a Limited Partner or
        Assignee fails to furnish to the General Partner within the aforementioned
        15-day period such Tax Certificate, the Units owned by such Limited Partner
        or
        Assignee (or in the case of a Limited Partner or Assignee that holds Units
        on
        behalf of a Beneficial Owner, the Units held on behalf of the Beneficial
        Owner)
        shall be subject to redemption in accordance with the provisions of Article
        10.6.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Redemption
        of Units for Failure to Provide Tax Certificate.</em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6.1
        If
        at any time a Limited Partner or Assignee fails to furnish a properly completed
        Tax Certificate within the 15-day period specified in Article 10.5.2, the
        Partnership may redeem the Units of such Limited Partner or Assignee as
        follows:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
        The
        General Partner shall not later than the tenth (10th) Business Day before
        the
        date fixed for redemption, give notice of redemption to the Limited Partner
        or
        Assignee, at its last address designated on the records of the Partnership
        or
        the Transfer Agent, by registered or certified mail, postage prepaid. The
        notice
        shall be deemed to have been given when so mailed (the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Notice
        Date&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">).
        The
        notice shall specify the Redeemable Units, the date fixed for redemption,
        the
        place of payment, and that payment of the redemption price will be made upon
        surrender of the certification evidencing the Redeemable Units.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        The
        aggregate redemption price for Redeemable Units shall be an amount equal
        to the
        market price as of the Close of Business on the Business Day immediately
        prior
        to the date fixed for redemption of Units to be so redeemed multiplied by
        the
        number of Units included among the Redeemable Units. The redemption price
        shall
        be paid in the sole discretion of the General Partner, in cash or by delivery
        of
        a promissory note of the Partnership in the principal amount of the redemption
        price, bearing interest at the Prime Rate and payable in three equal annual
        installments of principal together with accrued interest commencing one year
        after the redemption date.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
        Upon
        surrender by or on behalf of the Limited Partner or Assignee, at the place
        specified in the notice of redemption, of the certification evidencing the
        Redeemable Units, duly endorsed in blank or accompanied by an assignment
        duly
        executed in blank, the Limited Partner or Assignee or its duly authorized
        representative shall be entitled to receive the payment therefore.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
        In
        the event the Partnership is required to pay withholding tax or otherwise
        withhold any amount on behalf of, or with respect to, a Limited Partner or
        Assignee (or Beneficial Owner) who has failed to provide a properly completed
        Tax Certificate, such amounts paid or withheld by the Partnership shall be
        deemed to have been paid to such Limited Partner or Assignee (or Beneficial
        Owner) as part of the redemption price for the Redeemable Units and the
        Partnership shall reduce the amount of the payment made to such Limited Partner
        or Assignee (or Beneficial owner) in redemption of such Redeemable Units
        by any
        amounts so withheld.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6.2
        After the Notice Date, Redeemable Units shall no longer constitute issued
        and
        Outstanding Units and no allocations or distributions shall be made with
        respect
        to such Redeemable Units. In addition, after the Notice Date, the Redeemable
        Units shall not be transferable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6.3
        The provisions of this Article 10.6 shall also be applicable to Units held
        by a
        Limited Partner or Assignee as nominee of a Beneficial Owner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        11</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Admission
        of Partners</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Admission
        of Initial Limited Partners and Other Creation Basket
        Purchases.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Subject
        to the requirements of this Article11, upon the issuance by the Partnership
        of
        Units to the Initial Limited Partner and any other purchasers of a Creation
        Basket, the General Partner shall admit the Initial Limited Partner and such
        other purchasers of the Creation Basket to the Partnership as Limited Partners
        in respect of the Units purchased.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Admission
        of Substituted Limited Partners.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        By
        transfer of a Unit in accordance with Article 10, the transferor shall be
        deemed
        to have given the transferee the right to seek admission as a Substituted
        Limited Partner subject to the conditions of, and in the manner permitted
        under,
        this Agreement. A transferor of a Certificate shall, however, only have the
        authority to convey to a purchaser or other transferee who does not execute
        and
        deliver a Transfer Application (i) the right to negotiate such Certificate
        to a
        purchaser or other transferee and (ii) the right to transfer the right to
        request admission as a Substituted Limited Partner to such purchaser or other
        transferee in respect of the transferred Units. Each transferee of a Unit
        (including, without limitation, any nominee holder or an agent acquiring
        such
        Unit for the account of another Person) who executes and delivers a Transfer
        Application shall, by virtue of such execution and delivery, be an Assignee
        and
        be deemed to have applied to become a Substituted Limited Partner with respect
        to the Units so transferred to such Person. Such Assignee shall become a
        Substituted Limited Partner (i) at such time as the General Partner consents
        thereto, which consent may be given or withheld in the General Partner&#8217;s sole
        discretion, and (ii) when any such admission is shown on the books and records
        of the Partnership, following the consent of the General Partner to such
        admission. If such consent is withheld, such transferee shall be an Assignee.
        An
        Assignee shall have an interest in the Partnership equivalent to that of
        a
        Limited Partner with respect to allocations and distributions, including,
        without limitation, liquidating distributions, of the Partnership. With respect
        to voting rights attributable to Units that are held by Assignees, the General
        Partner shall be deemed to be the Limited Partner with respect thereto and
        shall, in exercising the voting rights in respect of such Units on any matter,
        vote such Units at the written direction of the Assignee who is the Record
        Holder of such Units. If no such written direction is received, such Units
        will
        not be voted. An Assignee shall have none of the other rights of a Limited
        Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Admission
        of Successor General Partner.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        A
        successor General Partner approved pursuant to this Article 11.3 or the
        transferee of or successor to all of the General Partner&#8217;s interest pursuant to
        Article 10.2 who is proposed to be admitted as a successor General Partner
        shall
        be admitted to the Partnership as the General Partner, effective immediately
        prior to the withdrawal or removal of the General Partner pursuant to Article
        12
        or the transfer of the General Partner&#8217;s interest pursuant to Article 10.2;
        provided, however, that no such successor shall be admitted to the Partnership
        until compliance with the terms of Article 10.2 has occurred. Any such successor
        shall carry on the business of the Partnership without dissolution. In each
        case, the admission shall be subject to the successor General Partner executing
        and delivering to the Partnership an acceptance of all of the terms and
        conditions of this Agreement and such other documents or instruments as may
        be
        requited to effect the admission.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Admission
        of Additional Limited Partners. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.4.1
        A
        Person (other than the General Partner, an Initial Limited Partner or a
        Substituted Limited Partner) who makes a Capital Contribution to the Partnership
        in accordance with this Agreement shall be admitted to the Partnership as
        an
        Additional Limited Partner only upon furnishing to the General Partner (i)
        evidence of acceptance in form satisfactory to the General Partner of all
        of the
        terms and conditions of this Agreement, including, without limitation, the
        power
        of attorney granted in this Agreement, and (ii) such other documents or
        instruments as may be required in the discretion of the General Partner to
        effect such Person&#8217;s admission as an Additional Limited Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.4.2
        Notwithstanding anything to the contrary in this Article 11.4, no Person
        shall
        be admitted as an Additional Limited Partner without the consent of the General
        Partner, which consent may be given or withheld in the General Partner&#8217;s sole
        discretion. The admission of any Person as an Additional Limited Partner
        shall
        become effective on the date upon which the name of such Person is recorded
        on
        the books and records of the Partnership, following the consent of the General
        Partner to such admission.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">11.5
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Amendment
        of Agreement and Certificate of Limited Partnership.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        To
        effect the admission to the Partnership of any Partner, the General Partner
        shall take all steps necessary and appropriate under the Act to amend the
        records of the Partnership and if necessary, to prepare as soon as practical
        an
        amendment of this Agreement and if required by law, to prepare and file an
        amendment to the Certificate of Limited Partnership and may for this purpose,
        among others, exercise the power of attorney granted pursuant to Article
        15.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        12</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Withdrawal
        or Removal of Partners</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Withdrawal
        of the General Partner. </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.1.1
        The General Partner shall be deemed to have withdrawn from the Partnership
        upon
        the occurrence of any one of the following events (each such event herein
        referred to as an </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Event
        of Withdrawal&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9.45pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        General Partner voluntarily withdraws from the Partnership by giving written
        notice to the other Partners;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9.45pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        General Partner transfers all of its rights as general partner pursuant to
        this
        Agreement;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9.45pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        General Partner is removed; </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9.45pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
        General Partner (1) makes a general assignment for the benefit of creditors;
        (2)
        files a voluntary bankruptcy petition; (3) files a petition or answer seeking
        for itself a reorganization, arrangement, composition, readjustment liquidation,
        dissolution or similar relief under any law; (4) files an answer or other
        pleading admitting or failing to contest the material allegations of a petition
        filed against the General Partner in a proceeding of the type described in
        clauses (1) &#8212; (3) of this sentence; or (5) seeks, consents to or acquiesces in
        the appointment of a trustee, receiver or liquidator of the General Partner
        or
        of all or any substantial part of its properties;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9.45pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
        final
        and non-appealable judgment is entered by a court with appropriate jurisdiction
        ruling that the General Partner is bankrupt or insolvent or a final and
        non-appealable order for relief is entered by a court with appropriate
        jurisdiction against the General Partner, in each case under any federal
        or
        state bankruptcy or insolvency laws as now or hereafter in effect;
        or</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(f)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9.45pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
        certificate of dissolution or its equivalent is filed for the General Partner,
        or 90 days expire after the date of notice to the General Partner of revocation
        of its charter without a reinstatement of its charter, under the laws of
        its
        state of incorporation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        an
        Event of Withdrawal specified in this Article 12.1.1(d), (e) or (f) occurs,
        the
        withdrawing General Partner shall give written notice to the Limited Partners
        within 30 days after such occurrence. The Partners hereby agree that only
        the
        Events of Withdrawal described in this Article 12.1 shall result in the
        withdrawal of the General Partner from the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.1.2
        Withdrawal of the General Partner from the Partnership upon the occurrence
        of an
        Event of Withdrawal will not constitute a breach of this Agreement under
        the
        following circumstances, (i) the General Partner voluntarily withdraws by
        giving
        at least 90 days&#8217; advance notice to the Limited Partners, such withdrawal to
        take effect on the date specified in such notice; or (ii) at any time that
        the
        General Partner ceases to be a General Partner pursuant to Article 12.1.1(b)
        or
        is removed pursuant to Article 12.2. If the General Partner gives a notice
        of
        withdrawal pursuant to Article 12.1.1(a), holders of at least a majority
        of such
        Outstanding Units (excluding for purposes of such determination any Units
        owned
        by the General Partner and its Affiliates) may, prior to the effective date
        of
        such withdrawal, elect a successor General Partner. If, prior to the effective
        date of the General Partner&#8217;s withdrawal, a successor is not selected by the
        Unitholders as provided herein, the Partnership shall be dissolved in accordance
        with Article 13. If a successor General Partner is elected, such successor
        shall
        be admitted immediately prior to the effective time of the withdrawal or
        removal
        of the Departing Partner and shall continue the business of the Partnership
        without dissolution.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Removal
        of the General Partner.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner may be removed only if such removal is approved by the
        Unitholders holding at least 66 2/3% of the Outstanding Units (excluding
        for
        this purpose any Units held by the General Partner and its Affiliates). Any
        such
        action by such holders for removal of the General Partner must also provide
        for
        the election of a successor General Partner by the Unitholders holding a
        majority of the Outstanding Units (excluding for this purpose any Units held
        by
        the General Partner and its Affiliates). Such removal shall be effective
        immediately following the admission of a successor General Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Withdrawal
        of a Limited Partner other than the Organizational Limited
        Partner.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        In
        addition to withdrawal of a Limited Partner due to its redemption of Units
        constituting a Redemption Basket under this Agreement, the General Partner
        may,
        at any time, in its sole discretion, require any Limited Partner to withdraw
        entirely from the Partnership or to withdraw a portion of its Partner Capital
        Account, by giving not less than 15 days&#8217; advance written notice to the Limited
        Partner thus designated. In addition, the General Partner without notice
        may
        require at any time, or retroactively, withdrawal of all or any portion of
        its
        Capital Account of any Limited Partner: (i) that made a misrepresentation
        to the
        General Partner in connection with its purchase of Units; or (ii) whose
        ownership of Units would result in the violation of any law or regulations
        applicable to the Partnership or a Partner. The Limited Partner thus designated
        shall withdraw from the Partnership or withdraw that portion of his Partner
        capital account specified in such notice, as the case may be, as of the Close
        of
        Business on such date as determined by the General Partner. The Limited Partner
        thus designated shall be deemed to have withdrawn from the Partnership or
        to
        have made a partial withdrawal from its Partner Capital Account, as the case
        may
        be, without further action on the part of said Limited Partner and the
        provisions of Article 17.6 shall apply.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        13</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Termination
        and Distribution</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Termination.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        Partnership shall continue in effect from the date of its formation in
        perpetuity, unless sooner terminated upon the occurrence of any one or more
        of
        the following events:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
        The
        death, adjudication of incompetence, bankruptcy, dissolution, withdrawal,
        or
        removal of a General Partner who is the sole remaining General Partner, unless
        a
        majority in interest of the Limited Partners within 90 days after such event
        elects to continue the Partnership and appoints a successor General Partner;
        or</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        The
        affirmative vote of a majority in interest of the Limited Partners; provided,
        however, that any such termination shall be subject to the conditions set
        forth
        in this Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Assumption
        of Agreements.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        No vote
        by the Limited Partners to terminate the Partnership pursuant to paragraph
        Section 13.1(b) shall be effective unless, prior to or concurrently with
        such
        vote, there shall have been established procedures for the assumption of
        the
        Partnership&#8217;s obligations arising under any agreement to which the Partnership
        is a party and which is still in force immediately prior to such vote regarding
        termination, and there shall have been an irrevocable appointment of an agent
        who shall be empowered to give and receive notices, reports and payments
        under
        such agreements, and hold and exercise such other powers as are necessary
        to
        permit all other parties to such agreements to deal with such agent as if
        the
        agent were the sole owner of the Partnership&#8217;s interest, which procedures are
        agreed to in writing by each of the other parties to such
        agreements.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Distribution
        </em></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.3.1
        Upon termination of the Partnership, the affairs of the Partnership shall
        be
        wound up and all of its debts and liabilities discharged or otherwise provided
        for in the order of priority as provided by law. The fair market value of
        the
        remaining assets of the Partnership shall then be determined by the General
        Partner. Thereupon, the assets of the Partnership shall be distributed to
        the
        Partners pro rata in accordance with their Units. Each Partner shall receive
        its
        share of the assets in cash or in kind, and the proportion of such share
        that is
        received in cash may vary from Partner to Partner, all as the General Partner
        in
        its sole discretion may decide. If such distributions are insufficient to
        return
        to any Partner the full amount of its Capital Contributions, such Partner
        shall
        have no recourse against any other Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13.3.2
        The winding up of the affairs of the Partnership and the distribution of
        its
        assets shall be conducted exclusively by the General Partner or its successor,
        which is hereby authorized to do all acts authorized by law for these purposes.
        Without limiting the generality of the foregoing, the General Partner, in
        carrying out such winding up and distribution, shall have full power and
        authority to sell all or any of the Partnership&#8217;s assets or to distribute the
        same in kind to the Partners.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        14</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Meetings</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Meeting
        of Limited Partners.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Upon the
        written request of 20% or more in interest of the Limited Partners, the General
        Partner may, but is not required to, call a meeting of the Limited Partners.
        Notice of such meeting shall be given within 30 days after, and the meeting
        shall be held within 60 days after, receipt of such request. The General
        Partner
        may also call a meeting not less than 20 and not more than 60 days prior
        to the
        meeting. Any such notice shall state briefly the purpose of the meeting,
        which
        shall be held at a reasonable time and place.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        15</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Power
        of
        Attorney</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Appointment.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Each
        Limited Partner and each Assignee hereby constitutes and appoints each of
        the
        General Partner and, if a liquidator shall have been selected, the liquidator
        severally (and any successor to either thereof by merger, transfer, assignment,
        election or otherwise) and each of their respective authorized officers and
        attorneys-in-fact with full power of substitution, as its true and lawful
        agent
        and attorney-in-fact with full power and authority in its name, place and
        stead
        to:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
        execute, swear to, acknowledge, deliver, file and record in the appropriate
        public offices (i) all certificates, documents and other instruments (including,
        without limitation, this Agreement and the Certificate of Limited Partnership
        and all amendments or restatements thereof) that the General Partner or the
        liquidator deems necessary or appropriate to form, qualify or continue the
        existence or qualification of the Partnership as a limited partnership (or
        a
        partnership in which the limited partners have limited liability) in the
        State
        of Delaware and in all other jurisdictions in which the Partnership may conduct
        business or own property, (ii) all certificates, documents and other instruments
        that the General Partner or the liquidator deems necessary or appropriate
        to
        reflect, in accordance with its terms, any amendment, change, modification
        or
        restatement of this Agreement, (iii) all certificates, documents and other
        instruments (including, without limitation, conveyances and a certificate
        of
        cancellation) that the General Partner or the liquidator deems necessary
        or
        appropriate to reflect the dissolution and liquidation of the Partnership
        pursuant to the terms of this Agreement, (iv) all certificates, documents
        and
        other instruments relating to the admission, withdrawal, removal or substitution
        of any Partner or the Capital Contribution of any Partner, (v) all certificates,
        documents and other instruments relating to the determination of the rights,
        preferences and privileges of any Units issued, and (vi) all certificates
        documents and other instruments (including, without limitation, agreements
        and a
        certificate of merger) relating to a merger or consolidation of the
        Partnership;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
        execute, swear to, acknowledge, deliver, file and record all ballots, consents,
        approval waivers, certificates and other instruments necessary or appropriate,
        in the sole discretion of the General Partner or the liquidator, to make,
        evidence, give, confirm or ratify any vote, consent, approval, agreement
        or
        other action that is made or given by the Partners hereunder or is consistent
        with the terms of this Agreement or is necessary or appropriate, in the sole
        discretion of the General Partner or the liquidator, to effectuate the terms
        or
        intent of this Agreement, provided, that when required by this Agreement
        that
        establishes a percentage of the Limited Partners or of the Limited Partners
        of
        any class or series required to take any action, the General Partner or the
        liquidator may exercise the power of attorney made in this Article 15 only
        after
        the necessary vote, consent or approval of the Limited Partners or of the
        Limited Partners of such class or series;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Survival.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        foregoing power of attorney is hereby declared to be irrevocable and a power
        coupled with an interest and it shall survive and not be affected by the
        subsequent death, incompetence, disability, incapacity, dissolution, bankruptcy
        or termination of any Limited Partner or Assignee and the transfer of all
        or any
        portion of such Limited Partner&#8217;s or Assignee&#8217;s Partnership interest and shall
        extend to such Limited Partners or Assignee&#8217;s heirs, successors, assigns and
        personal representatives. Each such Limited Partner or Assignee hereby agrees
        to
        be bound by any representation made by the General Partner or the liquidator
        acting in good faith pursuant to such power of attorney; and each such Limited
        Partner or Assignee hereby waives any and all defenses that may be available
        to
        contest, negate or disaffirm the action of the General Partner or the liquidator
        taken in good faith under such power of attorney. Each Limited Partner or
        Assignee shall execute and deliver to the General Partner or the liquidator,
        within 15 days after receipt of the General Partner&#8217;s or the liquidator&#8217;s
        request therefor, such further designations, powers of attorney and other
        instruments as the General Partner or the liquidator deems necessary to
        effectuate this Agreement and the purposes of the Partnership.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        16</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Creation
        of Units</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>General.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        Partnership will create and redeem Units from time to time, but only in one
        or
        more Creation Baskets or Redemption Baskets (a block of 100,000 Units shall
        be
        referred to as a </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Basket&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">).
        The
        creation and redemption of Baskets will only be made in exchange for delivery
        to
        the Partnership or the distribution by the Partnership of the amount of United
        States government securities with maturities of 2 years or less </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(&#8220;Treasuries&#8221;)</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        and any
        cash represented by the Baskets being created or redeemed, the amount of
        which
        will be based on the combined NAV of the number of Units included in the
        Baskets
        being created or redeemed determined on the day the order to create or redeem
        Baskets is properly received.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Creation
        Procedures.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        On any
        Business Day, a Participant, may place an order with the Partnership&#8217;s marketing
        agent to create one or more Baskets. Purchase orders must be placed by 12:00
        PM
        New York time or the close of regular trading on the American Stock Exchange,
        whichever is earlier; except in the case of the Initial Limited Partner&#8217;s
        initial order to purchase one or more Creation Baskets on the first day the
        Baskets are to be offered and sold, when such orders shall be placed by 9:00
        AM
        New York time on the day agreed to by the General Partner and the Initial
        Limited Partner. The day on which the marketing agent receives a valid purchase
        order is the purchase order date. By placing a purchase order, the Participant
        agrees to deposit Treasuries with the Partnership, or a combination of
        Treasuries and cash. Prior to the delivery of Baskets for a purchase order,
        the
        Participant must also have wired to the custodian the non-refundable creation
        transaction fee described in this Article 16.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Determination
        of Required Deposits.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        total deposit required to create each Basket </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(&#8220;Creation
        Basket Deposit&#8221;)</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        is an
        amount of Treasuries and cash with a value that is in the same proportion
        to the
        total assets of the Partnership (net of estimated accrued but unpaid fees,
        expenses and other liabilities) on the date the order to purchase is properly
        received as the number of Units to be created under the purchase order is
        in
        proportion to the total number of Units outstanding on the date the order
        is
        received. The General Partner determines, in its sole discretion or in
        consultation with the Administrator, the requirements for Treasuries that
        may be
        included in deposits to create Baskets and publishes, or its agent publishes
        on
        its behalf, such requirements at the beginning of each Business Day. The
        amount
        of cash deposit required is the difference between (i) the aggregate market
        value of the Treasuries included in a Creation Basket Deposit as of 4:00
        PM on
        the date the order to purchase properly was made and (ii) the total required
        deposit.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Delivery
        of Required Deposits.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        A
        Participant who places a purchase order is responsible for transferring the
        Partnership&#8217;s account with the custodian the required amount of Treasuries and
        cash by the end of the third Business Day following the purchase order date.
        Upon receipt of the deposit amount, the Administrator will direct DTC to
        credit
        the number of Baskets ordered to the Participant&#8217;s DTC account on the third
        Business Day following the purchase order date. The expense and risk of delivery
        and ownership of Treasuries until such Treasuries have been received by the
        custodian on behalf of the Partnership shall be borne solely by the
        Participant.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.5
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Rejection
        of Purchase Orders.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner, or its marketing agent on its behalf, may reject a purchase
        order or a Creation Basket Deposit if: (1) it determines that the purchase
        order
        or the Creation Basket Deposit is not in proper form; (2) the General Partner
        believes that the purchase order or the Creation Basket Deposit would have
        adverse tax consequences to the Partnership or Limited Partners; (3) the
        acceptance or receipt of the Creation Basket Deposit would, in the opinion
        of
        counsel to the General Partner, be unlawful; or (4) circumstances outside
        the
        control of the General Partner, marketing agent or custodian make it, for
        all
        practical purposes, not feasible to process creations of Baskets. None of
        the
        General Partner, marketing agent or custodian will be liable for the rejection
        of any purchase order or Creation Basket Deposit.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">16.6
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Creation
        Transaction Fee.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        To
        compensate the Partnership for its expenses in connection with the creation
        of
        Baskets, a Participant is required to pay a transaction fee to the Partnership
        of $1,000 per order to create Baskets. An order may include multiple Baskets.
        The transaction fee may be reduced, increased or otherwise changed by the
        General Partner. The General Partner shall notify DTC in advance of any change
        in the transaction fee and will not implement any increase in the fee for
        the
        creation of Baskets until 30 days after the date of the notice.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        17</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Redemption
        of Units</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>General.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        procedures by which a Participant can redeem one or more Baskets mirror the
        procedures for the creation of Baskets. On any Business Day, a Participant
        may
        place an order with the marketing agent to redeem one or more Baskets.
        Redemption orders must be placed by 12:00 PM New York time or the close of
        regular trading on the American Stock Exchange, whichever is earlier. A
        redemption order so received is effective on the date it is received in
        satisfactory form by the marketing agent. The day on which the marketing
        agent
        receives a valid redemption order is the redemption order date. By placing
        a
        redemption order, a Participant agrees to deliver the Baskets to be redeemed
        through DTC&#8217;s book-entry system to the Partnership not later than 3:00 PM New
        York time on the third Business Day following the effective date of the
        redemption order. Prior to the delivery of the redemption distribution for
        a
        redemption order, the Participant must also have wired to the Partnership&#8217;s
        account with the custodian the non-refundable redemption transaction fee
        described in this Article 17.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Determination
        of Redemption Distribution.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        redemption distribution from the Partnership consists of a transfer to the
        redeeming Participant of an amount of Treasuries and/or cash with a value
        that
        is in the same proportion to the total assets of the Partnership (net of
        estimated accrued but unpaid fees, expenses and other liabilities) on the
        date
        the order to redeem is properly received as the number of Units to be redeemed
        under the redemption order is in proportion to the total number of Units
        outstanding on the date the order to redeem is received. The General Partner,
        directly or through its agent, will determine the requirements for Treasuries
        and the amount of cash, including the maximum permitted remaining maturity
        of a
        Treasury, and the proportions of Treasuries and cash, that may be included
        in
        distributions to redeem Baskets. The marketing agent will publish such
        requirements as of 4:00 PM New York time on the redemption order
        date.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Delivery
        of Redemption Distribution.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        redemption distribution due from the Partnership is delivered to the Participant
        by 3:00 PM New York time on the third Business Day following the redemption
        order date if, by 3:00 PM New York time on such third Business Day, the
        Partnership&#8217; s DTC account has been credited with the Baskets to be redeemed. If
        the Partnership&#8217;s DTC account has not been credited with all of the Baskets to
        be redeemed by such time, the redemption distribution is delivered to the
        extent
        of whole Baskets received. Any remainder of the redemption distribution is
        delivered on the next Business Day to the extent of remaining whole Baskets
        received if the Partnership (1) receives the fee applicable to the extension
        of
        the redemption distribution date which the General Partner may, from time
        to
        time, determine and (2) the remaining Baskets to be redeemed are credited
        to the
        Partnership&#8217;s DTC account by 3:00 PM New York time on such next Business Day.
        Any further remaining amount of the redemption order shall be cancelled and
        the
        Participant will indemnify the Partnership for any losses, if any, due to
        such
        cancellation, including but not limited to the difference in the price of
        investments sold as a result of the redemption order and investments made
        to
        reflect that such order has been cancelled. The custodian is also authorized
        to
        deliver the redemption distribution notwithstanding that the Baskets to be
        redeemed are not credited to the Partnership&#8217;s DTC account by 3:00 PM New York
        time on the third Business Day following the redemption order date if the
        Participant has collateralized its obligation to deliver the Baskets through
        DTC&#8217;s book entry system on such terms as the General Partner may from time to
        time determine.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Suspension
        or Rejection of Redemption orders.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner may, in its discretion, suspend the right of redemption,
        or
        postpone the redemption settlement date, (1) for any period during which
        any of
        the New York Mercantile Exchange, the American Stock Exchange or the New
        York
        Stock Exchange is closed other than customary weekend or holiday closings,
        or
        trading on the American Stock Exchange is suspended or restricted, (2) for
        any
        period during which an emergency exists as a result of which delivery, disposal
        or evaluation of Treasuries is not reasonably practicable, or (3) for such
        other
        period as the General Partner determines to be necessary for the protection
        of
        the Limited Partners. None of the General Partner, the marketing agent or
        the
        custodian will be liable to any person or in any way for any loss or damages
        that may result from any such suspension or postponement. The General Partner
        will reject a redemption order if the order is not in proper form or if the
        fulfillment of the order, in the opinion of its counsel, might be
        unlawful.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17.5
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Redemption
        Transaction Fee.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        To
        compensate the Partnership for its expenses in connection with the redemption
        of
        Baskets, a Participant is required to pay a transaction fee to the Partnership
        of $1,000 per order to redeem Baskets. An order may include multiple Baskets.
        The transaction fee may be reduced, increased or otherwise changed by the
        General Partner. The General Partner shall notify DTC in advance of any change
        in the transaction fee and will not implement any increase in the fee for
        the
        redemption of Baskets until 30 days after the date of the notice.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">17.6
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Required
        Redemption.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner may, at any time, in its sole discretion, require any Limited
        Partner to withdraw entirely from the Partnership or to withdraw a portion
        of
        its Partner Capital Account, by giving not less than 15 days&#8217; advance written
        notice to the Limited Partner thus designated. In addition, the General Partner
        without notice may require at any time, or retroactively, withdrawal of all
        or
        any portion of the Capital Account of any Limited Partner: (i) that the General
        Partner determines is a benefit plan investor (within the meaning of the
        Department of Labor Regulation (s) 2510.3-101(f)(2)) in order for the assets
        of
        the Partnership not to be treated as plan assets under ERISA; (ii) that made
        a
        misrepresentation to the General Partner in connection with its purchase
        of
        Units; or (iii) whose ownership of Units would result in the violation of
        any
        law or regulations applicable to the Partnership or a Partner. The Limited
        Partner thus designated shall withdraw from the Partnership or withdraw that
        portion of its Partner Capital Account specified in such notice, as the case
        may
        be, as of the Close of Business on such date as determined by the General
        Partner. The Limited Partner thus designated shall be deemed to have withdrawn
        from the Partnership or to have made a partial withdrawal from its Partner
        Capital Account, as the case may be, without further action on the part of
        said
        Limited Partner.</font></div><br>
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      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ARTICLE
        18</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Miscellaneous</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.1
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Notices.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Any
        notice, offer, consent or other communication required or permitted to be
        given
        or made hereunder shall be in writing and shall be deemed to have been
        sufficiently given or made when delivered personally to the party (or an
        officer
        of the party) to whom the same is directed, or (except in the event of a
        mail
        strike) 5 Business Days after being mailed by first-class mail, postage prepaid,
        if to the Partnership or to a General Partner, or if to a Limited Partner,
        to
        the address set forth on Exhibit C hereof. Any Partner may change its address
        for the purpose of this Article by giving notice of such change to the
        Partnership, such change to become effective on the tenth Business Day after
        such notice is given.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.2
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Waiver
        of Partition.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Each
        Partner hereby irrevocably waives during the term of the Partnership any
        right
        that it may have to maintain any action for partition with respect to any
        Partnership property.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.3
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Governing
        Law, Successors, Severability.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        This
        Agreement shall be governed by the laws of the State of Delaware, as such
        laws
        are applied by Delaware courts to agreements entered into and to be performed
        in
        Delaware by and between residents of Delaware and shall, subject to the
        restrictions on transferability set forth herein, bind and inure to the benefit
        of the heirs, executors, personal representatives successors and assigns
        of the
        parties hereto. If any provision of this Agreement shall be held to be invalid,
        the remainder of this Agreement shall not be affected thereby.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.4
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Consent
        to Jurisdiction.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        General Partner and the Limited Partners hereby (i) irrevocably submit to
        the
        non-exclusive jurisdiction of any Delaware state court or federal court sitting
        in Wilmington, Delaware in any action arising out of or relating to this
        Agreement, and (ii) consent to the service of process by mail. Nothing herein
        shall affect the right of any party to serve legal process in any manner
        permitted by law or affect its right to bring any action in any other court.
        Each party agrees that, in the event that any dispute arising from or relating
        to this Agreement becomes subject to any judicial proceeding, such party,
        to the
        fullest extent permitted by applicable law, waives any right it may otherwise
        have to (a) seek punitive or consequential damages, or (b) request a trial
        by
        jury.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.5
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Entire
        Agreement.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        This
        Agreement constitutes the entire agreement among the parties; it supercedes
        any
        prior agreement or understanding among them, oral or written, all of which
        are
        hereby canceled. This Agreement may not be modified or amended other than
        pursuant to Article 3 and 15.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.6
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Headings.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        headings in this Agreement are inserted for convenience of reference only
        and
        shall not affect interpretation of this Agreement. Wherever from the context
        it
        appears appropriate, each term stated in either the singular or the plural
        shall
        include the singular and the plural and pronouns stated in either the masculine
        or the neuter gender shall include the masculine, the feminine and the
        neuter.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.7
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>No
        Waiver.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        The
        failure of any Partner to seek redress for violation, or to insist on strict
        performance, of any covenant or condition of this Agreement shall not prevent
        a
        subsequent act which would have constituted a violation from having the effect
        of an original violation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.8
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Legends.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        If
        certificates for any interest or interests are issued evidencing a Limited
        Partner&#8217;s interest in the Partnerships, each such certificate shall bear such
        legends as may be required by applicable Federal and state laws, or as may
        be
        deemed necessary or appropriate by the General Partner to reflect restrictions
        upon transfer contemplated herein.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.9
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Counterparts.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which shall constitute one and the same
        instrument.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18.10
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Relationship
        between the Agreement and the Act.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Regardless of whether any provisions of this Agreement specifically refer
        to
        particular Default Rules, (a) if any provision of this Agreement conflicts
        with
        a Default Rule, the provision of this Agreement controls and the Default
        Rule is
        modified or negated accordingly, and (b) if it is necessary to construe a
        Default Rule as modified or negated in order to effectuate any provision
        of this
        Agreement, the Default Rule is modified or negated accordingly. For purposes
        of
        this Article 18.10, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Default
        Rule&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        shall
        mean a rule stated in the Act that applies except to the extent it is negated
        or
        modified through the provisions of the Partnership&#8217;s certificate of limited
        partnership or this Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
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        </div>
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      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement on the date
        first appearing above.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>General
        Partner</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Victoria
        Bay Asset Management, LLC</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
        _____________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Initial
        Limited Partner</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KV
        Execution Services, LLC</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
        _____________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:</font></div><br>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
        A</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="79%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Assets</strong></font></div>
              </td>
              <td align="left" valign="top" width="13%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Management
                  Fee</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 23.55pt">&#160;</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="79%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                  $1,000,000,000</font></div>
              </td>
              <td align="left" valign="bottom" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.50%
                  of NAV</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="79%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 5.05pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">After
                  the first $1,000,000,000</font></div>
              </td>
              <td align="left" valign="bottom" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.20%
                  of NAV</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fees
        and
        Expenses are calculated on a daily basis and paid on a monthly basis (accrued
        at
        1/365 of applicable percentage of the NAV on that day).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
        B</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
        OF GLOBAL CERTIFICATE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Evidencing
        Units Representing Limited Partner Interests</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>in
        United States Oil Fund, LP</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION (&#8220;DTC&#8221;), TO THE FUND OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
        AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE &amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        is
        to certify that Cede &amp; Co. is the owner and registered holder of this
        Certificate evidencing the ownership of issued and outstanding Limited Partner
        Units </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(&#8220;Units&#8221;)</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        each of
        which represents a fractional undivided unit of a beneficial interest in
        United
        States Oil Fund (the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Fund&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">),
        a
        Delaware limited partnership. Capitalized terms used not defined herein have
        the
        meaning given to such terms in the Third Amended and Restated Limited
        Partnership Agreement, as amended, supplemental or restated to the date hereof
        (the</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Limited
        Partnership Agreement&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
        any
        given time, this Certificate shall represent the limited units of beneficial
        interest in the Fund purchased by a particular authorized Participant on
        the
        date of this Certificate. The Limited Partnership Agreement of the Fund provides
        for the deposit of cash with the Fund from time to time and the issuance
        by the
        Fund of additional Creation Baskets representing the undivided units of
        beneficial interest in the assets of the Fund. At the request of the registered
        holder, this Certificate may be exchanged for one or more Certificates issued
        to
        the registered holder in such denominations as the registered holder may
        request; provided, however, that in the aggregate, the Certificates issued
        to
        the registered holder hereof shall represent all Units outstanding at any
        given
        time.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
        authorized Participant hereby grants and conveys all of its rights, title
        and
        interest in and to the Fund to the extent of the undivided interest represented
        hereby to the registered holder of this Certificate subject to and in pursuance
        of the Limited Partnership Agreement, all the terms, conditions and covenants
        of
        which are incorporated herein as if fully set forth at length.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        registered holder of this Certificate is entitled at any time upon tender
        of
        this Certificate to the Fund, endorsed in blank or accompanied by all necessary
        instruments of assignment and transfer in proper form, at its principal office
        in the State of California and, upon payment of any tax or other governmental
        charges, to receive at the time and in the manner provided in the Limited
        Partnership Agreement, such holder&#8217;s ratable portion of the assets of the Fund
        for each Redemption Basket tendered and evidenced by this
        Certificate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        holder of this Certificate, by virtue of the purchase and acceptance hereof,
        assents to and shall be bound by the terms of the Limited Partnership Agreement,
        copies of which are on file and available for inspection at reasonable times
        during business hours at the principal business office of the General
        Partner.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Fund
        may deem and treat the person in whose name this Certificate is registered
        upon
        the books of the Fund as the owner hereof for all purposes and the Fund shall
        not be affected by any notice to the contrary.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Limited Partnership Agreement and this Certificate are executed and delivered
        by
        Victoria Bay Asset Management, LLC as General Partner of the Fund, in the
        exercise of the powers and authority conferred and vested in it by the Limited
        Partnership Agreement. The representations, undertakings and agreements made
        on
        the part of the Fund in the Limited Partnership Agreement or this Certificate
        are made and intended not as personal representations, undertakings and
        agreements by the General Partner, other than acting in its capacity as such,
        but are made and intended for the purpose of binding only the Fund. Nothing
        in
        the Limited Partnership Agreement or this Certificate shall be construed
        as
        imposing any liability on the General Partner, individually or personally,
        to
        fulfill any representation, undertaking or agreement other than as provided
        in
        the Limited Partnership Agreement or this Certificate.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
        HOLDER OF THIS SECURITY ACKNOWLEDGES FOR THE BENEFIT OF UNITED STATES OIL
        FUND,
        LP THAT THIS SECURITY MAY NOT BE SOLD, OFFERED, RESOLD, PLEDGED OR OTHERWISE
        TRANSFERRED IF SUCH TRANSFER WOULD (a) VIOLATE THE THEN APPLICABLE FEDERAL
        OR
        STATE SECURITIES LAWS OR RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE
        COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL AUTHORITY
        WITH JURISDICTION OVER SUCH TRANSFER, (b) TERMINATE THE EXISTENCE OR
        QUALIFICATION OF UNITED STATES OIL FUND, LP UNDER THE LAWS OF THE STATE OF
        DELAWARE, OR (c) CAUSE UNITED STATES OIL FUND, LP TO BE TREATED AS AN
        ASSOCIATION TAXABLE AS A CORPORATION OR OTHERWISE TO BE TAXED AS AN ENTITY
        FOR
        FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED).
        VICTORIA BAY ASSET MANAGEMENT, LLC, THE GENERAL PARTNER OF UNITED STATES
        OIL
        FUND, LP, MAY IMPOSE ADDITIONAL RESTRICTIONS ON THE TRANSFER OF THIS SECURITY
        IF
        IT RECEIVES AN OPINION OF COUNSEL THAT SUCH RESTRICTIONS ARE NECESSARY TO
        AVOID
        A SIGNIFICANT RISK OF UNITED STATES OIL FUND, LP BECOMING TAXABLE AS A
        CORPORATION OR OTHERWISE BECOMING TAXABLE AS AN ENTITY FOR FEDERAL INCOME
        TAX
        PURPOSES. THE RESTRICTIONS SET FORTH ABOVE SHALL NOT PRECLUDE THE SETTLEMENT
        OF
        ANY TRANSACTIONS INVOLVING THIS SECURITY ENTERED INTO THROUGH THE FACILITIES
        OF
        ANY NATIONAL SECURITIES EXCHANGE ON WHICH THIS SECURITY IS LISTED OR ADMITTED
        TO
        TRADING.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        Certificate shall not become valid or binding for any purpose until properly
        executed by the General Partner. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IN
        WITNESS WHEREOF, the General Partner of the Fund has caused this Certificate
        to
        be executed in its name by the manual or facsimile signature of one of its
        Authorized Persons.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Victoria
        Bay Asset Management, LLC,</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
        General Partner</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:
        ____________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 252pt"></font><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
        C</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ADDRESSES
        FOR NOTICE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Victoria
        Bay Asset Management, LLC</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1320
        Harbor Bay Parkway, Suite 145</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alameda,
        California 9450</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">with
        a
        copy to:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Brown
        Brothers Harriman &amp; Co.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40
        Water
        Street</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Boston,
        MA 02109</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Attention:
        Manager, Fund Administration Department</font></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
        D</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>APPLICATION
        FOR TRANSFER OF UNITS</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transferees
        of Units must execute and deliver this application to </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>United
        States Oil Fund, LP, c/o Victoria Bay Asset Management, LLC, 1320 Harbor
        Bay
        Parkway, Suite 145, Alameda, California 94502, </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">to
        be
        admitted as limited partners to United States Oil Fund, LP.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        undersigned (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Assignee&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        hereby
        applies for transfer to the name of the Assignee of the Units evidenced hereby
        and hereby certifies to United States Oil Fund, LP (the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Partnership&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)
        that
        the Assignee (including to the best of Assignee&#8217;s knowledge, any person for whom
        the Assignee will hold the Units) is an Eligible Holder.*</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Assignee (a) requests admission as a Limited Partner and agrees to comply
        with
        and be bound by, and hereby executes, the Amended and Restated Agreement
        of
        Limited Partnership of the Partnership, as amended, supplemented or restated
        to
        the date hereof (the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#8220;Partnership
        Agreement&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">),
        (b)
        represents and warrants that the Assignee has all right, power and authority
        and, if an individual, the capacity necessary to enter into the Partnership
        Agreement, (c) appoints the General Partner of the Partnership and, if a
        Liquidator shall be appointed, the Liquidator of the Partnership as the
        Assignee&#8217;s attorney-in-fact to execute, swear to, acknowledge and file any
        document, including, without limitation, the Partnership Agreement and any
        amendment thereto and the Certificate of Limited Partnership of the Partnership
        and any amendment thereto, necessary or appropriate for the Assignee&#8217;s admission
        as a Substituted Limited Partner and as a party to the Partnership Agreement,
        (d) gives the powers of attorney provided for in the Partnership Agreement,
        and
        (e) makes the waivers and gives the consents and approvals contained in the
        Partnership Agreement. Capitalized terms used but not defined herein have
        the
        meanings given to such terms in the Partnership Agreement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
        _______________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________________________________________</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 243pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_________________________________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Social
        Security or other identifying</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 243pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Signature
        of Assignee</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">number
        of
        Assignee</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________________________________________</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 243pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_________________________________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchase
        Price including commissions, if any</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 243pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name
        and
        Address of Assignee</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Type
        of
        Entity (check one): </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="30%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings 2">&#163;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  Individual</font></div>
              </td>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings 2">&#163;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  Partnership</font></div>
              </td>
              <td align="left" valign="top" width="35%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings 2">&#163;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  Corporation</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="30%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings 2">&#163;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  Trust</font></div>
              </td>
              <td align="left" valign="top" width="27%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings 2">&#163;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  Other (specify)</font></div>
              </td>
              <td align="left" valign="top" width="35%">&#160;</td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        not an
        Individual (check one): </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings 2">&#163;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        the
        entity is subject to United States federal income taxation on the income
        generated by the Partnership;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings 2">&#163;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        the
        entity is not subject to United States federal income taxation, but it is
        a
        pass-through entity and all of its beneficial owners are subject to United
        States federal income taxation on the income generated by the
        Partnership;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings 2">&#163;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        the
        entity is not subject to United States federal income taxation and it is
        (a) not
        a pass-through entity or (b) a pass-through entity, but not all of its
        beneficial owners are subject to United States federal income taxation on
        the
        income generated by the Partnership. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Important
        Note</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8212;
by
        checking this box, the Assignee is contradicting its certification that it
        is an
        Eligible Holder.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
        The
        Term &#8220;Eligible Holder&#8221; means (a) an individual or entity subject to United
        States federal income taxation on the income generated by the Partnership;
        or
        (b) an entity not subject to United States federal income taxation on the
        income
        generated by the Partnership, so long as all of the entity&#8217;s owners are subject
        to United States federal income taxation on the income generated by the
        Partnership. Individuals or entities are subject to taxation, in the context
        of
        defining an Eligible Holder, to the extent they are taxable on the items
        of
        income and gain allocated by the Partnership. Schedule I hereto contains
        a list
        of various types of investors that are categorized and identified as either
        &#8220;Eligible Holders&#8221; or &#8220;Non-Eligible Holders.&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Nationality
        (check one): </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings 2">&#163;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        U.S.
        Citizen, Resident or Domestic Entity**</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 243pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings 2">&#163;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Non-resident Alien**</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings 2">&#163;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Foreign
        Corporation**</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">**
        As
        those terms are defined in the Code.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 231pt">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        the
        U.S. Citizen, Resident or Domestic Entity box is checked, the following
        certification must be completed.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        Section 1445(e) of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
        the Partnership must withhold tax with respect to certain transfers of property
        if a holder of an interest in the Partnership is a foreign person. To inform
        the
        Partnership that no withholding is required with respect to the undersigned
        interestholder&#8217;s interest in it, the undersigned hereby certifies the following
        (or, if applicable, certifies the following on behalf of the
        interestholder).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Complete
        Either A or B: </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Individual
        Interestholder </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I
        am not
        a non-resident alien for purposes of U.S. income taxation. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">My
        U.S.
        taxpayer identification number (Social Security Number) is
        ____________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">My
        home
        address is __________________ </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">B.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Partnership,
        Corporation or Other Interestholder </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.
        The
        interestholder is not a foreign corporation, foreign partnership, foreign
        trust
        or foreign estate (as those terms are defined in the Code and Treasury
        Regulations).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.
        The
        interestholder&#8217;s U.S. employer identification number is
        __________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.
        The
        interestholder&#8217;s office address and place of incorporation (if applicable) is
        __________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        interestholder agrees to notify the Partnership within sixty (60) days of
        the
        date the interestholder becomes a foreign person.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        interestholder understands that this certificate may be disclosed to the
        Internal Revenue Service by the Partnership and that any false statement
        contained herein could be punishable by fine, imprisonment or both.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under
        penalties of perjury, I declare that I have examined this certification and,
        to
        the best of my knowledge and belief, it is true, correct and complete and,
        if
        applicable, I further declare that I have authority to sign this document
        on
        behalf of:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name
        of
        Interestholder
        ________________________________________________________________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Signature
        and Date
        ___________________________________________________________________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title
        (if
        applicable)
        ___________________________________________________________________________________________</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note:
        If
        the Assignee is a broker, dealer, bank, trust company, clearing corporation,
        other nominee holder or an agent of any of the foregoing, and is holding
        for the
        account of any other person, this application should be completed by an officer
        thereof or, in the case of a broker or dealer, by a registered representative
        who is a member of a registered national securities exchange or a member
        of the
        NASD, Inc., or, in the case of any other nominee holder, a person performing
        a
        similar function. If the Assignee is a broker, dealer, bank, trust company,
        clearing corporation, other nominee owner or an agent of any of the foregoing,
        the above certification as to any person for whom the Assignee will hold
        the
        Units shall be made to the best of the Assignee&#8217;s knowledge.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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{"company-data": {"conformed-name": "United States Oil Fund, LP", "cik": "0001327068", "assigned-sic": "6221", "irs-number": "202830691", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32834", "film-number": "07540651"}, "business-address": {"street1": "1320 HARBOR BAY PARKWAY", "street2": "SUITE 145", "city": "ALMADEDA", "state": "CA", "zip": "94502", "phone": "(800) 394-5064"}, "mail-address": {"street1": "1320 HARBOR BAY PARKWAY", "street2": "SUITE 145", "city": "ALMADEDA", "state": "CA", "zip": "94502"}, "former-company": {"former-conformed-name": "New York Oil ETF, LP", "date-changed": "20050513"}}
USOil_8-k_January 2007
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      DC 20549
FORM
      8-K
CURRENT
      REPORT
PURSUANT
      TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
      of
      Report (Date of earliest event reported)
January
      19, 2007
UNITED
                STATES OIL FUND, LP
(Exact
                name of registrant as specified in its charter)
Delaware
001-32824
20-2830691
(State
                or other jurisdiction
of
                incorporation)
(Commission
                File Number)
(I.R.S.
                Employer
Identification
                No.)
1320
                Harbor Bay Parkway, Suite 145
Alameda,
                California 94502
(Address
                of principal executive offices)
(Zip
                Code)
Registrant's
                telephone number, including area code
(510)
                522-3336
Not
                Applicable
(Former
                name or former address, if changed since last report)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (
see
General
      Instruction A.2. below):
[
      ]
Written communication pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
[
      ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
[
      ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))
[
      ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4c))
Item 1.01
Entry
                into Material Definitive Agreement.
The
      general partner and limited partner of United States Oil Fund, LP (the
"Registrant") entered into the Third Amended and Restated Agreement of Limited
      Partnership (the "Amended Limited Partnership Agreement") on January 19, 2007.
      The A
mended
      Limited Partnership
Agreement provides for the operation of the partnership and the rights and
      obligations of the partners.
The
      Amended Limited Partnership Agreement amends and restates the Registrant's
      current limited partnership agreement, the Second Amended and Restated Agreement
      of Limited Partnership entered into on October 15, 2006 (the "Limited
      Partnership Agreement"), in its entirety. The amendments are largely editorial
      in nature or conforming changes. The key substantive amendment relates to the
      expenses to be directly borne by the Registrant. Article 3.1.2 of the Limited
      Partnership Agreement has been changed in the Amended Limited Partnership
      Agreement to explicitly state that in addition to the management fee paid to
      the
      general partner of the Registrant, the Registrant will also pay brokerage fees,
      licensing fees for the use of intellectual property used by the Registrant,
      registration or other fees paid to the Securities and Exchange Commission (the
      "SEC"), the NASD, or any other regulatory agency in connection with the offer
      and sale of the limited partnership units of the Registrant, and all legal,
      accounting, printing and other expenses associated with such offer and sale.
      Previously, the general partner of the Registrant paid for the regulatory fees
      and other costs associated with the initial public offering and subsequent
      offering of the Registrant's units. In addition, Article 3.1.2 of the Limited
      Partnership Agreement previously provided for the Registrant to pay for
      extraordinary expenses but did not include details as to the kinds of expenses
      that would be considered not in the ordinary course. The Registrant has issued
      an extraordinary number of units in the past three weeks. As a result of this
      and higher than anticipated redemptions and issuances of units, the Registrant
      must register additional units with the SEC more frequently than and in amounts
      not previously anticipated. Due to the extraordinary levels of issuances, today
      the Registrant will pay the registration costs of the additional units in the
      process of being registered at this time with the SEC. While the Registrant
      now
      is aware that such extraordinary levels of issuances and redemptions of units
      may occur in the future, given the lack of predictability with respect to the
      timing and amount of such issuances, the Amended Limited Partnership Agreement
      now specifies that the regulatory fees and other costs associated with such
      issuances are not expenses in the ordinary course of the Registrant's business.
      In addition, the Registrant will pay for the fees and expenses of the
      independent directors of the general partner, including the cost of their
      directors and officers' liability insurance. Previously, such directors had not
      been compensated nor were they covered by such insurance. The independent
      directors have requested this compensation and insurance and, though not
      required as a condition to their service on the board of directors, it has
      been
      determined that providing such compensation and insurance is in the best
      interests of the Registrant.
A
      copy of
      the Third Amended and Restated Agreement of Limited Partnership is filed as
      Exhibit 10.1 to this Current Report on Form 8-K.
Item
      9.01 Financial Statements and Exhibits.
(d)
      Exhibits.
Exhibit
      10.1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
      Registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.
UNITED
                STATES OIL FUND, LP
Date:
                January 19, 2007
By:
                Victoria Bay Asset Management, LLC, its general partner
By:
                /s/ Howard Mah
Name:  Howard
                Mah
Title:    Chief
                Financial Officer
Exhibit
      10.1
UNITED
        STATES OIL FUND, LP
THIRD
        AMENDED AND RESTATED
AGREEMENT
        OF LIMITED PARTNERSHIP
This
        Third Amended and Restated Agreement of Limited Partnership (this
"Agreement"
),
        executed on January __, 2007, is entered into by and among Victoria Bay Asset
        Management, LLC, a Delaware limited liability company, as General Partner
        and KV
        Execution Services, LLC, as the Initial Limited Partner, together with any
        Persons who shall hereafter be admitted as Partners in accordance with this
        Agreement.
WHEREAS,
        the General Partner, Wainwright Holdings, Inc., a Delaware corporation, as
        the
        Organizational Limited Partner, and the Initial Limited Partner are parties
        to
        that certain second amended and restated limited partnership agreement entered
        into on October 15, 2006 (the
"LP
        Agreement"
),
        regarding the operation of the Partnership and their rights and obligations
        thereunder; and
WHEREAS,
        the Organizational Limited Partner has withdrawn from the Partnership and
        the
        General Partner and the Initial Limited Partner now desire to amend and restate
        the LP Agreement regarding the operation of the Partnership;
NOW
        THEREFORE, in consideration of the mutual promises and agreements herein
        made
        and intending to be legally bound, hereby agree to amend and restate the
        LP
        Agreement in its entirety as follows:
ARTICLE
        1
Definitions
As
        used
        in this Agreement, the following terms shall have the following
        meanings:
1.1
"Accounting
        Period"
shall
        mean the following periods: the initial accounting period which shall commence
        upon the commencement of operations of the Partnership. Each subsequent
        Accounting Period shall commence immediately after the close of the preceding
        Accounting Period. Each Accounting Period hereunder shall close on the earliest
        of (i) the last Business Day of a month, (ii) the effective date of dissolution
        of the Partnership, and (iii) such other day or days in addition thereto
        or in
        substitution therefore as may from time to time be determined by the General
        Partner in its discretion either in any particular case or
        generally.
1.2
"Act"
shall
        mean the Revised Uniform Limited Partnership Act of the State of Delaware,
        as
        amended from time to time.
1.3
"Additional
        Limited Partner"
shall
        mean a Person admitted to the Partnership as a Limited Partner pursuant to
        this
        Agreement and who is shown as such on the books and records of the
        Partnership.
1.4
"Affiliate"
shall
        mean, when used with reference to a specified Person, (i) any Person who
        directly or indirectly through one or more intermediaries controls or is
        controlled by or is under common control with the specified Person or (ii)
        any
        Person that is an officer of, partner in, or trustee of, or serves in a similar
        capacity with respect to, the specified Person or of which the specified
        Person
        is an officer, partner or trustee, or with respect to which the specified
        Person
        serves in a similar capacity.
1.5
"Assignee"
shall
        mean a Record Holder that has not been admitted to the Partnership as a
        Substituted Limited Partner.
1.6
"Agreement"
shall
        mean this Third Amended and Restated Agreement of Limited Partnership, as
        may be
        amended, modified, supplemented or restated from time to time.
1.7
"Authorized
        Purchaser Agreement"
shall
        mean an agreement among the Partnership, the General Partner and a Participant,
        as may be amended or supplemented from time to time in accordance with its
        terms.
1.8
"Business
        Day"
shall
        mean any day other than a day on which the American Stock Exchange, the New
        York
        Mercantile Exchange or the New York Stock Exchange is closed for regular
        trading.
1.9
"Beneficial
        Owner"
shall
        mean the ultimate beneficial owner of Units held by a nominee which has
        furnished the identity of the Beneficial Owner in accordance with Section
        6031(c) of the Code (or any other method acceptable to the General Partner
        in
        its sole discretion) and with Section 9.2.2 of this Agreement.
1.10
"Capital
        Account"
shall
        have the meaning assigned to such term in Section 4.1.
1.11
"Capital
        Contribution"
shall
        mean the total amount of money or agreed-upon value of property contributed
        to
        the Partnership by all the Partners or any class of Partners or any one Partner,
        as the case may be (or the predecessor holders of the interests of such Partner
        or Partners).
1.12
"Capital
        Transaction"
shall
        mean a sale of all or substantially all of the assets of the Partnership
        not in
        the ordinary course of business.
1.13
"Certificate"
shall
        mean a certificate issued by the Partnership evidencing ownership of one
        or more
        Units.
1.14
"Close
        of Business"
shall
        mean 5:00 PM (New York City time).
1.15
"Creation
        Basket"
shall
        mean 100,000 Units, or such other number of Units as may be determined by
        the
        General Partner from time to time, purchased by a Participant.
1.16
"Code"
shall
        mean the Internal Revenue Code of 1986, as amended.
1.17
"Departing
        Partner"
shall
        mean a former General Partner, from and after the effective date of any
        withdrawal or removal of such former General Partner.
1.18
"Depository"
or
"DTC"
shall
        mean The Depository Trust Company, New York, New York, or such other depository
        of Units as may be selected by the General Partner as specified
        herein.
1.19
"Depository
        Agreement"
shall
        mean the Letter of Representations from the General Partner to the Depository,
        dated as of February 3, 2006, as may be amended or supplemented from time
        to
        time.
1.20
"Distributable
        Cash"
shall
        mean, with respect to any period, all cash revenues of the Partnership (not
        including (i) Capital Contributions, (ii) funds received by the Partnership
        in
        respect of indebtedness incurred by the Partnership, (iii) interest or other
        income earned on temporary investments of Partnership funds pending utilization,
        and (iv) proceeds from any Capital Transaction), less the sum of the following:
        (x) all amounts expended by the Partnership pursuant to this Agreement in
        such
        period and (y) such working capital or reserves or other amounts as the General
        Partner reasonably deems to be necessary or appropriate for the proper operation
        of the Partnership's business or its winding up and liquidation. The General
        Partner in its sole discretion may from time to time declare other funds
        of the
        Partnership to be Distributable Cash.
1.21
"DTC
        Participants"
shall
        have the meaning assigned to such term in Section 9.2.2.
1.22
"General
        Partner"
shall
        mean Victoria Bay Asset Management, LLC, a Delaware limited liability company,
        or any Person who, at the time of reference thereto, serves as a general
        partner
        of the Partnership.
1.23
"Global
        Certificates"
shall
        mean the global certificate or certificates issued to the Depository as provided
        in the Depository Agreement, each of which shall be in substantially the
        form
        attached hereto as Exhibit B.
1.24
"Indirect
        Participants"
shall
        have the meaning assigned to such term in Section 9.2.2.
1.25
"Initial
        Limited Partner"
shall
        have the meaning assigned to such term in Section 3.3.
1.26
"Initial
        Offering Period"
shall
        mean the period commencing with the initial effective date of the Prospectus
        and
        terminating no later than the ninetieth (90th) day following such date unless
        extended for up to an additional 90 days at the sole discretion of the General
        Partner.
1.27
"Limited
        Partner"
shall
        mean the Organizational Limited Partner prior to its withdrawal from the
        Partnership and any other Person who is a limited partner (whether the Initial
        Limited Partner, a Limited Partner admitted pursuant to this Agreement or
        an
        assignee who is admitted as a Limited Partner) at the time of reference thereto,
        in such Person's capacity as a limited partner of the Partnership.
1.28
"Management
        Fee"
shall
        mean the management fee paid to the General Partner pursuant to this
        Agreement.
1.29
"Net
        Asset Value"
or
"NAV"
shall
        mean the current market value of the Partnership's total assets, less any
        liabilities, as reasonably determined by the General Partner or its
        designee.
1.30
"Opinion
        of Counsel"
shall
        mean a written opinion of counsel (who may be regular counsel to the Partnership
        or the General Partner) acceptable to the General Partner.
1.31
"Organizational
        Limited Partner"
shall
        mean Wainwright Holdings, Inc., a Delaware corporation, in its capacity as
        the
        organizational limited partner of the Partnership pursuant to this
        Agreement.
1.32
"Outstanding"
shall
        mean, with respect to the Units or other Partnership Securities, as the case
        may
        be, all Units or other Partnership Securities that are issued by the Partnership
        and reflected as outstanding on the Partnership's books and records as of the
        date of determination.
1.33
"Participant"
shall
        mean a Person that is a DTC Participant and has entered into an Authorized
        Purchaser Agreement which, at the relevant time, is in full force and
        effect.
1.34
"Partner"
shall
        mean the General Partner or any Limited Partner.
"Partners"
shall
        mean the General Partner and all Limited Partners (unless otherwise
        indicated).
1.35
"Partnership"
shall
        mean the limited partnership hereby formed, as such limited partnership may
        from
        time to time be constituted.
1.36
"Partnership
        Securities"
shall
        mean any additional Units, options, rights, warrants or appreciation rights
        relating thereto, or any other type of equity security that the Partnership
        may
        lawfully issue, any unsecured or secured debt obligations of the Partnership
        or
        debt obligations of the Partnership convertible into any class or series
        of
        equity securities of the Partnership.
1.37
"Person"
shall
        mean any natural person, partnership, limited partnership, limited liability
        company, trust, estate, corporation, association, custodian, nominee or any
        other individual or entity in its own or any representative
        capacity.
1.38
"Profit
        or Loss"
with
        respect to any Accounting Period shall mean the excess (if any) of:
(a)
        the
        Net Asset Value as of the Valuation Time on the Valuation Date,
        less
(b)
        the
        Net Asset Value as of the Valuation Time on the Valuation Date immediately
        preceding the commencement of such Accounting Period,
adjusted
        as deemed appropriate by the General Partner to reflect any Capital
        Contributions, redemptions, withdrawals, distributions, or other events
        occurring or accounted for during such Accounting Period (including any
        allocation of Profit or Loss to a redeeming partner pursuant to Article 4.3.2
        with respect to such Accounting Period).
If
        the
        amount determined pursuant to the preceding sentence is a positive number,
        such
        amount shall be the
"Profit"
for the
        Accounting Period and if such amount is a negative number, such amount shall
        be
        the
"Loss"
for the
        Accounting Period.
1.39
"Prospectus"
shall
        mean the United States Oil Fund, LP prospectus, dated April 25, 2006, as
        the
        same may have been amended or supplemented, used in connection with the offer
        and sale of Units in the Partnership.
1.40
"Record
        Date"
shall
        mean the date established by the General Partner for determining (a) the
        identity of Limited Partners (or Assignees if applicable) entitled to notice
        of,
        or to vote at any meeting of Limited Partners or entitled to vote by ballot
        or
        give approval of any Partnership action in writing without a meeting or entitled
        to exercise rights in respect of any action of Limited Partners or (b) the
        identity of Record Holders entitled to receive any report or
        distribution.
1.41
"Record
        Holder"
shall
        mean the Person in whose name such Unit is registered on the books of the
        Transfer Agent as of the open of business on a particular Business
        Day.
1.42
"Redeemable
        Units"
shall
        mean any Units for which a redemption notice has been given.
1.43
"Redemption
        Basket"
shall
        mean 100,000 Units, or such other number of Units as may be determined by
        the
        General Partner from time to time, redeemed by a Participant.
1.44
"Revolving
        Credit Facility"
shall
        mean a revolving credit facility that the Partnership may enter into on behalf
        of the Partnership with one or more commercial banks or other lenders for
        liquidity or other purposes for the benefit of the Partnership.
1.45
"Substituted
        Limited Partner"
shall
        mean a Person who is admitted as a Limited Partner to the Partnership pursuant
        to Article 11.2 in place of and with all the rights of a Limited Partner
        and who
        is shown as a Limited Partner on the books and records of the
        Partnership.
1.46
"Tax
        Certificate"
shall
        mean an Internal Revenue Service Form W-9 (or the substantial equivalent
        thereof) in the case of a Limited Partner that is a U.S. person within the
        meaning of the Code, or an Internal Revenue Service Form W-8BEN or other
        applicable form in the case of a Limited Partner that is not a U.S.
        person.
1.47
"Transfer
        Agent"
shall
        mean Brown Brothers Harriman & Co. or such bank, trust company or other
        Person (including, without limitation, the General Partner or one of its
        Affiliates) as shall be appointed from time to time by the Partnership to
        act as
        registrar and transfer agent for the Units or any applicable Partnership
        Securities.
1.48
"Transfer
        Application"
shall
        mean an application and agreement for transfer of Units, which shall be
        substantially in the form attached hereto as Exhibit D.
1.49
"Unit"
shall
        mean an interest of a Limited Partner or an assignee of the Partnership
        representing such fractional part of the interests of all Limited Partners
        and
        assignees as shall be determined by the General Partner pursuant to this
        Agreement.
1.50
"Unit
        Register"
shall
        have the meaning assigned to such term in Article 9.2.1.
1.51
"Unitholders"
shall
        mean the General Partner and all holders of Units, where no distinction is
        required by the context in which the term is used.
1.52
"Valuation
        Date"
shall
        mean the last Business Day of any Accounting Period.
1.53
"Valuation
        Time"
shall
        mean (i) Close of Business on a Valuation Date or (ii) such other time or
        day as
        the General Partner in its discretion may determine from time to time either
        in
        any particular case or generally.
ARTICLE
        2
General
        Provisions
2.1
        This
        Agreement shall become effective on the date of this Agreement. The rights
        and
        liabilities of the Partners shall be as provided in the Act, except as herein
        otherwise expressly provided. The Partnership shall continue without
        interruption as a limited partnership pursuant to the provisions of the
        Act.
2.2
        The
        name of the Partnership shall be United States Oil Fund, LP; however, the
        business of the Partnership may be conducted, upon compliance with all
        applicable laws, under any other name designated in writing by the General
        Partner to the Limited Partners.
2.3
        The
        Partnership's principal place of business shall be located
at
        1320
        Harbor Bay Parkway, Suite 145, Alameda, California 94502
or such
        other place as the General Partner may designate from time to time. The
        registered agent for the Partnership is Corporation Service Company and the
        registered office is located at 2711 Centerville Road, Suite 400, Wilmington,
        Delaware 19808, County of New Castle. The Partnership may maintain such other
        offices at such other places as the General Partner deems
        advisable.
2.4
        The
        investment objective of the Partnership is for changes in percentage terms
        of
        the Units' net asset value to reflect the changes in percentage terms of the
        spot price of West Texas Intermediate light, sweet crude oil delivered to
        Cushing, Oklahoma (
"WTI
        light, sweet crude oil"
),
        less
        the Partnership's expenses. The Partnership will invest in futures contracts for
        WTI light, sweet crude oil and other petroleum-based fuels that are traded
        on
        the New York Mercantile Exchange or other U.S. and foreign exchanges
        (collectively,
"Oil
        Futures Contracts"
)
        and
        other oil interests such as cash-settled options on Oil Futures Contracts,
        forward contracts for oil, and over-the-counter transactions that are based
        on
        the price of oil, other petroleum-based fuels, Oil Futures Contracts and
        indices
        based on the foregoing (collectively,
"Other
        Oil Interests"
').
        The
        Partnership seeks to achieve its investment objective by investing in a mix
        of
        Oil Futures Contracts and Other Oil Interests such that the Partnership's NAV
        will closely track the price of an Oil Futures Contract (the
"Benchmark
        Oil Futures Contract"
)
        that
        the General Partner believes has historically exhibited a close price
        correlation with the spot price of WTI light, sweet crude oil.
2.5
        The
        term of the Partnership shall be from the date of its formation in perpetuity,
        unless earlier terminated in accordance with the terms of this
        Agreement.
2.6
        The
        General Partner shall execute, file and publish all such certificates, notices,
        statements or other instruments required by law for the formation or operation
        of a limited partnership in all jurisdictions where the Partnership may elect
        to
        do business. The General Partner shall not be required to deliver or mail
        to
        Limited Partners a copy of the certificate of limited partnership of the
        Partnership or any certificate of amendment thereto.
2.7
        The
        Partnership shall be empowered to do any and all acts and things necessary,
        appropriate, proper, advisable, incidental to or convenient for the furtherance
        and accomplishment of the purposes, business, protection and benefit of the
        Partnership.
2.8
        The
        business and affairs of the Partnership shall be managed by the General Partner
        in accordance with Article 7 hereof. The General Partner has seven directors,
        a
        majority of whom may also be executive officers of the General Partner. The
        General Partner shall establish and maintain an audit committee of its board
        of
        directors for the Partnership (the "
Audit
        Committee
")
        in
        compliance with, and granted the requisite authority and funding pursuant
        to,
        any applicable (1) federal securities laws and regulations, including the
        Sarbanes-Oxley Act of 2002, and (2) rules, policies and procedures of any
        national securities exchange on which the securities issued by the Partnership
        are listed and traded.
ARTICLE
        3
Partners
        and Capital Contributions
3.1
General
        Partner.
3.1.1
        The
        name of the General Partner is Victoria Bay Asset Management, LLC, which
        maintains its principal business office at 1320 Harbor Bay Parkway, Suite
        145,
        Alameda, California 94502.
3.1.2
        In
        consideration of management and administrative services rendered by the General
        Partner, the Partnership shall pay the Management Fee to the General Partner
        (or
        such other person or entity designated by the General Partner) including
        the
        payment of expenses in the ordinary course of business. Expenses in the
"ordinary course of business" shall not include the payment of (i) brokerage
        fees, (ii) licensing fees for the use of intellectual property used by the
        Partnership, or (iii) registration or other fees paid to the Securities and
        Exchange Commission (
"SEC"
),
        the
        NASD, or any other regulatory agency in connection with the offer and sale
        of
        the Units and all legal, accounting, printing and other expenses associated
        therewith. The Partnership also pays the fees and expenses, including directors
        and officers' liability insurance, of the independent directors. The Management
        Fee shall be payable monthly. The initial Management Fee shall be set forth
        on
        Exhibit A attached hereto, as may be amended from time to time. The General
        Partner may, in its sole discretion, waive all or part of the Management
        Fee.
        The Partnership shall be responsible for all extraordinary expenses (i.e.,
        expenses not in the ordinary course of business, including, without limitation,
        the items listed above in this Section 3.1.2, the indemnification of any
        Person
        against liabilities and obligations to the extent permitted by law and required
        under this Agreement and the bringing and defending of actions at law or
        in
        equity and otherwise engaging in the conduct of litigation and the incurring
        of
        legal expense and the settlement of claims and litigation).
3.1.3
        In
        connection with the formation of the Partnership under the Act, the General
        Partner acquired a 2% interest in the profits and losses of the Partnership,
        and
        made an initial capital contribution to the Partnership in the amount of
        $20.00,
        and the Organizational Limited Partner acquired a 98% interest in the profits
        and losses of the Partnership, and made an initial capital contribution to
        the
        Partnership in the amount of $980.00. The interest of the Organizational
        Limited
        Partner was redeemed, the initial capital contribution of the Organizational
        Limited Partner was refunded, and the Organizational Limited Partner withdrew
        and ceased to be a Limited Partner. 98% of any interest or other profit that
        may
        have resulted from the investment or other use of such initial capital
        contributions was allocated and distributed to the Organizational Limited
        Partner, and the balance thereof was allocated and distributed to the General
        Partner. As of the first date of the offering, the General Partner shall
        be
        issued an appropriate number of Units based on its initial capital contribution.
        The General Partner may but shall not be required to make Capital Contributions
        to the Partnership on or after the date hereof. If the General Partner does
        make
        a Capital Contribution to the Partnership on or after the date hereof, it
        shall
        be issued Units based on the same terms and conditions applicable to the
        purchase of a Creation Basket under Article 16 hereof.
3.1.4
        The
        General Partner may not, without written approval by all of the Limited Partners
        or by other written instrument executed and delivered by all of the Limited
        Partners subsequent to the date of this Agreement, take any action in
        contravention of this Agreement, including, without limitation, (i) any act
        that
        would make it impossible to carry on the ordinary business of the Partnership,
        except as otherwise provided in this Agreement; (ii) possess Partnership
        property, or assign any rights in specific Partnership property, for other
        than
        a Partnership purpose; (iii) admit a Person as a Partner, except as otherwise
        provided in this Agreement; (iv) amend this Agreement in any manner, except
        as
        otherwise provided in this Agreement or under applicable law; or (v) transfer
        its interest as general partner of the Partnership, except as otherwise provided
        in this Agreement.
3.1.5
        Except as otherwise provided herein, the General Partner may not sell, exchange
        or otherwise dispose of all or substantially all of the Partnership's assets in
        a single transaction or a series of related transactions (including by way
        of
        merger, consolidation or other combination with any other Person) or approve
        on
        behalf of the Partnership the sale, exchange or other disposition of all
        or
        substantially all of the assets of the Partnership, taken as a whole, without
        the approval of at least a majority of the Limited Partners; provided, however,
        that this provision shall not preclude or limit the General Partner's ability to
        mortgage, pledge, hypothecate or grant a security interest in all or
        substantially all of the Partnership's assets and shall not apply to any forced
        sale of any or all of the Partnership's assets pursuant to the foreclosure of,
        or other realization upon, any such encumbrance.
3.1.6
        Unless approved by a majority of the Limited Partners, the General Partner
        shall
        not take any action or refuse to take any reasonable action the effect of
        which,
        if taken or not taken, as the case may be, would be to cause the Partnership,
        to
        the extent it would materially and adversely affect the Limited Partners,
        to be
        taxable as a corporation for federal income tax purposes.
3.1.7
        Notwithstanding any other provision of this Agreement, the General Partner
        is
        not authorized to institute or initiate on behalf of, or otherwise cause
        the
        Partnership to:
(a)
make
        a
        general assignment for the benefit of creditors;
(b)
file
        a
        voluntary bankruptcy petition; or
(c)
file
        a
        petition seeking for the Partnership a reorganization, arrangement, composition,
        readjustment liquidation, dissolution or similar relief under any
        law.
3.2
Issuance
        of Units.
Units in
        the Partnership will only be issued in a Creation Basket or whole number
        multiples thereof.
3.3
Initial
        Limited Partner.
The name
        of the initial Limited Partner is KV Execution Services, LLC (the
"Initial
        Limited Partner"
).
        The
        business address of the Initial Limited Partner is KV Execution Services
        LLC,
        1041 Highway 36, Suite 301, Atlantic Highlands, NJ 07716. The initial Capital
        Contribution of the Initial Limited Partner was $13,478,000. The Initial
        Limited
        Partner purchased the initial Creation Basket at an initial offering price
        per
        Unit equal to the closing price of near-month oil futures contracts for WTI
        light, sweet crude oil as listed on the New York Mercantile Exchange on the
        last
        Business Day prior to the effective date of the registration statement relating
        to the Prospectus.
3.4
Capital
        Contribution
.
        Except
        as otherwise provided in this Agreement, no Partner shall have any right
        to
        demand or receive the return of its Capital Contribution to the Partnership.
        No
        Partner shall be entitled to interest on any Capital Contribution to the
        Partnership or on such Partner's capital account.
ARTICLE
        4
Capital
        Accounts of Partners and Operation Thereof
4.1
Capital
        Accounts.
There
        shall be established on the books and records of the Partnership for each
        Partner (or Beneficial Owner in the case of Units held by a nominee) a capital
        account (a
"Capital
        Account"
).
        It is
        intended that each Partner's Capital Account shall be maintained at all times in
        a manner consistent with Section 704 of the Code and applicable Treasury
        regulations thereunder, and that the provisions hereof relating to the Capital
        Accounts shall be interpreted in a manner consistent therewith. For each
        Accounting Period, the Capital Account of each Partner shall be:
(i)
        credited with the amount of any Capital Contributions made by such Partner
        during such Accounting Period;
(ii)
        credited with any allocation of Profit made to such Partner for such Accounting
        Period;
(iii)
        debited with any allocation of Loss made to such Partners for such Accounting
        Period; and
(iv)
        debited with the amount of cash paid to such Partner as an amount withdrawn
        or
        distributed to such Partner during such Accounting Period, or, in the case
        of
        any payment of a withdrawal or distribution in kind, the fair value of the
        property paid or distributed during such Accounting Period.
4.1.1
        For
        any Accounting Period in which Units are issued or redeemed for cash or other
        property, the General Partner shall, in accordance with Treasury Regulation
        Section 1.704-1(b)(2)(iv)(f), adjust the Capital Accounts of all Partners
        and
        the carrying value of each Partnership asset upward or downward to reflect
        any
        unrealized gain or unrealized loss attributable to each such Partnership
        asset,
        as if such unrealized gain or unrealized loss had been recognized on an actual
        sale of the asset and had been allocated to the Partners at such time pursuant
        to Article 4.2 of this Agreement in the same manner as any item of gain or
        loss
        actually recognized during such period would have been allocated.
4.1.2
        To
        the extent an adjustment to the adjusted tax basis of any Partnership asset
        pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to
        Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account
        in
        determining Capital Accounts, the amount of such adjustment to the Capital
        Accounts shall be treated as an item of gain (if the adjustment increases
        the
        basis of the asset) or loss (if the adjustment decreases such basis), and
        such
        item of gain or loss shall be specially allocated to the Partners in a manner
        consistent with the manner in which their Capital Accounts are required to
        be
        adjusted pursuant to such Section of the Treasury Regulations.
4.2
Allocation
        of Profit or Loss.
Profit
        or Loss for an Accounting Period shall be allocated among the Partners in
        proportion to the number of Units each Partner holds as of the close of business
        on the last Business Day of such Accounting Period. The General Partner may
        revise, alter or otherwise modify this method of allocation to the extent
        it
        deems necessary to comply with the requirements of Section 704 or Section
        706 of
        the Code and Treasury Regulations or administrative rulings
        thereunder.
4.3
Allocations
        for Tax Purposes
4.3.1
        Except as otherwise provided in this Agreement, for each fiscal year of the
        Partnership, items of income, deduction, gain, loss, and credit recognized
        by
        the Partnership for federal income tax purposes shall be allocated among
        the
        Partners in a manner that equitably reflects the amounts credited or debited
        to
        each Partner's Capital Account for each Accounting Period during such fiscal
        year. Allocations under this Article 4.3 shall be made by the General Partner
        in
        accordance with the principles of Sections 704(b) and 704(c) of the Code
        and in
        conformity with applicable Treasury Regulations promulgated thereunder
        (including, without limitation, Treasury Regulations Sections
        1.704-1(b)(2)(iv)(f), 1.704-1(b)(4)(i), and 1.704-3(e)).
4.3.2
        Notwithstanding anything else contained in this Article 4, if any Partner
        has a
        deficit Capital Account for any Accounting Period as a result of any adjustment
        of the type described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(5)
        or
        1.704-1(b)(2)(ii)(d) (6), then the Partnership's income and gain shall be
        specially allocated to such Partner in an amount and manner sufficient to
        eliminate such deficit as quickly as possible. Any special allocation of
        items
        of income or gain pursuant to this Article 4.3.2 shall be taken into account
        in
        computing subsequent allocations pursuant to this Article 4 so that the
        cumulative net amount of all items allocated to each Partner shall, to the
        extent possible, be equal to the amount that would have been allocated to
        such
        Partner if there had never been any allocation pursuant to the first sentence
        of
        this Article 4.3.2.
4.3.3
        Allocations that would otherwise be made to a Limited Partner under the
        provisions of this Article 4 shall instead be made to the Beneficial Owner
        of
        Units held by a nominee.
4.4
Compliance
.
        In
        applying the provisions of this Article 4, the General Partner is authorized
        to
        utilize such reasonable accounting conventions, valuation methods and
        assumptions as the General Partner shall determine to be appropriate and
        in
        compliance with the Code and applicable Treasury Regulations. The General
        Partner may amend the provisions of this Agreement to the extent it determines
        to be necessary to comply with the Code and Treasury Regulations.
ARTICLE
        5
Records
        and Accounting; Reports
5.1
Records
        and Accounting.
The
        Partnership will keep proper books of record and account of the Partnership
        at
        its office located in 1320 Harbor Bay Parkway, Suite 145, Alameda, California
        94502 or such office, including that of an administrative agent, as it may
        subsequently designate upon notice to the Limited Partners. These books and
        records are open to inspection by any person who establishes to the
        Partnership's satisfaction that such person is a Limited Partner upon reasonable
        advance notice at all reasonable times during the usual business hours of
        the
        Partnership.
5.2
Annual
        Reports.
Within
        90 days after the end of each fiscal year, the General Partner shall cause
        to be
        delivered to each Person who was a Partner at any time during the fiscal
        year,
        an annual report containing the following:
(i)
        financial statements of the Partnership, including, without limitation, a
        balance sheet as of the end of the Partnership's fiscal year and statements of
        income, Partners' equity and changes in financial position, for such fiscal
        year, which shall be prepared in accordance with generally accepted accounting
        principles consistently applied and shall be audited by a firm of independent
        certified public accountants registered with the Public Company Accounting
        Oversight Board,
(ii)
        a
        general description of the activities of the Partnership during the period
        covered by the report, and
(iii)
        a
        report of any material transactions between the Partnership and the General
        Partner or any of its Affiliates, including fees or compensation paid by
        the
        Partnership and the services performed by the General Partner or any such
        Affiliate or such fees or compensation.
5.3
Quarterly
        Reports.
Within
        45 days after the end of each quarter of each fiscal year, the General Partner
        shall cause to be delivered to each Person who was a Partner at any time
        during
        the quarter then ended, a quarterly report containing a balance sheet and
        statement of income for the period covered by the report, each of which may
        be
        unaudited but shall be certified by the General Partner as fairly presenting
        the
        financial position and results of operations of the Partnership during the
        period covered by the report. The report shall also contain a description
        of any
        material event regarding the business of the Partnership during the period
        covered by the report.
5.4
Monthly
        Reports.
Within
        30 days after the after the end of each month, the General Partner shall
        cause
        to be delivered to each Person who was a Partner at any time during the month
        then ended, a monthly report containing an account statement, which will
        include
        a statement of income (loss) and a statement of changes in NAV, for the
        prescribed period. In addition, the account statement will disclose any material
        business dealings between the Partnership, General Partner, commodity trading
        advisor (if any), futures commission merchant, or the principals thereof
        that
        previously have not been disclosed in the Partnership's Prospectus or any
        amendment thereto, other account statements or annual reports.
5.5
Tax
        Information.
The
        General Partner shall use its best efforts to prepare and to transmit a U.S.
        federal income tax form K-1 for each Partner, Assignee, or Beneficial Owner
        or a
        report setting forth in sufficient detail such transactions effected by the
        Partnership during each fiscal year as shall enable each Partner, Assignee,
        or
        Beneficial Owner to prepare its U.S. federal income tax return, if any, within
        a
        reasonable period after the end of such fiscal year.
5.6
Tax
        Returns.
The
        General Partner shall cause income tax returns of the Partnership to be prepared
        and timely filed with the appropriate authorities.
5.7
Tax
        Matters Partner.
The
        General Partner is hereby designated as the Partnership's
"Tax
        Matters Partner,"
as
        defined under Section 6231(a)(7) of the Code. The General Partner is
        specifically directed and authorized to take whatever steps the General Partner,
        in its discretion, deems necessary or desirable to perfect such designation,
        including filing any forms or documents with the U.S. Internal Revenue Service
        and taking such other action as may from time to time be required under U.S.
        Treasury regulations. Any Partner shall have the right to participate in
        any
        administrative proceedings relating to the determination of Partnership items
        at
        the Partnership level. Expenses of such administrative proceedings undertaken
        by
        the Tax Matters Partner shall be expenses of the Partnership. Each Partner
        who
        elects to participate in such proceedings shall be responsible for any expenses
        incurred by such Partner in connection with such participation. The cost
        of any
        resulting audits or adjustments of a Partner's tax return shall be borne solely
        by the affected Partner. In the event of any audit, investigation, settlement
        or
        review, for which the General Partner is carrying out the responsibilities
        of
        Tax Matters Partner, the General Partner shall keep the Partners reasonably
        apprised of the status and course of such audit, investigation, settlement
        or
        review and shall forward copies of all written communications from or to
        any
        regulatory, investigative or judicial authority with regard
        thereto.
ARTICLE
        6
Fiscal
        Affairs
6.1
Fiscal
        Year.
The
        fiscal year of the Partnership shall be the calendar year. The General Partner
        may select an alternate fiscal year.
6.2
Partnership
        Funds.
Pending
        application or distribution, the funds of the Partnership shall be deposited
        in
        such bank account or accounts, or invested in such interest-bearing or
        non-interest bearing investment, including, without limitation, checking
        and
        savings accounts, certificates of deposit and time or demand deposits in
        commercial banks, U.S. government securities and securities guaranteed by
        U.S.
        government agencies as shall be designed by the General Partner. Such funds
        shall not be commingled with funds of any other Person. Withdrawals therefrom
        shall be made upon such signatures as the General Partner may
        designate.
6.3
Accounting
        Decisions.
All
        decisions as to accounting principles, except as specifically provided to
        the
        contrary herein, shall be made by the General Partner.
6.4
Tax
        Elections.
The
        General Partner shall, from time to time, make such tax elections as it deems
        necessary or desirable in its sole discretion to carry out the business of
        the
        Partnership or the purposes of this Agreement. Notwithstanding the foregoing,
        the General Partner shall make a timely election under Section 754 of the
        Code.
6.5
Partnership
        Interests.
Title to
        the Partnership assets shall be deemed to be owned by the Partnership as
        an
        entity, and no Partner or Assignee, individually or collectively, shall have
        any
        ownership interest in such Partnership assets or any portion thereof. Title
        to
        any or all of the Partnership assets may be held in the name of the Partnership,
        the General Partner or one or more nominees, as the General Partner may
        determine. The General Partner hereby declares and warrants that any Partnership
        assets for which record title is held in the name of the General Partner
        shall
        be held by the General Partner for the exclusive use and benefit of the
        Partnership in accordance with the provisions of this Agreement; provided,
        however, that the General Partner shall use its reasonable efforts to cause
        record title to such assets (other than those assets in respect of which
        the
        General Partner determines that the expense and difficulty of conveyancing
        makes
        transfer of record title to the Partnership impracticable) to be vested in
        the
        Partnership as soon as reasonably practicable; provided, that prior to the
        withdrawal or removal of the General Partner or as soon thereafter as
        practicable, the General Partner will use reasonable efforts to effect the
        transfer of record title to the Partnership and, prior to any such transfer,
        will provide for the use of such assets in a manner satisfactory to the
        Partnership. All Partnership Assets shall be recorded as the property of
        the
        Partnership in its books and records, irrespective of the name in which record
        title to such Partnership assets are held.
ARTICLE
        7
Rights
        and Duties of the General Partner
7.1
Management
        Power.
The
        General Partner shall have exclusive management and control of the business
        and
        affairs of the Partnership, and all decisions regarding the management and
        affairs of the Partnership shall be made by the General Partner. The General
        Partner shall have all the rights and powers of general partner as provided
        in
        the Act and as otherwise provided by law. Except as otherwise expressly provided
        in this Agreement, the General Partner is hereby granted the right, power
        and
        authority to do on behalf of the Partnership all things which, in its sole
        judgment, are necessary, proper or desirable to carry out the aforementioned
        duties and responsibilities, including but not limited to, the right, power
        and
        authority from time to time to do the following:
(a)
        the
        making of any expenditures, the lending or borrowing of money, the assumption
        or
        guarantee of, or other contracting for, indebtedness and other liabilities,
        the
        issuance of evidences of indebtedness and the incurring of any other obligations
        and the securing of same by mortgage, deed of trust or other lien or
        encumbrance;
(b)
        the
        making of tax, regulatory and other filings, or rendering of periodic or
        other
        reports to governmental or other agencies having jurisdiction over the business
        or assets of the Partnership;
(c)
        the
        acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or
        exchange of any or all of the assets of the Partnership, or the merger or
        other
        combination of the Partnership with or into another Person (the matters
        described in this clause (c) being subject, however, to any prior approval
        that
        may be required in accordance with this Agreement);
(d)
        the
        use of the assets of the Partnership (including, without limitation, cash
        on
        hand) for any purpose consistent with the terms of this Agreement including,
        without limitation, the financing of the conduct of the operations of the
        Partnership, the lending of funds to other Persons, and the repayment of
        obligations of the Partnership;
(e)
        the
        negotiation, execution and performance of any contracts, conveyances or other
        instruments (including, without limitation, instruments that limit the liability
        of the Partnership under contractual arrangements to all or particular assets
        of
        the Partnership with the other party to the contract to have no recourse
        against
        the General Partner or its assets other than its interest in the Partnership,
        even if same results in the terms of the transaction being less favorable
        to the
        Partnership than would otherwise be the case);
(f)
        the
        distribution of Distributable Cash;
(g)
        the
        selection and dismissal of employees (including, without limitation, employees
        having titles such as
"president,"
        "vice president," "secretary"
and
"treasurer"
),
        agents, outside attorneys, accountants, consultants and contractors and the
        determination of their compensation and other terms of employment or
        hiring;
(h)
        the
        maintenance of insurance for the benefit of the Partners and the Partnership
        (including, without limitation, the assets and operations of the
        Partnership);
(i)
        the
        formation of, or acquisition of an interest in, and the contribution of property
        to, any further limited or general partnerships, joint ventures or other
        relationships;
(j)
        the
        control of any matters affecting the rights and obligations of the Partnership,
        including, without limitation, the bringing and defending of actions at law
        or
        in equity and otherwise engaging in the conduct of litigation and the incurring
        of legal expense and the settlement of claims and litigation;
(k)
        the
        indemnification of any Person against liabilities and contingencies to the
        extent permitted by law;
(l)
        the
        entering into of listing agreements with the American Stock Exchange and
        any
        other securities exchange and the delisting of some or all of the Units from,
        or
        requesting that trading be suspended on, any such exchange; and
(m)
        the
        purchase, sale or other acquisition or disposition of Units.
7.2
Best
        Efforts
.
        The
        General Partner will use its best efforts to cause the Partnership to be
        formed,
        reformed, qualified or registered under assumed or fictitious name statutes
        or
        similar laws in any state in which the Partnership owns property or transacts
        business if such formation, reformation, qualification or registration is
        necessary in order to protect the limited liability of the Limited Partners
        or
        to permit the Partnership lawfully to own property or transact
        business.
7.3
Right
        of Public to Rely on Authority of a General Partner.
No
        person shall be required to determine the General Partner's authority to make
        any undertaking on behalf of the Partnership.
7.4
Obligation
        of the General Partner.
The
        General Partner shall:
(a)
devote
        to
        the Partnership and apply to the accomplishment of the Partnership purposes
        so
        much of its time and attention as is necessary or advisable to manage properly
        the affairs of the Partnership;
(b)
maintain
        the Capital Account for each Partner; and
(c)
cause
        the
        Partnership to enter into and carry out the obligations of the Partnership
        contained in the agreements with Affiliates of the General Partner as described
        in the Prospectus and cause the Partnership not to take any action in violation
        of such agreements.
7.5
Good
        Faith.
The
        General Partner has a responsibility to the Limited Partners to exercise
        good
        faith and fairness in all dealings. In the event that a Limited Partner believes
        that the General Partner has violated its fiduciary duty to the Limited
        Partners, he may seek legal relief individually or on behalf of the Partnership
        under applicable laws, including under the Act and under securities and
        commodities laws, to recover damages from or require an accounting by the
        General Partner. Limited Partners should be aware that performance by the
        General Partner of its fiduciary duty is measured by the terms of this Agreement
        as well as applicable law. Limited Partners may also have the right, subject
        to
        applicable procedural and jurisdictional requirements, to bring class actions
        in
        federal court to enforce their rights under the federal securities laws and
        the
        rules and regulations promulgated thereunder by the SEC. Limited Partners
        who
        have suffered losses in connection with the purchase or sale of the Units
        may be
        able to recover such losses from the General Partner where the losses result
        from a violation by the General Partner of the federal securities laws. State
        securities laws may also provide certain remedies to limited partners. Limited
        Partners are afforded certain rights to institute reparations proceedings
        under
        the Commodity Exchange Act for violations of the Commodity Exchange Act or
        of
        any rule, regulation or order of the Commodities Futures Trading Commission
("CFTC")
by the
        General Partner.
7.6
Indemnification
7.6.1
        Notwithstanding any other provision of this Agreement, neither a General
        Partner
        nor any employee or other agent of the Partnership nor any officer, director,
        stockholder, partner, employee or agent of a General Partner (a
"Protected
        Person"
)
        shall
        be liable to any Partner or the Partnership for any mistake of judgment or
        for
        any action or inaction taken, nor for any losses due to any mistake of judgment
        or to any action or inaction or to the negligence, dishonesty or bad faith
        of
        any officer, director, stockholder, partner, employee or agent of the
        Partnership or any officer, director, stockholder, partner, employee or agent
        of
        such General Partner, provided that such officer, director, stockholder,
        partner, employee or agent of the Partner or officer, director, stockholder,
        partner, employee or agent of such General Partner was selected, engaged
        or
        retained by such General Partner with reasonable care, except with respect
        to
        any matter as to which such General Partner shall have been finally adjudicated
        in any action, suit or other proceeding not to have acted in good faith in
        the
        reasonable belief that such Protected Person's action was in the best interests
        of the Partnership and except that no Protected Person shall be relieved
        of any
        liability to which such Protected Person would otherwise be subject by reason
        of
        willful misfeasance, gross negligence or reckless disregard of the duties
        involved in the conduct of the Protected Person's office. A General Partner and
        its officers, directors, employees or partners may consult with counsel and
        accountants (except for the Partnership's independent auditors) in respect of
        Partnership affairs and be fully protected and justified in any action or
        inaction which is taken in accordance with the advice or opinion of such
        counsel
        or accountants (except for the Partnership's independent auditors), provided
        that they shall have been selected with reasonable care.
Notwithstanding
        any of the foregoing to the contrary, the provisions of this Article 7.6.1
        and
        of Article 7.6.2 hereof shall not be construed so as to relieve (or attempt
        to
        relieve) a General Partner (or any officer, director, stockholder, partner,
        employee or agent of such General Partner) of any liability to the extent
        (but
        only to the extent) that such liability may not be waived, modified or limited
        under applicable law, but shall be construed so as to effectuate the provisions
        of this Article 7.6.1 and of Article 7.6.2 hereof to the fullest extent
        permitted by law.
7.6.2
        The
        Partnership shall, to the fullest extent permitted by law, but only out of
        Partnership assets, indemnify and hold harmless a General Partner and each
        officer, director, stockholder, partner, employee or agent thereof (including
        persons who serve at the Partnership's request as directors, officers or
        trustees of another organization in which the Partnership has an interest
        as a
        Unitholder, creditor or otherwise) and their respective legal representatives
        and successors (hereinafter referred to as a
"Covered
        Person"
against
        all liabilities and expenses, including but not limited to amounts paid in
        satisfaction of judgments, in compromise or as fines and penalties, and counsel
        fees reasonably incurred by any Covered Person in connection with the defense
        or
        disposition of any action, suit or other proceedings, whether civil or criminal,
        before any court or administrative or legislative body, in which such Covered
        Person may be or may have been involved as a party or otherwise or with which
        such Covered Person may be or may have been threatened, while in office or
        thereafter, by reason of an alleged act or omission as a General Partner
        or
        director or officer thereof, or by reason of its being or having been such
        a
        General Partner, director or officer, except with respect to any matter as
        to
        which such Covered Person shall have been finally adjudicated in any such
        action, suit or other proceeding not to have acted in good faith in the
        reasonable believe that such Covered Person's action was in the best interest of
        the Partnership, and except that no Covered Person shall be indemnified against
        any liability to the Partnership or Limited Partners to which such Covered
        Person would otherwise be subject by reason of willful misfeasance, bad faith,
        gross negligence or reckless disregard of the duties involved in the conduct
        of
        such Covered Person's office. Expenses, including counsel fees so incurred by
        any such Covered Person, may be paid from time to time by the Partnership
        in
        advance of the final disposition of any such action, suit or proceeding on
        the
        condition that the amounts so paid shall be repaid to the Partnership if
        it is
        ultimately determined that the indemnification of such expenses is not
        authorized hereunder.
As
        to any
        matter disposed of by a compromise payment by any such Covered Person, pursuant
        to a consent decree or otherwise, no such indemnification either for said
        payment or for any other expenses shall be provided unless such compromise
        shall
        be approved as in the best interests of the Partnership, after notice that
        it
        involved such indemnification by any disinterested person or persons to whom
        the
        questions may be referred by the General Partner, provided that there has
        been
        obtained an opinion in writing of independent legal counsel to the effect
        that
        such Covered Person appears to have acted in good faith in the reasonable
        belief
        that his or her action was in the best interests of the Partnership and that
        such indemnification would not protect such persons against any liability
        to the
        Partnership or its Limited Partners to which such person would otherwise
        by
        subject by reason of willful misfeasance, bad faith, gross negligence or
        reckless disregard of the duties involved in the conduct of office. Approval
        by
        any disinterested person or persons shall not prevent the recovery from persons
        as indemnification if such Covered Person is subsequently adjudicated by
        a court
        of competent jurisdiction not to have acted in good faith in the reasonable
        belief that such Covered Person's action was in the best interests of the
        Partnership or to have been liable to the Partnership or its Limited Partners
        by
        reason of willful misfeasance, bad faith, gross negligence or reckless disregard
        of the duties involved in the conduct of such Covered Person's
        office.
The
        right
        of indemnification hereby provided shall not be exclusive of or affect any
        other
        rights to which any such Covered Person may be entitled. As used in this
        Article
        7.6.2, an
"interested
        Covered Person"
is one
        against whom the action, suit or other proceeding on the same or similar
        grounds
        is then or has been pending and a
"disinterested
        person"
is a
        person against whom no actions, suits or other proceedings or another action,
        suit or other proceeding on the same or similar grounds is then or has been
        pending. Nothing contained in this Article 7.6.2 shall affect any rights
        to
        indemnification to which personnel of a General Partner, other than directors
        and officers, and other persons may be entitled by contract or otherwise
        under
        law, nor the power of the Partnership to purchase and maintain liability
        insurance on behalf of any such person.
Nothing
        in this Article 7.6.2 shall be construed to subject any Covered Person to
        any
        liability to which he or she is not already liable under this Agreement or
        applicable law.
7.6.3
        Each Limited Partner agrees that it will not hold any Affiliate or any officer,
        director, stockholder, partner, employee or agent of any Affiliate of the
        General Partner liable for any actions of such General Partner or any
        obligations arising under or in connection with this Agreement or the
        transactions contemplated hereby.
7.7
Resolutions
        of Conflicts of Interest; Standard of Care.
7.7.1
        Unless otherwise expressly provided in this Agreement or any other agreement
        contemplated hereby, whenever a conflict of interest exists or arises between
        the General Partner on the one hand, and the Partnership or any Limited Partner,
        on the other hand, any resolution or course of action by the General Partner
        in
        respect of such conflict of interest shall be permitted and deemed approved
        by
        all Partners and shall not constitute a breach of this Agreement or of any
        agreement contemplated hereby or of a duty stated or implied by law or equity,
        if the resolution or course of action is, or by operation of this Agreement
        is
        deemed to be, fair and reasonable to the Partnership. If a dispute arises,
        it
        will be resolved through negotiations with the General Partner or by a court
        located in the State of Delaware. Any resolution of a dispute is deemed to
        be
        fair and reasonable to the Partnership if the resolution is:
·
approved
                by the Audit Committee, although no party is obligated to seek such
                approval and the General Partner may adopt a resolution or course
                of
                action that has not received such
                approval;
·
on
                terms no less favorable to the Limited Partners than those generally
                being
                provided to or available from unrelated third parties;
                or
·
fair
                to the Limited Partners, taking into account the totality of the
                relationships of the parties involved including other transactions
                that
                may be particularly favorable or advantageous to the Limited
                Partners.
7.7.2
        Whenever this Agreement or any other agreement contemplated hereby provides
        that
        the General Partner is permitted or required to make a decision (i) in its
        discretion or under a grant of similar authority or latitude, the General
        Partner shall be entitled to the extent permitted by applicable law, to consider
        only such interest and factors as it desires and shall have no duty or
        obligation to give any consideration to any interest of or factors affecting
        the
        partnership or the Limited Partners, or (ii) in its good faith or under another
        express standard, the General Partner shall act under such express standard
        and
        except as required by applicable law, shall not be subject to any other
        different standards imposed by this Agreement, any other agreement contemplated
        hereby or applicable law.
7.8
Other
        Matters Concerning the General Partner.
7.8.1
        The
        General Partner (including the Audit Committee) may rely on and shall be
        protected in acting or refraining from acting upon any certificate, document
        or
        other instrument believed by it to be genuine and to have been signed or
        presented by the proper party or parties.
7.8.2
        The
        General Partner (including the Audit Committee) may consult with legal counsel,
        accountants, appraisers, management consultants, investment bankers and other
        consultants and advisors selected by it and any opinion or advice of any
        such
        person as to matters which the General Partner (including the Audit Committee)
        believes to be within such person's professional or expert competence shall be
        the basis for full and complete authorization of indemnification and provide
        legal protection with respect to any action taken or suffered or omitted
        by the
        General Partner (including the Audit Committee) hereunder in good faith and
        in
        accordance with such opinion or advice.
7.8.3
        The
        General Partner (including the Audit Committee) may exercise any of the powers
        granted to it by this Agreement and perform any of the duties imposed upon
        it
        hereunder either directly or by or through its agents, and the General Partner
        (including the Audit Committee) shall not be responsible for any misconduct
        or
        negligence on the part of any such agent appointed by the General Partner
        in
        good faith.
7.9
Other
        Business Ventures.
Any
        Partner, director, employee, Affiliate or other person holding a legal or
        beneficial interest in any entity which is a Partner, may engage in or possess
        an interest in other business ventures of every nature and description,
        independently or with others, whether such ventures are competitive with
        the
        Partnership or otherwise; and, neither the Partnership nor the Partners shall
        have any right by virtue of this Agreement in or to such independent ventures
        or
        to the income or profits derived there from.
7.10
Contracts
        with the General Partner or its Affiliates.
The
        General Partner may, on behalf of the Partnership, enter into contracts with
        any
        Affiliate. The validity of any transaction, agreement or payment involving
        the
        Partnership and any General Partner or any Affiliate of a General Partner
        otherwise permitted by the terms of this Agreement shall not be affected
        by
        reason of (i) the relationship between the Partnership and the Affiliate
        of the
        General Partner, or (ii) the approval of said transaction agreement or payment
        by officers or directors of the General Partner.
7.11
Additional
        General Partners.
Additional general partners may be admitted with the consent of the General
        Partner.
ARTICLE
        8
Rights
        and Obligations of Limited Partners
8.1
No
        Participation in Management.
No
        Limited Partner (other than a General Partner if it has acquired an interest
        of
        a Limited Partner) shall take part in the management of the Partnership's
        business, transact any business in the Partnership's name or have the power to
        sign documents for or otherwise bind the Partnership.
8.2
Limitation
        of Liability.
Except
        as provided in the Act, the debts, obligations, and liabilities of the
        Partnership, whether arising in contract, tort or otherwise, shall be solely
        the
        debts, obligations and liabilities of the Partnership. A Limited Partner
        will
        not be liable for assessments in addition to its initial capital investment
        in
        any capital securities representing limited partnership interests. However,
        a
        Limited Partner may be required to repay to the Partnership any amounts
        wrongfully returned or distributed to it under some circumstances.
8.3
Indemnification
        and Terms of Admission.
Each
        Limited Partner shall indemnify and hold harmless the Partnership, the General
        Partner and every Limited Partner who was or is a party or is threatened
        to be
        made a party to any threatened, pending or completed action, suit or
        proceedings, whether civil, criminal, administrative or investigative, by
        reason
        of or arising from any actual or alleged misrepresentation or misstatement
        of
        facts or omission to state facts made (or omitted to be made) by such Limited
        Partner in connection with any assignment, transfer, encumbrance or other
        disposition of all or any part of an interest, or the admission of a Limited
        Partner to the Partnership, against expenses for which the Partnership or
        such
        other Person has not otherwise been reimbursed (including attorneys' fees,
        judgments, fines and amounts paid in settlement) actually and reasonably
        incurred by him in connection with such action, suit or proceeding.
8.4
Effective
        Date.
The
        effective date of admission of a Limited Partner shall be the date designated
        by
        the General Partner in writing to such assignee or transferee.
8.5
Death
        or Incapacity of Limited Partner.
The
        death or legal incapacity of a Limited Partner shall not cause dissolution
        of
        the Partnership.
8.6
Rights
        of Limited Partner Relating to the Partnership.
(a)
        In
        addition to other rights provided by this Agreement or by applicable law,
        and
        except as otherwise limited under this Agreement, each Limited Partner shall
        have the right, for a purpose reasonably related to such Limited Partner's
        interest as a Limited Partner in the Partnership, upon reasonable demand
        and at
        such Limited Partner's own expense:
(i)
        to
        obtain true and full information regarding the status of the business and
        financial condition of the Partnership;
(ii)
        promptly after becoming available, to obtain a copy of the Partnership's
        federal, state and local tax returns for each year;
(iii)
        to
        have furnished to it, upon notification to the General Partner, a current
        list
        of the name and last known business, residence or mailing address of each
        Partner;
(iv)
        to
        have furnished to it, upon notification to the General Partner, a copy of
        this
        Agreement and the Certificate of Limited Partnership and all amendments
        thereto;
(v)
        to
        obtain true and full information regarding the amount of cash contributed
        by and
        a description and statement of the value of any other Capital Contribution
        by
        each Partner and which each Partner has agreed to contribute in the future,
        and
        the date on which each became a Partner; and
(vi)
        to
        obtain such other information regarding the affairs of the Partnership as
        is
        just and reasonable.
(b)
        Notwithstanding any other provision of this Agreement, the General Partner
        may
        keep confidential from the Limited Partners and Assignees for such period
        of
        time as the General Partner deems reasonable, any information that the General
        Partner reasonably believes to be in the nature of trade secrets or other
        information, the disclosure of which the General Partner in good faith believes
        is not in the best interests of the Partnership or could damage the Partnership
        or that the Partnership is required by law or by agreements with third parties
        to keep confidential (other than agreements with Affiliates the primary purpose
        of which is to circumvent the obligations set forth in this Article
        8.6).
ARTICLE
        9
Unit
        Certificates
9.1
Unit
        Certificates.
Certificates shall be executed on behalf of the Partnership by any officer
        of
        either of the General Partner or, if any, of the Partnership.
9.2
Registration
        Form, Registration of Transfer and Exchange.
9.2.1
        The
        General Partner shall cause to be kept on behalf of the Partnership a register
        (the
"Unit
        Register"
)
        in
        which, subject to such reasonable regulations as it may prescribe, the General
        Partner will provide for the registration and the transfer of Units. The
        Transfer Agent has been appointed registrar and transfer agent for the purpose
        of registering and transferring Units as herein provided. The Partnership
        shall
        not recognize transfers of Certificates representing Units unless same are
        effected in the manner described in this Article 9.2. Upon surrender for
        registration of transfer of any Units evidenced by a Certificate, the General
        Partner on behalf of the Partnership will execute, and the Transfer Agent
        will
        countersign and deliver, in the name of the holder or the designated transferee
        or transferees, as required pursuant to the holder's instructions, one or more
        new Certificates evidencing the same aggregate number of Units as was evidenced
        by the Certificate so surrendered.
9.2.2
Book-Entry-Only
        System.
(a)
Global
        Certificate Only.
Unless
        otherwise authorized by the General Partner, Certificates for Units will
        not be
        issued, other than the one or more Global Certificates issued to the Depository.
        So long as the Depository Agreement is in effect, Creation Baskets will be
        issued and redeemed and Units will be transferable solely through the book-entry
        systems of the Depository and the DTC Participants and their Indirect
        Participants as more fully described below.
(1)
Global
        Certificate.
The
        Partnership and the General Partner will enter into the Depository Agreement
        pursuant to which the Depository will act as securities depository for the
        Units. Units will be represented by the Global Certificate (which may consist
        of
        one or more certificates as required by the Depository), which will be
        registered, as the Depository shall direct, in the name of Cede & Co., as
        nominee for the Depository and deposited with, or on behalf of, the Depository.
        No other certificates evidencing Units will be issued. The Global Certificate
        shall be in the form attached hereto as Exhibit B and shall represent such
        Units
        as shall be specified therein, and may provide that it shall represent the
        aggregate amount of outstanding Units from time to time endorsed thereon
        and
        that the aggregate amount of outstanding Units represented thereby may from
        time
        to time be increased or decreased to reflect creations or redemptions of
        Baskets. Any endorsement of a Global Certificate to reflect the amount, or
        any
        increase or decrease in the amount, of outstanding Units represented thereby
        shall be made in such manner and upon instructions given by the General Partner
        on behalf of the Partnership as specified in the Depository
        Agreement.
(2)
Legend.
Any
        Global Certificate issued to the Depository or its nominee shall bear a legend
        substantially to the following effect: "UNLESS THIS CERTIFICATE IS PRESENTED BY
        AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
        CORPORATION
("DTC")
,
        TO THE
        FUND OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND
        ANY
        CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
        NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
        IS
        MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN."
(3)
The
        Depository.
The
        Depository has advised the Partnership and the General Partner as follows:
        the
        Depository is a limited-purpose trust company organized under the laws of
        the
        State of New York, a member of the U.S. Federal Reserve System, a
"clearing
        corporation"
within
        the meaning of the New York Uniform Commercial Code, and a
"clearing
        agency"
registered pursuant to the provisions of Section 17A of the Securities Exchange
        Act of 1934, as amended. The Depository was created to hold securities of
        DTC
        Participants and to facilitate the clearance and settlement of securities
        transactions among the DTC Participants in such securities through electronic
        book-entry changes in accounts of the DTC Participants, thereby eliminating
        the
        need for physical movement of securities certificates. "
DTC
        Participants"
include
        securities brokers and dealers, banks, trust companies, clearing corporations,
        and certain other organizations, some of whom (and/or their representatives)
        own
        the Depository. Access to the Depository's system is also available to others
        such as banks, brokers, dealers and trust companies that clear through or
        maintain a custodial relationship with a DTC Participant, either directly
        or
        indirectly
("Indirect
        Participants")
.
        The
        Depository may determine to discontinue providing its service with respect
        to
        Creation Baskets and Units by giving notice to the General Partner pursuant
        to
        and in conformity with the provisions of the Depository Agreement and
        discharging its responsibilities with respect thereto under applicable law.
        Under such circumstances, the General Partner shall take action either to
        find a
        replacement for the Depository to perform its functions at a comparable cost
        and
        on terms acceptable to the General Partner or, if such a replacement is
        unavailable, to terminate the Partnership.
(4)
Beneficial
        Owners.
As
        provided in the Depository Agreement, upon the settlement date of any creation,
        transfer or redemption of Units, the Depository will credit or debit, on
        its
        book-entry registration and transfer system, the number of Units so created,
        transferred or redeemed to the accounts of the appropriate DTC Participants.
        The
        accounts to be credited and charged shall be designated by the General Partner
        on behalf of the Partnership and each Participant, in the case of a creation
        or
        redemption of Baskets. Ownership of beneficial interest in Units will be
        limited
        to DTC Participants, Indirect Participants and persons holding interests
        through
        DTC Participants and Indirect Participants. Beneficial Owners will be shown
        on,
        and the transfer of beneficial ownership by Beneficial Owners will be effected
        only through, in the case of DTC Participants, records maintained by the
        Depository and, in the case of Indirect Participants and Beneficial Owners
        holding through a DTC Participant or an Indirect Participant, through those
        records or the records of the relevant DTC Participants. Beneficial Owners
        are
        expected to receive, from or through the broker or bank that maintains the
        account through which the Beneficial Owner has purchased Units, a written
        confirmation relating to their purchase of Units.
(5)
Reliance
        on Procedures.
Except
        for those who have provided Transfer Applications to the General Partner,
        so
        long as Cede & Co., as nominee of the Depository, is the registered owner of
        Units, references herein to the registered or record owners of Units shall
        mean
        Cede & Co. and shall not mean the Beneficial Owners of Units. Beneficial
        Owners of Units will not be entitled to have Units registered in their names,
        will not receive or be entitled to receive physical delivery of certificates
        in
        definitive form and will not be considered the record or registered holder
        of
        Units under this Agreement. Accordingly, to exercise any rights of a holder
        of
        Units under the Agreement, a Beneficial Owner must rely on the procedures
        of the
        Depository and, if such Beneficial Owner is not a DTC Participant, on the
        procedures of each DTC Participant or Indirect Participant through which
        such
        Beneficial Owner holds its interests. The Partnership and the General Partner
        understand that under existing industry practice, if the Partnership requests
        any action of a Beneficial Owner, or a Beneficial Owner desires to take any
        action that the Depository, as the record owner of all outstanding Units,
        is
        entitled to take, the Depository will notify the DTC Participants regarding
        such
        request, such DTC Participants will in turn notify each Indirect Participant
        holding Units through it, with each successive Indirect Participant continuing
        to notify each person holding Units through it until the request has reached
        the
        Beneficial Owner, and in the case of a request or authorization to act that
        is
        being sought or given by a Beneficial Owner, such request or authorization
        is
        given by the Beneficial Owner and relayed back to the Partnership through
        each
        Indirect Participant and DTC Participant through which the Beneficial Owner's
        interest in the Units is held.
(6)
Communication
        between the Partnership and the Beneficial Owners.
As
        described above, the Partnership will recognize the Depository or its nominee
        as
        the owner of all Units for all purposes except as expressly set forth in
        this
        Agreement. Conveyance of all notices, statements and other communications
        to
        Beneficial Owners will be effected in accordance with this paragraph. Pursuant
        to the Depository Agreement, the Depository is required to make available
        to the
        Partnership, upon request and for a fee to be charged to the Partnership,
        a
        listing of the Unit holdings of each DTC Participant. The Partnership shall
        inquire of each such DTC Participant as to the number of Beneficial Owners
        holding Units, directly or indirectly, through such DTC Participant. The
        Partnership shall provide each such DTC Participant with sufficient copies
        of
        such notice, statement or other communication, in such form, number and at
        such
        place as such DTC Participant may reasonably request, in order that such
        notice,
        statement or communication may be transmitted by such DTC Participant, directly
        or indirectly, to such Beneficial Owners. In addition, the Partnership shall
        pay
        to each such DTC Participant an amount as reimbursement for the expenses
        attendant to such transmittal, all subject to applicable statutory and
        regulatory requirements.
(7)
Distributions.
Distributions on Units pursuant to this Agreement shall be made to the
        Depository or its nominee, Cede & Co., as the registered owner of all Units.
        The Partnership and the General Partner expect that the Depository or its
        nominee, upon receipt of any payment of distributions in respect of Units,
        shall
        credit immediately DTC Participants' accounts with payments in amounts
        proportionate to their respective beneficial interests in Units as shown
        on the
        records of the Depository or its nominee. The Partnership and the General
        Partner also expect that payments by DTC Participants to Indirect Participants
        and Beneficial Owners held through such DTC Participants and Indirect
        Participants will be governed by standing instructions and customary practices,
        as is now the case with securities held for the accounts of customers in
        bearer
        form or registered in a
"street
        name,"
and will
        be the responsibility of such DTC Participants and Indirect Participants.
        Neither the Partnership nor the General Partner will have any responsibility
        or
        liability for any aspects of the records relating to or notices to Beneficial
        Owners, or payments made on account of beneficial ownership interests in
        Units,
        or for maintaining, supervising or reviewing any records relating to such
        beneficial ownership interests or for any other aspect of the relationship
        between the Depository and the DTC Participants or the relationship between
        such
        DTC Participants and the Indirect Participants and Beneficial Owners owning
        through such DTC Participants or Indirect Participants or between or among
        the
        Depository, any Beneficial Owner and any person by or through which such
        Beneficial Owner is considered to own Units.
(8)
Limitation
        of Liability.
The
        Global Certificate to be issued hereunder is executed and delivered solely
        on
        behalf of the Partnership by the General Partner, in its capacity as such,
        and
        in the exercise of the powers and authority conferred and vested in it by
        this
        Agreement. The representations, undertakings and agreements made on the part
        of
        the Partnership in the Global Certificate are made and intended not as personal
        representations, undertakings and agreements by the General Partner, but
        are
        made and intended for the purpose of binding only the Partnership. Nothing
        in
        the Global Certificate shall be construed as creating any liability on the
        General Partner, individually or personally, to fulfill any representation,
        undertaking or agreement other than as provided in this Agreement.
(9)
Successor
        Depository.
If a
        successor to the Depository shall be employed as Depository hereunder, the
        Partnership and the General Partner shall establish procedures acceptable
        to
        such successor with respect to the matters addressed in this Section
        9.2.2.
(10)
Transfer
        of Units.
Beneficial Owners that are not DTC Participants may transfer Units by
        instructing the DTC Participant or Indirect Participant holding the Units
        for
        such Beneficial Owner in accordance with standard securities industry practice.
        Beneficial Owners that are DTC Participants may transfer Units by instructing
        the Depository in accordance with the rules of the Depository and standard
        securities industry practice.
9.2.3
        Except as otherwise provided in this Agreement, the Partnership shall not
        recognize any transfer of Units until the Certificates (if applicable), and
        a
        Transfer Application have been provided to the General Partner evidencing
        such
        Units are surrendered for registration of transfer. Such Certificates must
        be
        accompanied by a Transfer Application duly executed by the transferee (or
        the
        transferee's attorney-in-fact duly authorized in writing). No charge shall be
        imposed by the Partnership for such transfer, provided, that, as a condition
        to
        the issuance of any new Certificate under this Article 9.2, the General Partner
        may require the payment of a sum sufficient to cover any tax or other
        governmental charge that may be imposed with respect thereto.
9.3
Mutilated,
        Destroyed, Lost or Stolen Certificates.
9.3.1
        If
        any mutilated Certificate is surrendered to the Transfer Agent, the General
        Partner on behalf of the Partnership, shall execute, and upon its request,
        the
        Transfer Agent shall countersign and deliver in exchange therefore, a new
        Certificate evidencing the same number of Units as the Certificate so
        surrendered.
9.3.2
        The
        General Partner, on behalf of the Partnership, shall execute, and upon its
        request, the Transfer Agent shall countersign and deliver a new Certificate
        in
        place of any Certificate previously issued if the Record Holder of the
        Certificate:
(a)
        makes
        proof by affidavit, in form and substance satisfactory to the General Partner,
        that a previously issued Certificate has been lost, destroyed or
        stolen;
(b)
        requests the issuance of a new Certificate before the Partnership has received
        notice that the Certificate has been acquired by a purchaser for value in
        good
        faith and without notice of an adverse claim;
(c)
        if
        requested by the General Partner, delivers to the Partnership a bond or such
        other form of security or indemnity as may be required by the General Partner,
        in form and substance satisfactory to the General Partner, with surety or
        sureties and with fixed or open penalty as the General Partner may direct,
        in
        its sole discretion, to indemnify the Partnership, the General Partner and
        the
        Transfer Agent against any claim that may be made on account of the alleged
        loss, destruction or theft of the Certificate; and
(d)
        satisfies any other reasonable requirements imposed by the General Partner.
If
        a
        Limited Partner or Assignee fails to notify the Partnership within a reasonable
        time after it has notice of the loss, destruction or theft of a Certificate,
        and
        a transfer of the Units represented by the Certificate is registered before
        the
        Partnership, the General Partner or the Transfer Agent receives such
        notification, the Limited Partner or Assignee shall be precluded from making
        any
        claim against the Partnership, the General Partner or the Transfer Agent
        for
        such transfer or for a new Certificate.
9.3.3
        As
        a condition to the issuance of any new Certificate under this Article 9.3,
        the
        General Partner may require the payment of a sum sufficient to cover any
        tax or
        other governmental charge that may be imposed in relation thereto and any
        other
        expenses (including, without limitation, the fees and expenses of the Transfer
        Agent) connected therewith.
9.4
Record
        Holder.
The
        Partnership shall be entitled to recognize the Record Holder as the Limited
        Partner or Assignee with respect to any Units and, accordingly, shall not
        be
        bound to recognize any equitable or other claim to or interest in such Units
        on
        the part of any other Person, whether or not the Partnership shall have actual
        or other notice thereof, except as otherwise provided by law or any applicable
        rule, regulation, guideline or requirement of any national securities exchange
        on which the Units are listed for trading. Without limiting the foregoing,
        when
        a Person (such as a broker, dealer, bank trust company or clearing corporation
        or an agent of any of the foregoing) is acting as nominee, agent or in some
        other representative capacity for another Person in acquiring and/or holding
        Units, as between the Partnership on the one hand and such other Persons
        on the
        other hand such representative Person (a) shall be the Limited Partner or
        Assignee (as the case may be) of record and beneficially, (b) must execute
        and
        deliver a Transfer Application and (c) shall be bound by this Agreement and
        shall have the rights and obligations of a Limited Partner or Assignee (as
        the
        case may be) hereunder and as provided for herein.
9.5
Partnership
        Securities.
The
        General Partner is hereby authorized to cause the Partnership to issue
        Partnership Securities, for any Partnership purpose, at any time or from
        time to
        time, to the Partners or to other Persons for such consideration and on such
        terms and conditions as shall be established by the General Partner in its
        sole
        discretion, all without the approval of any Limited Partners. The General
        Partner shall have sole discretion, subject to the requirements of the Act,
        in
        determining the consideration and terms and conditions with respect to any
        future issuance of Partnership Securities.
9.5.1
        The
        General Partner shall do all things necessary to comply with the Act and
        is
        authorized and directed to do all things it deems to be necessary or advisable
        in connection with any future issuance of Partnership Securities, including,
        without limitation, compliance with any statute, rule, regulation or guideline
        of any federal, state or other governmental agency or any national securities
        exchange on which the Units or other Partnership Securities are listed for
        trading.
ARTICLE
        10
Transfer
        of Interests
10.1
Transfer.
10.1.1
        The term
"transfer,"
when
        used in this Article 10 with respect to an interest, shall be deemed to refer
        to
        an appropriate transaction by which the General Partner assigns its interest
        as
        General Partner to another Person or by which the holder of a Unit assigns
        such
        Unit to another Person who is or becomes an Assignee and includes a sale,
        assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange
        or any
        other disposition by law or otherwise.
10.1.2
        No
        interest shall be transferred in whole or in part, except in accordance with
        the
        terms and conditions set forth in this Article 10. Any transfer or purported
        transfer of an interest not made in accordance with this Article 10 shall
        be
        null and void.
10.2
Transfer
        of General Partner's Interest.
10.2.1
        Except as set forth in this Article 10.2.1, the General Partner may transfer
        all, but not less than all, of its interest as the general partner to a single
        transferee if, but only if, (i) at least a majority of the Limited Partners
        approve of such transfer and of the admission of such transferee as general
        partner, (ii) the transferee agrees to assume the rights and duties of the
        General Partner and be bound by the provisions of this Agreement and other
        applicable agreements, and (iii) the Partnership receives an Opinion of Counsel
        that such transfer would not result in the loss of limited liability of any
        Limited Partner or of the Partnership or cause the Partnership to be taxable
        as
        a corporation or otherwise taxed as an entity for federal income tax purposes.
        The foregoing notwithstanding, the General Partner is expressly permitted
        to
        pledge its interest as General Partner to secure the obligations of the
        Partnership under a Revolving Credit Facility, as the same may be amended,
        supplemented, replaced, refinanced or restated from time to time, or any
        successor or subsequent loan agreement.
10.2.2
        Neither Article 10.2.1 nor any other provision of this Agreement shall be
        construed to prevent (and all Partners do hereby consent to) (i) the transfer
        by
        the General Partner of all of its interest as a general partner to an Affiliate
        or (ii) the transfer by the General Partner of all its interest as a general
        partner upon its merger or consolidation with or other combination into any
        other Person or the transfer by it of all or substantially all of its assets
        to
        another Person if, in the case of a transfer described in either clause (i)
        or
        (ii) of this sentence, the rights and duties of the General Partner with
        respect
        to the interest so transferred are assumed by the transferee and the transferee
        agrees to be bound by the provisions of this Agreement; provided, that in
        either
        such case, such transferee furnishes to the Partnership an Opinion of Counsel
        that such merger, consolidation, combination, transfer or assumption will
        not
        result in a loss of limited liability of any Limited Partner or of the
        Partnership or cause the Partnership to be taxable as a corporation or otherwise
        taxed as an entity for federal income tax purpose. In the case of a transfer
        pursuant to this Article 10.2.2, the transferee or successor (as the case
        may
        be) shall be admitted to the Partnership as the General Partner immediately
        prior to the transfer of the interest, and the business of the Partnership
        shall
        continue without dissolution.
10.3
Transfer
        of Units.
10.3.1
        Units may be transferred only in the manner described in Article 9.2. The
        transfer of any Units and the admission of any new Partner shall not constitute
        an amendment to this Agreement.
10.3.2
        Until admitted as a Substituted Limited Partner pursuant to Article 11, the
        Record Holder of a Unit shall be an Assignee in respect of such Unit. Limited
        Partners may include custodians, nominees or any other individual or entity
        in
        its own or any representative capacity.
10.3.3
        Each distribution in respect of Units shall be paid by the Partnership, directly
        or through the Transfer Agent or through any other Person or agent, only
        to the
        Record Holders thereof as of the Record Date set for the distribution. Such
        payment shall constitute full payment and satisfaction of the Partnership's
        liability in respect of such payment, regardless of any claim of any Person
        who
        may have an interest in such payment by reason of an assignment or
        otherwise.
10.3.4
        A
        transferee who has completed and delivered a Transfer Application provided
        by
        the seller of the Units (or if purchased on an exchange directly from the
        Partnership), shall be deemed to have (i) requested admission as a Substituted
        Limited Partner, (ii) agreed to comply with and be bound by and to have executed
        this Agreement, (iii) represented and warranted that such transferee has
        the
        capacity and authority to enter into this Agreement, (iv) made the powers
        of
        attorney set forth in this Agreement, and (v) given the consents and made
        the
        waivers contained in this Agreement.
10.4
Restrictions
        on Transfers.
Notwithstanding the other provisions of this Article 10, no transfer of any
        Unit
        or interest therein of any Limited Partner or Assignee shall be made if such
        transfer would (a) violate the then applicable federal or state securities
        laws
        or rules and regulations of the SEC, any state securities commission, the
        CFTC,
        or any other governmental authorities with jurisdiction over such transfer,
        (b)
        cause the Partnership to be taxable as a corporation or (c) affect the
        Partnership's existence or qualification as a limited partnership under the Act.
        The General Partner may request each Record Holder to furnish certain
        information, including that holder's nationality, citizenship or other related
        status. A transferee who is not a U.S. resident may not be eligible to become
        a
        Record Holder or a Limited Partner if such ownership would subject the
        Partnership to the risk of cancellation or forfeiture of any of its assets
        under
        any federal, state or local law or regulation. If the Record Holder fails
        to
        furnish the information or if the General Partner determines, on the basis
        of
        the information furnished by the holder in response to the request, that
        such
        holder is not qualified to become one of a Limited Partner, the General Partner
        may be substituted as a holder for the Record Holder, who will then be treated
        as a non-citizen assignee, and the Partnership will have the right to redeem
        those securities held by the Record Holder.
10.5
Tax
        Certificates.
10.5.1
        All Limited Partners or Assignees (or, if the Limited Partner or Assignee
        is a
        nominee holding for the account of a Beneficial Owner, the Beneficial Owner)
        are
        required to provide the Partnership with a properly completed Tax
        Certificate.
10.5.2
        If
        a Limited Partner or Assignee (or, if the Limited Partner or Assignee is
        a
        nominee holding for the account of a Beneficial Owner, the Beneficial Owner)
        fails to provide the Partnership with a properly completed Tax Certificate,
        the
        General Partner may request at any time and from time to time, that such
        Limited
        Partner or Assignee (or Beneficial Owner) shall, within 15 days after request
        (whether oral or written) therefore by the General Partner, furnish to the
        Partnership, a properly completed Tax Certificate. If a Limited Partner or
        Assignee fails to furnish to the General Partner within the aforementioned
        15-day period such Tax Certificate, the Units owned by such Limited Partner
        or
        Assignee (or in the case of a Limited Partner or Assignee that holds Units
        on
        behalf of a Beneficial Owner, the Units held on behalf of the Beneficial
        Owner)
        shall be subject to redemption in accordance with the provisions of Article
        10.6.
10.6
Redemption
        of Units for Failure to Provide Tax Certificate.
10.6.1
        If
        at any time a Limited Partner or Assignee fails to furnish a properly completed
        Tax Certificate within the 15-day period specified in Article 10.5.2, the
        Partnership may redeem the Units of such Limited Partner or Assignee as
        follows:
(a)
        The
        General Partner shall not later than the tenth (10th) Business Day before
        the
        date fixed for redemption, give notice of redemption to the Limited Partner
        or
        Assignee, at its last address designated on the records of the Partnership
        or
        the Transfer Agent, by registered or certified mail, postage prepaid. The
        notice
        shall be deemed to have been given when so mailed (the
"Notice
        Date"
).
        The
        notice shall specify the Redeemable Units, the date fixed for redemption,
        the
        place of payment, and that payment of the redemption price will be made upon
        surrender of the certification evidencing the Redeemable Units.
(b)
        The
        aggregate redemption price for Redeemable Units shall be an amount equal
        to the
        market price as of the Close of Business on the Business Day immediately
        prior
        to the date fixed for redemption of Units to be so redeemed multiplied by
        the
        number of Units included among the Redeemable Units. The redemption price
        shall
        be paid in the sole discretion of the General Partner, in cash or by delivery
        of
        a promissory note of the Partnership in the principal amount of the redemption
        price, bearing interest at the Prime Rate and payable in three equal annual
        installments of principal together with accrued interest commencing one year
        after the redemption date.
(c)
        Upon
        surrender by or on behalf of the Limited Partner or Assignee, at the place
        specified in the notice of redemption, of the certification evidencing the
        Redeemable Units, duly endorsed in blank or accompanied by an assignment
        duly
        executed in blank, the Limited Partner or Assignee or its duly authorized
        representative shall be entitled to receive the payment therefore.
(d)
        In
        the event the Partnership is required to pay withholding tax or otherwise
        withhold any amount on behalf of, or with respect to, a Limited Partner or
        Assignee (or Beneficial Owner) who has failed to provide a properly completed
        Tax Certificate, such amounts paid or withheld by the Partnership shall be
        deemed to have been paid to such Limited Partner or Assignee (or Beneficial
        Owner) as part of the redemption price for the Redeemable Units and the
        Partnership shall reduce the amount of the payment made to such Limited Partner
        or Assignee (or Beneficial owner) in redemption of such Redeemable Units
        by any
        amounts so withheld.
10.6.2
        After the Notice Date, Redeemable Units shall no longer constitute issued
        and
        Outstanding Units and no allocations or distributions shall be made with
        respect
        to such Redeemable Units. In addition, after the Notice Date, the Redeemable
        Units shall not be transferable.
10.6.3
        The provisions of this Article 10.6 shall also be applicable to Units held
        by a
        Limited Partner or Assignee as nominee of a Beneficial Owner.
ARTICLE
        11
Admission
        of Partners
11.1
Admission
        of Initial Limited Partners and Other Creation Basket
        Purchases.
Subject
        to the requirements of this Article11, upon the issuance by the Partnership
        of
        Units to the Initial Limited Partner and any other purchasers of a Creation
        Basket, the General Partner shall admit the Initial Limited Partner and such
        other purchasers of the Creation Basket to the Partnership as Limited Partners
        in respect of the Units purchased.
11.2
Admission
        of Substituted Limited Partners.
By
        transfer of a Unit in accordance with Article 10, the transferor shall be
        deemed
        to have given the transferee the right to seek admission as a Substituted
        Limited Partner subject to the conditions of, and in the manner permitted
        under,
        this Agreement. A transferor of a Certificate shall, however, only have the
        authority to convey to a purchaser or other transferee who does not execute
        and
        deliver a Transfer Application (i) the right to negotiate such Certificate
        to a
        purchaser or other transferee and (ii) the right to transfer the right to
        request admission as a Substituted Limited Partner to such purchaser or other
        transferee in respect of the transferred Units. Each transferee of a Unit
        (including, without limitation, any nominee holder or an agent acquiring
        such
        Unit for the account of another Person) who executes and delivers a Transfer
        Application shall, by virtue of such execution and delivery, be an Assignee
        and
        be deemed to have applied to become a Substituted Limited Partner with respect
        to the Units so transferred to such Person. Such Assignee shall become a
        Substituted Limited Partner (i) at such time as the General Partner consents
        thereto, which consent may be given or withheld in the General Partner's sole
        discretion, and (ii) when any such admission is shown on the books and records
        of the Partnership, following the consent of the General Partner to such
        admission. If such consent is withheld, such transferee shall be an Assignee.
        An
        Assignee shall have an interest in the Partnership equivalent to that of
        a
        Limited Partner with respect to allocations and distributions, including,
        without limitation, liquidating distributions, of the Partnership. With respect
        to voting rights attributable to Units that are held by Assignees, the General
        Partner shall be deemed to be the Limited Partner with respect thereto and
        shall, in exercising the voting rights in respect of such Units on any matter,
        vote such Units at the written direction of the Assignee who is the Record
        Holder of such Units. If no such written direction is received, such Units
        will
        not be voted. An Assignee shall have none of the other rights of a Limited
        Partner.
11.3
Admission
        of Successor General Partner.
A
        successor General Partner approved pursuant to this Article 11.3 or the
        transferee of or successor to all of the General Partner's interest pursuant to
        Article 10.2 who is proposed to be admitted as a successor General Partner
        shall
        be admitted to the Partnership as the General Partner, effective immediately
        prior to the withdrawal or removal of the General Partner pursuant to Article
        12
        or the transfer of the General Partner's interest pursuant to Article 10.2;
        provided, however, that no such successor shall be admitted to the Partnership
        until compliance with the terms of Article 10.2 has occurred. Any such successor
        shall carry on the business of the Partnership without dissolution. In each
        case, the admission shall be subject to the successor General Partner executing
        and delivering to the Partnership an acceptance of all of the terms and
        conditions of this Agreement and such other documents or instruments as may
        be
        requited to effect the admission.
11.4
Admission
        of Additional Limited Partners.
11.4.1
        A
        Person (other than the General Partner, an Initial Limited Partner or a
        Substituted Limited Partner) who makes a Capital Contribution to the Partnership
        in accordance with this Agreement shall be admitted to the Partnership as
        an
        Additional Limited Partner only upon furnishing to the General Partner (i)
        evidence of acceptance in form satisfactory to the General Partner of all
        of the
        terms and conditions of this Agreement, including, without limitation, the
        power
        of attorney granted in this Agreement, and (ii) such other documents or
        instruments as may be required in the discretion of the General Partner to
        effect such Person's admission as an Additional Limited Partner.
11.4.2
        Notwithstanding anything to the contrary in this Article 11.4, no Person
        shall
        be admitted as an Additional Limited Partner without the consent of the General
        Partner, which consent may be given or withheld in the General Partner's sole
        discretion. The admission of any Person as an Additional Limited Partner
        shall
        become effective on the date upon which the name of such Person is recorded
        on
        the books and records of the Partnership, following the consent of the General
        Partner to such admission.
11.5
Amendment
        of Agreement and Certificate of Limited Partnership.
To
        effect the admission to the Partnership of any Partner, the General Partner
        shall take all steps necessary and appropriate under the Act to amend the
        records of the Partnership and if necessary, to prepare as soon as practical
        an
        amendment of this Agreement and if required by law, to prepare and file an
        amendment to the Certificate of Limited Partnership and may for this purpose,
        among others, exercise the power of attorney granted pursuant to Article
        15.
ARTICLE
        12
Withdrawal
        or Removal of Partners
12.1
Withdrawal
        of the General Partner.
12.1.1
        The General Partner shall be deemed to have withdrawn from the Partnership
        upon
        the occurrence of any one of the following events (each such event herein
        referred to as an
"Event
        of Withdrawal"
):
(a)
the
        General Partner voluntarily withdraws from the Partnership by giving written
        notice to the other Partners;
(b)
the
        General Partner transfers all of its rights as general partner pursuant to
        this
        Agreement;
(c)
the
        General Partner is removed;
(d)
the
        General Partner (1) makes a general assignment for the benefit of creditors;
        (2)
        files a voluntary bankruptcy petition; (3) files a petition or answer seeking
        for itself a reorganization, arrangement, composition, readjustment liquidation,
        dissolution or similar relief under any law; (4) files an answer or other
        pleading admitting or failing to contest the material allegations of a petition
        filed against the General Partner in a proceeding of the type described in
        clauses (1) — (3) of this sentence; or (5) seeks, consents to or acquiesces in
        the appointment of a trustee, receiver or liquidator of the General Partner
        or
        of all or any substantial part of its properties;
(e)
a
        final
        and non-appealable judgment is entered by a court with appropriate jurisdiction
        ruling that the General Partner is bankrupt or insolvent or a final and
        non-appealable order for relief is entered by a court with appropriate
        jurisdiction against the General Partner, in each case under any federal
        or
        state bankruptcy or insolvency laws as now or hereafter in effect;
        or
(f)
a
        certificate of dissolution or its equivalent is filed for the General Partner,
        or 90 days expire after the date of notice to the General Partner of revocation
        of its charter without a reinstatement of its charter, under the laws of
        its
        state of incorporation.
If
        an
        Event of Withdrawal specified in this Article 12.1.1(d), (e) or (f) occurs,
        the
        withdrawing General Partner shall give written notice to the Limited Partners
        within 30 days after such occurrence. The Partners hereby agree that only
        the
        Events of Withdrawal described in this Article 12.1 shall result in the
        withdrawal of the General Partner from the Partnership.
12.1.2
        Withdrawal of the General Partner from the Partnership upon the occurrence
        of an
        Event of Withdrawal will not constitute a breach of this Agreement under
        the
        following circumstances, (i) the General Partner voluntarily withdraws by
        giving
        at least 90 days' advance notice to the Limited Partners, such withdrawal to
        take effect on the date specified in such notice; or (ii) at any time that
        the
        General Partner ceases to be a General Partner pursuant to Article 12.1.1(b)
        or
        is removed pursuant to Article 12.2. If the General Partner gives a notice
        of
        withdrawal pursuant to Article 12.1.1(a), holders of at least a majority
        of such
        Outstanding Units (excluding for purposes of such determination any Units
        owned
        by the General Partner and its Affiliates) may, prior to the effective date
        of
        such withdrawal, elect a successor General Partner. If, prior to the effective
        date of the General Partner's withdrawal, a successor is not selected by the
        Unitholders as provided herein, the Partnership shall be dissolved in accordance
        with Article 13. If a successor General Partner is elected, such successor
        shall
        be admitted immediately prior to the effective time of the withdrawal or
        removal
        of the Departing Partner and shall continue the business of the Partnership
        without dissolution.
12.2
Removal
        of the General Partner.
The
        General Partner may be removed only if such removal is approved by the
        Unitholders holding at least 66 2/3% of the Outstanding Units (excluding
        for
        this purpose any Units held by the General Partner and its Affiliates). Any
        such
        action by such holders for removal of the General Partner must also provide
        for
        the election of a successor General Partner by the Unitholders holding a
        majority of the Outstanding Units (excluding for this purpose any Units held
        by
        the General Partner and its Affiliates). Such removal shall be effective
        immediately following the admission of a successor General Partner.
12.3
Withdrawal
        of a Limited Partner other than the Organizational Limited
        Partner.
In
        addition to withdrawal of a Limited Partner due to its redemption of Units
        constituting a Redemption Basket under this Agreement, the General Partner
        may,
        at any time, in its sole discretion, require any Limited Partner to withdraw
        entirely from the Partnership or to withdraw a portion of its Partner Capital
        Account, by giving not less than 15 days' advance written notice to the Limited
        Partner thus designated. In addition, the General Partner without notice
        may
        require at any time, or retroactively, withdrawal of all or any portion of
        its
        Capital Account of any Limited Partner: (i) that made a misrepresentation
        to the
        General Partner in connection with its purchase of Units; or (ii) whose
        ownership of Units would result in the violation of any law or regulations
        applicable to the Partnership or a Partner. The Limited Partner thus designated
        shall withdraw from the Partnership or withdraw that portion of his Partner
        capital account specified in such notice, as the case may be, as of the Close
        of
        Business on such date as determined by the General Partner. The Limited Partner
        thus designated shall be deemed to have withdrawn from the Partnership or
        to
        have made a partial withdrawal from its Partner Capital Account, as the case
        may
        be, without further action on the part of said Limited Partner and the
        provisions of Article 17.6 shall apply.
ARTICLE
        13
Termination
        and Distribution
13.1
Termination.
The
        Partnership shall continue in effect from the date of its formation in
        perpetuity, unless sooner terminated upon the occurrence of any one or more
        of
        the following events:
(a)
        The
        death, adjudication of incompetence, bankruptcy, dissolution, withdrawal,
        or
        removal of a General Partner who is the sole remaining General Partner, unless
        a
        majority in interest of the Limited Partners within 90 days after such event
        elects to continue the Partnership and appoints a successor General Partner;
        or
(b)
        The
        affirmative vote of a majority in interest of the Limited Partners; provided,
        however, that any such termination shall be subject to the conditions set
        forth
        in this Agreement.
13.2
Assumption
        of Agreements.
No vote
        by the Limited Partners to terminate the Partnership pursuant to paragraph
        Section 13.1(b) shall be effective unless, prior to or concurrently with
        such
        vote, there shall have been established procedures for the assumption of
        the
        Partnership's obligations arising under any agreement to which the Partnership
        is a party and which is still in force immediately prior to such vote regarding
        termination, and there shall have been an irrevocable appointment of an agent
        who shall be empowered to give and receive notices, reports and payments
        under
        such agreements, and hold and exercise such other powers as are necessary
        to
        permit all other parties to such agreements to deal with such agent as if
        the
        agent were the sole owner of the Partnership's interest, which procedures are
        agreed to in writing by each of the other parties to such
        agreements.
13.3
Distribution
13.3.1
        Upon termination of the Partnership, the affairs of the Partnership shall
        be
        wound up and all of its debts and liabilities discharged or otherwise provided
        for in the order of priority as provided by law. The fair market value of
        the
        remaining assets of the Partnership shall then be determined by the General
        Partner. Thereupon, the assets of the Partnership shall be distributed to
        the
        Partners pro rata in accordance with their Units. Each Partner shall receive
        its
        share of the assets in cash or in kind, and the proportion of such share
        that is
        received in cash may vary from Partner to Partner, all as the General Partner
        in
        its sole discretion may decide. If such distributions are insufficient to
        return
        to any Partner the full amount of its Capital Contributions, such Partner
        shall
        have no recourse against any other Partner.
13.3.2
        The winding up of the affairs of the Partnership and the distribution of
        its
        assets shall be conducted exclusively by the General Partner or its successor,
        which is hereby authorized to do all acts authorized by law for these purposes.
        Without limiting the generality of the foregoing, the General Partner, in
        carrying out such winding up and distribution, shall have full power and
        authority to sell all or any of the Partnership's assets or to distribute the
        same in kind to the Partners.
ARTICLE
        14
Meetings
14.1
Meeting
        of Limited Partners.
Upon the
        written request of 20% or more in interest of the Limited Partners, the General
        Partner may, but is not required to, call a meeting of the Limited Partners.
        Notice of such meeting shall be given within 30 days after, and the meeting
        shall be held within 60 days after, receipt of such request. The General
        Partner
        may also call a meeting not less than 20 and not more than 60 days prior
        to the
        meeting. Any such notice shall state briefly the purpose of the meeting,
        which
        shall be held at a reasonable time and place.
ARTICLE
        15
Power
        of
        Attorney
15.1
Appointment.
Each
        Limited Partner and each Assignee hereby constitutes and appoints each of
        the
        General Partner and, if a liquidator shall have been selected, the liquidator
        severally (and any successor to either thereof by merger, transfer, assignment,
        election or otherwise) and each of their respective authorized officers and
        attorneys-in-fact with full power of substitution, as its true and lawful
        agent
        and attorney-in-fact with full power and authority in its name, place and
        stead
        to:
(a)
        execute, swear to, acknowledge, deliver, file and record in the appropriate
        public offices (i) all certificates, documents and other instruments (including,
        without limitation, this Agreement and the Certificate of Limited Partnership
        and all amendments or restatements thereof) that the General Partner or the
        liquidator deems necessary or appropriate to form, qualify or continue the
        existence or qualification of the Partnership as a limited partnership (or
        a
        partnership in which the limited partners have limited liability) in the
        State
        of Delaware and in all other jurisdictions in which the Partnership may conduct
        business or own property, (ii) all certificates, documents and other instruments
        that the General Partner or the liquidator deems necessary or appropriate
        to
        reflect, in accordance with its terms, any amendment, change, modification
        or
        restatement of this Agreement, (iii) all certificates, documents and other
        instruments (including, without limitation, conveyances and a certificate
        of
        cancellation) that the General Partner or the liquidator deems necessary
        or
        appropriate to reflect the dissolution and liquidation of the Partnership
        pursuant to the terms of this Agreement, (iv) all certificates, documents
        and
        other instruments relating to the admission, withdrawal, removal or substitution
        of any Partner or the Capital Contribution of any Partner, (v) all certificates,
        documents and other instruments relating to the determination of the rights,
        preferences and privileges of any Units issued, and (vi) all certificates
        documents and other instruments (including, without limitation, agreements
        and a
        certificate of merger) relating to a merger or consolidation of the
        Partnership;
(b)
        execute, swear to, acknowledge, deliver, file and record all ballots, consents,
        approval waivers, certificates and other instruments necessary or appropriate,
        in the sole discretion of the General Partner or the liquidator, to make,
        evidence, give, confirm or ratify any vote, consent, approval, agreement
        or
        other action that is made or given by the Partners hereunder or is consistent
        with the terms of this Agreement or is necessary or appropriate, in the sole
        discretion of the General Partner or the liquidator, to effectuate the terms
        or
        intent of this Agreement, provided, that when required by this Agreement
        that
        establishes a percentage of the Limited Partners or of the Limited Partners
        of
        any class or series required to take any action, the General Partner or the
        liquidator may exercise the power of attorney made in this Article 15 only
        after
        the necessary vote, consent or approval of the Limited Partners or of the
        Limited Partners of such class or series;
15.2
Survival.
The
        foregoing power of attorney is hereby declared to be irrevocable and a power
        coupled with an interest and it shall survive and not be affected by the
        subsequent death, incompetence, disability, incapacity, dissolution, bankruptcy
        or termination of any Limited Partner or Assignee and the transfer of all
        or any
        portion of such Limited Partner's or Assignee's Partnership interest and shall
        extend to such Limited Partners or Assignee's heirs, successors, assigns and
        personal representatives. Each such Limited Partner or Assignee hereby agrees
        to
        be bound by any representation made by the General Partner or the liquidator
        acting in good faith pursuant to such power of attorney; and each such Limited
        Partner or Assignee hereby waives any and all defenses that may be available
        to
        contest, negate or disaffirm the action of the General Partner or the liquidator
        taken in good faith under such power of attorney. Each Limited Partner or
        Assignee shall execute and deliver to the General Partner or the liquidator,
        within 15 days after receipt of the General Partner's or the liquidator's
        request therefor, such further designations, powers of attorney and other
        instruments as the General Partner or the liquidator deems necessary to
        effectuate this Agreement and the purposes of the Partnership.
ARTICLE
        16
Creation
        of Units
16.1
General.
The
        Partnership will create and redeem Units from time to time, but only in one
        or
        more Creation Baskets or Redemption Baskets (a block of 100,000 Units shall
        be
        referred to as a
"Basket"
).
        The
        creation and redemption of Baskets will only be made in exchange for delivery
        to
        the Partnership or the distribution by the Partnership of the amount of United
        States government securities with maturities of 2 years or less
("Treasuries")
and any
        cash represented by the Baskets being created or redeemed, the amount of
        which
        will be based on the combined NAV of the number of Units included in the
        Baskets
        being created or redeemed determined on the day the order to create or redeem
        Baskets is properly received.
16.2
Creation
        Procedures.
On any
        Business Day, a Participant, may place an order with the Partnership's marketing
        agent to create one or more Baskets. Purchase orders must be placed by 12:00
        PM
        New York time or the close of regular trading on the American Stock Exchange,
        whichever is earlier; except in the case of the Initial Limited Partner's
        initial order to purchase one or more Creation Baskets on the first day the
        Baskets are to be offered and sold, when such orders shall be placed by 9:00
        AM
        New York time on the day agreed to by the General Partner and the Initial
        Limited Partner. The day on which the marketing agent receives a valid purchase
        order is the purchase order date. By placing a purchase order, the Participant
        agrees to deposit Treasuries with the Partnership, or a combination of
        Treasuries and cash. Prior to the delivery of Baskets for a purchase order,
        the
        Participant must also have wired to the custodian the non-refundable creation
        transaction fee described in this Article 16.
16.3
Determination
        of Required Deposits.
The
        total deposit required to create each Basket
("Creation
        Basket Deposit")
is an
        amount of Treasuries and cash with a value that is in the same proportion
        to the
        total assets of the Partnership (net of estimated accrued but unpaid fees,
        expenses and other liabilities) on the date the order to purchase is properly
        received as the number of Units to be created under the purchase order is
        in
        proportion to the total number of Units outstanding on the date the order
        is
        received. The General Partner determines, in its sole discretion or in
        consultation with the Administrator, the requirements for Treasuries that
        may be
        included in deposits to create Baskets and publishes, or its agent publishes
        on
        its behalf, such requirements at the beginning of each Business Day. The
        amount
        of cash deposit required is the difference between (i) the aggregate market
        value of the Treasuries included in a Creation Basket Deposit as of 4:00
        PM on
        the date the order to purchase properly was made and (ii) the total required
        deposit.
16.4
Delivery
        of Required Deposits.
A
        Participant who places a purchase order is responsible for transferring the
        Partnership's account with the custodian the required amount of Treasuries and
        cash by the end of the third Business Day following the purchase order date.
        Upon receipt of the deposit amount, the Administrator will direct DTC to
        credit
        the number of Baskets ordered to the Participant's DTC account on the third
        Business Day following the purchase order date. The expense and risk of delivery
        and ownership of Treasuries until such Treasuries have been received by the
        custodian on behalf of the Partnership shall be borne solely by the
        Participant.
16.5
Rejection
        of Purchase Orders.
The
        General Partner, or its marketing agent on its behalf, may reject a purchase
        order or a Creation Basket Deposit if: (1) it determines that the purchase
        order
        or the Creation Basket Deposit is not in proper form; (2) the General Partner
        believes that the purchase order or the Creation Basket Deposit would have
        adverse tax consequences to the Partnership or Limited Partners; (3) the
        acceptance or receipt of the Creation Basket Deposit would, in the opinion
        of
        counsel to the General Partner, be unlawful; or (4) circumstances outside
        the
        control of the General Partner, marketing agent or custodian make it, for
        all
        practical purposes, not feasible to process creations of Baskets. None of
        the
        General Partner, marketing agent or custodian will be liable for the rejection
        of any purchase order or Creation Basket Deposit.
16.6
Creation
        Transaction Fee.
To
        compensate the Partnership for its expenses in connection with the creation
        of
        Baskets, a Participant is required to pay a transaction fee to the Partnership
        of $1,000 per order to create Baskets. An order may include multiple Baskets.
        The transaction fee may be reduced, increased or otherwise changed by the
        General Partner. The General Partner shall notify DTC in advance of any change
        in the transaction fee and will not implement any increase in the fee for
        the
        creation of Baskets until 30 days after the date of the notice.
ARTICLE
        17
Redemption
        of Units
17.1
General.
The
        procedures by which a Participant can redeem one or more Baskets mirror the
        procedures for the creation of Baskets. On any Business Day, a Participant
        may
        place an order with the marketing agent to redeem one or more Baskets.
        Redemption orders must be placed by 12:00 PM New York time or the close of
        regular trading on the American Stock Exchange, whichever is earlier. A
        redemption order so received is effective on the date it is received in
        satisfactory form by the marketing agent. The day on which the marketing
        agent
        receives a valid redemption order is the redemption order date. By placing
        a
        redemption order, a Participant agrees to deliver the Baskets to be redeemed
        through DTC's book-entry system to the Partnership not later than 3:00 PM New
        York time on the third Business Day following the effective date of the
        redemption order. Prior to the delivery of the redemption distribution for
        a
        redemption order, the Participant must also have wired to the Partnership's
        account with the custodian the non-refundable redemption transaction fee
        described in this Article 17.
17.2
Determination
        of Redemption Distribution.
The
        redemption distribution from the Partnership consists of a transfer to the
        redeeming Participant of an amount of Treasuries and/or cash with a value
        that
        is in the same proportion to the total assets of the Partnership (net of
        estimated accrued but unpaid fees, expenses and other liabilities) on the
        date
        the order to redeem is properly received as the number of Units to be redeemed
        under the redemption order is in proportion to the total number of Units
        outstanding on the date the order to redeem is received. The General Partner,
        directly or through its agent, will determine the requirements for Treasuries
        and the amount of cash, including the maximum permitted remaining maturity
        of a
        Treasury, and the proportions of Treasuries and cash, that may be included
        in
        distributions to redeem Baskets. The marketing agent will publish such
        requirements as of 4:00 PM New York time on the redemption order
        date.
17.3
Delivery
        of Redemption Distribution.
The
        redemption distribution due from the Partnership is delivered to the Participant
        by 3:00 PM New York time on the third Business Day following the redemption
        order date if, by 3:00 PM New York time on such third Business Day, the
        Partnership' s DTC account has been credited with the Baskets to be redeemed. If
        the Partnership's DTC account has not been credited with all of the Baskets to
        be redeemed by such time, the redemption distribution is delivered to the
        extent
        of whole Baskets received. Any remainder of the redemption distribution is
        delivered on the next Business Day to the extent of remaining whole Baskets
        received if the Partnership (1) receives the fee applicable to the extension
        of
        the redemption distribution date which the General Partner may, from time
        to
        time, determine and (2) the remaining Baskets to be redeemed are credited
        to the
        Partnership's DTC account by 3:00 PM New York time on such next Business Day.
        Any further remaining amount of the redemption order shall be cancelled and
        the
        Participant will indemnify the Partnership for any losses, if any, due to
        such
        cancellation, including but not limited to the difference in the price of
        investments sold as a result of the redemption order and investments made
        to
        reflect that such order has been cancelled. The custodian is also authorized
        to
        deliver the redemption distribution notwithstanding that the Baskets to be
        redeemed are not credited to the Partnership's DTC account by 3:00 PM New York
        time on the third Business Day following the redemption order date if the
        Participant has collateralized its obligation to deliver the Baskets through
        DTC's book entry system on such terms as the General Partner may from time to
        time determine.
17.4
Suspension
        or Rejection of Redemption orders.
The
        General Partner may, in its discretion, suspend the right of redemption,
        or
        postpone the redemption settlement date, (1) for any period during which
        any of
        the New York Mercantile Exchange, the American Stock Exchange or the New
        York
        Stock Exchange is closed other than customary weekend or holiday closings,
        or
        trading on the American Stock Exchange is suspended or restricted, (2) for
        any
        period during which an emergency exists as a result of which delivery, disposal
        or evaluation of Treasuries is not reasonably practicable, or (3) for such
        other
        period as the General Partner determines to be necessary for the protection
        of
        the Limited Partners. None of the General Partner, the marketing agent or
        the
        custodian will be liable to any person or in any way for any loss or damages
        that may result from any such suspension or postponement. The General Partner
        will reject a redemption order if the order is not in proper form or if the
        fulfillment of the order, in the opinion of its counsel, might be
        unlawful.
17.5
Redemption
        Transaction Fee.
To
        compensate the Partnership for its expenses in connection with the redemption
        of
        Baskets, a Participant is required to pay a transaction fee to the Partnership
        of $1,000 per order to redeem Baskets. An order may include multiple Baskets.
        The transaction fee may be reduced, increased or otherwise changed by the
        General Partner. The General Partner shall notify DTC in advance of any change
        in the transaction fee and will not implement any increase in the fee for
        the
        redemption of Baskets until 30 days after the date of the notice.
17.6
Required
        Redemption.
The
        General Partner may, at any time, in its sole discretion, require any Limited
        Partner to withdraw entirely from the Partnership or to withdraw a portion
        of
        its Partner Capital Account, by giving not less than 15 days' advance written
        notice to the Limited Partner thus designated. In addition, the General Partner
        without notice may require at any time, or retroactively, withdrawal of all
        or
        any portion of the Capital Account of any Limited Partner: (i) that the General
        Partner determines is a benefit plan investor (within the meaning of the
        Department of Labor Regulation (s) 2510.3-101(f)(2)) in order for the assets
        of
        the Partnership not to be treated as plan assets under ERISA; (ii) that made
        a
        misrepresentation to the General Partner in connection with its purchase
        of
        Units; or (iii) whose ownership of Units would result in the violation of
        any
        law or regulations applicable to the Partnership or a Partner. The Limited
        Partner thus designated shall withdraw from the Partnership or withdraw that
        portion of its Partner Capital Account specified in such notice, as the case
        may
        be, as of the Close of Business on such date as determined by the General
        Partner. The Limited Partner thus designated shall be deemed to have withdrawn
        from the Partnership or to have made a partial withdrawal from its Partner
        Capital Account, as the case may be, without further action on the part of
        said
        Limited Partner.
ARTICLE
        18
Miscellaneous
18.1
Notices.
Any
        notice, offer, consent or other communication required or permitted to be
        given
        or made hereunder shall be in writing and shall be deemed to have been
        sufficiently given or made when delivered personally to the party (or an
        officer
        of the party) to whom the same is directed, or (except in the event of a
        mail
        strike) 5 Business Days after being mailed by first-class mail, postage prepaid,
        if to the Partnership or to a General Partner, or if to a Limited Partner,
        to
        the address set forth on Exhibit C hereof. Any Partner may change its address
        for the purpose of this Article by giving notice of such change to the
        Partnership, such change to become effective on the tenth Business Day after
        such notice is given.
18.2
Waiver
        of Partition.
Each
        Partner hereby irrevocably waives during the term of the Partnership any
        right
        that it may have to maintain any action for partition with respect to any
        Partnership property.
18.3
Governing
        Law, Successors, Severability.
This
        Agreement shall be governed by the laws of the State of Delaware, as such
        laws
        are applied by Delaware courts to agreements entered into and to be performed
        in
        Delaware by and between residents of Delaware and shall, subject to the
        restrictions on transferability set forth herein, bind and inure to the benefit
        of the heirs, executors, personal representatives successors and assigns
        of the
        parties hereto. If any provision of this Agreement shall be held to be invalid,
        the remainder of this Agreement shall not be affected thereby.
18.4
Consent
        to Jurisdiction.
The
        General Partner and the Limited Partners hereby (i) irrevocably submit to
        the
        non-exclusive jurisdiction of any Delaware state court or federal court sitting
        in Wilmington, Delaware in any action arising out of or relating to this
        Agreement, and (ii) consent to the service of process by mail. Nothing herein
        shall affect the right of any party to serve legal process in any manner
        permitted by law or affect its right to bring any action in any other court.
        Each party agrees that, in the event that any dispute arising from or relating
        to this Agreement becomes subject to any judicial proceeding, such party,
        to the
        fullest extent permitted by applicable law, waives any right it may otherwise
        have to (a) seek punitive or consequential damages, or (b) request a trial
        by
        jury.
18.5
Entire
        Agreement.
This
        Agreement constitutes the entire agreement among the parties; it supercedes
        any
        prior agreement or understanding among them, oral or written, all of which
        are
        hereby canceled. This Agreement may not be modified or amended other than
        pursuant to Article 3 and 15.
18.6
Headings.
The
        headings in this Agreement are inserted for convenience of reference only
        and
        shall not affect interpretation of this Agreement. Wherever from the context
        it
        appears appropriate, each term stated in either the singular or the plural
        shall
        include the singular and the plural and pronouns stated in either the masculine
        or the neuter gender shall include the masculine, the feminine and the
        neuter.
18.7
No
        Waiver.
The
        failure of any Partner to seek redress for violation, or to insist on strict
        performance, of any covenant or condition of this Agreement shall not prevent
        a
        subsequent act which would have constituted a violation from having the effect
        of an original violation.
18.8
Legends.
If
        certificates for any interest or interests are issued evidencing a Limited
        Partner's interest in the Partnerships, each such certificate shall bear such
        legends as may be required by applicable Federal and state laws, or as may
        be
        deemed necessary or appropriate by the General Partner to reflect restrictions
        upon transfer contemplated herein.
18.9
Counterparts.
This
        Agreement may be executed in several counterparts, each of which shall be
        deemed
        an original but all of which shall constitute one and the same
        instrument.
18.10
Relationship
        between the Agreement and the Act.
Regardless of whether any provisions of this Agreement specifically refer
        to
        particular Default Rules, (a) if any provision of this Agreement conflicts
        with
        a Default Rule, the provision of this Agreement controls and the Default
        Rule is
        modified or negated accordingly, and (b) if it is necessary to construe a
        Default Rule as modified or negated in order to effectuate any provision
        of this
        Agreement, the Default Rule is modified or negated accordingly. For purposes
        of
        this Article 18.10,
"Default
        Rule"
shall
        mean a rule stated in the Act that applies except to the extent it is negated
        or
        modified through the provisions of the Partnership's certificate of limited
        partnership or this Agreement.
IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement on the date
        first appearing above.
General
        Partner
Victoria
        Bay Asset Management, LLC
By:
        _____________________________________
Name:
Title:
Initial
        Limited Partner
KV
        Execution Services, LLC
By:
        _____________________________________
Name:
Title:
EXHIBIT
        A
Assets
Management
                  Fee
First
                  $1,000,000,000
0.50%
                  of NAV
After
                  the first $1,000,000,000
0.20%
                  of NAV
Fees
        and
        Expenses are calculated on a daily basis and paid on a monthly basis (accrued
        at
        1/365 of applicable percentage of the NAV on that day).
EXHIBIT
        B
FORM
        OF GLOBAL CERTIFICATE
Evidencing
        Units Representing Limited Partner Interests
in
        United States Oil Fund, LP
UNLESS
        THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
        TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE FUND OR ITS AGENT FOR
        REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
        AS IS
        REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
        TO
        CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED
        REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
        OR
        OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
        HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
This
        is
        to certify that Cede & Co. is the owner and registered holder of this
        Certificate evidencing the ownership of issued and outstanding Limited Partner
        Units
("Units")
,
        each of
        which represents a fractional undivided unit of a beneficial interest in
        United
        States Oil Fund (the
"Fund"
),
        a
        Delaware limited partnership. Capitalized terms used not defined herein have
        the
        meaning given to such terms in the Third Amended and Restated Limited
        Partnership Agreement, as amended, supplemental or restated to the date hereof
        (the
"Limited
        Partnership Agreement"
).
At
        any
        given time, this Certificate shall represent the limited units of beneficial
        interest in the Fund purchased by a particular authorized Participant on
        the
        date of this Certificate. The Limited Partnership Agreement of the Fund provides
        for the deposit of cash with the Fund from time to time and the issuance
        by the
        Fund of additional Creation Baskets representing the undivided units of
        beneficial interest in the assets of the Fund. At the request of the registered
        holder, this Certificate may be exchanged for one or more Certificates issued
        to
        the registered holder in such denominations as the registered holder may
        request; provided, however, that in the aggregate, the Certificates issued
        to
        the registered holder hereof shall represent all Units outstanding at any
        given
        time.
Each
        authorized Participant hereby grants and conveys all of its rights, title
        and
        interest in and to the Fund to the extent of the undivided interest represented
        hereby to the registered holder of this Certificate subject to and in pursuance
        of the Limited Partnership Agreement, all the terms, conditions and covenants
        of
        which are incorporated herein as if fully set forth at length.
The
        registered holder of this Certificate is entitled at any time upon tender
        of
        this Certificate to the Fund, endorsed in blank or accompanied by all necessary
        instruments of assignment and transfer in proper form, at its principal office
        in the State of California and, upon payment of any tax or other governmental
        charges, to receive at the time and in the manner provided in the Limited
        Partnership Agreement, such holder's ratable portion of the assets of the Fund
        for each Redemption Basket tendered and evidenced by this
        Certificate.
The
        holder of this Certificate, by virtue of the purchase and acceptance hereof,
        assents to and shall be bound by the terms of the Limited Partnership Agreement,
        copies of which are on file and available for inspection at reasonable times
        during business hours at the principal business office of the General
        Partner.
The
        Fund
        may deem and treat the person in whose name this Certificate is registered
        upon
        the books of the Fund as the owner hereof for all purposes and the Fund shall
        not be affected by any notice to the contrary.
The
        Limited Partnership Agreement and this Certificate are executed and delivered
        by
        Victoria Bay Asset Management, LLC as General Partner of the Fund, in the
        exercise of the powers and authority conferred and vested in it by the Limited
        Partnership Agreement. The representations, undertakings and agreements made
        on
        the part of the Fund in the Limited Partnership Agreement or this Certificate
        are made and intended not as personal representations, undertakings and
        agreements by the General Partner, other than acting in its capacity as such,
        but are made and intended for the purpose of binding only the Fund. Nothing
        in
        the Limited Partnership Agreement or this Certificate shall be construed
        as
        imposing any liability on the General Partner, individually or personally,
        to
        fulfill any representation, undertaking or agreement other than as provided
        in
        the Limited Partnership Agreement or this Certificate.
THE
        HOLDER OF THIS SECURITY ACKNOWLEDGES FOR THE BENEFIT OF UNITED STATES OIL
        FUND,
        LP THAT THIS SECURITY MAY NOT BE SOLD, OFFERED, RESOLD, PLEDGED OR OTHERWISE
        TRANSFERRED IF SUCH TRANSFER WOULD (a) VIOLATE THE THEN APPLICABLE FEDERAL
        OR
        STATE SECURITIES LAWS OR RULES AND REGULATIONS OF THE SECURITIES AND EXCHANGE
        COMMISSION, ANY STATE SECURITIES COMMISSION OR ANY OTHER GOVERNMENTAL AUTHORITY
        WITH JURISDICTION OVER SUCH TRANSFER, (b) TERMINATE THE EXISTENCE OR
        QUALIFICATION OF UNITED STATES OIL FUND, LP UNDER THE LAWS OF THE STATE OF
        DELAWARE, OR (c) CAUSE UNITED STATES OIL FUND, LP TO BE TREATED AS AN
        ASSOCIATION TAXABLE AS A CORPORATION OR OTHERWISE TO BE TAXED AS AN ENTITY
        FOR
        FEDERAL INCOME TAX PURPOSES (TO THE EXTENT NOT ALREADY SO TREATED OR TAXED).
        VICTORIA BAY ASSET MANAGEMENT, LLC, THE GENERAL PARTNER OF UNITED STATES
        OIL
        FUND, LP, MAY IMPOSE ADDITIONAL RESTRICTIONS ON THE TRANSFER OF THIS SECURITY
        IF
        IT RECEIVES AN OPINION OF COUNSEL THAT SUCH RESTRICTIONS ARE NECESSARY TO
        AVOID
        A SIGNIFICANT RISK OF UNITED STATES OIL FUND, LP BECOMING TAXABLE AS A
        CORPORATION OR OTHERWISE BECOMING TAXABLE AS AN ENTITY FOR FEDERAL INCOME
        TAX
        PURPOSES. THE RESTRICTIONS SET FORTH ABOVE SHALL NOT PRECLUDE THE SETTLEMENT
        OF
        ANY TRANSACTIONS INVOLVING THIS SECURITY ENTERED INTO THROUGH THE FACILITIES
        OF
        ANY NATIONAL SECURITIES EXCHANGE ON WHICH THIS SECURITY IS LISTED OR ADMITTED
        TO
        TRADING.
This
        Certificate shall not become valid or binding for any purpose until properly
        executed by the General Partner.
IN
        WITNESS WHEREOF, the General Partner of the Fund has caused this Certificate
        to
        be executed in its name by the manual or facsimile signature of one of its
        Authorized Persons.
Victoria
        Bay Asset Management, LLC,
as
        General Partner
By:
        ____________________________
Date:
EXHIBIT
        C
ADDRESSES
        FOR NOTICE
Victoria
        Bay Asset Management, LLC
1320
        Harbor Bay Parkway, Suite 145
Alameda,
        California 9450
with
        a
        copy to:
Brown
        Brothers Harriman & Co.
40
        Water
        Street
Boston,
        MA 02109
Attention:
        Manager, Fund Administration Department
EXHIBIT
        D
APPLICATION
        FOR TRANSFER OF UNITS
Transferees
        of Units must execute and deliver this application to
United
        States Oil Fund, LP, c/o Victoria Bay Asset Management, LLC, 1320 Harbor
        Bay
        Parkway, Suite 145, Alameda, California 94502,
to
        be
        admitted as limited partners to United States Oil Fund, LP.
The
        undersigned (
"Assignee"
)
        hereby
        applies for transfer to the name of the Assignee of the Units evidenced hereby
        and hereby certifies to United States Oil Fund, LP (the
"Partnership"
)
        that
        the Assignee (including to the best of Assignee's knowledge, any person for whom
        the Assignee will hold the Units) is an Eligible Holder.*
The
        Assignee (a) requests admission as a Limited Partner and agrees to comply
        with
        and be bound by, and hereby executes, the Amended and Restated Agreement
        of
        Limited Partnership of the Partnership, as amended, supplemented or restated
        to
        the date hereof (the
"Partnership
        Agreement"
),
        (b)
        represents and warrants that the Assignee has all right, power and authority
        and, if an individual, the capacity necessary to enter into the Partnership
        Agreement, (c) appoints the General Partner of the Partnership and, if a
        Liquidator shall be appointed, the Liquidator of the Partnership as the
        Assignee's attorney-in-fact to execute, swear to, acknowledge and file any
        document, including, without limitation, the Partnership Agreement and any
        amendment thereto and the Certificate of Limited Partnership of the Partnership
        and any amendment thereto, necessary or appropriate for the Assignee's admission
        as a Substituted Limited Partner and as a party to the Partnership Agreement,
        (d) gives the powers of attorney provided for in the Partnership Agreement,
        and
        (e) makes the waivers and gives the consents and approvals contained in the
        Partnership Agreement. Capitalized terms used but not defined herein have
        the
        meanings given to such terms in the Partnership Agreement.
Date:
        _______________________
____________________________________________
_________________________________________________________
Social
        Security or other identifying
Signature
        of Assignee
number
        of
        Assignee
____________________________________________
_________________________________________________________
Purchase
        Price including commissions, if any
Name
        and
        Address of Assignee
Type
        of
        Entity (check one):
£
Individual
£
Partnership
£
Corporation
£
Trust
£
Other (specify)
If
        not an
        Individual (check one):
£
the
        entity is subject to United States federal income taxation on the income
        generated by the Partnership;
£
the
        entity is not subject to United States federal income taxation, but it is
        a
        pass-through entity and all of its beneficial owners are subject to United
        States federal income taxation on the income generated by the
        Partnership;
£
the
        entity is not subject to United States federal income taxation and it is
        (a) not
        a pass-through entity or (b) a pass-through entity, but not all of its
        beneficial owners are subject to United States federal income taxation on
        the
        income generated by the Partnership.
Important
        Note
—
by
        checking this box, the Assignee is contradicting its certification that it
        is an
        Eligible Holder.
*
        The
        Term "Eligible Holder" means (a) an individual or entity subject to United
        States federal income taxation on the income generated by the Partnership;
        or
        (b) an entity not subject to United States federal income taxation on the
        income
        generated by the Partnership, so long as all of the entity's owners are subject
        to United States federal income taxation on the income generated by the
        Partnership. Individuals or entities are subject to taxation, in the context
        of
        defining an Eligible Holder, to the extent they are taxable on the items
        of
        income and gain allocated by the Partnership. Schedule I hereto contains
        a list
        of various types of investors that are categorized and identified as either
        "Eligible Holders" or "Non-Eligible Holders."
Nationality
        (check one):
£
U.S.
        Citizen, Resident or Domestic Entity**
£
Non-resident Alien**
£
Foreign
        Corporation**
**
        As
        those terms are defined in the Code.
If
        the
        U.S. Citizen, Resident or Domestic Entity box is checked, the following
        certification must be completed.
Under
        Section 1445(e) of the Internal Revenue Code of 1986, as amended (the "Code"),
        the Partnership must withhold tax with respect to certain transfers of property
        if a holder of an interest in the Partnership is a foreign person. To inform
        the
        Partnership that no withholding is required with respect to the undersigned
        interestholder's interest in it, the undersigned hereby certifies the following
        (or, if applicable, certifies the following on behalf of the
        interestholder).
Complete
        Either A or B:
A.
Individual
        Interestholder
1.
I
        am not
        a non-resident alien for purposes of U.S. income taxation.
2.
My
        U.S.
        taxpayer identification number (Social Security Number) is
        ____________
3.
My
        home
        address is __________________
B.
Partnership,
        Corporation or Other Interestholder
1.
        The
        interestholder is not a foreign corporation, foreign partnership, foreign
        trust
        or foreign estate (as those terms are defined in the Code and Treasury
        Regulations).
2.
        The
        interestholder's U.S. employer identification number is
        __________________
3.
        The
        interestholder's office address and place of incorporation (if applicable) is
        __________________
The
        interestholder agrees to notify the Partnership within sixty (60) days of
        the
        date the interestholder becomes a foreign person.
The
        interestholder understands that this certificate may be disclosed to the
        Internal Revenue Service by the Partnership and that any false statement
        contained herein could be punishable by fine, imprisonment or both.
Under
        penalties of perjury, I declare that I have examined this certification and,
        to
        the best of my knowledge and belief, it is true, correct and complete and,
        if
        applicable, I further declare that I have authority to sign this document
        on
        behalf of:
Name
        of
        Interestholder
        ________________________________________________________________________________________
Signature
        and Date
        ___________________________________________________________________________________________
Title
        (if
        applicable)
        ___________________________________________________________________________________________
Note:
        If
        the Assignee is a broker, dealer, bank, trust company, clearing corporation,
        other nominee holder or an agent of any of the foregoing, and is holding
        for the
        account of any other person, this application should be completed by an officer
        thereof or, in the case of a broker or dealer, by a registered representative
        who is a member of a registered national securities exchange or a member
        of the
        NASD, Inc., or, in the case of any other nominee holder, a person performing
        a
        similar function. If the Assignee is a broker, dealer, bank, trust company,
        clearing corporation, other nominee owner or an agent of any of the foregoing,
        the above certification as to any person for whom the Assignee will hold
        the
        Units shall be made to the best of the Assignee's knowledge.