Document:

Unassociated Document

     

    Exhibit 10.3

     

    CUSTODIAN
AGREEMENT

    

    THIS CUSTODIAN
AGREEMENT (this “Agreement”), dated as of July
22, 2010, is entered into among the UNITED STATES COMMODITY FUNDS
LLC, a Delaware limited liability company (the “Sponsor”), the UNITED STATES COMMODITY INDEX FUNDS
TRUST, a Delaware statutory trust (the “Trust”), on its own behalf and
on behalf of each series established and designated by the Trust as a fund and
listed on Annex A, including the United States Commodity Index Fund (each, a
“Fund”), and BROWN BROTHERS HARRIMAN &
CO. (“BBH&Co.” or the “Custodian”), a limited
partnership formed under the laws of the State of New York.

    

    This
Agreement shall constitute a separate agreement between the Custodian, the
Sponsor, the Trust and each Fund, as if such Fund had executed a separate
Custodian Agreement. The Custodian hereby acknowledges that its rights and
obligations with respect to a Fund shall not create any right or other
obligations with respect to any other Fund listed on Annex A, as amended from
time to time, and acknowledges the additional limitation on liability of the
Sponsor, Trust and the Fund described in Section 9.3 of this
Agreement.  Any Fund that becomes a party hereto by executing an
amendment to this Agreement substantially in the form of Annex B (each such
amendment together with the schedules attached thereto, an “Amendment”) shall become a
party to this Agreement and any references herein to the Fund shall be treated
as references to such Fund.  The obligations of the Sponsor, Trust,
the Custodian and any Fund other than United States Commodity Index Fund, will
be subject to the terms and conditions of the Amendment to this Agreement to be
entered into with that Fund.

    

    WITNESSETH:

    

    WHEREAS,
the Sponsor has exclusive responsibility for the management and control of the
business and affairs of the Trust and the Fund; and

     

    WHEREAS,
the Sponsor and the Trust wish to employ BBH&Co. to act as custodian for the
Fund’s Investments (as defined in Section 13.15) and to provide related
services, all as provided herein, and BBH&Co. is willing to accept such
employment, subject to the terms and conditions herein set forth;

     

    NOW, THEREFORE,
in consideration of the mutual covenants and agreements herein contained, the
Sponsor, the Trust, on its own behalf and on behalf of the Fund, and BBH&Co.
hereby agree, as follows:

     

    1.           Appointment of
Custodian.  The Trust and the Sponsor hereby appoint
BBH&Co. as the Fund’s custodian for its Investments, and BBH&Co. hereby
accepts such appointment.  All Investments of the Fund delivered to
the Custodian or its agents or Subcustodians (as defined in Section 13) shall be
dealt with as provided in this Agreement.  The duties of the Custodian
with respect to the Fund’s Investments shall be only as set forth expressly in
this Agreement, which duties are generally comprised of safekeeping and various
administrative duties that will be performed in accordance with Instructions and
as reasonably required to effect Instructions.

    
      
         

      

      
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    2.           Representations,
Warranties and Covenants.  The Trust, on its own behalf and on
behalf of the Fund, and the Sponsor each hereby represents, warrants and
covenants each of the following:

     

    2.1           This
Agreement has been, and at the time of delivery of each Instruction (as defined
in Section 4) such Instruction will have been, duly authorized, executed and
delivered by the Trust, on its own behalf and on behalf of the Fund, and the
Sponsor.  This Agreement (including without limitation, the grant of a
security interest under Section 7.6 below) does not violate any Applicable Law
(as defined in Section 13) or conflict with or constitute a default under the
Fund’s prospectus or other organic document, agreement, judgment, order or
decree applicable to the Fund to which the Trust or the Sponsor is a party or by
which the Fund or its Investments are bound.

     

    2.2           By
providing an Instruction with respect to the first acquisition of an Investment
in a jurisdiction other than the United States of America, the Trust and the
Sponsor shall be deemed to have confirmed to the Custodian that the Fund has (a)
made all determinations required to be made by the Fund under Applicable Law,
and (b) appropriately and adequately disclosed to its unitholders and all
persons who have rights in or to such Investments, all material investment
risks, including those relating to the custody and settlement infrastructure or
the servicing of securities in such jurisdiction.

     

    2.3           The
Trust and the Sponsor shall safeguard and shall be solely responsible for the
safekeeping of any testkeys, identification codes, passwords, other security
devices or statements of account with which the Custodian provides
them.  In furtherance and not limitation of the foregoing, in the
event the Trust and/or the Sponsor utilizes any on-line service offered by the
Custodian, the Trust, the Sponsor and the Custodian shall be fully responsible
for the security of each party’s respective connecting terminal, access thereto
and the proper and authorized use thereof and the initiation and application of
continuing effective safeguards in respect thereof.  Additionally, if
the Trust and/or the Sponsor uses any on-line or similar communications service
made available by the Custodian, the Trust and the Sponsor shall be solely
responsible for ensuring the security of their access to the service and for the
use of the service, and shall only attempt to access the service and the
Custodian’s computer systems as directed by the Custodian.  If the
Custodian provides any computer software to the Trust and/or the Sponsor
relating to the services described in this Agreement, the Trust and/or the
Sponsor will only use the software for the purposes for which the Custodian
provided the software to the Trust and/or the Sponsor, and will abide by the
license agreement accompanying the software and any other security policies
which the Custodian provides to the Trust and the Sponsor.

    
      
         

      

      
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    2.4           By
providing an Instruction in respect of an Investment (which Instruction may
relate to among other things, the execution of trades), the Trust, on its own
behalf and on behalf of the Fund, and the Sponsor hereby (i) authorize
BBH&Co. to complete such documentation as may be required or appropriate for
the execution of the Instruction, and agree to be contractually bound to the
terms of such documentation “as is” (subject to Section 9 of this Agreement)
without recourse against BBH&Co.; (ii) represent, warrant and covenant that
the Trust, on its own behalf and on behalf of the Fund, and the Sponsor have
accepted and agreed to comply with all Applicable Law, terms and conditions to
which the Fund’s Investment may be bound, including without limitation,
requirements imposed by the Investment prospectus or offering circular,
subscription agreement, any application or other documentation relating to an
Investment (e.g., compliance with suitability requirements and eligibility
restrictions); (iii) acknowledge and agree that BBH&Co. will not be
responsible for the accuracy of any information provided to BBH&Co. by or on
behalf of the Trust, Fund and/or the Sponsor, or for any underlying commitment
or obligation inherent to an Investment; (iv) except as otherwise provided for
in Section 2.4 below, represent, warrant and covenant that the Trust, on its own
behalf and on behalf of the Fund, and/or Sponsor will not effect any sale,
transfer or disposition of Investment(s) held in the BBH&Co.’s name by any
means other than the issuance of an Instruction on behalf of the Fund by the
Trust and/or Sponsor to BBH&Co.; (v) acknowledge that collective investment
schemes (and/or their agent(s)) in which the Fund and/or Sponsor invests may pay
to BBH&Co. certain fees (including without limitation, shareholder servicing
and/or trailer fees) in respect of the Fund’s investments in such schemes; (vi)
agrees that BBH&Co. shall have no obligation or responsibility whatsoever to
respond to, or provide capital in connection with any capital calls, letters of
intent or other requirements as set out in the prospectus or offering circular
of an Investment; (vii) represent, warrant and covenant that the Trust, on its
own behalf and on behalf of the Fund, and/or Sponsor will provide BBH&Co.
with such information as is necessary or appropriate to enable BBH&Co.’s
performance pursuant to an Instruction or under this Agreement; (viii) represent
that the Fund is not a “Plan” (which term includes (1) employee benefit plans
that are subject to the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”), or plans, individual retirement accounts and other
arrangements that are subject to Section 4975 of the US Internal Revenue Code of
1986, as amended (the “Code”), (2) plans, individual retirement accounts and
other arrangements that are subject to the prohibited transaction provisions of
Section 406 of ERISA or Section 4975 of the Code, and (3) entities the
underlying assets of which are considered to include “plan assets” of such
plans, accounts and arrangements), or an entity purchasing shares on behalf of,
or with the “plan assets” of, a Plan; (ix) undertake to inform BBH&Co. and
to keep the same updated as to its status under ERISA or Section 4975 of the
Code, each as amended, of the beneficial investor to the Investment, and as to
any tax withholding or benefit to which an Investment may be subject; and (x)
acknowledges that BBH&Co. shall have no obligation to fund any order placed
by the Fund and/or Sponsor for which the Fund does not have sufficient cash on
deposit with BBH&Co.

     

    2.4.1     To
the extent that the Fund holds Investments in an account opened in the name of
BBH&Co. as custodian for and at the direction of the Fund and/or Sponsor,
and the Fund and/or Sponsor requests that BBH&Co. provide the Fund and/or
Sponsor with the capability to place orders and execute trades in fund shares
directly with such fund companies and/or their transfer agents which shall be
settled in an account established with each such fund company or its transfer
agent, the Fund and/or Sponsor hereby acknowledges that BBH&Co. is under no
obligation to agree to such arrangement but if BBH&Co. so agrees, the Fund
and/or Sponsor (i) acknowledges that all relevant terms under Section 2.4 above
apply thereto, (ii) authorizes BBH&Co. as custodian to grant a limited power
of attorney to the Fund, Sponsor or their designated agent to enable the Fund
and/or Sponsor to so execute, (iii) agrees to ensure that any instructions
issued by the Fund and/or Sponsor or their designated agent shall also be
concurrently submitted to BBH&Co., and (iv) shall adhere to any BBH&Co.
procedures established with each such fund or its transfer agent with respect
thereto including, but not limited to, the terms of the limited power of
attorney.  The Fund and/or Sponsor also acknowledges and agrees that
(1) BBH&Co. is acting solely in its capacity as custodian and is not acting
as broker or introducing broker on behalf of the Fund or Sponsor, (2)
BBH&Co. is not receiving compensation in connection with the Fund and/or
Sponsor’s execution hereunder of trades with each such fund other than its usual
and customary custody fees and transaction charges, (3) it will provide such
account opening information to each such fund and/or transfer agent as and when
requested by such fund and/or transfer agent, and (4) BBH&Co. is not
responsible for (a) providing information published by the relevant distributor
or each such fund including, but not limited to, the prospectus for each such
Investment in a fund or for resolving execution queries or complaints relative
to any such Investment, and (b) assessing the suitability of any such Investment
executed directly by the Fund and/or Sponsor.

    
      
         

      

      
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    2.5           The
Sponsor is, and will continue to be until the termination of this Agreement,
duly authorized to enter into this Agreement on behalf of the Trust and the
Fund, to bind the Trust and the Fund in connection with the obligations
hereunder, and to otherwise perform the terms herein.

     

    3.           Representations
and Warranties of BBH&Co.  BBH&Co. hereby represents
and warrants that this Agreement has been duly authorized, executed and
delivered by BBH&Co. and does not violate any Applicable Law or conflict
with or constitute a default under BBH&Co.’s limited partnership agreement
or any agreement, instrument, judgment, order or decree to which BBH&Co. is
a party or by which it is bound.

     

    4.           Instructions.  Unless
otherwise explicitly indicated herein, the Custodian shall perform its duties
pursuant to Instructions.  As used herein, the term Instruction shall mean a
directive initiated by the Fund and/or the Sponsor, acting directly or through
its board of directors, officers or other Authorized Persons, which directive
shall conform to the requirements of this Section 4.

     

    4.1           Authorized
Persons.  For purposes hereof, an Authorized Person shall be a
person or entity authorized to give Instructions for or on behalf of the Fund,
the Trust and/or the Sponsor by written notices to the Custodian or otherwise in
accordance with procedures delivered to and acknowledged by the Custodian,
including without limitation the Fund’s Investment Advisor (as defined in
Section 13).  The Custodian may treat any Authorized Person as having
full authority to issue Instructions for or on behalf of the Fund, Trust and/or
Sponsor hereunder unless the notice of authorization contains explicit
limitations as to said authority.  The Custodian shall be entitled to
rely upon the authority of Authorized Persons until it receives appropriate
written notice from the Trust or the Sponsor to the contrary.

     

    The
Sponsor and the Trust, on its own behalf and on behalf of the Fund, hereby
designate the Marketing Agent (as such term is defined under an Marketing Agent
Agreement entered into by the Sponsor and the Trust, on its own behalf and on
behalf of the Fund, as approved by the Custodian (the Marketing Agent Agreement)) as
an Authorized Person from whom the Custodian is hereby authorized to receive
Instructions to accept deposits of cash and securities in connection with the
purchase of Units (as such term is defined in the Prospectus) and the
distribution of cash and securities in connection with the redemption of
Units.

    
      
         

      

      
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    4.2           Form of
Instruction.  Each Instruction shall be transmitted by such
secured or authenticated electro-mechanical means as the Custodian shall make
available to the Trust, Fund or the Sponsor from time to time unless the Trust
and/or the Sponsor shall elect to transmit such Instruction in accordance with
Subsections 4.2.1 through 4.2.3 of this Section.

     

    4.2.1       Fund Designated
Secured-Transmission Method.  Instructions may be transmitted
through a secured or tested electro-mechanical means identified on behalf of the
Fund by the Trust, the Sponsor or by an Authorized Person entitled to give
Instructions and acknowledged and accepted by the Custodian; it being understood
that such acknowledgment shall authorize the Custodian to receive and process
such means of delivery but shall not represent a judgment by the Custodian as to
the reasonableness or security of the method determined by the Authorized
Person.

     

    4.2.2       Written
Instructions.  Instructions may be transmitted in a writing
that bears the manual signature of Authorized Persons.

     

    4.2.3       Other Forms of
Instruction.  Instructions may also be transmitted by another
means determined by the Trust, the Sponsor or Authorized Persons and
acknowledged and accepted by the Custodian (subject to the same limits as to
acknowledgements as is contained in Subsection 4.2.1, above) including
Instructions given orally or by SWIFT, telex or telefax (whether tested or
untested).

     

    When an
Instruction is given by means established under Subsections 4.2.1 through 4.2.3,
it shall be the responsibility of the Custodian to use reasonable care to adhere
to any security or other procedures established in writing between the Custodian
and the Authorized Person with respect to such means of Instruction, but such
Authorized Person shall be solely responsible for determining that the
particular means chosen is reasonable under the circumstances. Oral Instructions
shall be binding upon the Custodian only if and when the Custodian takes action
with respect thereto.  With respect to telefax instructions, the
parties agree and acknowledge that receipt of legible instructions cannot be
assured, that the Custodian cannot verify that authorized signatures on telefax
instructions are original or properly affixed, and that the Custodian shall not
be liable for losses or expenses incurred through actions taken in reliance on
inaccurately stated, illegible or unauthorized telefax
instructions.  The provisions of Section 4A of the Uniform Commercial
Code as currently in effect in the State of New York shall apply to the Fund’s
transfers performed in accordance with Instructions.  The Funds
Transfer Services Schedule (as defined in Section 13) and the Electronic and
Online Services Schedule to this Agreement shall each comprise a designation of
form of a means of delivering Instructions for purposes of this Section
4.2.

     

    4.3           Completeness and
Contents of Instructions.  The Authorized Person shall be
responsible for assuring the adequacy and accuracy of
Instructions.  Particularly, upon any acquisition or disposition or
other dealing in the Fund’s Investments and upon any delivery and transfer of
any Investment or moneys, the person initiating such Instruction shall give the
Custodian an Instruction with appropriate detail, including, without
limitation:

     

    4.3.1       The
transaction date and the date and location of settlement;

    
      
         

      

      
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    4.3.2         The
specification of the type of transaction;

     

    4.3.3         A
description of the Investments or moneys in question, including, as appropriate,
quantity, price per unit, amount of money to be received or delivered and
currency information.  Where an Instruction is communicated by
electronic means, or otherwise where an Instruction contains an identifying
number such as a CUSIP, SEDOL or ISIN number, the Custodian shall be entitled to
rely on such number as controlling notwithstanding any inconsistency contained
in such Instruction, particularly with respect to the Investment description;
and

     

    4.3.4         The
name of the broker or similar entity concerned with execution of the
transaction.

     

    If the
Custodian shall determine that an Instruction is either unclear or incomplete,
the Custodian may give prompt notice of such determination to the Trust and/or
the Sponsor, and the Trust and/or the Sponsor shall thereupon amend or otherwise
reform such Instruction.  In such event, the Custodian shall have no
obligation to take any action in response to the Instruction initially delivered
until the redelivery of an amended or reformed Instruction.

     

    4.4           Timeliness of
Instructions.  In giving an Instruction, the Trust and/or the
Sponsor shall take into consideration delays which may occur due to the
involvement of a Subcustodian or agent, differences in time zones, and other
factors particular to a given market, exchange or issuer.  When the
Custodian has established specific timing requirements or deadlines with respect
to particular classes of Instruction, or when an Instruction is received by the
Custodian at such a time that it could not reasonably be expected to have acted
on such Instruction due to time zone differences or other factors beyond its
reasonable control, the execution of any Instruction received by the Custodian
after such deadline or at such time (including any modification or revocation of
a previous Instruction) shall be at the risk of the Fund.

     

    5.           Safekeeping of
Fund Assets.  The Custodian shall hold Investments delivered to
it or Subcustodians for the Fund in accordance with the provisions of this
Section.  The Custodian shall not be responsible for (a) the
safekeeping of Investments not delivered or that are not caused to be issued to
it or its Subcustodians; (b) pre-existing faults or defects in Investments that
are delivered to the Custodian or its Subcustodians; or (c) the safekeeping of
Commodity Interests and Futures Contracts (each as defined in the Fund’s
prospectus).  The Custodian is hereby authorized to hold with itself
or a Subcustodian, and to record in one or more accounts, all Investments
delivered to and accepted by the Custodian, any Subcustodian or their respective
agents pursuant to an Instruction or in consequence of any corporate
action.  The Custodian shall hold Investments for the account of the
Fund and shall segregate Investments from assets belonging to the Custodian and
shall cause its Subcustodians to segregate Investments from assets belonging to
the Subcustodian in an account held for the Fund or in an account maintained by
the Subcustodian generally for non-proprietary assets of the
Custodian.

    
      
         

      

      
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    5.1           Use of Securities
Depositories.  The Custodian may deposit and maintain
Investments in any Securities Depository (as defined in Section 13), either
directly or through one or more Subcustodians appointed by the
Custodian.  Investments held in a Securities Depository shall be held
(a) subject to the agreement, rules, statement of terms and conditions or other
document or conditions effective between the Securities Depository and the
Custodian or the Subcustodian, as the case may be, and (b) in an account for the
Fund or in bulk segregation in an account maintained for the non-proprietary
assets of the entity holding such Investments in the Securities
Depository.  If market practice or the rules and regulations of the
Securities Depository prevent the Custodian, the Subcustodian or any agent of
either from holding its client assets in such a separate account, the Custodian,
the Subcustodian or other agent shall as appropriate segregate such Investments
for benefit of the Fund or for the benefit of clients of the Custodian generally
on its own books.

     

    5.2           Certificated
Assets.  Investments which are certificated may be held in
registered or bearer form: (a) in the Custodian’s vault; (b) in the vault of a
Subcustodian or agent of the Custodian or a Subcustodian; or (c) in an account
maintained by the Custodian, Subcustodian or agent at a Securities Depository;
all in accordance with customary market practice in the jurisdiction in which
any Investments are held.

     

    5.3           Registered
Assets.  Investments which are registered may be registered in
the name of the Custodian, a Subcustodian, or in the name of the Fund or a
nominee for any of the foregoing, and may be held in any manner set forth in
Section 5.2 above with or without any identification of fiduciary capacity in
such registration.

     

    5.4           Book Entry
Assets.  Investments which are represented by book-entry may be
so held in an account maintained by the Book-entry Agent (as defined in Section
13) on behalf of the Custodian, a Subcustodian or another agent of the
Custodian, or a Securities Depository.

     

    5.5           Replacement of
Lost Investments.  In the event of a loss of Investments for
which the Custodian is responsible under the terms of this Agreement, the
Custodian shall replace such Investment, or in the event that such replacement
cannot be effected, the Custodian shall pay to the Fund the fair market value of
such Investment based on the last available price as of the close of business in
the relevant market on the date that a claim was first made to the Custodian
with respect to such loss, or, if less, such other amount as shall be agreed by
the parties as the date for settlement.

     

    6.           Administrative
Duties of the Custodian.  The Custodian shall perform the
following administrative duties with respect to Investments of the
Fund.

     

    6.1           Purchase of
Investments.  Pursuant to Instructions, Investments purchased
for the account of the Fund shall be paid for (a) against delivery thereof to
the Custodian or a Subcustodian, as the case may be, either directly or through
a Clearing Corporation (as defined in Section 13) or a Securities Depository (in
accordance with the rules of such Securities Depository or such Clearing
Corporation), or (b) otherwise in accordance with an Instruction, Applicable
Law, generally accepted trade practices, or the terms of the instrument
representing such Investment.

     

    6.2           Sale of
Investments.  Pursuant to Instructions, Investments sold for
the account of the Fund shall be delivered (a) against payment therefor in cash,
by check or by bank wire transfer, (b) by credit to the account of the Custodian
or the applicable Subcustodian, as the case may be, with a Clearing Corporation
or a Securities Depository (in accordance with the rules of such Securities
Depository or such Clearing Corporation), or (c) otherwise in accordance with an
Instruction, Applicable Law, generally accepted trade practices, or the terms of
the instrument representing such  Investment.

    
      
         

      

      
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    6.3           Delivery and
Receipt in Connection with Borrowings of the Fund or other Collateral and Margin
Requirements.  Pursuant to Instructions and subject to the last
sentence in Section 6.4 below, the Custodian may deliver or receive Investments
or cash of the Fund in connection with borrowings or loans by the Fund and other
collateral and margin requirements.

     

    6.4           Futures and
Over-the-Counter (OTC) Contracts.  If, pursuant to an
Instruction, the Custodian shall become a party to an agreement with the Trust
or the Sponsor, on behalf of the Fund, and a futures commission merchant
regarding margin or a counterparty to an OTC contract (Tri-Party Agreement), the
Custodian shall (a) receive and retain, to the extent the same is provided to
the Custodian, confirmations or other documents evidencing the purchase or sale
by the Fund of exchange-traded futures contracts or the entering into of an
option, forward or other derivatives transaction by the Fund; (b) when required
by such Tri-Party Agreement, deposit and maintain in an account opened pursuant
to such Agreement (Margin
Account) segregated either physically or by book-entry in a Securities
Depository for the benefit of any futures commission merchant, such Investments
of the Fund as shall have been designated as initial, maintenance or variation
“margin” deposits or other collateral intended to secure the Fund’s performance
of its obligations under the terms of any exchange-traded futures contracts and
commodity options; and (c) thereafter pay, release or transfer Investments into
or out of the Margin Account in accordance with the provisions of such Tri-Party
Agreement. Alternatively, the Custodian may deliver Investments, in accordance
with an Instruction, to a futures commission merchant for margin purposes or to
the counterparty or its custodian.  The Custodian shall in no event be
responsible for the acts and omissions of any futures commission merchant or the
counterparty or its custodian, to whom Investments are delivered pursuant to
this Section; for the sufficiency of Investments held in any Margin Account; for
funding margin deposits or otherwise providing Advances (as defined in Section
13) for the purpose of margin or other collateral in any Margin Account; or, for
the performance of any terms of any exchange-traded futures contracts, commodity
options, forward contracts and other derivative transactions.  In
addition, the Custodian shall not be required to transfer margin or any other
assets of the Fund to a Margin Account if at the time of such request, such
transfer would reduce the aggregate market value of all unencumbered securities,
cash, cash equivalents and other unencumbered liquid assets of the Fund in the
custody of the Custodian to less than ten (10) percent of the then current net
asset value of the Fund.

     

    6.5           Contractual
Obligations and Similar Investments.  From time to time, the
Fund’s Investments may include Investments that are not ownership interests as
may be represented by certificate (whether registered or bearer), by entry in a
Securities Depository or by book entry agent, registrar or similar agent for
recording ownership interests in the relevant Investment.  If the Fund
shall at any time acquire such Investments, including without limitation deposit
obligations, loan participations, repurchase agreements and derivative
arrangements, the Custodian shall (a) receive and retain, to the extent the same
are provided to the Custodian, confirmations or other documents evidencing the
arrangement; and (b) perform on the Fund’s account in accordance with the terms
of the applicable arrangement, but only to the extent directed to do so by an
Instruction.  The Custodian shall have no responsibility for
agreements on behalf of the Fund running to the Trust or the Sponsor as to which
it is not a party other than to retain, to the extent the same are provided to
the Custodian, documents or copies of documents evidencing the arrangement and,
in accordance with an Instruction, to include such arrangements in reports made
to the Fund.

     

    
      
         

      

      
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    6.6           Exchange
of Securities.  Unless otherwise directed by an Instruction, the
Custodian shall:  (a) exchange securities held for the account of the
Fund for other securities in connection with any reorganization,
recapitalization, conversion, split-up, change of par value of shares or similar
event, and (b) deposit any such securities in accordance with the terms of any
reorganization or protective plan.

     

    6.7           Surrender of
Securities.  Unless otherwise directed by an Instruction, the
Custodian may surrender securities: (a) in temporary form for definitive
securities; (b) for transfer into the name of an entity allowable under Section
5.3; and (c) for a different number of certificates or instruments representing
the same number of shares or the same principal amount of
indebtedness.

     

    6.8           Rights, Warrants,
Etc.  Pursuant to an Instruction, the Custodian shall (a)
deliver warrants, puts, calls, rights or similar securities to the issuer or
trustee thereof, or to any agent of such issuer or trustee, for purposes of
exercising such rights or selling such securities, and (b) deposit securities in
response to any invitation for the tender thereof.

     

    6.9           Mandatory
Corporate Actions.  Unless otherwise directed by an
Instruction, the Custodian shall: (a) comply with the terms of all mandatory or
compulsory exchanges, calls, tenders, redemptions or similar rights of
securities ownership affecting securities held on the Fund’s account and
promptly notify the Sponsor for the benefit of the Fund of such action, and (b)
collect all stock dividends, rights and other items of like nature with respect
to such securities.

     

    6.10         Income
Collection.  Unless otherwise directed by an Instruction, the
Custodian shall collect any amount due and payable to the Fund with respect to
Investments and promptly credit the amount collected to a Principal Account or
an Agency Account (each defined in Section 13); provided, however, that the
Custodian shall not be responsible for: (a) the collection of amounts due and
payable with respect to Investments that are in default, or (b) the collection
of cash or share entitlements with respect to Investments that are
not  registered in the name of the Custodian or its
Subcustodians.  The Custodian is hereby authorized to endorse and
deliver any instrument required to be so endorsed and delivered to effect
collection of any amount due and payable to the Fund with respect to
Investments.

     

    6.11         Ownership
Certificates and Disclosure of the Fund’s Interest.  The
Custodian is hereby authorized to execute on behalf of the Fund ownership
certificates, affidavits or other disclosure required under Applicable Law or
established market practice in connection with the receipt of income, capital
gains or other payments by the Fund with respect to Investments, or in
connection with the sale, purchase or ownership of Investments.

    
      
         

      

      
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    With
respect to securities issued in the United States of America, the Custodian
[   ] may [ X  ] may not release the identity of the
Fund to an issuer which requests such information pursuant to the Shareholder
Communications Act of 1985 for the specific purpose of direct communications
between such issuer and the Fund.  IF NO BOX IS CHECKED, THE CUSTODIAN
SHALL RELEASE
SUCH INFORMATION UNTIL IT RECEIVES CONTRARY INSTRUCTIONS FROM THE
FUND.  With respect to securities issued outside of the United States
of America, information shall be released in accordance with law or custom of
the particular country in which such security is located.

     

    6.12         Proxy
Materials.  The Custodian shall deliver, or cause to be
delivered, to the Sponsor for the benefit of the Fund proxy forms, notices of
meeting, and any other notices or announcements materially affecting or relating
to Investments received by the Custodian or any nominee.

     

    6.13         Taxes.  The
Custodian shall, where applicable, assist the Sponsor and the Trust in the
reclamation of taxes withheld on dividends and interest payments received by the
Fund.  In the performance of its duties with respect to tax
withholding and reclamation, the Custodian shall be entitled to rely on the
advice of counsel and upon information and advice regarding the Fund’s tax
status that is received on behalf of the Fund from the Sponsor or the Trust
without duty of separate inquiry.

     

    6.14         Other
Dealings.  The Custodian shall otherwise act as directed by
Instructions, including without limitation effecting the free payments of moneys
or the free delivery of securities, provided that such Instruction shall
indicate the purpose of such payment or delivery and that the Custodian shall
record the party to whom such payment or delivery is made.

     

    The
Custodian shall attend to all nondiscretionary details in connection with the
sale or purchase or other administration of Investments, except as otherwise
directed by an Instruction, and may make payments to itself or others for minor
expenses of administering Investments under this Agreement; provided that the
Sponsor or the Trust shall have the right to request an accounting on behalf of
the Fund with respect to such expenses.

     

    In
fulfilling the duties set forth in Sections 6.6 through 6.10 above, the
Custodian shall provide to the Sponsor for the benefit of the Fund all material
information pertaining to a corporate action which the Custodian actually
receives; provided that the Custodian shall not be responsible for the
completeness or accuracy of such information. Information relative to any
pending corporate action made available to the Sponsor for the benefit of the
Fund via any of the services described in the Electronic and Online Services
Schedule shall constitute the delivery of such information by the Custodian
hereunder.  Any advance credit of cash or shares expected to be
received as a result of any corporate action shall be subject to actual
collection and may, when the Custodian deems collection unlikely, be reversed by
the Custodian.

     

    The
Custodian may at any time or times in its discretion appoint (and may at any
time remove) agents (other than Subcustodians) to carry out some or all of the
administrative provisions of this Agreement (Agents), provided, however,
that the appointment of such agent shall not relieve the Custodian of its
administrative obligations under this Agreement.

    
      
         

      

      
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    7.           Cash Accounts,
Deposits and Money Movements.  Subject to the terms and
conditions set forth in this Section 7, the Trust and the Sponsor each hereby
authorizes the Custodian to open and maintain on behalf of the Fund, with itself
or with Subcustodians, cash accounts in United States Dollars, in such other
currencies as are the currencies of the countries in which the Fund maintains
Investments or in such other currencies as the Trust or the Sponsor shall from
time to time request by Instruction.

     

    7.1           Types of Cash
Accounts.  Cash accounts opened on the books of the Custodian
(Principal Accounts)
shall be opened in the name of the Fund.  Such accounts collectively
shall be a deposit obligation of the Custodian and shall be subject to the terms
of this Section 7 and the general liability provisions contained in Section
9.  Cash accounts opened on the books of a Subcustodian may be opened
in the name of the Fund or the Custodian or in the name of the Custodian for its
customers generally (Agency
Accounts). Such deposits shall be obligations of the Subcustodian and
shall be treated as an Investment of the Fund.  Accordingly, the
Custodian shall be responsible for exercising reasonable care in the
administration of such accounts but shall not be liable for their repayment in
the event such Subcustodian, by reason of its bankruptcy, insolvency or
otherwise, fails to make repayment.

     

    7.1.1     Administrative
Accounts.  In connection with the services provided hereunder,
the Custodian is hereby directed to open cash accounts on its books and records
from time to time for the purposes of receiving subscriptions and/or processing
redemptions on behalf of the Fund and/or for the purposes of aggregating,
netting and/or clearing transactions (including, without limitation foreign
exchange, repurchase agreements, capital stock activity, expense payment) or
other administrative purposes, each on behalf of the Fund (each an “Account”).  Each
such Account shall be subject to the terms and conditions of this Agreement and
the Fund and/or the Sponsor shall be liable for the satisfaction of its
obligations in connection with each Account.

     

    7.2           Payments and
Credits with Respect to the Cash Accounts.  The Custodian shall
make payments from or deposits to any of said accounts in the course of carrying
out its administrative duties, including but not limited to income collection
with respect to the Fund’s Investments, and otherwise in accordance with
Instructions.  The Custodian and its Subcustodians shall be required
to credit amounts to the cash accounts only when moneys are actually received in
cleared funds in accordance with banking practice in the country and currency of
deposit.  Any credit made to any Principal or Agency Account before
actual receipt of cleared funds shall be provisional and may be reversed by the
Custodian in the event such payment is not actually collected. Unless otherwise
specifically agreed in writing by the Custodian or any Subcustodian, all
deposits shall be payable only at the branch of the Custodian or Subcustodian
where the deposit is made or carried.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    7.3           Currency and
Related Risks.  The Fund and the Sponsor each bears risks of
holding or transacting in any currency, including any mark to market exposure
associated with a foreign exchange transaction undertaken with the
Custodian.   The Custodian shall not be liable for any loss or
damage arising from the applicability of any law or regulation now or hereafter
in effect, or from the occurrence of any event, which may delay or affect the
transferability, convertibility or availability of any currency in the country
(a) in which such Principal or Agency Accounts are maintained or (b) in which
such currency is issued, and in no event shall the Custodian be obligated to
make payment of a deposit denominated in a currency during the period during
which its transferability, convertibility or availability has been affected by
any such law, regulation or event.  Without limiting the generality of
the foregoing, neither the Custodian nor any Subcustodian shall be required to
repay any deposit made at a foreign branch of either the Custodian or
Subcustodian if such branch cannot repay the deposit due to a cause for which
the Custodian would not be responsible in accordance with the terms of Section 9
of this Agreement unless the Custodian or such Subcustodian expressly agrees in
writing to repay the deposit under such circumstances.  All currency
transactions in any account opened pursuant to this Agreement are subject to
exchange control regulations of the United States and of the country where such
currency is the lawful currency or where the account is maintained. Any taxes,
costs, charges or fees imposed on the convertibility of a currency held by the
Fund shall be for the account of the Fund.

     

    7.4           Foreign Exchange
Transactions.  The Custodian shall, subject to the terms of
this Section, settle foreign exchange transactions (including contracts,
futures, options and options on futures) on behalf and for the account of the
Fund with such currency brokers or banking institutions, including
Subcustodians, as the Fund and/or Sponsor may direct pursuant to
Instructions.  The Custodian may act as principal in any foreign
exchange transaction with the Fund in accordance with Section 7.4.2 of this
Agreement.  The obligations of the Custodian in respect of all foreign
exchange transactions (whether or not the Custodian shall act as principal in
such transaction) shall be contingent on the free, unencumbered transferability
of the currency transacted on the actual settlement date of the
transaction.

     

    7.4.1      Third Party
Foreign Exchange Transactions.  The Custodian shall process
foreign exchange transactions (including without limitation contracts, futures,
options, and options on futures), where any third party acts as principal
counterparty to the Fund on the same basis it performs duties as agent for the
Fund with respect to any other of the Fund’s Investments. Accordingly, the
Custodian shall only be responsible for delivering or receiving currency on
behalf of the Fund in respect of such contracts pursuant to Instructions. The
Custodian shall not be responsible for the failure of any counterparty
(including any Subcustodian) in such agency transaction to perform its
obligations thereunder. The Custodian (a) shall transmit cash and Instructions
to and from the currency broker or banking institution with which a foreign
exchange contract or option has been executed pursuant hereto, (b) may make free
outgoing payments of cash in the form of United States Dollars or foreign
currency without receiving confirmation of a foreign exchange contract or option
or confirmation that the countervalue currency completing the foreign exchange
contract has been delivered or received or that the option has been delivered or
received, and (c) shall hold all confirmations, certificates and other documents
and agreements received by the Custodian and evidencing or relating to such
foreign exchange transactions in safekeeping.  The Fund accepts full
responsibility for its use of third-party foreign exchange dealers and for
execution of said foreign exchange contracts and options and understands that
the Fund shall be responsible for any and all costs and interest charges which
may be incurred by the Fund or the Custodian as a result of the failure or delay
of third parties to deliver foreign exchange.

    
      
         

      

      
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    7.4.2        Foreign Exchange
with the Custodian as Principal.  The Custodian may as
principal undertake foreign exchange transactions with the Fund as the Custodian
and the Trust or Sponsor on behalf of the Fund may agree from time to
time.  In such event, the foreign exchange transaction will be
performed in accordance with the particular agreement of the parties, or in the
event a principal foreign exchange transaction is initiated by an Instruction in
the absence of specific agreement, such transaction will be performed in
accordance with the usual commercial terms of the Custodian.  In the
event that the Fund defaults on the settlement of any such foreign exchange
transaction with the Custodian, the Fund shall be liable for contracted currency
of the transaction together with any mark to market exposure associated with the
replacement purchase of the contracted currency undertaken with the
Custodian.

     

    7.5           Delays.  If
no event of Force Majeure shall have occurred and be continuing and in the event
that a delay shall have been caused by the negligence or willful misconduct of
the Custodian in carrying out an Instruction to credit or transfer cash, the
Custodian shall be liable to the Fund:  (a) with respect to Principal
Accounts, for interest to be calculated at the rate customarily paid on such
deposit and currency by the Custodian on overnight deposits at the time the
delay occurs for the period from the day when the transfer should have been
effected until the day it is in fact effected; and, (b) with respect to Agency
Accounts, for interest to be calculated at the rate customarily paid on such
deposit and currency by the Subcustodian on overnight deposits at the time the
delay occurs for the period from the day when the transfer should have been
effected until the day it is in fact effected. The Custodian shall not be liable
for delays in carrying out such Instructions to transfer cash which are not due
to the Custodian’s own negligence or willful misconduct.

     

    7.6           Advances.
If, for any reason in connection with this Agreement the Custodian or any
Subcustodian makes an Advance to facilitate settlement or otherwise for the
benefit of the Fund (whether or not any Principal or Agency Account shall be
overdrawn either during, or at the end of, any Business Day (defined as any day
other than a day on which any of the Futures Exchanges upon which a Benchmark
Component Futures Contract is traded is closed for regular trading1), the Trust, on its own behalf and on behalf
of the Fund, and the Sponsor each hereby does:

     

    7.6.1        acknowledge
that the Fund shall have no right, title or interest in or to any Investments
purchased with such Advance or proceeds of such Investments, and that any credit
to an account of Fund shall be provisional, until: (a) the debit of the
Principal or Agency Account by Custodian for an amount equal to Advance Costs;
and/or (b) if such debit produces an overdraft in such account, reimbursement to
the Custodian or Subcustodian for the amount of such overdraft;

     

    7.6.2        acknowledge
that the Custodian has an automatically perfected statutory security interest in
Investments purchased with any such Advance (as defined in Section 13) pursuant
to Section 9-206 of the Uniform Commercial Code as in effect in the State of New
York from time to time;

    
       

      
        

      

    

    
      1 “Futures
Exchanges” shall include the New York Mercantile Exchange (“NYMEX”), ICE Futures
(“ICE”), Chicago Board of Trade (“CBOT”), Chicago Mercantile Exchange (“CME”),
London Metal Exchange (“LME”), Commodity Exchange, Inc. (“COMEX”) or on other
foreign exchanges (such exchanges, collectively, the “Futures
Exchanges”).  “Benchmark Component Futures Contract” shall mean the
Futures Contracts that at any given time make up the index of the
Fund.

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    7.6.3       in
addition, in order to secure the obligations of the Fund to pay or perform any
and all obligations of the Fund pursuant to this Agreement, including without
limitation to repay any Advance made pursuant to this Agreement, grant to the
Custodian a security interest in all Investments and proceeds thereof (as
defined in the Uniform Commercial Code as currently in effect in the State of
New York); and agree to take, and agree that the Custodian may take, in respect
of the security interest referenced above, any further actions that the
Custodian may reasonably require.

     

    7.7           Custodian’s
Rights.  Neither the Custodian nor any Subcustodian shall be
obligated to make any Advance or to allow an Advance to occur to the Fund, and
in the event that the Custodian or any Subcustodian does make or allow an
Advance, any such Advance and any transaction giving rise to such Advance shall
be for the account and risk of the Fund and shall not be deemed to be a
transaction undertaken by the Custodian for its own account and
risk.  If such Advance shall have been made or allowed by a
Subcustodian or any other person, the Custodian may assign all or part of its
security interest referenced above and any other rights granted to the Custodian
hereunder to such Subcustodian or other person.  If the Fund shall
fail to repay the Advance Costs when due, the Custodian or its assignee, as the
case may be, shall be entitled to a portion of the available cash balance in any
Agency or Principal Account equal to such Advance Costs, and the Trust and
Sponsor authorizes the Custodian, on behalf of the Fund, to pay an amount equal
to such Advance Costs irrevocably to such Subcustodian or other person, and to
dispose of any property in such Account to the extent necessary to make such
payment.  Any Investments and funds credited to accounts subject to
this Agreement created pursuant hereto shall be treated as financial assets
credited to securities accounts under Articles 8 and 9 of the Uniform Commercial
Code as in effect in the State of New York from time to
time.  Accordingly, the Custodian and any Subcustodian shall have the
rights and benefits of a secured creditor that is a securities intermediary
under such Articles 8 and 9.

     

    7.8           Integrated
Account.  For purposes hereof, deposits maintained in all
Principal Accounts (whether or not denominated in United States Dollars) shall
collectively constitute a single and indivisible current account with respect to
the Fund’s obligations to the Custodian or its assignee, and balances in the
Principal Accounts shall be available for satisfaction of the Fund’s obligations
under this Section 7.  The Custodian shall further have a right of
offset against the balances in any Agency Account maintained hereunder to the
extent that the aggregate of all Principal Accounts is overdrawn.

     

    8.           Subcustodians and
Securities Depositories.  Subject to the provisions hereinafter
set forth in this Section 8, the Trust and the Sponsor each hereby authorizes
the Custodian to utilize Securities Depositories to act on behalf of the Fund
and to appoint from time to time and to utilize Subcustodians. With respect to
securities and funds held by a Subcustodian, either directly or indirectly
(including by a Securities Depository or Clearing Corporation), notwithstanding
any provisions of this Agreement to the contrary, payment for securities
purchased and delivery of securities sold may be made prior to receipt of
securities or payment, respectively, and securities or payment may be received
in a form, in accordance with (a) governmental regulations, (b) rules of
Securities Depositories and the Clearing Corporations, (c) generally accepted
trade practice in the applicable local market, (d) the terms and characteristics
of the particular Investment, or (e) the terms of the
Instructions.

    
      
         

      

      
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    8.1           Domestic
Subcustodians and Securities Depositories.  The Custodian may
deposit and/or maintain, either directly or through one or more agents appointed
by the Custodian, Investments of the Fund in any Securities Depository in the
United States of America, including The Depository Trust Company, provided such
Securities Depository meets applicable requirements of the Federal Reserve Bank
or of the Securities and Exchange Commission. The Custodian may, at any time and
from time to time, appoint any bank meeting the requirements of a custodian and
the rules and regulations thereunder, to act on behalf of the Fund as a
Subcustodian for purposes of holding Investments of the Fund in the United
States.

     

    8.2           Responsibility
for Subcustodians.  The Custodian shall be liable to the Fund
for any loss or damage to the Fund caused by or resulting from the acts or
omissions of any domestic Subcustodian to the extent that such acts or omissions
would be deemed to be negligence, gross negligence or willful misconduct in
accordance with the terms of the relevant subcustodian agreement under the laws,
circumstances and practices prevailing in the place where the act or omission
occurred.

     

    9.           Responsibility of
the Custodian.  In performing its duties and obligations
hereunder, the Custodian shall use reasonable care under the facts and
circumstances prevailing in the market where performance is
effected.  Subject to the specific provisions of this Section, the
Custodian shall be liable for any direct damage incurred by the Fund in
consequence of the Custodian’s negligence, bad faith or willful
misconduct.  In no event shall the Custodian be liable hereunder for
any special, indirect, punitive or consequential damages arising out of,
pursuant to or in connection with this Agreement even if the Custodian has been
advised of the possibility of such damages.  It is agreed that the
Custodian shall have no duty to assess the risks inherent in the Fund’s
Investments or to provide investment advice with respect to such Investments and
that the Fund as principal shall bear any risks attendant to particular
Investments such as failure of a counterparty or issuer.

     

    9.1           Limitations of
Performance.  The Custodian shall not be responsible under this
Agreement for any failure to perform its duties, and shall not be liable
hereunder for any loss or damage in association with such failure to perform,
for or in consequence of the following causes:

     

    9.1.1       Force
Majeure.  Force Majeure shall mean any
circumstance or event which is beyond the reasonable control of the Custodian, a
Subcustodian or any agent of the Custodian or a Subcustodian and which adversely
affects the performance by the Custodian of its obligations hereunder, by the
Subcustodian of its obligations under its Subcustody Agreement or by any other
agent of the Custodian or the Subcustodian, including any event caused by,
arising out of or involving (a) an act of God, (b) accident, fire, water damage
or explosion, (c) any computer, system or other equipment failure or malfunction
caused by any computer virus or the malfunction or failure of any communications
medium, (d) any interruption of the power supply or other utility service, (e)
any strike or other work stoppage, whether partial or total, (f) any delay or
disruption resulting from or reflecting the occurrence of any Sovereign Risk,
(g) any disruption of, or suspension of trading in, the securities, commodities
or foreign exchange markets, whether or not resulting from or reflecting the
occurrence of any Sovereign Risk, (h) any encumbrance on the transferability of
a currency or a currency position on the actual settlement date of a foreign
exchange transaction, whether or not resulting from or reflecting the occurrence
of any Sovereign Risk, or (i) any other cause similarly beyond the reasonable
control of the Custodian.

    
      
         

      

      
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    9.1.2       Sovereign
Risk.  Sovereign Risk shall mean, in respect of any
jurisdiction, including the United States of America, where Investments are
acquired or held hereunder or under a subcustody agreement, (a) any act of war,
terrorism, riot, insurrection or civil commotion, (b) the imposition of any
investment, repatriation or exchange control restrictions by any Governmental
Authority, (c) the confiscation, expropriation or nationalization of any
Investments by any Governmental Authority, whether de facto or de jure, (d) any
devaluation or revaluation of the currency, (e) the imposition of taxes, levies
or other charges affecting Investments, (f) any change in the Applicable Law, or
(g) any other economic or political risk incurred or experienced.

     

    9.2           Limitations on
Liability of the Custodian.  The Custodian shall not be liable
for any loss, claim, damage or other liability arising from the following
causes:

     

    9.2.1       Failure of Third
Parties.  The failure of any third party
including:  (a) the Sponsor or the Trust; (b) any futures commission
merchant(s); (c) any issuer of Investments or book-entry or other agent of and
issuer; (d) any counterparty with respect to any Investment, including any
issuer of exchange-traded or other futures, option, derivative or commodities
contract; (e) failure of an Investment Advisor or other agent of the Fund; or
(f) failure of other third parties similarly beyond the control or choice of the
Custodian.

     

    9.2.2       Information
Sources.  The Custodian may rely upon information received from
issuers of Investments or agents of such issuers, information received from
Subcustodians and from other commercially reasonable sources such as commercial
data bases and the like, but shall not be responsible for specific inaccuracies
in such information, provided that the Custodian has relied upon such
information in good faith, or for the failure of any commercially reasonable
information provider.

     

    9.2.3       Reliance on
Instruction.  Action by the Custodian or the Subcustodian in
accordance with an Instruction, even when such action conflicts with, or is
contrary to any provision of, the Trust’s or the Sponsor’s constituent
documents, Applicable Law, or actions by the directors of the Sponsor or
unitholders of the Fund.

     

    9.2.4       Restricted
Securities.  The limitations inherent in the rights,
transferability or similar investment characteristics of a given Investment of
the Fund.

    
      
         

      

      
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    9.3           Limitations on
Liability of the Sponsor, Trust and the Fund.  The Custodian
agrees to look solely to the assets of the Fund and to the Sponsor and its
assets in respect of any claim against or obligation of the Fund.  The
Administrator acknowledges and agrees that liability of the Fund, as a series of
the Trust, is limited pursuant to Section 3804(a) of the Delaware Statutory
Trust Act, such that (a) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to the Fund shall be
enforceable against the assets of the Fund only, and not against the assets of
the Trust generally or the assets of any other series of the Trust, and (b) none
of the debts, liabilities, obligations and expenses incurred, contracted for, or
otherwise existing with respect to the Trust generally and any other series of
the Trust shall be enforceable against the assets of the Fund.

     

    10.           Indemnification.

     

    10.1         The
Fund and the Sponsor each hereby indemnifies the Custodian and each
Subcustodian, and their respective agents, nominees and the partners, employees,
officers and directors, and agrees to hold each of them harmless from and
against all claims and liabilities, including counsel fees and taxes, reasonably
incurred or assessed against any of them in connection with the performance of
this Agreement and any Instruction.

     

    10.2         The
Custodian hereby indemnifies the Fund, the Trust and the Sponsor, and their
respective agents, nominees and the partners, employees, officers and directors,
and agrees to hold each of them harmless from and against all claims and
liabilities, including counsel fees and taxes, reasonably incurred or assessed
against any of them as a direct result of the Custodian’s negligence, willful
misconduct or bad faith in its performance of this Agreement and any
Instruction.

     

    11.           Reports and
Records.  The Custodian shall:

     

    11.1         create
and maintain records relating to the performance of its obligations under this
Agreement;

     

    11.2         make
available to the Fund, the Trust and/or the Sponsor, their respective auditors,
agents and employees, upon reasonable request and during normal business hours
of the Custodian, all records maintained by the Custodian pursuant to Section
11.1 above, subject, however, to all reasonable security requirements of the
Custodian then applicable to the records of its custody customers generally;
and

     

    11.3         make
available to the Fund, the Trust and/or the Sponsor all Electronic Reports (as
defined in Section 13); it being understood that the Custodian shall not be
liable hereunder for the inaccuracy or incompleteness thereof or for errors in
any information included therein.

     

    The
Sponsor shall examine all records, howsoever produced or transmitted, promptly
upon receipt thereof and notify the Custodian promptly of any discrepancy or
error therein.  Unless the Trust or the Sponsor delivers written
notice of any such discrepancy or error within a reasonable time after its
receipt thereof, such records shall be deemed to be true and
accurate.  It is understood that the Custodian now obtains and will in
the future obtain information on the value of assets from outside sources which
may be utilized in certain reports made available to the Fund, the Trust and the
Sponsor. The Custodian deems such sources to be reliable but it is acknowledged
and agreed that the Custodian does not verify nor represent nor warrant as to
the accuracy or completeness of such information and accordingly shall be
without liability in selecting and using such sources and furnishing such
information.

    
      
         

      

      
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    12.           Miscellaneous.

     

    12.1         Proxies,
etc.  The Trust, on its own behalf and on behalf of the Fund,
and/or the Sponsor will promptly execute and deliver, upon request, such
proxies, powers of attorney or other instruments as may be necessary or
desirable for the Custodian to provide, or to cause any Subcustodian to provide,
custody services.

     

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

     

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

     

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

     

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

     

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

     

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

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (1)   
      

            	
              if
      to Sponsor, to:

            

    

    
      	
               
      

            	
              United
      States Commodity Funds LLC

            

    

    
      	
               
      

            	
              1320
      Harbor Bay Parkway, Suite 145

            

    

    
      	
               
      

            	
              Alameda,
      California 94502

            

    

    
      	
               
      

            	
              Attention:
      Nicholas D. Gerber

            

    

     

    
      	
               
      

            	
              (2)   
      

            	
              if
      to the Trust or the Fund, to:

            

    

    
      	
               
      

            	
              [c/o]
      United States Commodity Index Funds
Trust

            

    

    
      	
               
      

            	
              c/o
      United States Commodity Funds LLC

            

    

    
      	
               
      

            	
              1320
      Harbor Bay Parkway, Suite 145

            

    

    
      	
               
      

            	
              Alameda,
      California 94502

            

    

    
      	
               
      

            	
              Attention:
      Nicholas D. Gerber

            

    

     

    
      	
               
      

            	
              (3)   
      

            	
              if
      to the Custodian, to:

            

    

    
      	
               
      

            	
              Brown
      Brothers Harriman & Co.

            

    

    
      	
               
      

            	
              40
      Water Street

            

    

    
      	
               
      

            	
              Boston,
      Massachusetts 02109

            

    

    
      	
               
      

            	
              Attn:

              Telephone: (617)
      772-1818

            

    

    
      	
               
      

            	
              Facsimile:
      (617) 772- ____

            

    

    

    or such
other address as the Sponsor, the Trust or the Custodian may have designated in
writing to the other.

    

    All such
notices and other communications shall be deemed to have been delivered and
received (i) in the case of personal delivery or delivery by a
nationally-recognized express courier, on the date of such delivery if delivered
during business hours on a Business Day or, if not delivered during business
hours on a Business Day, the first Business Day thereafter, and (ii) in the case
of mailing or delivery by facsimile, upon receipt by the intended
party.

     

    12.8        Governing Law;
Jurisdiction.

     

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

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

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

     

    The
provisions of this Section 12.8 shall survive any termination of this Agreement,
in whole or in part.

     

    12.9        No
Partnership.  The Custodian acts as an independent contractor
with respect to the services provided under this Agreement.  The terms
and conditions of this Agreement do not create a partnership relationship
between the Custodian and the Sponsor, the Custodian and the Trust or between
the Custodian and the Fund.  Each of the Sponsor and the Trust, on its
own behalf and on behalf of the Fund, acknowledges that the Custodian may enter
into similar agreements with others without the consent of the Sponsor or the
Trust.

     

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

     

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

     

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

     

    12.13      Other
Usages.  The following usages shall apply in interpreting this
Agreement: (i) references to a governmental or quasi-governmental agency,
authority or instrumentality shall also refer to a regulatory body that succeeds
to the functions of such agency, authority or instrumentality; and (ii)
“including” means “including, but not limited to.”

     

    12.14      Confidentiality.  The
parties hereto agree that each shall treat confidentially the terms and
conditions of this Agreement and all information provided by each party to the
other regarding its business and operations.  All confidential
information provided by a party hereto shall be used by the other party hereto
solely for the purpose of rendering or obtaining services pursuant to this
Agreement and, except as may be required in carrying out this Agreement, shall
not be disclosed to any third party without the prior consent of such providing
party.  The foregoing shall not apply to any information that is
publicly available when provided or thereafter becomes publicly available other
than through a breach of this Agreement, or that is required to be disclosed by
or to any bank examiner of the Custodian or any Subcustodian, any Regulatory
Authority, any auditor of the parties hereto, or by judicial or administrative
process or otherwise by Applicable Law, including for the avoidance of doubt,
any filing of this Agreement (excluding any terms relating to fees) by or on
behalf of the Fund with any regulator with authority over the
Fund.

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    12.15      Counsel.  In
fulfilling its duties hereunder, the Custodian shall be entitled to receive and
act upon the advice of (i) counsel regularly retained by the Custodian in
respect of such matters, (ii) counsel for the Fund or (iii) such counsel as the
Fund, the Sponsor and the Custodian may agree upon, with respect to all
matters.  The Custodian shall not be considered to have engaged in any
misconduct or to have acted negligently when soliciting and following such
advice.

     

    12.16      Conflict.  Nothing
contained in this Agreement shall prevent the Custodian and its associates from
(i) dealing as a principal or an intermediary in the sale, purchase or loan of
the Fund’s Investments to, or from the Custodian or its associates; (ii) acting
as a custodian, a subcustodian, a trustee, an agent, securities dealer, an
investment manager or in any other capacity for any other client; or (iii)
buying, holding, lending, and dealing in any way in any assets for the benefit
of its own account, for the account of any other client, or for the account of
the Fund.

     

    12.17      Privacy.  In
the course of carrying out its obligations under this Agreement, each party
shall maintain physical, procedural and/or electronic safeguards reasonably
designed to protect information regarding the Fund and its investors that such
party has obtained or to which such party has gained access.

     

    13.           Definitions.  The
following defined terms will have the respective meanings set forth
below.

     

    13.1        Advance(s)
shall mean any extension of credit by or through the Custodian or by or through
any Subcustodian and shall include, without limitation, amounts due to the
Custodian as the principal counterparty to any foreign exchange transaction with
the Fund as described in Section 7.4.2 hereof, or paid to third parties for
account of the Fund or in discharge of any expense, tax or other item payable by
the Fund.

     

    13.2        Advance
Costs shall mean any Advance, interest on the Advance and any related
expenses, including without limitation any mark to market loss of the Custodian
or Subcustodian on any Investment to which Section 7.6.1 applies.

     

    13.3        Agency
Account(s) shall mean any deposit account opened on the books of a
Subcustodian or other banking institution in accordance with Section
7.1.

     

    13.4        Agent(s)
shall have the meaning set forth in the last sentence of Section 6.

     

    13.5        Applicable
Law shall mean with respect to each jurisdiction, all (a) laws, statutes,
treaties, regulations, guidelines (or their equivalents); (b) orders,
interpretations, licenses and permits; and (c) judgments, decrees, injunctions,
writs, orders and similar actions by a court of competent jurisdiction;
compliance with which is required or customarily observed in such
jurisdiction.

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    13.6        Authorized
Person(s) shall mean any person or entity authorized to give Instructions
on behalf of the Fund and/or the Sponsor in accordance with Section
4.1.

     

    13.7        Book-entry
Agent shall mean an entity acting as agent for the issuer of Investments
for purposes of recording ownership or similar entitlement to Investments,
including without limitation a transfer agent or registrar.

     

    13.8        Business
Day shall have the meaning set forth in Section 7.6 hereof.

     

    13.9        Clearing
Corporation shall mean any entity or system established for purposes of
providing securities settlement and movement and associated functions for a
given market.

     

    13.10      Electronic and
Online Services Schedule shall mean any separate agreement entered into
among the Custodian, the Sponsor and the Trust, on its own behalf and on behalf
of the Fund or its authorized representative with respect to certain matters
concerning certain electronic and online services as described therein and as
may be made available from time to time by the Custodian to the
Fund.

     

    13.11      Electronic
Reports shall mean any reports prepared by the Custodian and remitted to
the Fund, the Trust, the Sponsor or their respective authorized representative
via the internet or electronic mail.

     

    13.12      Funds Transfer
Services Schedule shall mean any separate agreement entered into among
the Custodian, the Sponsor and the Trust, on its own behalf and on behalf of the
Fund, or their respective authorized representative with respect to certain
matters concerning the processing of payment orders from Principal Accounts of
the Fund.

     

    13.13      Instruction(s)
shall have the meaning assigned in Section 4.

     

    13.14      Investment
Advisor shall mean any person or entity who is an Authorized Person to
give Instructions with respect to the investment and reinvestment of the Fund’s
Investments.

     

    13.15      Investment(s)
shall mean any investment asset of the Fund, including without
limitation: securities, bonds, notes, and debentures as well as receivables,
derivatives, contractual rights or entitlements and other intangible assets, but
excluding Futures Contracts and Commodity Interests (each as defined in the
Fund’s prospectus).

     

    13.16      Margin
Account shall have the meaning set forth in Section 6.4
hereof.

     

    13.17      Principal
Account(s) shall mean deposit accounts of the Fund carried on the books
of BBH&Co. as principal in accordance with Section 7.

     

    13.18      Safekeeping
Account shall mean an account established on the books of the Custodian
or any Subcustodian for purposes of segregating the interests of the Fund (or
clients of the Custodian or Subcustodian) from the assets of the Custodian or
any Subcustodian.

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    13.19      Securities
Depository shall mean a central or book entry system or agency
established under Applicable Law for purposes of recording the ownership and/or
entitlement to investment securities for a given market.

     

    13.20      Subcustodian(s)
shall mean each bank appointed by the Custodian pursuant to Section 8
hereof, but shall not include Securities Depositories.

     

    13.21      Tri-Party
Agreement shall have the meaning set forth in Section 6.4
hereof.

     

    14.         Compensation.  The
Trust, on its own behalf and on behalf of the Fund, and the Sponsor agree that
the Sponsor and/or the Fund will pay to the Custodian (a) a fee in an amount set
forth in the fee letter among the Trust, on its own behalf and on behalf of the
Fund, the Sponsor and the Custodian in effect on the date hereof or as amended
from time to time, and (b) all reasonable out-of-pocket expenses incurred under
this Agreement by the Custodian, including the fees and expenses of all
Subcustodians, and payable from time to time.  Amounts payable by the
Sponsor and/or the Fund under and pursuant to this Section 14 shall be payable
by wire transfer to the Custodian at BBH&Co. in New York, New
York.

     

    15.         Termination.  This
Agreement may be terminated by either party in accordance with the provisions of
this Section.  The provisions of this Agreement and any other rights
or obligations incurred or accrued by any party hereto prior to termination of
this Agreement shall survive any termination of this
Agreement.  Termination of this Agreement with respect to any Fund
shall not result in the termination of this Agreement with respect to any other
Fund listed on Annex A.

     

    15.1        Term, Notice and
Effect.  This Agreement shall have an initial term of two (2)
years from the date hereof. Thereafter, this Agreement shall automatically renew
for successive one (1) year periods unless any party terminates this Agreement
by providing written notice no later than seventy-five (75) days prior to the
expiration of the applicable term to the other parties at their address set
forth herein.  Upon the completion of the initial term, any party to
this Agreement may elect to terminate this Agreement at any time by delivering
90 days notice thereof to the other parties.

     

    15.2        Successor
Custodian.  In the event of the appointment of a successor
custodian, it is agreed that the Investments of the Fund held by the Custodian
or any Subcustodian shall be delivered to the successor Custodian in accordance
with reasonable Instructions.  The Custodian agrees to cooperate with
the Fund in the execution of documents and performance of other actions
necessary or desirable in order to facilitate the succession of the new
custodian.  If no successor custodian shall be appointed, the
Custodian shall in like manner transfer the Fund’s Investments in accordance
with Instructions.

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    15.3        Delayed
Succession.  If no Instruction has been given as of the
effective date of termination, the Custodian may at any time on or after such
termination date and upon ten (10) consecutive calendar days written notice to
the Trust and the Sponsor either (a) deliver the Investments of the Fund held
hereunder to the Fund at the address designated for the Trust and the Fund for
receipt of notices hereunder; or (b) deliver any Investments held hereunder to a
bank or trust company having a capitalization of $50,000,000 equivalent and
operating under the Applicable Law of the jurisdiction where such Investments
are located, such delivery to be at the risk of the Fund.  In the
event that Investments or moneys of the Fund remain in the custody of the
Custodian or its Subcustodians after the date of termination owing to the
failure of the Trust or the Sponsor to issue Instructions with respect to their
disposition or owing to the fact that such disposition could not be accomplished
in accordance with such Instructions despite diligent efforts of the Custodian,
the Custodian shall be entitled to compensation for its services with respect to
such Investments and moneys during such period as the Custodian or its
Subcustodians retain possession of such items  and the provisions of
this Agreement shall remain in full force and effect until disposition in
accordance with this Section is accomplished.

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly
executed as of the date first above written.

    

    
      
        
          
            	
                    BROWN
      BROTHERS HARRIMAN & CO.

                  
	 
      	 
      
	
                    By:

                  	 
      
	 
      	
                    Name:

                  
	 
      	
                    Title:

                  
	 
      	 
      
	
                    UNITED
      STATES COMMODITY FUNDS LLC

                  
	 
      	 
      
	
                    By:

                  	 
      
	 
      	
                    Name:

                  
	 
      	
                    Title:

                  

          

        

      

    

    

    UNITED
STATES COMMODITY INDEX FUNDS TRUST, on its own behalf and on 

    behalf
of the United States Commodity Index Fund

    

    
      
        
          	
                  By:

                	
                  United
      States Commodity Funds LLC, as Sponsor

                
	 
      	 
      	 
      
	 
      	
                  By:

                	 
      
	 
      	 
      	
                  Name:

                
	 
      	 
      	
                  Title:

                

        

      

    

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    

    FUNDS
TRANSFER SERVICES SCHEDULE

    (“FTSS”)

    

    In
accordance with Section 4.2 of the Custodian Agreement, the Trust, on behalf of
itself and the Fund, and the Sponsor acknowledge the following terms and
conditions in respect of all funds transfers effected by the
Custodian.  Terms not otherwise defined herein shall have the meanings
accorded to them in the Custodian Agreement.

    

    1.           Transmission of Payment
Orders.  Each funds transfer Instruction (“FT Instruction”) shall be
transmitted by such secured or authenticated means and subject to such security
procedures as the Custodian shall make available to the Trust and the Sponsor
from time to time (such transmission method and security procedures, a Custodian Designated Security
Procedure), unless the Trust or the Sponsor shall elect to transmit such
FT Instruction in accordance with a Fund Designated Security Procedure (as
defined in Section 4 below).  The Trust and the Sponsor acknowledge
and agree that the Custodian will use the security procedures referenced in
Sections 3 and 4 below solely to authenticate a FT Instruction, as set forth
herein, and not to detect any errors or omissions therein.

    

    2.           Custodian
Designated Security Procedure.  The Custodian will make the following
Custodian Designated Security Procedures available to the Trust and the Sponsor
for use in communicating FT Instructions to the Custodian:

    

    
      	
               
      

            	
              ·

            	
              BBH Worldview® Payment
      Products.  The Custodian offers to the Trust and the
      Sponsor use of its BBH Worldview Payment Products (“BBH Worldview”), which
      are Custodian proprietary on-line payment order authorization facilities
      with built-in authentication procedures.  The Custodian, the
      Trust and the Sponsor shall each be responsible for maintaining the
      confidentiality of passwords or other codes used by them in connection
      with BBH Worldview. The Custodian will act on FT Instructions received
      through BBH Worldview without duty of further confirmation unless the
      Trust or the Sponsor notifies the Custodian that its password is not
      secure.  The Trust and the Sponsor agree that access to, and use
      of, BBH Worldview shall be governed by an Electronic and On-line Services
      Schedule, which the Trust, on behalf of itself and the Fund, and the
      Sponsor will execute prior to access to BBH
  Worldview.

            

    

    

    
      	
               
      

            	
              ·

            	
              SWIFT
      Transmission.  The Custodian, the Trust and the Sponsor
      shall comply with SWIFT’s authentication procedures. The Custodian will
      act on FT Instructions received via SWIFT provided the instruction is
      authenticated by the SWIFT system.

            

    

    

    
      	
               
      

            	
              ·

            	
              Written
      Instructions.  Instructions may be transmitted in an
      original writing that bears the manual signature of an Authorized
      Person(s).

            

    

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    3.           Fund Designated Security
Procedure.  FT Instructions may be transmitted through such
other means, and subject to such additional security procedures, as may be
elected on behalf of the Fund by the Sponsor (or by an Authorized Person
entitled to give Instructions) and acknowledged and accepted by the Custodian
(the transmission methods and security procedures referenced below, as may be
supplemented by such additional security procedures, each a Fund Designated Security
Procedure); it being understood that the Custodian’s acknowledgment shall
authorize it to accept such means of delivery but shall not represent a judgment
by the Custodian as to the reasonableness or security of the means utilized by
the Trust and the Sponsor.

    

    
      	
               
      

            	
              ·

            	
              Computer
      Transmission.  The Custodian is able to accept
      transmissions sent from the Trust or the Sponsor’s computer facilities to
      the Custodian’s computer facilities.  If the Trust or the
      Sponsor determines to use its proprietary transmission or other electronic
      transmission method, it must provide Custodian sufficient notice and
      information to allow testing or other confirmation that FT Instructions
      received via the Fund Designated Security Procedure can be processed in
      good time and order.  The Custodian may require the Trust and
      the Sponsor to execute additional documentation prior to the use of such
      transmission method.

            

    

    

    
      	
               
      

            	
              ·

            	
              Facsimile
      Transmission.  A FT Instruction transmitted to the
      Custodian by facsimile transmission must be transmitted by the Trust or
      the Sponsor to a telephone number specified from time to time by the
      Custodian for such purposes.  The Custodian will then follow one
      of the procedures below:

            

    

    

    
      	
               
      

            	
              (i)

            	
              If
      the facsimile requests a non-repetitive order, the Custodian will call the
      Trust and the Sponsor and request to speak to a person authorized to
      validate orders on behalf of the Fund and the Sponsor, and confirm the
      authorization and details of the payment order (a Callback);

            

    

    

    
      	
               
      

            	
              (ii)

            	
              If
      the facsimile FT Instruction pertains to a repetitive payment order (see
      Section 7 below), the Custodian may (at its sole discretion) perform a
      Callback.  Each of the Trust, on behalf of itself and the Fund,
      and the Sponsor acknowledges that prior to its issuance of any repetitive
      payment order, it must (a) request that the appropriate repetitive payment
      order process be approved and set up at the Custodian, and (b) complete
      such documentation as may be required by the Custodian, including a PPO
      (as defined in Section 7).

            

    

    

    The
Custodian shall rely on the purported identity of the originator but due to the
lack of reliability of a facsimile signature, it will not perform signature
verification on facsimiles.

    

    
      	
               
      

            	
              ·

            	
              Telephonic.  The
      Trust or the Sponsor may call a telephonic payment order into the
      Custodian at the telephone number designated from time-to-time by the
      Custodian for that purpose.  The caller shall identify
      herself/himself as an Authorized Person.  The Custodian shall
      obtain the FT Instruction details from the caller.  The
      Custodian shall then follow one of the procedures
  below:

            

    

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (i)

            	
              If
      the telephonic FT Instruction pertains to a non-repetitive payment order,
      the Custodian will perform a Callback;
or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              If
      the telephonic FT Instruction pertains to a repetitive payment order (see
      Section 7 below), the Custodian may (at its sole discretion) perform a
      Callback.  The Trust and the Sponsor acknowledge that prior to
      its issuance of any repetitive payment order, it must (a) request that the
      appropriate repetitive payment order process be approved and set up at the
      Custodian, and (b) complete such documentation as may be required by the
      Custodian, including a PPO.

            

    

    

    In
electing to transmit a FT Instruction via a Fund Designated Security Procedure,
the Trust and the Sponsor (i) agrees to be bound by the transaction(s) or
payment order(s) specified on said FT Instruction, whether or not authorized,
and accepted by the Custodian in compliance with such Fund Designated Security
Procedure, and (ii) accepts the risk associated with such Fund Designated
Security Procedure and confirms it is commercially reasonable for the
transmission and authentication of the FT Instruction.

    

    The
parties agree that the transmission by the Sponsor or the Trust of a FT
Instruction by means of any of the above Fund Designated Security Procedures and
the Custodian’s acceptance and execution of such FT Instruction shall constitute
a FT Instruction sent via a Fund Designated Security Procedure and governed by
the terms of this FTSS.

    

    4.           Rejection of Payment Orders;
Rescission of Designated Security Procedure.  The Custodian
shall give the Trust and the Sponsor timely notice of the Custodian’s rejection
of a FT Instruction.  Such notice may be given in writing, via a
Custodian Designated Security Procedure or any Fund Designated Security
Procedure used by the Trust and the Sponsor, or orally by telephone, each of
which is hereby deemed commercially reasonable.  In the event the
Custodian fails to execute a properly executable FT Instruction and fails to
give the Trust and the Sponsor notice of the Custodian’s non-execution, the
Custodian shall be liable only for the actual damages of the Trust, the Fund or
the Sponsor and only to the extent that such damages are recoverable under UCC
4A (as defined in Section 13 below).  The Custodian, after providing
prior written notice, may decide to no longer accept a particular Fund or
Custodian Designated Security Procedure, or to do so only on revised terms, in
the event that it determines that such agreed or established method of
transmission represents a security risk or is attendant to any general change in
the Custodian’s policy regarding FT Instructions.  Notwithstanding
anything in this FTSA and the Agreement to the contrary, the Custodian shall in
no event be liable for any consequential, indirect, special or punitive damages
under this FTSA, whether or not such damages relate to services covered by UCC
4A, even if the Custodian was advised of the possibility of such
damages.

    

    5.           Cancellation of Payment
Orders.   The Trust and the Sponsor may cancel a FT
Instruction but the Custodian shall have no liability for the Custodian’s
failure to act on a cancellation FT Instruction unless the Custodian has
received such cancellation FT Instruction at a time and in a manner affording
the Custodian reasonable opportunity to act prior to the Custodian’s execution
of the original FT Instruction.  Any cancellation FT Instruction shall
be sent and confirmed by such means as is set forth in Section 3 or 4
above.

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    

    6.           Preauthorized Repetitive
Payment Orders.  The Trust and the Sponsor may establish with
the Custodian a process to preauthorize certain repetitive payments or
transfers.  The Trust and the Sponsor will execute all documentation
required by the Custodian, including a separate Preauthorized Repetitive Payment
Order (PPO)
form.  The PPO shall be delivered to the Custodian in writing or by
another Custodian Designated Security Procedure or Fund Designated Security
Procedure, and will become effective after the Custodian shall have had a
reasonable opportunity to act thereon (or if later, two (2) banking days after
receipt by the Custodian).  The PPO may take the form of
either:

    

    
      	
               
      

            	
              (i)

            	
              A standing instruction
      in which the Trust and the Sponsor provides in the PPO all required
      information for a FT Instruction (except for the transfer date and amount)
      on a “standing instructions” basis.  The Trust and the Sponsor
      may from time-to-time instruct the Custodian to make a payment under the
      PPO, in writing or another Custodian Designated Security Procedure or Fund
      Designated Security Procedure, which instruction shall reference the
      repetitive line number (a number assigned to it by the Custodian after
      execution of the PPO), details of the payment, the transfer date and the
      amount of the transfer; or

            

    

    

    
      	
               
      

            	
              (ii)

            	
              A
      recurring instruction
      in which the Trust and the Sponsor supplies all required
      information for a FT Instruction with an instruction to process such
      payments with a specific frequency.

            

    

    

    7.           Responsibility for the
Detection of Errors in Payment Orders; Liability of the
Parties.  The purpose of any Fund Designated Security Procedure
or Custodian Designated Security Procedure is to confirm the authenticity of any
FT Instruction and is not designed to detect errors or omissions in such FT
Instructions.  Therefore, the Custodian is not responsible for
detecting any Trust and/or Sponsor error or omission contained in any FT
Instruction received by the Custodian.  In the event that the FT
Instruction either (i) identifies the beneficiary by both a name and an
identifying account number and the name and number identify different persons or
entities, or (ii) identifies the beneficiary by both a name and an identifying
number and the number identifies a person or entity different from the
beneficiary identified by name, execution of the relevant payment order, payment
to the beneficiary, cancellation of the payment order or actions taken by the
Custodian or the Trust and the Sponsor in respect of such payment order may be
made solely on the basis of the number.

    

    The
Custodian shall not be liable for interest on the amount of any FT Instruction
that was not authorized or was erroneously executed unless the Trust and the
Sponsor so notifies the Custodian within thirty (30) days following the Trust
and the Sponsor’s receipt of notice that such FT Instruction was
processed.  Any compensation payable in the form of interest shall be
payable in accordance with UCC 4A.  If a FT Instruction in the name of
the Fund and the Sponsor and accepted by the Custodian was not authorized by the
Trust and/or the Sponsor, the liability of the parties will be governed by the
applicable provisions of UCC 4A.

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    

    ELECTRONIC
AND ON-LINE SERVICES SCHEDULE

    

    This
Electronic and On-Line Services Schedule (this Schedule) to a Custodian
Agreement dated as of July 22, 2010 (as amended from time to time hereafter, the
Agreement) by and among
Brown Brothers Harriman & Co. (we, us our), United States
Commodity Funds LLC (the Sponsor), the United States
Commodity Index Funds Trust, a Delaware statutory trust (the Trust), on its own behalf and
on behalf of the series established and designated by the Trust, the [INSERT
NAME OF FUND] (the Fund)
(the Sponsor and the Trust, on its own behalf and on behalf of the Fund,
collectively, you, your), provides general
provisions governing your use of and access to the Services (as hereinafter
defined) provided to you by us via the Internet (at www.bbhco.com or such other
URL as we may instruct you to use to access our products) and via a
direct dial-up connection between your computer and our computers, as of July
22, 2010 (the Effective Date). Use of the Services constitutes acceptance of the
terms and conditions of this Schedule, any Appendices hereto, the Terms and
Conditions posted on our web site, and any terms and conditions specifically
governing a particular Service or our other products, which may be set forth in
the Agreement or in a separate related agreement (collectively, the Related
Agreements).

    

    1.           General Terms.

     

    You will
be granted access to our suite of online products, which may include, but shall
not be limited to the following services via the Internet or dial-up connection
(each separate service is a Service; collectively referred
to as the Services):

     

    
      	
               
      

            	
              1.1.

            	
              BBH
      WorldView®, a system for effectuating securities and fund trade
      instruction and execution, processing and handling instructions, and for
      the input and retrieval of other
information;

            

    

     

    
      	
               
      

            	
              1.2.

            	
              F/X
      WorldView, a system for executing foreign exchange
  trades;

            

    

     

    
      	
               
      

            	
              1.3.

            	
              Fund
      WorldView, a system for receiving fund and prospectus
      information;

            

    

     

    
      	
               
      

            	
              1.4.

            	
              BBHCOnnect,
      a system for placing securities trade instructions and following the
      status and detail of trades;

            

    

     

    
      	
               
      

            	
              1.5.

            	
              ActionViewSM,
      a system for receiving certain corporate action
    information;

            

    

     

    
      	
               
      

            	
              1.6.

            	
              Risk
      View, an interactive portfolio risk analysis tool;
  and

            

    

     

    
      	
               
      

            	
              1.7.

            	
              Such
      other services as we shall from time to time
  offer.

            

    

     

    2.           Security /
Passwords.

     

    
      	
               
      

            	
              2.1.

            	
              A
      digital certificate and/or an encryption key may be required to access
      certain Services.  You may apply for a digital certificate
      and/or an encryption key by following the procedures set forth at http://www.bbh.com/certs/.   You
      also will need an identification code (ID) and password(s)
      (Password) to
      access the Services.

            

    

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              2.2.

            	
              You
      agree to safeguard your digital certificate and/or encryption key, ID, and
      Password and not to give or make available, intentionally or otherwise,
      your digital certificate, ID, and/or Password to any unauthorized
      person.  You must immediately notify us in writing if you
      believe that your digital certificate and/or encryption key, Password, or
      ID has been compromised or if you suspect unauthorized access to your
      account by means of the Services or otherwise, or when a person to whom a
      digital certificate and/or an encryption key, Password, or ID has been
      assigned leaves or is no longer permitted to access the
      Services.

            

    

     

    
      	
               
      

            	
              2.3.

            	
              We
      will not be responsible for any breach of security, or for any
      unauthorized trading or theft by any third party, caused by your failure
      (be it intentional, unintentional, or negligent) to maintain the
      confidentiality of your ID and/or Password and/or the security of your
      digital certificate and/or encryption
key.

            

    

     

    3.           Instructions.

     

    
      	
               
      

            	
              3.1.

            	
              Proper
      instructions under this Schedule shall be provided as designated in the
      Related Agreements  (Instructions).

            

    

     

    
      	
               
      

            	
              3.2.

            	
              The
      following additional provisions apply to Instructions provided via the
      Services:

            

    

     

    
      	
               
      

            	
              a.

            	
              Instructions
      sent by electronic mail will not be accepted or acted
  upon.

            

    

     

    
      	
               
      

            	
              b.

            	
              You
      authorize us to act upon Instructions received through the Services
      utilizing your digital certificate, ID, and/or Password as though they
      were duly authorized written instructions, without any duty of
      verification or inquiry on our part, and agree to hold us harmless for any
      losses you experience as a result.

            

    

     

    
      	
               
      

            	
              c.

            	
              From
      time to time, the temporary unavailability of third party
      telecommunications or computer systems required by the Services may result
      in a delay in processing Instructions.  In such an event, we
      shall not be liable to you or any third party for any liabilities, losses,
      claims, costs, damages, penalties, fines, obligations, or expenses of any
      kind (including without limitation, reasonable attorneys', accountants',
      consultants', or experts' fees and disbursements) that you experience due
      to such a delay.

            

    

     

    4.           Electronic
Documents.

     

    We may
make periodic statements, disclosures, notices, and other documents available to
you electronically, and, subject to any delivery and receipt verification
procedures required by law, you agree to receive such documents electronically
and to check the statements for accuracy.  If you believe any such
statement contains incorrect information, you must follow the procedures set
forth in the Related Agreement(s).

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

     

    5.           Malicious Code.

     

    You
understand and agree that you will be responsible for the introduction (by you,
your employees, agents, or representatives) into the Services, whether
intentional or unintentional, of (i) any virus or other code, program, or
sub-program that damages or interferes with the operation of the computer system
containing the code, program or sub-program, or halts, disables, or interferes
with the operation of the Services themselves; or (ii) any device, method, or
token whose knowing or intended purpose is to permit any person to circumvent
the normal security of the Services or the system containing the software code
for the Services (Malicious
Code).  You agree to take all necessary actions and precautions
to prevent the introduction and proliferation of any Malicious Code into those
systems that interact with the Services.

     

    6.           Indemnification.

     

    For
avoidance of doubt, you hereby agree that the provisions in the Related
Agreement(s) related to your indemnification of us and any limitations on our
liability and responsibilities to you shall be applicable to this Agreement, and
are hereby expressly incorporated herein. You agree that the Services are
comprised of telecommunications and computer systems, and that it is possible
that Instructions, information, transactions, or account reports might be added
to, changed, or omitted by electronic or programming malfunction, unauthorized
access, or other failure of the systems which comprise the Services, despite the
security features that have been designed into the Services. You agree that we
will not be liable for any action taken or not taken in complying with the terms
of this Schedule, except for our willful misconduct or gross
negligence.  The provisions of this paragraph shall survive the
termination of this Schedule and the Related Agreements.

     

    7.           Payment.

     

    You may
be charged for services hereunder as set forth in a fee schedule from time to
time agreed by us.

     

    8.           Term/Termination.

     

    
      	
               
      

            	
              8.1.

            	
              This
      Schedule is effective as of the date you sign it or first use the
      Services, whichever is first, and continues in effect until such time as
      either you or we terminate the Schedule in accordance with this Section 8
      and/or until your off-line use of the Services is
    terminated.

            

    

     

    
      	
               
      

            	
              8.2.

            	
              We
      may terminate your access to the Services at any time, for any reason,
      with five (5) business days prior notice; provided that we may terminate
      your access to the Services with no prior notice (i) if your account with
      us is closed, (ii) if you fail to comply with any of the terms of this
      Agreement, (iii) if we believe that your continued access to the Services
      poses a security risk, or (iv) if we believe that you are violating or
      have violated applicable laws, and we will not be liable for any loss you
      may experience as a result of such termination.  You may
      terminate your access to the Services at any time by giving us ten (10)
      business days notice.  Upon termination, we will cancel all your
      Passwords and IDs and any in-process or pending Instructions will be
      carried out or cancelled, at our sole
  discretion.

            

    

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

     

    9.           Miscellaneous.

     

    
      	
               
      

            	
              9.1.

            	
              Notices.  All
      notices, requests, and demands (other than routine operational
      communications, such as Instructions) shall be in such form and effect as
      provided in the Related
Agreement(s).

            

    

     

    
      	
               
      

            	
              9.2.

            	
              Inconsistent
      Provisions.  Each Service may be governed by separate
      terms and conditions in addition to this Schedule and the Related
      Agreement(s).  Except where specifically provided to the
      contrary in this Schedule, in the event that such separate terms and
      conditions conflict with this Schedule and the Related Agreement(s), the
      provisions of this Schedule shall prevail to the extent this Schedule
      applies to the transaction in
question.

            

    

     

    
      	
               
      

            	
              9.3.

            	
              Binding Effect; Assignment;
      Severability.  This Schedule shall be binding on you,
      your employees, officers and agents.  We may assign or delegate
      our rights and duties under this Schedule at any time without notice to
      you.  Your rights under this Schedule may not be assigned
      without our prior written consent. In the event that any provision of this
      Schedule conflicts with the law under which this Schedule is to be
      construed or if any such provision is held invalid or unenforceable by a
      court with jurisdiction over you and us, such provision shall be deemed to
      be restated to effectuate as nearly as possible the purposes of the
      Schedule in accordance with applicable law.  The remaining
      provisions of this Schedule and the application of the challenged
      provision to persons or circumstances other than those as to which it is
      invalid or unenforceable shall not be affected thereby, and each such
      provision shall be valid and enforceable to the full extent permitted by
      law.

            

    

     

    
      	
               
      

            	
              9.4.

            	
              Choice of Law; Jury
      Trial.  This Schedule shall be governed by and construed,
      and the legal relations between the parties shall be determined, in
      accordance with the laws of the State of New York, without giving effect
      to the principles of conflicts of laws. Each party agrees to waive its
      right to trial by jury in any action or proceeding based upon or related
      to this Agreement.  The parties agree that all actions and
      proceedings based upon or relating to this Schedule shall be litigated
      exclusively in the federal and state courts located within New York City,
      New York.

            

    

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

    ANNEX
A

    

    LIST
OF SERIES TRUST(S) ESTABLISHED

    BY
THE UNITED STATES COMMODITY INDEX FUNDS TRUST

    

    
      
        
          
            
              	 
      	
                      Fund

                    	 	
                      Relevant
      Schedule

                    
	 	 	 	 
	
                      1.

                    	
                      United
      States Commodity Index Fund

                    	 	
                      Schedule
      1 to this
Agreement

                    

            

          

        

      

    

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

    

    SCHEDULE
1

    TO
THE CUSTODIAN AGREEMENT

    DATED
JULY 22, 2010

    

    DEFINED
TERMS RELATING TO

    UNITED
STATES COMMODITY INDEX FUND

    

    Benchmark
Component Futures Contract shall mean the Futures Contracts (as defined
in the Prospectus) that at any given time make up the index of the
Fund.

    

    The Fund
shall mean United States Commodity Index Fund.

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each of the parties hereto has caused this Schedule to be duly
executed as of the date first above written.

     

    The
undersigned acknowledges that (I/we) have received a copy of this
document.

    

    
      
        
          
            	
                    BROWN
      BROTHERS HARRIMAN & CO.

                  
	 
      	 
      
	
                    By:

                  	  
      
	 
      	
                    Name:

                  
	 
      	
                    Title:

                  
	 
      	 
      
	
                    UNITED
      STATES COMMODITY FUNDS LLC

                  
	 
      	 
      
	
                    By:

                  	  
      
	 
      	
                    Name:

                  
	 
      	
                    Title:

                  

          

        

      

    

    

    UNITED
STATES COMMODITY INDEX FUNDS TRUST, on its own behalf and on 

    behalf
of the United States Commodity Index Fund

    

    
      
        
          
            	 	
                    By:

                  	
                    United
      States Commodity Funds LLC, as Sponsor

                  
	 	 
      	 
      	 
      
	 	 
      	
                    By:

                  	  
      
	 	 
      	 
      	
                    Name:

                  
	 	 
      	 
      	
                    Title:

                  

          

        

      

    

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

    ANNEX
B

    

    FORM
OF AMENDMENT AGREEMENT TO ADD SERIES TRUST(S) TO

    TO
THE CUSTODIAN AGREEMENT

    

    This Amendment to the Custodian
Agreement dated ____________ (this “Amendment”), is made and entered into by and
among UNITED STATES COMMODITY
FUNDS LLC, a Delaware limited liability company (the “Sponsor”), the UNITED STATES COMMODITY INDEX FUNDS
TRUST, a Delaware statutory trust (the “Trust”), on its own behalf and
on behalf of the UNITED STATES
COMMODITY INDEX FUND and [INSERT FUND NAME] (each, a
“Fund”), and BROWN BROTHERS HARRIMAN &
CO. (“BBH&Co.” or the “Custodian”) (each, a “Party”
and collectively, “the Parties”).

    

    WHEREAS, the Parties have entered into
a certain Custodian Agreement dated July 22, 2010 (the “Agreement”);
and

    

    WHEREAS, the parties hereto desire to
amend the Agreement as provided herein by amending Annex A of this Agreement and
supplementing this Agreement with the attached Schedule 1 to this
Amendment.

    

    NOW
THEREFORE, for and in consideration of the agreements herein made and other good
and valuable consideration, the parties hereto agree as follows:

    

    I.           AMENDMENTS

    

    The
Agreement is hereby amended by making the following change to Annex A
thereto:

    

    LIST
OF SERIES TRUST(S) ESTABLISHED

    BY
THE UNITED STATES COMMODITY INDEX FUNDS TRUST

    

    
      
        
          
            
              	 
      	
                      Fund

                    	 	
                      Relevant
      Schedules

                    
	 	 	 	 
	
                      1.

                    	
                      United
      States Commodity Index Fund

                    	 	
                      Schedule
      1 to this Agreement

                       

                    
	
                      2.

                    	
                      [INSERT
      FUND NAME]

                    	 	
                      Schedule
      1 to the Amendment Agreement dated _____________

                       

                    
	
                      3.

                    	
                      [INSERT
      FUND NAME]

                    	 	
                      Schedule
      1 to the Amendment Agreement dated _____________

                       

                    
	
                      4.

                    	 
      	 	 
      
	
                      5.

                    	 
      	 	 
      

            

          

        

      

    

    

    The
Parties acknowledge that Schedule 1-__ of this Amendment shall supplement and
not supersede Schedule 1 of the Agreement.

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

    

    II.           REPRESENTATIONS

    

    Each
Party represents to the other Parties that:-

    

    (a)           Status.  It is duly
organized and validly existing under the laws of the jurisdiction of its
organization or incorporation and, if relevant under such laws, in good
standing;

    

    (b)           Powers.  It has the
power to execute and deliver this Amendment and to perform its obligations
hereunder, and has taken all necessary action to authorize such execution,
delivery and performance;

    

    (c)           No Violation or
Conflict.  Such execution, delivery and performance do not
violate or conflict with any law applicable to it, any provision of its
constitutional documents, any order or judgment of any court or other agency of
government applicable to it or any of its assets or any contractual restriction
binding on or affecting it or any of its assets;

    

    (d)           Consents.  All
governmental and other consents that are required to have been obtained by it
with respect to this Amendment have been obtained and are in full force and
effect and all conditions of any such consents have been complied with;
and

    

    (e)           Obligations
Binding.  Its obligations under this Amendment constitute its
legal, valid and binding obligations, enforceable in accordance with its
respective terms (subject to applicable bankruptcy, reorganization, insolvency,
moratorium or similar laws affecting creditors’ rights generally and subject, as
to enforceability, to equitable principles of general application (regardless of
whether enforcement is sought in a proceeding in equity or at
law)).

    

    III.           MISCELLANEOUS

    

    (a)           Entire
Agreement.  The Amendment constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings (except as other wise provided herein)
with respect thereto.

    

    (b)           Counterparts.  This
Amendment may be executed in multiple counterparts, each of which when executed
and delivered shall be deemed to be an original and all of which taken together
shall constitute but one and the same instrument.

    

    (c)           Headings.  The
headings used in this Amendment are for convenience of reference only and are
not to affect the construction of or to be taken into consideration in
interpreting this Amendment.

    

    (d)           Governing
Law.  This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

    

    (e)           Terms.  Terms used
in this Amendment, unless otherwise defined herein, shall have the meanings
ascribed to them in the Agreement.

    
      
         

      

      
        38

        
          

        

      

      
         

      

    

    

    (f)           Agreement.   Any
and all references to the Agreement shall hereafter refer to the Agreement as
amended by this Amendment and as the same may be amended, supplemented or
modified from time to time.  Unless otherwise defined herein,
capitalized terms not defined herein shall have the same meanings assigned to
such terms in the Agreement as amended by this Amendment.

    

    Except as
amended hereby, all other terms and conditions of the Agreement shall remain the
same and in full force and effect.

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of
the date first written above.

    

    
      
        
          
            
              
                
                  	
                          UNITED
      STATES COMMODITY FUNDS LLC

                        
	 
      
	
                          By:

                        	 
      
	 	
                          Name:
      

                          
                            Title:

                          

                        

                

              

            

          

        

      

    

    

    UNITED
STATES COMMODITY INDEX FUNDS TRUST, on its own behalf and on 

    behalf
of the United States Commodity Index Fund

    

    
      
        
          
            	 	
                    By:

                  	
                    United
      States Commodity Funds LLC, as Sponsor

                  
	 	 
      	 
      	 
      
	 	 
      	
                    By:

                  	 
      
	 	 
      	 
      	
                    Name:

                  
	 	 
      	 
      	
                    Title:

                  

          

        

      

    

    

    UNITED
STATES COMMODITY INDEX FUNDS TRUST, on behalf of [INSERT
FUND 

    NAME]

    

    
      
        
          
            	 	
                    By:

                  	
                    United
      States Commodity Funds LLC, as Sponsor

                  
	 	 
      	 
      	 
      
	 	 
      	
                    By:

                  	 
      
	 	 
      	 
      	
                    Name:

                  
	 	 
      	 
      	
                    Title:

                  

          

        

      

    

    

    BROWN BROTHERS HARRIMAN &
CO.

    

    
      
        
          
            	 	
                    By:

                  	
                     

                  
	 	 
      	
                    Name:

                  
	 	 
      	
                    Title:

                  
	 	 
      	
                    Address:

                  
	 	 
      	
                    Telephone:

                  
	 	 
      	
                    Facsimile:

                  

          

        

      

    

    
      
         

      

      
        39

        
          

        

      

      
         

      

    

    SCHEDULE
1

    TO
THE AMENDMENT AGREEMENT DATED ____________________

    

    DEFINED
TERMS RELATING TO

    [INSERT
NAME OF FUND]

    

    Benchmark
Component Futures Contract shall mean _____________________.

    

    The Fund
shall mean _____________________.

    
      
         

      

      
        40

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each of the parties hereto has caused this Schedule to be duly
executed as of the date first above written.

    

    The
undersigned acknowledges that (I/we) have received a copy of this
document.

    

    
      
        
          	
                  UNITED
      STATES COMMODITY FUNDS LLC

                
	 
      	 
      
	
                  By:

                	 
      
	 
      	
                  Name:

                
	 
      	
                  Title:

                

        

      

    

    

    UNITED
STATES COMMODITY INDEX FUNDS TRUST, on its own behalf and on 

    behalf
of [INSERT FUND
NAME]

    

    
      
        
          
            	 	
                    By:

                  	
                    United
      States Commodity Funds LLC, as Sponsor

                  
	 	 
      	 
      	 
      
	 	 
      	
                    By:

                  	 
      
	 	 
      	 
      	
                    Name:

                  
	 	 
      	 
      	
                    Title:

                  

          

        

      

    

    

    BROWN BROTHERS HARRIMAN &
CO.

    

    
      
        
          
            	 	
                    By:

                  	
                     

                  
	 	 
      	
                    Name:

                  
	 	 
      	
                    Title:

                  
	 	 
      	
                    Address:

                  
	 	 
      	
                    Telephone:

                  
	 	 
      	
                    Facsimile:

                  

          

        

      

    

    
      
         

      

      
        41Unassociated Document

    
       

      Exhibit
10.4

    

     

    ADMINISTRATIVE
AGENCY AGREEMENT

    

    THIS ADMINISTRATIVE AGENCY
AGREEMENT (the “Agreement”) is made as of July
22, 2010 by and among BROWN
BROTHERS HARRIMAN & CO., a limited partnership organized under the
laws of the State of New York (the “Administrator”), the UNITED STATES COMMODITY FUNDS
LLC, a Delaware limited liability company (the “Sponsor”), and the UNITED STATES COMMODITY INDEX FUNDS
TRUST, a Delaware statutory trust (the “Trust”), on its own behalf and
on behalf of each series established and designated by the Trust as a fund and
listed on Annex A, including the United States Commodity Index Fund (each, a
“Fund”)

     

    This
Agreement shall constitute a separate agreement between the Administrator, the
Sponsor, the Trust and each Fund, as if such Fund had executed a separate
Administrative Agency Agreement. The Administrator hereby acknowledges that its
rights and obligations with respect to a Fund shall not create any right or
other obligations with respect to any other Fund listed on Annex A, as amended
from time to time, and acknowledges the additional limitation on liability of
the Sponsor, Trust and the Fund described in Section 8.4 of this
Agreement.  Any Fund that becomes a party hereto by executing an
amendment to this Agreement substantially in the form of Annex B (each such
amendment together with the schedules attached thereto, an “Amendment”) shall become a
party to this Agreement and any references herein to the Fund shall be treated
as references to such Fund.  The obligations of the Sponsor, Trust,
the Administrator and any Fund other than United States Commodity Index Fund,
will be subject to the terms and conditions of the Amendment to this Agreement
to be entered into with that Fund.

     

    WITNESSETH:

    

    WHEREAS,
the Sponsor has exclusive responsibility for the management and control of the
business and affairs of the Trust and the Fund; and

     

    WHEREAS,
the Trust and the Sponsor desire to retain the Administrator to render certain
services to the Trust, the Fund and/or the Sponsor, as the case may be, and the
Administrator is willing to render such services.

     

    NOW, THEREFORE,
in consideration of the premises and mutual covenants herein contained, the
Administrator, the Sponsor and the Trust, on its own behalf and on behalf of the
Fund, hereby agree as follows:

     

    1.           Appointment of
Administrator.  The Sponsor and the Trust hereby employ and
appoint the Administrator to act as administrative agent on the terms set forth
in this Agreement, and the Administrator accepts such appointment.

     

    2.           Delivery of
Documents.  The Sponsor and the Trust, on its own behalf and on
behalf of the Fund, will on a continuing basis provide the Administrator
with:

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (a)

            	
              properly
      certified or authenticated copies of resolutions of the Sponsor’s Board of
      Directors (including Mr. Nicholas D. Gerber) authorizing the appointment
      of the Administrator as administrative agent of the Fund and approving
      this Agreement;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      copy of the Fund’s most recent registration statement under the Securities
      Act of 1933, as amended;

            

    

     

    
      	
               
      

            	
              (c)

            	
              copies
      of all agreements between the Trust and service providers to the Fund,
      including without limitation, advisory, distribution and administration
      agreements and/or unitholder
agreements;

            

    

     

    
      	
               
      

            	
              (d)

            	
              a
      copy of the Fund’s valuation
procedures;

            

    

     

    
      	
               
      

            	
              (e)

            	
              a
      copy of the Trust’s constituent documents, as may be amended from time to
      time;

            

    

     

    
      	
               
      

            	
              (f)

            	
              a
      copy of the Sponsor’s Fourth Amended and Restated Limited Liability
      Company Agreement, as may be amended from time to
  time;

            

    

     

    
      	
               
      

            	
              (g)

            	
              any
      other documents or resolutions (including, but not limited to directions
      or resolutions of the Sponsor’s Board of Directors, Management Directors,
      and/or Audit Committee, if applicable,) which relate to or affect the
      Administrator’s performance of its duties hereunder or which the
      Administrator may at any time reasonably request;
  and

            

    

     

    
      	
               
      

            	
              (h)

            	
              copies
      of any and all amendments or supplements to the
  foregoing.

            

    

     

    3.           Duties as
Administrator.  Subject to the supervision and direction of the
Sponsor’s Board of Directors, Management Directors and Audit Committee, the
Administrator will perform the administrative services described in Appendix A
hereto.  Additional services may be provided by the Administrator upon
the request of the Trust or the Sponsor as mutually agreed from time to
time.  In performing its duties and obligations hereunder, the
Administrator will act in accordance with the Sponsor’s instructions as defined
in Section 5 (“Instructions”).  It is agreed and understood that the
Administrator shall not be responsible for compliance by the Sponsor, the Trust
or the Fund with any applicable documents, laws or regulations, or for losses,
costs or expenses arising out of a failure by the Sponsor, the Trust or the Fund
to comply with said documents, laws or regulations or the failure by or
inability of the Sponsor, the Trust or the Fund to correct any non-compliance
therewith.  The Administrator shall in no event be required to take
any action, which is in contravention of any applicable law, rule or regulation
or any order or judgment of any court of competent jurisdiction.

     

    3.1           Records.  The
Administrator will maintain and retain such records as required by the
Securities Exchange Act of 1934, as amended, the NYSE Arca Equities Rules, 17
C.F.R 4.23 (specifically, the records specified in 17 C.F.R. 4.23(a)(1) through
(8), (10) through (12) and (b)(1)), and other applicable federal securities laws
and created pursuant to the performance of the Administrator’s obligations under
this Agreement.  The Administrator will maintain such other records as
requested by the Trust or the Sponsor and received by the
Administrator.  The Administrator shall not be responsible for the
accuracy and completeness of any records not created by the
Administrator.  The Administrator acknowledges that the records
maintained and preserved by the Administrator pursuant to this Agreement are the
property of the Fund and will be, at the Fund’s expense, surrendered promptly
upon reasonable request.  In performing its obligations under this
Section, the Administrator may utilize micrographic and electronic storage media
as well as independent third party storage facilities.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    4.           Duties of the
Trust and the Sponsor.  The Trust and the Sponsor shall notify
the Administrator promptly of any matter affecting the performance by the
Administrator of its services under this Agreement.  Where the
Administrator is providing fund accounting services pursuant to this Agreement,
the Trust and the Sponsor shall promptly notify the Administrator as to the
accrual of liabilities of the Fund and of liabilities of the Fund not appearing
on the books of account kept by the Administrator, as well as to the existence,
status and proper treatment of reserves, if any, authorized by the Trust, on its
own behalf and on behalf of the Fund, or the Sponsor.  The Trust, on
its own behalf and on behalf of the Fund, and the Sponsor agree to provide such
information to the Administrator as may be requested under the banking and
securities laws of the United States or other jurisdictions relating to “Know
Your Customer” and money laundering prevention rules and regulations
(collectively, the “KYC Requirements”).  For purposes of this
subsection, and in connection with all applicable KYC Requirements, the Fund is
the “client” or “customer” of the Administrator.  The Trust, on its
own behalf and on behalf of the Fund, and the Sponsor further represent that
each will perform all obligations required under applicable KYC Requirements
with respect to the Fund’s “customers” (as defined in the KYC Requirements) and
that, because these customers do not constitute “customers” or “clients” of the
Administrator under such applicable rules and regulations, the Administrator is
under no such similar obligations.

     

    5.           Instructions.

     

    5.1           The
Administrator shall not be liable for, and shall be indemnified by the Fund
against any and all losses, costs, damages or expenses arising from or as a
result of, any action taken or omitted in reliance upon Instructions or upon any
other written notice, request, direction, instruction, certificate or other
instrument believed by it to be genuine and signed or authorized by the proper
party or parties.  A list of persons so
authorized  (“Authorized Persons”) by the Sponsor is attached hereto
as Appendix B and upon which the Administrator may rely until its receipt of
notification to the contrary from the Trust and/or the Sponsor.

     

    5.2           Instructions
shall include a written request, direction, instruction or certification signed
or initialed by one or more Authorized Persons of the Trust and/or Sponsor, both
of which may act on behalf of the Fund.

     

    5.3           Telephonic
or other oral instructions or instructions given by e-mail or telefax
transmission may be given by any one of the above Authorized Persons and will
also be considered Instructions if the Administrator believes them to have been
given by a person authorized to give such Instructions with respect to the
transaction involved.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    5.4           With
respect to telefax transmissions, the Trust, on its own behalf and behalf of the
Fund, and the Sponsor hereby acknowledge that (i) receipt of legible
instructions cannot be assured, (ii) the Administrator cannot verify that
authorized signatures on telefax instructions are original, and (iii) the
Administrator shall not be responsible for losses or expenses incurred through
actions taken in reliance on such telefax instructions.  The Trust, on
its own behalf and on behalf of the Fund, and the Sponsor agree that such
telefax instructions shall be conclusive evidence of the Trust’s/Sponsor’s
Instruction to the Administrator to act or to omit to act.

     

    5.5           Instructions
given orally will not be confirmed in writing and the lack of such confirmation
shall in no way affect any action taken by the Administrator in reliance upon
such oral Instructions.  The Trust and the Sponsor authorize the
Administrator to tape record any and all telephonic or other oral Instructions
given to the Administrator by or on behalf of the Fund (including any of the
Sponsor’s officers, directors, trustees, employees or agents or any investment
manager or adviser or person or entity with similar responsibilities which is
authorized to give Instructions on behalf of the Fund to the
Administrator.)

     

    6.           Expenses and
Compensation.  For the services to be rendered and the
facilities to be furnished by the Administrator as provided for in this
Agreement, the Sponsor and/or the Fund shall pay the Administrator rendered
pursuant to this Agreement a fee based on such fee schedule as may from time to
time be agreed upon in writing among the Sponsor, the Trust, on its own behalf
and on behalf of the Fund, and the Administrator.  Additional services
performed by the Administrator on behalf of the Fund as requested by the Sponsor
or the Trust shall be subject to additional fees as mutually agreed from time to
time.  In addition to any such fees, the Administrator shall bill the
Fund separately for any out-of-pocket disbursements of the Administrator based
on an out-of-pocket disbursement schedule as may from time to time be agreed
upon in writing among the Sponsor, the Trust, on its own behalf and on behalf of
the Fund, and the Administrator.  The foregoing fees and disbursements
shall be billed to the Fund by the Administrator and shall be paid promptly by
wire transfer or other appropriate means by the Sponsor and/or the Fund to the
Administrator.

     

    7.           Standard of
Care.  The Administrator shall be held to the exercise of
reasonable care and diligence in carrying out the provisions of this Agreement,
provided that the Administrator shall not thereby be required to take any action
which is in contravention of any applicable law, rule or regulation or any order
or judgment of any court of competent jurisdiction.

     

    8.           General
Limitations on Liability.

     

    8.1           The
Administrator shall incur no liability with respect to any telecommunications,
equipment or power failures, or any failures to perform or delays in performance
by postal or courier services or third-party information providers (including,
without limitation those listed on Appendix C).

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    8.2          The
Administrator shall also incur no liability under this Agreement if the
Administrator or any agent or entity utilized by the Administrator shall be
prevented, forbidden or delayed from performing, or omits to perform, any act or
thing which this Agreement provides shall be performed or omitted to be
performed, by reason of causes or events beyond its control, including but not
limited to:

     

    
      	
               
      

            	
              (i)

            	
              any
      Sovereign Event.  A “Sovereign Event” shall mean any
      nationalization; expropriation; devaluation; revaluation; confiscation;
      seizure; cancellation; destruction; strike; act of war, terrorism,
      insurrection or revolution; or any other act or event beyond the
      Administrator’s control;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      provision of any present or future law, regulation or order of the United
      States or any state thereof, or of any foreign country or political
      subdivision thereof, or of any securities depository or clearing agency;
      and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              any
      provision of any order or judgment of any court of competent
      jurisdiction.

            

    

     

    8.3          The
Administrator shall not be held accountable or liable for any losses, damages or
expenses the Sponsor, the Trust, the Fund, the Fund’s commodity broker, the
Fund’s commodity trading advisor (if any), any unitholder or former unitholder
of the Fund or any other person may suffer or incur arising from acts,
omissions, errors or delays of the Administrator in the performance of its
obligations and duties as provided in Section 3 hereof, including without
limitation any error of judgment or mistake of law, except a loss, damage or
expense directly resulting from the Administrator’s willful malfeasance, bad
faith or negligence in the performance of such Administrator’s obligations and
duties.

     

    8.4          The
Administrator agrees to look solely to the assets of the Fund and to the Sponsor
and its assets in respect of any claim against or obligation of the
Fund.  The Administrator acknowledges and agrees that liability of the
Fund, as a series of the Trust, is limited pursuant to Section 3804(a) of the
Delaware Statutory Trust Act, such that (a) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to the
Fund shall be enforceable against the assets of the Fund only, and not against
the assets of the Trust generally or the assets of any other series of the
Trust, and (b) none of the debts, liabilities, obligations and expenses
incurred, contracted for, or otherwise existing with respect to the Trust
generally and any other series of the Trust shall be enforceable against the
assets of the Fund.

     

    9.           Specific
Limitations on Liability.  In addition to, and without limiting
the application of the general limitations on liability contained in Section 8,
above, the following specific limitations on the Administrator’s liability shall
apply to the particular administrative services set forth on Appendix B
hereto.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    9.1         Liability for
Fund Accounting Services.  Without limiting the provisions in
Section 8 hereof, the Administrator’s liability for acts, omissions, errors or
delays relating to its fund accounting obligations and duties shall be limited
to the amount of any expenses associated with a required recalculation of net
asset value per unit (“NAV”) or any direct damages suffered by unitholders in
connection with such recalculation.  The Administrator’s liability or
accountability for such acts, omissions, errors or delays shall be further
subject to clauses 9.1.1 through 9.1.4 below.

     

    9.1.1   
The parties hereto acknowledge that the Administrator’s causing an error or
delay in the determination of NAV may, but does not in and of itself, constitute
negligence or reckless or willful misconduct.  The parties further
acknowledge that in accordance with industry practice the liability of the
Administrator for fund accounting services shall accrue and the recalculation of
NAV shall be performed in accordance with this Section 9.1 only with regard to
errors in the calculation of the NAV that are (i) greater than or equal to $.01
per unit of the Fund and (ii) greater than or equal to 1⁄2% of the total net
assets of the Fund.

     

    9.1.2   
In no event shall the Administrator be liable or responsible to the Sponsor, the
Trust, the Fund, the Fund’s commodity broker, the Fund’s commodity trading
advisor (if any), any present or former unitholder of the Fund, or any other
person for any error or delay that continued or was undetected after the date of
an audit performed by the certified public accountants employed by or on behalf
of the Fund if, in the exercise of reasonable care in accordance with generally
accepted accounting standards, such accountants should have become aware of such
error or delay in the course of performing such audit.

     

    9.1.3   
The Administrator shall not be held accountable or liable to the Sponsor, the
Trust, the Fund, the Fund’s commodity broker, the Fund’s commodity trading
advisor (if any), any unitholder or former unitholder of the Fund or any other
person for any delays or losses, damages or expenses any of them may suffer or
incur resulting from (i) the Administrator’s usage of a third party service
provider for the purpose of storing records delivered to the Administrator by or
on behalf of the Fund and which the Administrator did not create in the
performance of its obligations hereunder; (ii) the Administrator’s failure to
receive timely and suitable notification concerning quotations or corporate
actions relating to or affecting portfolio securities of the Fund; or (iii) any
errors in the computation of NAV based upon or arising out of quotations or
information as to corporate actions if received by the Administrator either (a)
from a source which the Administrator was authorized to rely upon (including
those sources listed on Appendix C), or (b) from a source which in the
Administrator’s reasonable judgment was as reliable a source for such quotations
or information as such authorized sources; or (iv) any errors in the computation
of NAV as a result of relevant information known to the Sponsor, the Trust, the
Fund, a futures commission merchant, securities brokers or dealers, or any of
the Fund’s other service providers including futures commission merchants in
contract with respect to the Fund, which would impact the calculation of NAV,
but was not communicated to the Administrator.  To the extent that
Fund assets are not in the custody of the Administrator, the Administrator may
conclusively rely on any reporting in connection with such assets provided to
the Administrator by a third party on behalf of the Fund, including, without
limitation any futures commission merchant.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    9.1.4   
In the event of any error or delay in the determination of such NAV for which
the Administrator may be liable, the Sponsor and the Administrator will consult
and make good faith efforts to reach agreement on what actions should be taken
in order to mitigate any loss suffered by the Fund or its present or former
unitholders, in order that the Administrator’s exposure to liability shall be
reduced to the extent possible after taking into account all relevant factors
and alternatives.  It is understood that in attempting to reach
agreement on the actions to be taken or the amount of the loss which should
appropriately be borne by the Administrator, the Sponsor, the Fund and the
Administrator will consider such relevant factors as the amount of the loss
involved, the Fund’s/Sponsor’s desire to avoid loss of unitholder goodwill, the
fact that other persons or entities could have been reasonably expected to have
detected the error sooner than the time it was actually discovered, the
appropriateness of limiting or eliminating the benefit which unitholders or
former unitholders might have obtained by reason of the error, and the
possibility that other parties providing services to the Fund might be induced
to absorb a portion of the loss incurred.

     

    10.     
    Indemnification.

     

    10.1         The
Sponsor and the Fund hereby agree to indemnify and hold harmless the
Administrator, its partners, stockholders, members, directors, officers and
employees and any subsidiary or affiliate of the foregoing (“Affiliate”), and
the successors and assigns of all of the foregoing persons, against any and all
losses, claims, damages, liabilities or expenses (including reasonable counsel
fees and expenses) resulting from any act, omission, error or delay or any
claim, demand, action or suit, in connection with or arising out of performance
of its obligations and duties under this Agreement, not resulting from the
willful malfeasance, bad faith or negligence of the Administrator in the
performance of such obligations and duties.  The provisions of this
Section 10 shall survive the termination of this Agreement.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    10.1.1   
If any action, suit or proceeding (each, a “Proceeding”) is brought against the
Administrator or any such person in respect of which indemnity may be sought
against the Sponsor pursuant to the foregoing subsection, the Administrator or
such person shall promptly notify the Sponsor in writing of the institution of
such Proceeding and the Sponsor shall assume the defense of such Proceeding,
including the employment of counsel reasonably satisfactory to such indemnified
party and payment of all fees and expenses; provided, however, that the omission
to so notify the Sponsor shall not release the Sponsor from any liability which
it may have to the Administrator or any such person except to the extent that it
has been materially prejudiced by such failure and has not otherwise learned of
such Proceeding. The Administrator or such person shall have the right to employ
its own counsel in any such case, but the fees and expenses of such counsel
shall be at the expense of the Administrator or of such person unless the
employment of such counsel shall have been authorized in writing by the Sponsor
in connection with the defense of such Proceeding or the Sponsor shall not have,
within a reasonable period of time in light of the circumstances, employed
counsel to have charge of the defense of such Proceeding or such indemnified
party or parties shall have reasonably concluded that there may be defenses
available to it or them which are different from, additional to or in conflict
with those available to the Sponsor (in which case the Sponsor shall not have
the right to direct the defense of such Proceeding on behalf of the indemnified
party or parties), in any of which events such fees and expenses shall be borne
by the Sponsor and paid as incurred (it being understood, however, that the
Sponsor shall not be liable for the expenses of more than one separate counsel
(in addition to any local counsel) in any one Proceeding or series of related
Proceedings in the same jurisdiction representing the indemnified parties who
are parties to such Proceeding).

     

    10.1.2   
The Sponsor shall not be liable for any settlement of any Proceeding effected
without the Sponsor’s written consent but if settled with the Sponsor’s written
consent, the Sponsor agrees to indemnify and hold harmless the Administrator and
any such person from and against any loss or liability by reason of such
settlement.  Notwithstanding the foregoing sentence, if at any time an
indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel as contemplated by the second
sentence of this subsection, then the indemnifying party agrees that it shall be
liable for any settlement of any Proceeding effected without its written consent
if (i) such settlement is entered into more than 60 Business Days (defined as
any day other than a day when any of the Futures Exchanges upon which a
Benchmark Component Futures Contract is traded is closed for regular
trading1
(each a “Business Day”)), after receipt by such indemnifying party of the
aforesaid request, (ii) such indemnifying party shall not have fully reimbursed
the indemnified party in accordance with such request prior to the date of such
settlement and (iii) such indemnified party shall have given the indemnifying
party at least 30 Business Days’ prior notice of its intention to settle. No
indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened Proceeding in respect
of which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party, unless such settlement
includes an unconditional release of such indemnified party from all liability
on claims that are the subject matter of such Proceeding and does not include an
admission of fault, culpability or a failure to act, by or on behalf of such
indemnified party.

     

      
        

      

       

    

    1 “Futures
Exchanges” shall include the New York Mercantile Exchange (“NYMEX”), ICE Futures
(“ICE”), Chicago Board of Trade (“CBOT”), Chicago Mercantile Exchange (“CME”),
London Metal Exchange (“LME”), Commodity Exchange, Inc. (“COMEX”) or other
foreign exchanges (such exchanges, collectively, the “Futures Exchanges”).
“Benchmark Component Futures Contract” shall mean the Futures Contracts that at
any given time make up the index of the Fund.

    
      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

     

    10.2         Subject
to Sections 7, 8 and 9 of this Agreement, the Administrator agrees to indemnify
and hold harmless the Sponsor, the Trust, the Fund, and their respective
partners, stockholders, members, directors, officers, trustees and employees and
any Affiliate of the foregoing, and the successors and assigns of all of the
foregoing persons, against any and all losses, claims, damages, liabilities or
expenses (including reasonable counsel fees and expenses) resulting from any
act, omission, error or delay or any claim, demand, action or suit, in
connection with or arising out of performance of its obligations and duties
under this Agreement, resulting from the willful malfeasance, bad faith or
negligence of the Administrator in the performance of such obligations and
duties.  The provisions of this Section 10 shall survive the
termination of this Agreement.

     

    10.2.1   
If any Proceeding is brought against the Sponsor, the Trust, the Fund or any
such person in respect of which indemnity may be sought against the
Administrator pursuant to the foregoing subsection, the Sponsor, the Trust, the
Fund or such person shall promptly notify the Administrator in writing of the
institution of such Proceeding and the Administrator shall assume the defense of
such Proceeding, including the employment of counsel reasonably satisfactory to
such indemnified party and payment of all fees and expenses; provided, however,
that the omission to so notify the Administrator shall not relieve the
Administrator from any liability which it may have to the Sponsor, the Trust,
the Fund or any such person except to the extent that it has been materially
prejudiced by such failure and has not otherwise learned of such Proceeding. The
Sponsor, the Trust, the Fund or such person shall have the right to employ its
own counsel in any such case, but the fees and expenses of such counsel shall be
at the expense of the Sponsor, the Trust, the Fund or of such person unless the
employment of such counsel shall have been authorized in writing by the
Administrator in connection with the defense of such Proceeding or the
Administrator shall not have, within a reasonable period of time in light of the
circumstances, employed counsel to have charge of the defense of such Proceeding
or such indemnified party or parties shall have reasonably concluded that there
may be defenses available to it or them which are different from, additional to
or in conflict with those available to the Administrator (in which case the
Sponsor shall not have the right to direct the defense of such Proceeding on
behalf of the indemnified party or parties), in any of which events such fees
and expenses shall be borne by the Administrator and paid as incurred (it being
understood, however, that the Administrator shall not be liable for the expenses
of more than one separate counsel (in addition to any local counsel) in any one
Proceeding or series of related Proceedings in the same jurisdiction
representing the indemnified parties who are parties to such
Proceeding).

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    10.2.2   
The Administrator shall not be liable for any settlement of any Proceeding
effected without the Administrator’s written consent but if settled with the
Administrator’s written consent, the Administrator agrees to indemnify and hold
harmless the Sponsor and any such person from and against any loss or liability
by reason of such settlement.  Notwithstanding the foregoing sentence,
if at any time an indemnified party shall have requested an indemnifying party
to reimburse the indemnified party for fees and expenses of counsel as
contemplated by the second sentence of this subsection, then the indemnifying
party agrees that it shall be liable for any settlement of any Proceeding
effected without its written consent if (i) such settlement is entered into more
than 60 Business Days after receipt by such indemnifying party of the aforesaid
request, (ii) such indemnifying party shall not have fully reimbursed the
indemnified party in accordance with such request prior to the date of such
settlement and (iii) such indemnified party shall have given the indemnifying
party at least 30 Business Days’ prior notice of its intention to settle. No
indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened Proceeding in respect
of which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party, unless such settlement
includes an unconditional release of such indemnified party from all liability
on claims that are the subject matter of such Proceeding and does not include an
admission of fault, culpability or a failure to act, by or on behalf of such
indemnified party.

     

    11.         Reliance by the
Administrator on Opinions of Counsel and Opinions of Certified Public
Accountants.

     

    The
Administrator may consult with its counsel or the counsel of the Sponsor, the
Trust or the Fund in any case where so doing appears to the Administrator to be
necessary or desirable.  The Administrator shall not be considered to
have engaged in any misconduct or to have acted negligently and shall be without
liability in acting upon the advice of its counsel or of the counsel of the
Sponsor, the Trust or the Fund.

     

    The
Administrator may consult with a certified public accountant or the Fund’s
Treasurer (or persons performing such function) in any case where so doing
appears to the Administrator to be necessary or desirable.  The
Administrator shall not be considered to have engaged in any misconduct or to
have acted negligently and shall be without liability in acting upon the advice
of such certified public accountant or of the Fund’s Treasurer or persons
performing such function.

     

    12.         Termination of
Agreement.  This Agreement may be terminated by any of the
parties in accordance with the provisions of this Section
12.  Termination of this Agreement with respect to any Fund shall not
result in the termination of this Agreement with respect to any other Fund
listed on Annex A.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    12.1           This
Agreement shall have an initial term of two (2) years from the date hereof.
Thereafter, this Agreement shall automatically renew for successive one (1) year
periods unless any party terminates this Agreement by providing written notice
no later than seventy-five (75) days prior to the expiration of the applicable
term to the other parties at their address set forth herein.  Upon the
completion of the initial term, either the Administrator, on the one hand, or
the Sponsor, on the other hand, may elect to terminate this Agreement at any
time by delivering ninety (90) days notice thereof to the other
party.  Notwithstanding the foregoing provisions, any party may
terminate this Agreement at any time (a) for cause, which is a material breach
of the Agreement not cured within sixty (60) days of written notice of such
breach, in which case termination shall be effective upon receipt of written
notice by the non-terminating parties, or (b) upon thirty (30) days’ written
notice to the other parties in the event that a party is adjudged bankrupt or
insolvent, or there shall be commenced against such party a case under any
applicable bankruptcy, insolvency, or other similar law now or hereafter in
effect. In the event a termination notice is given by a party hereto, all
expenses associated with the movement of records and materials and the
conversion thereof shall be paid by the Fund for which services shall cease to
be performed hereunder.  The Administrator shall be responsible for
completing all actions in progress when such termination notice is given unless
otherwise agreed.

     

    12.2           Upon
termination of this Agreement in accordance with this Section 12, the Sponsor
may request the Administrator to promptly deliver to the Fund or to any
designated third party all records created and maintained by the Administrator
pursuant to Section 3.1 of this Agreement, as well as any Fund records
maintained but not created by the Administrator.  If such request is
provided in writing by the Sponsor to the Administrator within seventy-five (75)
days of the date of termination of the Agreement, the Administrator shall
provide to the Fund a certification that all records created by the
Administrator pursuant to its obligations under Section 3.1 of this Agreement
are accurate and complete.  After seventy-five (75) days of the date
of termination of this Agreement, no such certification will be provided to the
Sponsor by the Administrator and the Administrator is under no further
obligation to ensure that records created by the Administrator pursuant to
Section 3.1 of this Agreement are maintained in a form that is accurate or
complete.

     

    13.         Confidentiality
and Privacy.

     

    13.1           The
parties hereto agree that each shall treat confidentially the terms and
conditions of this Agreement and all information provided by each party to the
other regarding its business and operations.  All confidential
information provided by a party hereto shall be used by any other party hereto
solely for the purpose of rendering or obtaining services pursuant to this
Agreement and, except as may be required in carrying out this Agreement, shall
not be disclosed to any third party without the prior consent of such providing
party.  The foregoing shall not be applicable to any information that
is publicly available when provided or thereafter becomes publicly available
other than through a breach of this Agreement, or that is required to be
disclosed by or to any regulatory authority, any auditor of the parties hereto,
or by judicial or administrative process or otherwise by applicable
law.

     

    13.2           In
the course of carrying out its obligations under this Agreement, Administrator
shall maintain physical, procedural and electronic safeguards to protect
information regarding the Fund and its investors that Administrator has obtained
or to which the Administrator has gained access.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    14.         Tape-recording.  The
parties consent to recording of any and all telephonic or other oral
instructions.  This authorization will remain in effect until and
unless revoked by the Fund, the Sponsor or the Administrator in
writing.  Each party further agrees to solicit valid written or other
consent from any of its employees, officers, directors or agents with respect to
telephone communications to the extent such consent is required by applicable
law.

     

    15.         Procedures.  Procedures
applicable to the Administrator’s services to be performed hereunder may be
established from time to time by agreement among the Trust on its own behalf and
on behalf of the Fund, the Sponsor and the Administrator.  The
Administrator shall have the right to utilize any unitholder accounting and
record¬keeping systems that, in its opinion, enables it to perform any services
to be performed hereunder.

     

    16.         Entire Agreement;
Amendment.  This Agreement constitutes the entire understanding
and agreement of the parties hereto and supersedes any other oral or written
agreements heretofore in effect between the parties with respect to the subject
matter hereof.  No provision of this Agreement may be amended or
terminated except by a statement in writing signed by the party against which
enforcement of the amendment or termination is sought.

     

    17.         Severability.  In
the event any provision of this Agreement is determined to be void or
unenforceable, such determination shall not affect the remainder of this
Agreement, which shall continue to be in force.

     

    18.         Headings.  The
section headings in this Agreement are for the convenience of reference only and
shall not modify, define, expand or limit any of the terms or provisions
thereof.

     

    19.         Governing
Law.  This Agreement shall be governed by and construed
according to the laws of the State of New York without giving effect to
conflicts of law provisions thereof and each of the parties hereto irrevocably
consents to the exclusive jurisdiction of the United States District Court for
the Southern District of New York or if that court lacks or declines to exercise
subject matter jurisdiction, the Supreme Court of the State of New York, New
York County.  The Sponsor and the Trust on its own behalf and on
behalf of the Fund irrevocably waive any objection each may now or hereafter
have to the laying of venue of any action or proceeding in any of the aforesaid
courts and any claim that any such action or proceeding has been brought in an
inconvenient forum.  Furthermore, each party hereto irrevocably waives
any right that it may have to trial by jury in any action, proceeding or
counterclaim arising out of or related to this Agreement or the services
contemplated hereby.

     

    20.         Notices.  Notices
and other writings delivered or mailed postage prepaid to the Sponsor, the Trust
and the Fund shall be addressed to the Sponsor or to the Trust or the Fund c/o
Sponsor at United States Commodity Funds LLC, 1320 Harbor Bay Parkway, Suite
145, Alameda, California 94502, Attention: Nicholas D. Gerber, or such other
address as the Sponsor or the Trust may have designated to the Administrator in
writing, or to the Administrator at 40 Water Street, Boston,
MA  02109, Attention: Manager, Fund Administration Department, or to
such other address as the Administrator may have designated to the Sponsor and
the Trust in writing, shall be deemed to have been properly delivered or given
hereunder to the respective addressee.

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    21.         Binding Effect;
Assignment.  This Agreement shall be binding upon and inure to
the benefit of the Sponsor, the Trust, the Fund and the Administrator and their
respective successors and assigns, provided that no party hereto may assign this
Agreement or any of its rights or obligations hereunder without the written
consent of the other parties.  Each party agrees that only the parties
to this Agreement and Fund and/or their respective successors in interest shall
have a right to enforce the terms of this Agreement.  Accordingly, no
client of the Sponsor, unitholder of the Fund or other third party shall have
any rights under this Agreement and such rights are explicitly disclaimed by the
parties.

     

    22.         Counterparts.  This
Agreement may be executed in any number of counterparts each of which shall be
deemed to be an original.  This Agreement shall become effective when
one or more counterparts have been signed and delivered by each of the
parties.  A photocopy or telefax of this Agreement shall be acceptable
evidence of the existence of this Agreement and the Administrator shall be
protected in relying on the photocopy or telefax until the Administrator has
received the original of this Agreement.

     

    23.         Exclusivity.  The
services furnished by the Administrator hereunder are not to be deemed
exclusive, and the Administrator shall be free to furnish similar services to
others.

     

    24.     
    Authorization.  The
Sponsor hereby represents, warrants and covenants that it is, and will continue
to be until the termination of this Agreement, duly authorized to enter into
this Agreement on behalf of the Trust and the Fund, to bind the Trust and the
Fund in connection with all obligations hereunder, and to otherwise perform the
terms herein.  The Sponsor hereby further represents and warrants that
the Management Directors of its Board of Directors including Mr. Nicholas D.
Gerber have authorized the execution and delivery of this Agreement and that
Authorized Persons of the Sponsor and the Trust, on its own behalf and on behalf
of the Fund, have signed this Agreement, Appendices A, B and C and the fee
schedule hereto.

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered as of the date first written above.

     

    BROWN
BROTHERS HARRIMAN & CO.

    

    
      
        
          
            
              
                	
                        By:

                      	
                          

                      	 
	 
      	
                        Name:

                      	 
	 
      	
                        Title:

                      	 
	 
      	
                        Date:

                      	 

              

            

          

        

      

    

    

    UNITED
STATES COMMODITY FUNDS LLC

    

    
      
        
          
            
              	
                      By:

                    	
                        

                    	 
	 
      	
                      Name:

                    	 
	 
      	
                      Title:

                    	 
	 
      	
                      Date:

                    	 

            

          

        

      

    

    

    UNITED
STATES COMMODITY INDEX FUNDS TRUST, on its own behalf and on behalf of the
United States Commodity Index Fund

    

    
      
        
          
            
              
                
                  
                    
                      
                        	 	By: 	United
      States Commodity Funds LLC, as Sponsor
	 	 
      	 
      	 
      	 
	 	
                                 

                              	
                                

                                  By:  

                                

                              	 
      	 
	 	 
      	
                                 

                              	

                                Name: 
      

                              	 
	 	 
      	
                                 

                              	

                                Title: 
      

                              	 
	 	 
      	
                                 

                              	

                                Date: 
      

                              	 

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    APPENDIX
A

    TO
ADMINISTRATIVE AGENCY AGREEMENT

    

    ADMINISTRATIVE
SERVICES OF THE ADMINISTRATIVE AGENT

    

    Dated as
of July 22, 2010

    

    Fund
Accounting Services

    The
Administrator will provide the following fund accounting services to the Fund on
any Business Day: transaction processing and review, custodial reconciliation,
securities pricing and investment accounting.

    

    Transaction Processing and
Review. The Administrator shall input and reconcile the Fund’s investment
activity including with respect to:

    
      	
              • 

            	
              Investment
      taxlots

            

    

    
      	
              • 

            	
              Income

            

    

    
      	
              • 

            	
              Dividends

            

    

    
      	
              • 

            	
              Principal
      paydowns

            

    

    
      	
              • 

            	
              Capital
      activity

            

    

    
      	
              • 

            	
              Expense
      accruals

            

    

    
      	
              • 

            	
              Cash
      activity

            

    

    
      	
              • 

            	
              Corporate
      Reorganizations

            

    

    

    Custodial
Reconciliation. The Administrator shall reconcile the following positions
of the Fund against the records of the Custodian:

    
      	
              •

            	
              Securities,
      Futures and Over-the-Counter Contract (“OTC”)
  holdings

            

    

    
      	
              
                •

              

            	
              
                Cash
      including cash transfers, fees assessed and other investment related cash
      transactions

              

            

    

    
      	
              •

            	
              Trade
      settlements

            

    

    

    Securities, Futures and OTC
Valuation. Using the Valuation Procedures set forth in Appendix D, the
Administrator shall update each security, Futures and OTC position of the Fund
as to the following:

    
      	
              •

            	
              Market
      prices obtained from approved sources including those listed on Appendix C
      or Fair Valuations obtained from an Authorized Person of the
      Fund

            

    

    
      	
              •

            	
              Mark
      to market of non-base receivables/payables utilizing approved foreign
      exchange quotations as quoted in Appendix
C

            

    

    
      	
              •

            	
              Mark
      to market of non-base currency positions utilizing the approved sources
      quoted in Appendix C or Fair Valuations obtained from an Authorized Person
      of the Fund

            

    

    

    Investment
Accounting. The Administrator shall provide the following investment
accounting services to each Portfolio:

    
      	
              •

            	
              Amortization/accretion
      at the individual tax lot level

            

    

    
      	
              •

            	
              General
      ledger entries

            

    

    
      	
              •

            	
              Book
      value calculations

            

    

    
      	
              •

            	
              Trade
      Date + 1 accounting

            

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    
      	
              •

            	
              Calculation
      of Net Asset Value Per Unit (“NAV”) as of the earlier of 4:00 p.m. New
      York time or the close of trading on the NYSE Arca, and published shortly
      after the close of trading on the NYSE
Arca

            

    

    

    NAV Reporting. The
Administrator shall communicate the Fund’s exchange-traded product (“ETP”) net
asset value information with respect to:

    
      	
              •

            	
              PLF
      A (ETP NAV summary data including Fund Net Assets, NAV/share,
      NAV/creation, Basket market value (if applicable), actual cash component
      (if applicable), and estimated cash component (if applicable)) if required
      by NSCC, the Exchange, or the Fund’s
Distributor

            

    

    
      	
              •

            	
              ETP
      Fund Holding File/Report to the Fund’s Distributor for the purpose of
      updating the USCF website

            

    

    
      	
              •

            	
              ETP
      Fund holdings and/or NAV data when authorized to provide this to third
      parties such as the ICI, Morningstar, or
Lipper

            

    

    

    Financial
Reporting Services

    
      	
              •

            	
              The
      Administrator shall accumulate information for and
  prepare:

            

    

    
      	
               
      

            	
              o

            	
              Within
      a 30 day period following the end of the Fund’s required monthly reporting
      period, an Account Statement in compliance with the requirements of CFTC
      Rule §4.22(a), including a Statement of Income (Loss) and a Statement of
      Changes in Net Asset Value; such preparation includes the distribution of
      drafts to the Sponsor and Board of Directors for review and
      comment.

            

    

    
      	
               
      

            	
              o

            	
              Upon
      review and approval of each above-mentioned report by the Sponsor’s
      Treasurer and/or Chief Financial Officer (or such person performing such
      functions), the Administrator shall file such reports with the SEC,
      including any applicable executive officer certifications or other
      exhibits to such reports and coordinate with the distributor to post such
      report to the fund’s website.

            

    

    
      	
               
      

            	
              o

            	
              Within
      90 days after the end of the Fund’s fiscal year, an Annual Report of the
      Fund in compliance with the requirements of the NFA and CFTC Rule
      §4.22(c); such preparation includes the coordination of all printer and
      author edits and the review of printer drafts.  The Fund and/or
      Sponsor shall make arrangements for the printing and mailing of the Annual
      Report.

            

    

    
      	
              •

            	
              Upon
      review and approval of each above-mentioned report by the Sponsor’s
      Treasurer and/or Chief Financial Officer (or such person performing such
      functions), the Administrator shall file such reports with the CFTC and/or
      NFA as required, including any applicable executive officer certifications
      or other exhibits to such reports.

            

    

    
      	
              •

            	
              In
      connection with the preparation of each Annual Report on Form 10-K, the
      Administrator shall coordinate the audit of the Fund by its independent
      public accountant (e.g., manage open items lists, host weekly audit
      meeting, etc.).

            

    

    

    Assistant
Treasurer Services

    The
Administrator shall perform the following services as requested by the Sponsor’s
Treasurer (or person performing such function):

    
      	
              •

            	
              Provide
      consultative services with respect to financial matters of the Fund as may
      be requested and agreed to among the Fund, the Sponsor and the
      Administrator from time to time

            

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

    Corporate
Secretarial Services

    The
Administrator shall perform the following secretarial services:

    
      	
              •

            	
              Maintain
      a calendar for Board and Audit Committee matters/approvals in a form to be
      agreed upon by the parties from time to
time

            

    

    
      	
              •

            	
              Prepare
      quarterly Board and Audit Committee meeting materials, including notices,
      scripts, agendas, resolutions, memoranda, minutes, and mail the materials
      to the Board and such other persons as instructed by the
      Sponsor

            

    

    
      	
              •

            	
              Attend
      quarterly Board and Audit Committee meetings, take minutes of the
      meetings, make presentations as required and follow up on matters raised
      at the meetings.  In the event that the Administrator is asked
      to perform corporate secretarial services for more than four quarterly
      Board or Audit Committee meetings per calendar year, the Fund will be
      assessed special meeting fees. Fees may range between $2,500 and $10,000
      per meeting, depending upon the complexity of the meeting materials and
      discussion and the location of the meeting.  Out-of-pocket
      expenses associated with the production and mailing of all Board and Audit
      Committee meeting materials, as well as travel expenses associated with
      in-person attendance at meetings, will be charged to the
    Fund

            

    

    
      	
              •

            	
              Prepare
      the annual directors and officers questionnaires and distribute the
      questionnaires to the directors and officers of the
  Sponsor

            

    

    

    Regulatory
Support Services

    The
Administrator shall perform the following regulatory services for the
Fund:

    
      	
              •

            	
              Maintain
      a calendar for all SEC, CFTC, NFA and NYSE Arca regulatory matters in the
      form of Exhibit
      A; provided that the Fund and/or Sponsor shall notify the
      Administrator of additional regulatory matters to be added to such
      calendar as soon as practicable.

            

    

    
      	
              •

            	
              Within
      a 45 day production cycle, or shorter time period as required by the U.S.
      Securities and Exchange Commission (the “SEC”) and communicated
      to the Administrator by the Fund and/or the Sponsor, one first fiscal
      quarter report of the Fund, one second fiscal quarter report of the Fund
      and one third fiscal quarter report of the Fund, each on Form
      10-Q.

            

    

    
      	
              •

            	
              Within
      a 90 day production cycle, or shorter time period as required by the SEC
      and communicated to the Administrator by the Fund and/or Sponsor, one
      annual report of the Fund on Form 10-K per fiscal year.  The
      preparation of the Form 10-K includes the coordination of all printer and
      author edits and the review of printer
drafts.

            

    

    

    Upon
review and approval of each above-mentioned report by the Sponsor’s Treasurer
and/or Chief Financial Officer (or such person performing such functions), the
Administrator shall Edgarize and file, or cause to be Edgarized and filed, such
reports with the SEC, CFTC and/or NFA as required, including any applicable
executive officer certifications or other exhibits to such reports.

    

    The
Administrator shall perform the following additional regulatory services for the
Fund:

    
      	
              •

            	
              Prepare
      the materials for and attend one unitholder meeting per calendar year
      (including preparation of the proxy statement, notice and other
      solicitation materials and filing such materials with the SEC and taking
      minutes of the meeting), at the Fund’s
request

            

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

    
      	
              •

            	
              Coordinate
      with the Fund’s transfer agent or solicitor in monitoring the unitholder
      vote solicitation and tabulation for one unitholder meeting per calendar
      year, at the Fund’s request

            

    

    
      	
              •

            	
              Prepare
      and file, or cause to be filed, the following regulatory
      notices/forms/reports:

            

    

    
      	
               
      

            	
              o

            	
              With
      the SEC, Forms 3, 4 and 5 and Schedules 13D and 13G for the officers and
      directors of the Sponsor and such other persons as requested by the
      Fund

            

    

    
      	
               
      

            	
              o

            	
              With
      the SEC, Current Reports on Form 8-K as circumstances
    warrant.

            

    

    
      	
               
      

            	
              o

            	
              With
      the NYSE Arca, such notices/forms as agreed to among the Fund, the Sponsor
      and the Administrator

            

    

    

    The
Administrator shall assist the Fund and/or the Sponsor in preparing Fund press
releases with respect to interim statements and quarterly results and
transmitting such press releases to the NYSE Arca and such other entities as
requested by the Fund or the Sponsor.

    

    Transfer
Agency Services

    The
Administrator shall perform the following transfer agency services:

    

    I.           Issuance and Redemption of
Fund Units.  It is agreed and understood that the Fund, and the
Administrator on the Fund’s behalf, shall issue and redeem Units of the Fund in
blocks of 100,000 Units (“Creation Baskets” and “Redemption Baskets,”
respectively) to and from such persons as are identified by the Fund as
“Authorized Purchasers” or “Authorized Participants.”

    

    A.         Pursuant
to such purchase orders that the Administrator as the Index Receipt Agent shall
receive from the ALPS Distributors, Inc. (“Marketing Agent”) and pursuant to the
procedures set forth in the Authorized Purchaser Agreement entered into by the
Fund, Administrator shall transfer appropriate trade instructions to the Fund’s
custodian, Brown Brothers Harriman & Co. (“Custodian”) and pursuant to such
orders register the appropriate number of book entry only Fund Units in the name
of The Depository Trust Company (“DTC”) or its nominee as a unitholder (each a
“Unitholder”) of the Fund and deliver the Units of the Fund on the
business.

    

    B.          Pursuant
to such redemption orders that Index Receipt Agent shall receive from the
Marketing Agent, pursuant to the procedures set forth in the Authorized
Purchaser Agreement entered into by the Fund, Administrator shall transfer
appropriate trade instructions to the Custodian and, pursuant to such orders,
redeem the appropriate number of Fund Units that are delivered to the designated
DTC Participant Account of the Custodian for redemption and debit such Units
from the account of the Unitholder on the register of the Fund.

    

    C.          On
behalf of the Fund, Administrator shall issue Fund Units in Creation Baskets for
settlement with purchasers through DTC as the purchaser is authorized to
receive. Beneficial ownership of Fund Units shall be shown on the records of DTC
and DTC Participants and not on any records maintained by the
Administrator.  In issuing Fund Units through DTC to a purchaser,
Administrator shall be entitled to rely upon the latest Instructions that are
received from the Marketing Agent by the Administrator as Index Receipt Agent
concerning the issuance and delivery of such Units for
settlement.

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

    D.          Administrator
shall not issue on behalf of the Fund any Fund Units where it has received an
Instruction from the Fund, the Sponsor or the Marketing Agent or written
notification from any federal or state authority that the sale of the Fund Units
has been suspended or discontinued, and Administrator shall be entitled to rely
upon such Instructions or written notification.

    

    E.           Upon
the issuance of Fund Units as provided herein, Administrator shall not be
responsible for the payment of any original issue or other taxes, if any,
required to be paid by the Fund, the Sponsor or the Marketing Agent in
connection with such issuance.

    

    F.           Fund
Units may be redeemed in accordance with the procedures set forth in the
relevant Authorized Purchaser Agreement and Administrator shall duly process all
redemption requests.

    

    G.           Administrator
will act only upon Instruction from the Fund and/or the Sponsor in addressing
any failure in the delivery of cash, treasuries and/or Shares in connection with
the issuance and redemption of Fund Units.

    

    II.           Payment of Dividends and
Distributions on Fund Units.

    

    A.           As
instructed by the Fund and/or the Sponsor, the Administrator shall prepare and
make payments for dividends and distributions declared by the Fund or the
Sponsor.

    

    B.           The
Fund and/or the Sponsor shall promptly notify the Administrator of the
declaration of any dividend or distribution.  The Fund and/or the
Sponsor shall furnish to the Administrator a statement signed by an Authorized
Person: (i) indicating that dividends have been declared on a specific periodic
basis and Instructions specifying the date of the declaration of such dividend
or distribution, the date of payment thereof, the record date as of which
unitholders shall be entitled to payment, the total amount payable to the
unitholders and the total amount payable to Administrator as transfer agent on
the payment date; or (ii) setting forth the date of the declaration of any
dividend or distribution, the date of payment thereof, the record date as of
which the unitholders are entitled to payment, and the amount payable per unit
to each unitholder as of that date and the total amount payable to Administrator
as transfer agent on the payment date.

    

    C.           Based
upon the amount of Fund Units outstanding on its books and records, the Fund
and/or the Sponsor shall calculate the total dollar amount of the dividend or
distribution and notify the Administrator of this amount.  The Fund
and/or the Sponsor shall then instruct the Administrator to direct the Custodian
to place in a separate cash account maintained by the Administrator funds equal
to the total cash amount of the dividend or distribution to be paid
out.  Should the Custodian determine that it does not have sufficient
cash in the Custody Account to pay the total amount of the dividend or
distribution to the Administrator, the Administrator shall advise the Fund
and/or the Sponsor and the Fund and/or the Sponsor shall either adjust the rate
of the dividend or distribution or provide additional cash directly to the
Custodian for credit to the separate cash account maintained by the
Custodian.  When instructed by the Fund and/or the Sponsor, the
Administrator shall direct the Custodian to make payment of such dividend or
distribution to the account of each unitholder.

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    

    D.           Should
the Administrator or the Custodian not receive from the Fund sufficient cash to
make payment as provided in the immediately preceding Subsection, the
Administrator shall notify the Fund and/or the Sponsor, and the Administrator
shall withhold payment to the unitholders until sufficient cash is provided to
the Custodian and the Administrator shall not be liable for any claim arising
out of such withholding.

    

    
      	
              III.

            	
              Maintenance of
      Registry of Limited Partners and Persons Applying to Become Limited
      Partners.

            

    

    

    Pursuant
to the Trust Agreement for the Fund, all purchasers of Units who wish to become
record holders and receive cash distributions (if any) must deliver an executed
transfer application in which the purchaser or transferee must certify that,
among other things, he/she agrees to be bound by the Fund’s Trust Agreement and
is eligible to purchase the Fund’s securities.  Any transfer of Units
will not be recorded by the transfer agent unless a completed transfer
application is delivered to the Sponsor or the Administrator.

    

    The
Administrator shall keep a record of all transfer applications received, with
each applicant deemed as a holder of record until the application is approved by
the Fund.  All applications will be forwarded by the Administrator to
the Sponsor to obtain its consent.  Once such consent is obtained, the
holder shall become a Limited Partner.  The Administrator shall
maintain a registry of all Limited Partners and holders of record of the
Fund.

    

    
      	
              IV.

            	
              Recordkeeping.

            

    

    

    A.           The
Administrator shall record the issuance of Fund Creation Baskets and maintain,
pursuant to Rule 17Ad 6(b) under the Securities Exchange Act of 1934, as
amended, a record of the total number of Fund Creation Baskets that are
authorized, issued and outstanding based upon data provided to Administrator by
the Fund and/or the Sponsor.  The Administrator shall also provide the
Fund and/or the Sponsor on a regular basis with the total number of Fund Units
authorized, issued and outstanding; provided however that the Administrator
shall not be responsible for monitoring the issuance of such Units or compliance
with any laws relating to the validity of the issuance or the legality of the
sale of such Units.

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    APPENDIX
B TO THE

    ADMINISTRATIVE
AGENCY AGREEMENT

    

    List
of Authorized Persons

    

    UNITED
STATES COMMODITY FUNDS LLC

    

    
      
        
          	
                  By:

                	
                    

                	 
	 
      	
                  Name:

                	 
	 
      	
                  Title:

                	 
	 
      	
                  Date:

                	 

        

      

    

    

    UNITED
STATES COMMODITY INDEX FUNDS TRUST, on its own behalf and on behalf of the
United States Commodity Index Fund

    
      

      
        
          
            
              
                
                  
                    
                      
                        
                          	 	By: 	United
      States Commodity Funds LLC, as Sponsor
	 	 
      	 
      	 
      	 
	 	
                                   

                                	
                                  

                                    By:  

                                  

                                	 
      	 
	 	 
      	
                                   

                                	

                                  Name: 
      

                                	 
	 	 
      	
                                   

                                	

                                  Title: 
      

                                	 
	 	 
      	
                                   

                                	

                                  Date: 
      

                                	 

                        

                      

                    

                  

                

              

            

          

        

      

    

    

      
        
           

        

        
          21

          
            

          

        

        
           

        

      

    APPENDIX
C TO THE

    ADMINISTRATIVE
AGENCY AGREEMENT

    

    AUTHORIZED
SOURCES

    

    TheThe
Sponsor and the Trust hereby acknowledge that the Administrator is authorized to
use the following authorized sources for financial reporting, pricing (including
corporate actions, dividends and rights offering), and foreign exchange
quotations, to assist it in fulfilling its obligations under the aforementioned
Agreement.

    

    BLOOMBERG

    RUSSELL/MELLON

    FUND
MANAGERS / CLIENT DIRECTED

    INTERACTIVE
DATA CORPORATION

    REPUTABLE
BROKERS

    THOMSON
REUTERS

    SUBCUSTODIAN
BANKS

    SIX
TELEKURS

    REPUTABLE
FINANCIAL PUBLICATIONS

    STOCK
EXCHANGES

    STAT
PRO

    MORGAN
STANLEY CAPITAL INTERNATIONAL

    WALL
STREET OFFICE

    PRICING
DIRECT

    MARKIT

    SUPER
DERIVATIVES

    S&P

    DOW
JONES

    JP MORGAN
– contract pending

    SQX
(SECURITIES QUOTE EXCHANGE) – contract pending

    BARCLAYS
– contract pending

    MONIS-JEFFRIES

    FITCH
SOLUTIONS

    MOODYS

    FORD
EQUITY RESEARCH

    FTSE
GROUP

    INVESTMENT
TECHNOLOGY GROUP (ITG)

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    

    
      
        
          	
                  BROWN
      BROTHERS HARRIMAN & CO.

                	 
	 
      	 
      	 
	
                  By:

                	
                    

                	 
	 
      	
                  Name:

                	 
	 
      	
                  Title:

                	 
	 
      	
                  Date:

                	 

        

      

    

    

    
      
        
          	
                  UNITED
      STATES COMMODITY FUNDS LLC

                	 
	 
      	 
      	 
	
                  By:

                	
                    

                	 
	 
      	
                  Name:

                	 
	 
      	
                  Title:

                	 
	 
      	
                  Date:

                	 

        

      

    

    

    UNITED
STATES COMMODITY INDEX FUNDS TRUST, on its own behalf and on behalf of the
United States Commodity Index Fund

    
      

      
        
          
            
              
                
                  
                    
                      
                        
                          	 	By: 	United
      States Commodity Funds LLC, as Sponsor
	 	 
      	 
      	 
      	 
	 	
                                   

                                	
                                  

                                    By:  

                                  

                                	 
      	 
	 	 
      	
                                   

                                	

                                  Name: 
      

                                	 
	 	 
      	
                                   

                                	

                                  Title: 
      

                                	 
	 	 
      	
                                   

                                	

                                  Date: 
      

                                	 

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    APPENDIX
D

    

    BBH
Pricing Policies

    Futures,
Forwards, Swaps, Options and Treasuries

    

    The
pricing policies stated below are used for all BBH clients, including Mutual
Fund Registered Investment Companies.  These policies have been
audited by numerous accounting firms during annual fund audits.

    

    Futures

    Futures
traded on exchanges are valued using the closing settlement prices quoted on the
relevant exchange and obtained from pricing sources, typically Bloomberg or
Reuters.

    

    Forward
Currency Contracts

    BBH
obtains the WM Reuters London Close closing spot rates and the WM Reuters London
Close forward point rates on a daily basis.  The currency forward
contract pricing model derives the differential in point rates to the expiration
date of the forward and calculates its present value.  The forward is
valued at the net of the present value and the spot rate.

    

    Swaps

    Swaps and
other similar derivative or contractual type instruments are valued at a price
provided by a single broker or dealer, typically the counterparty. If no such
price is available, the contract is valued at a price at which the counterparty
to such contract would repurchase the instrument or terminate the
contract.

    

    Options

    Option
contracts on securities, currencies, indices, futures contracts, commodities and
other instruments shall be valued at the last sale price on the exchange or
market that is the Primary Market.  If a contract did not trade on the
Primary Market, it shall be valued at the last sale price on another exchange or
market where it did trade.   If there is no such sale price, the
value shall be the most recent bid quotation.

    

    Sale
prices and bid quotations indicated above shall be supplied by a Pricing Service
(Reuters, Bloomberg, IDC, etc.). If a Pricing Service is not able to provide
such sale prices or bid quotations, the value shall be determined by taking the
mean between the bid and the asked quotations provided by a single broker or
dealer, unless the broker or dealer can only provide a bid quotation, in which
case the value shall be such bid quotation.

    

    Except as
provided below, OTC currency options are valued by uploading the applicable
implied volatility rates from Reuters or Bloomberg.  Other inputs are
either uploaded (interest rates, spots) or are specified when the ticker symbols
are set up (expiration date, strike).  OTC currency options are then
priced by using the Garman-Kohlhagen modified Black-Scholes formula, which
adjusts for a constant yield versus a fixed dividend.

    

    Except as
provided below, OTC equity/index options are priced according to the contract
specifications (days to expiration, current spot index level, interest rates,
dividends, strike price) using the Black-Scholes pricing model, modified for
dividends.  The volatility input assumption is interpolated from the
previous day’s price.

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    

    US
Treasuries

    BBH uses
an evaluated bid supplied by IDC for treasury prices.

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    ANNEX
A

    

    LIST
OF SERIES TRUST(S) ESTABLISHED

    BY
THE UNITED STATES COMMODITY INDEX FUNDS TRUST

    

    
      
        	 
      	 
      	
                Fund

              	 
      	
                Relevant Schedule

              
	 
      	 
      	 
      	 
      	 
      
	
                1.

              	
                  

              	
                United States Commodity Index Fund

              	
                  

              	
                Schedule 1 to this Agreement

              

      

    

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    SCHEDULE
1

    TO
THE ADMINISTRATIVE AGENCY AGREEMENT

    DATED
JULY 22, 2010

    

    DEFINED
TERMS RELATING TO

    UNITED
STATES COMMODITY INDEX FUND

    

    Benchmark
Component Futures Contract shall mean the Futures Contracts (as defined
in the Prospectus) that at any given time make up the index of the
Fund.

    

    The Fund
shall mean United States Commodity Index Fund.

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    ANNEX
B

    

    FORM
OF AMENDMENT AGREEMENT TO ADD SERIES TRUST(S) TO

    TO
THE ADMINISTRATIVE AGENCY AGREEMENT

    

    This Amendment to the Administrative
Agency Agreement dated ____________ (this “Amendment”), is made and entered into
by and among UNITED STATES
COMMODITY FUNDS LLC, a Delaware limited liability company (the “Sponsor”), the UNITED STATES COMMODITY INDEX FUNDS
TRUST, a Delaware statutory trust (the “Trust”), on its own behalf and
on behalf of the UNITED STATES
COMMODITY INDEX FUND and [INSERT FUND NAME] (each, a
“Fund”), and BROWN BROTHERS HARRIMAN &
CO. (“BBH&Co.” or the “Administrator”) (each, a
“Party” and collectively, “the Parties”).

    

    WHEREAS, the Parties have entered into
a certain Administrative Agency Agreement dated July 22, 2010 (the “Agreement”);
and

    

    WHEREAS, the parties hereto desire to
amend the Agreement as provided herein by amending Annex A of this Agreement and
supplementing this Agreement with the attached Schedule 1 to this
Amendment.

    

    NOW
THEREFORE, for and in consideration of the agreements herein made and other good
and valuable consideration, the parties hereto agree as follows:

    

    I.           AMENDMENTS

    

    The
Agreement is hereby amended by making the following change to Annex A
thereto:

    

    LIST
OF SERIES TRUST(S) ESTABLISHED

    BY
THE UNITED STATES COMMODITY INDEX FUNDS TRUST

    

    
      
        	 
      	 
      	
                Fund

              	 
      	
                Relevant Schedule

              
	 
      	 
      	 
      	 
      	 
      
	
                1.

              	 
      	
                United
      States Commodity Index Fund

              	 
      	
                Schedule
      1 to this Agreement

                 

              
	
                2.

              	 
      	
                [INSERT
      FUND NAME]

              	 
      	
                Schedule
      1-A to the Amendment Agreement dated _____________

                 

              
	
                3.

              	 
      	
                [INSERT
      FUND NAME]

              	 
      	
                Schedule
      1-B to the Amendment Agreement dated _____________

                 

              
	
                4.

              	 
      	 
      	 
      	 
      
	
                5.

              	
                  

              	 
      	
                  

              	 
      

      

    

    

    The
Parties acknowledge that Schedule 1-__ of this Amendment shall supplement and
not supersede Schedule 1 of the Agreement.

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    II.           REPRESENTATIONS

    

    Each
Party represents to the other Parties that:-

    

    (a)           Status.  It is duly
organized and validly existing under the laws of the jurisdiction of its
organization or incorporation and, if relevant under such laws, in good
standing;

    

    (b)           Powers.  It has the
power to execute and deliver this Amendment and to perform its obligations
hereunder, and has taken all necessary action to authorize such execution,
delivery and performance;

    

    (c)           No Violation or
Conflict.  Such execution, delivery and performance do not
violate or conflict with any law applicable to it, any provision of its
constitutional documents, any order or judgment of any court or other agency of
government applicable to it or any of its assets or any contractual restriction
binding on or affecting it or any of its assets;

    

    (d)           Consents.  All
governmental and other consents that are required to have been obtained by it
with respect to this Amendment have been obtained and are in full force and
effect and all conditions of any such consents have been complied with;
and

    

    (e)           Obligations
Binding.  Its obligations under this Amendment constitute its
legal, valid and binding obligations, enforceable in accordance with its
respective terms (subject to applicable bankruptcy, reorganization, insolvency,
moratorium or similar laws affecting creditors’ rights generally and subject, as
to enforceability, to equitable principles of general application (regardless of
whether enforcement is sought in a proceeding in equity or at
law)).

    

    III.           MISCELLANEOUS

    

    (a)           Entire
Agreement.  The Amendment constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings (except as other wise provided herein)
with respect thereto.

    

    (b)           Counterparts.  This
Amendment may be executed in multiple counterparts, each of which when executed
and delivered shall be deemed to be an original and all of which taken together
shall constitute but one and the same instrument.

    

    (c)           Headings.  The
headings used in this Amendment are for convenience of reference only and are
not to affect the construction of or to be taken into consideration in
interpreting this Amendment.

    

    (d)           Governing
Law.  This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

    

    (e)           Terms.  Terms used
in this Amendment, unless otherwise defined herein, shall have the meanings
ascribed to them in the Agreement.

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    

    (f)           Agreement.   Any
and all references to the Agreement shall hereafter refer to the Agreement as
amended by this Amendment and as the same may be amended, supplemented or
modified from time to time.  Unless otherwise defined herein,
capitalized terms not defined herein shall have the same meanings assigned to
such terms in the Agreement as amended by this Amendment.

    

    Except as
amended hereby, all other terms and conditions of the Agreement shall remain the
same and in full force and effect.

    

    IN
WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of
the date first written above.

    

    
      
        
          	
                  UNITED
      STATES COMMODITY FUNDS LLC

                	 
	 
      	 
      	 
	
                  By:

                	
                    

                	 
	 
      	
                  Name:

                	 
	 
      	
                  Title:

                	 

        

      

    

    

    UNITED
STATES COMMODITY INDEX FUNDS TRUST, on its own behalf and on behalf of the
United States Commodity Index Fund

    
      

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 	By: 	United
      States Commodity Funds LLC, as Sponsor
	 	 
      	 
      	 
      	 
	 	
                                     

                                  	
                                    

                                      By:  

                                    

                                  	 
      	 
	 	 
      	
                                     

                                  	

                                    Name: 
      

                                  	 
	 	 
      	
                                     

                                  	

                                    Title: 
      

                                  	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    UNITED
STATES COMMODITY INDEX FUNDS TRUST, on behalf of [INSERT FUND
NAME]

    
 

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	 	By: 	United
      States Commodity Funds LLC, as Sponsor
	 	 
      	 
      	 
      	 
	 	
                                     

                                  	
                                    

                                      By:  

                                    

                                  	 
      	 
	 	 
      	
                                     

                                  	

                                    Name: 
      

                                  	 
	 	 
      	
                                     

                                  	

                                    Title: 
      

                                  	 

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

     

    BROWN BROTHERS HARRIMAN &
CO.

    

    
      
        
          
            	 	
                    By:

                  	
                      

                  	 
	 	 
      	
                    Name:

                  	 
	 	 
      	
                    Title:

                  	 
	 	 
      	
                    Address:

                  	 
	 	 
      	
                    Telephone:

                  	 
	 	 
      	
                    Facsimile:

                  	 

          

        

      

    

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    SCHEDULE
1

    TO
THE AMENDMENT AGREEMENT DATED ____________________

    

    DEFINED
TERMS RELATING TO

    [INSERT
NAME OF FUND]

    

    Benchmark
Component Futures Contract shall mean _____________________.

    

    The Fund
shall mean _____________________.

    
      
         

      

      
        31

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