Document:

Exhibit (4)(ii) 

 

MARKET
VECTORS COMMODITY TRUST

FORM
OF AUTHORIZED PARTICIPANT AGREEMENT

          This
Authorized Participant Agreement (the “Agreement”), dated as of _________________,
is entered into by and among ____________ (the
“Authorized Participant”), Market Vectors Commodity Trust, a Delaware statutory
trust (the “Trust”) with respect to each of its series set forth on Exhibit A
hereto, as it may be amended from time to time (each, a “Fund”), and Van Eck
Absolute Return Advisers Corp., a Delaware corporation, as managing owner of
the Trust and the Funds (the “Managing Owner”).

SUMMARY

          As
provided in the Amended and Restated Declaration of Trust and Trust Agreement
of the Trust, as it may be amended from time to time (the “Trust Agreement”) as
currently in effect and described in the Prospectus (defined below), common
units of fractional undivided beneficial interest in and ownership of a Fund
(the “Shares”) may be created or redeemed by the Managing Owner for an
Authorized Participant in aggregations of a specified number of Shares stated
in a Fund’s Prospectus (each aggregation, a “Basket”). Baskets are offered only
pursuant to a registration statement of the Trust with respect to a Fund on
Form S-1, as amended, as declared effective by the Securities and Exchange
Commission (“SEC”) and as the same may be amended from time to time thereafter
or any successor registration statement in respect of Shares of a Fund
(collectively, the “Registration Statement”) together with each Fund’s current
prospectus (the “Prospectus”) included therein. Under the Trust Agreement, the
Managing Owner is authorized to issue Baskets to, and redeem Baskets from,
authorized participants, which may be made (i) through the Continuous Net
Settlement (“CNS”) clearing processes of the National Securities Clearing
Corporation (“NSCC”) as such processes have been enhanced to effect purchases
and redemptions of Creation Baskets and Redemption Baskets, such processes
being referred to herein as the “CNS Clearing Process,” or (ii) if outside
the CNS Clearing Process, only through the facilities of the Depository Trust
Company (“DTC”) (the “DTC Process”), or a successor depository, and only in
exchange for cash. This Agreement and the Procedures (defined below) set forth
the specific procedures by which the Authorized Participant may create or
redeem Baskets.

          Capitalized
terms used but not defined in this Agreement shall have the meanings assigned
to such terms in the Trust Agreement or Authorized Participant Procedures Handbook
set forth in Attachment A hereto, as it may be amended, modified or
supplemented from time to time (the “Procedures”). To the extent there is a
conflict between any provision of this Agreement and the provisions of the
Trust Agreement, the provisions of the Trust Agreement shall control. To the
extent there is a conflict between any provision of this Agreement and the
provisions of the Prospectus, the provisions of the Prospectus shall control.
For the avoidance of doubt, any action that is referred to herein as an action
being taken by the Managing Owner may be taken by a party whom the Managing
Owner has duly authorized to take such action. 

          To
give effect to the foregoing premises and in consideration of the mutual
covenants and agreements set forth below, the parties hereto agree as follows:

               Section
1. Order Placement. To place
orders for the Managing Owner (or its agent) to create or redeem one or more
Baskets, the Authorized Participant must follow the procedures for creation and
redemption referred to in Section 3 of this Agreement and the Procedures.

               Section
2. Status of Authorized Participant.
The Authorized Participant represents and warrants and covenants the following:

                    (a)
The Authorized Participant hereby represents, covenants and warrants that with
respect to Creation Orders or Redemption Orders of Creation Baskets or
Redemption Baskets, 

respectively, of any Fund
(i) through the CNS Clearing Process, it is a member of the NSCC and an
authorized participant in the CNS System of NSCC (a “Participating Party”),
and/or (ii) outside the CNS Clearing Process, it is a participant of DTC
(as such a participant, a “DTC Participant”). Any change in the foregoing
status of the Authorized Participant shall terminate this Agreement and the
Authorized Participant shall give immediate notice to the Managing Owner of
such event.

                    (b)
Unless Section 2(c) applies, the Authorized Participant either (i) is
registered as a broker-dealer under the Securities Exchange Act of 1934, as
amended (“1934 Act”), and is a member in good standing of the Financial
Industry Regulatory Authority (“FINRA”), or (ii) is exempt from being, or
otherwise is not required to be, licensed as a broker-dealer or a member of
FINRA, and in either case is qualified to act as a broker or dealer in the
states or other jurisdictions where the nature of its business so requires. In
connection with the purchase or redemption of Baskets and any related offers or
sales of Shares, the Authorized Participant will maintain any such
registrations, qualifications and membership in good standing, or, if
applicable, exempt status, in full force and effect throughout the term of this
Agreement. The Authorized Participant will comply with all applicable U.S.
federal laws, including, without limitation, the prospectus delivery
requirements of Section 5 of the 1933 Act and those applicable to
securities and commodities transactions, the laws of the states or other
jurisdictions concerned, and the rules and regulations promulgated thereunder,
and with the FINRA By-Laws, FINRA Conduct Rules and NASD Conduct Rules (or with
comparable FINRA Conduct Rules, if such NASD Conduct Rules are subsequently
renamed, repealed, rescinded, or are otherwise replaced by FINRA Conduct Rules)
if it is a FINRA member, to the extent the foregoing relates to the Authorized
Participant’s transactions in and activities with respect to Shares. The
Authorized Participant will not directly or indirectly offer or sell Shares in
any state or jurisdiction where they may not lawfully be offered and/or sold.

                    (c)
The Authorized Participant understands and acknowledges that the proposed
method by which Baskets will be created and traded may raise certain issues
under applicable securities laws. The Authorized Participant understands and
acknowledges that, for example, because new Shares can be created and issued on
an ongoing basis, at any point during the valid existence of the Trust, a
“distribution,” as such term is used in the Securities Act of 1933, as amended
(“1933 Act”), may be occurring. The Authorized Participant is cautioned that
some of its activities may result in its being deemed a participant in a
distribution in a manner which would render it a statutory underwriter and
subject it to the prospectus delivery and liability provisions of the 1933 Act.
The Authorized Participant should review the “Plan of Distribution” portion of
the Prospectus and consult with its own counsel in connection with entering
into this Agreement and submitting Orders (defined below).

                    (d)
If the Authorized Participant is offering or selling Shares in jurisdictions
outside the several states, territories and possessions of the United States
and is not otherwise required to be registered, qualified or a member of FINRA
as set forth in Section 2(a)(ii) above, the Authorized Participant will,
in connection with such offers and sales, (i) observe the applicable laws
of the jurisdiction in which such offer and/or sale is made, (ii) comply
with the prospectus delivery and other requirements of the 1933 Act and the
Commodities Exchange Act (the “CEA”), and applicable regulations promulgated
thereunder by the SEC, Commodity Futures Trading Commission (“CFTC”) and National
Futures Association (“NFA”), and (iii) conduct its business in accordance
with the NASD Conduct Rules (or with comparable FINRA Conduct Rules, if such
NASD Conduct Rules are subsequently renamed, repealed, rescinded, or are
otherwise replaced by FINRA Conduct Rules), to the extent the foregoing relates
to the Authorized Participants transactions in, and activities with respect to,
Shares.

                    (e)
The Authorized Participant is in compliance with applicable anti-money
laundering laws and regulations, including applicable provisions of the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001 (the 

2

“USA PATRIOT Act”), and
the regulations promulgated thereunder, and has established and presently
maintains policies and procedures requiring the Authorized Participant to
obtain and verify information about the identity of the Authorized
Participant’s customers and which are reasonably designed to ensure that the
Authorized Participant is not being used as a conduit for money laundering or
other illicit purposes; and the Authorized Participant has verified the
identity of each of the Authorized Participant’s customers and made reasonable
inquiries regarding the source of funds credited to such customer’s account,
and to the best of the its knowledge, no transaction through any such account
is prohibited by applicable law, regulation or rule.

                    (f)
The Authorized Participant acknowledges that in addition to satisfying the
prospectus delivery and disclosure requirements of the 1933 Act, it and any
other participant in the distribution of the Shares purchased by the Authorized
Participant may have an obligation to comply with the prospectus delivery
requirements under the CEA. The Managing Owner agrees that if it becomes aware
of any new delivery or disclosure requirement under the 1933 Act or the CEA
relating to Shares, other than the current obligation to deliver the
Prospectus, it shall use reasonable efforts to advise the Authorized
Participant of such requirement(s).

                    (g)
The Authorized Participant agrees not to enforce against the Trust and Managing
Owner any patent rights with respect to the business of the Trust. For
avoidance of doubt, this provision will only be effective during time periods
in which the Agreement is in effect and shall not survive termination thereof.

               Section
3. Orders.

                    (a)
All orders to create or redeem Baskets shall be made in accordance with the
terms of the Trust Agreement, this Agreement and the Procedures. Each party
will comply with such foregoing terms and procedures to the extent applicable
to it. The Authorized Participant hereby consents to the use of recorded
telephone lines whether or not such use is reflected in the Procedures. The
Managing Owner may issue, or caused to be issued, additional or other
procedures from time to time relating to the manner of creating or redeeming
Baskets which are not related to the Procedures, and the Authorized Participant
will comply with such procedures of which it has received notice delivered in
accordance with Section 17(c).

                    (b)
The Authorized Participant acknowledges and agrees that each order to create a
Basket (a “Purchase Order”) and each order to redeem a Basket (a “Redemption
Order”, and each Purchase Order and Redemption Order, an “Order”) delivered to
the Managing Owner, or the Managing Owner’s designee, may not be revoked by the
Authorized Participant after such delivery.

                    (c)
The Authorized Participant acknowledges and agrees it is acting solely as
principal and not on behalf of any party for which it is acting (whether such
party is a customer or otherwise), and that each Order may not be withdrawn by
the Authorized Participant. A form of Purchase/Redemption Order is attached
hereto as Exhibit C.

                    (d)
The Managing Owner may, in its discretion, suspend the right of repurchase, or
postpone the purchase settlement date, (i) for any period during which
NYSE Arca and any of the exchanges identified in a Fund’s Prospectus as an
exchange on which the Fund’s investments are traded (each, an “Exchange”) or
any other exchange material to the valuation or operation of the Fund is closed
other than for customary holidays or weekend closings or when trading is
suspended or restricted in any of the Fund’s investments; (ii) for any
period during which an emergency exists as a result of which the fulfillment of
a purchase order is not reasonably practicable; or (iii) for such other
period as the Managing Owner determines to be necessary for the protection of
the shareholders. The Managing Owner will not 

3

be liable to any person
or in any way for any loss or damages that may result from any such suspension
or postponement.

                    (e)
The Managing Owner, or its designee, shall also have the absolute right, but
shall have no obligation, to reject any Purchase Order if: (i) it
determines that, due to position limits or otherwise, investment alternatives
that will enable a Fund to meet its investment objective are not available to
the Fund at that time; (ii) it determines that such Purchase Order is not
in proper form; (iii) it has determined such Purchase Order would have adverse
tax consequences to the Trust or to the Beneficial Owners; (iv) the
acceptance or receipt of such Purchase Order could, in the opinion of counsel
to the Managing Owner be unlawful; or (v) if circumstances outside the
control of the Managing Owner, or its designee, make it for all practical
purposes not feasible to process creations of Baskets. The Managing Owner, or
its designee, shall have no liability to any person for rejecting any Purchase
Order.

                    (f)
The Managing Owner, or its designee, shall reject any Redemption Order if:
(i) the fulfillment of which its counsel advises would be illegal;
(ii) it is determined by the Managing Owner, or its designee, not to be in
proper form; or (iii) as a result of the Redemption Order, the number of
remaining outstanding Shares would be reduced to fewer than the number of
Shares required to remain outstanding for a Fund under applicable exchange
rules. The Managing Owner, or its designee, shall have no liability to any
person for rejecting a Redemption Order in such circumstances.

                    (g)
The Managing Owner may, in its discretion, suspend the right of redemption, or
postpone the applicable Settlement Time: (i) for any period during which
any of the Exchanges or any other exchange material to the valuation or
operation of the Fund is closed other than for customary holidays or weekend
closings or when trading is suspended or restricted in any of the Fund’s
investments; (ii) for any period during which an emergency exists as a
result of which the delivery, disposal or evaluation of a Fund’s assets is not
reasonably practicable; or (iii) for such other period as the Managing
Owner determines to be necessary for the protection of the shareholders. The
Managing Owner will not be liable to any person or in any way for any loss or
damages that may result from any such suspension or postponement.

                    (h)
The Managing Owner may reject a previously placed Purchase Order or a
Redemption Order at any time prior to the Order Cut-Off Time, if in the sole
discretion of the Managing Owner, the execution of such an order would not be
in the best interest of the Fund or its shareholders.

                    (i)
(i) Solely with respect to Creation Orders or Redemption Orders effected
through the CNS Clearing Process, the Authorized Participant, as a
Participating Party, hereby authorizes the transmission to the NSCC on behalf
of the Authorized Participant by The Bank of New York Mellon (the “Transfer
Agent”) such instructions consistent with the instructions issued by the
Authorized Participant. The Authorized Participant agrees to be bound by the
terms of such instructions issued and reported to NSCC by the Transfer Agent as
though such instructions were issued by the Authorized Participant directly to
NSCC.

               Section
4. Fees. To compensate the
Transfer Agent for services in processing the creation and redemption of
Baskets and to reimburse the Trust for transaction-related expenses, an
Authorized Participant is required to pay a transaction fee prescribed in the
Prospectus (“Transaction Fee”). An order may include multiple Baskets. The
Transaction Fee may be adjusted from time to time as set forth in the
Prospectus. 

               Section
5. Authorized Persons.
Concurrently with the execution of this Agreement and as requested in writing
from time to time thereafter, the Authorized Participant shall deliver to the
Managing Owner, or its designee, a certificate, duly notarized and certified as
appropriate by its secretary or other 

4

duly authorized official,
in the form of Exhibit B, setting forth the names and signatures of all persons
authorized to give instructions relating to activity contemplated hereby or by
any other notice, request or instruction given on behalf of the Authorized
Participant (each, an “Authorized Person”). The Managing Owner may accept and
rely upon such certificate as conclusive evidence of the facts set forth
therein and shall consider such certificate to be in full force and effect
until the Managing Owner, or its designee, receives a superseding certificate
bearing a subsequent date and duly notarized and certified as described above.
Upon the termination or revocation of authority of any Authorized Person by the
Authorized Participant, the Authorized Participant shall give prompt written
notice of such fact to the Managing Owner and such notice shall be effective
upon receipt by the Managing Owner. The Managing Owner shall issue, or caused
to be issued, to each Authorized Person a unique personal identification number
(the “PIN Number”) by which such Authorized Person shall be identified and by
which instructions issued by the Authorized Participant hereunder shall be
authenticated. The PIN Number shall be kept confidential by the Authorized
Participant and shall only be provided to the Authorized Person. If, after
issuance, the Authorized Person’s PIN Number is changed, the new PIN Number
shall become effective on a date mutually agreed upon by the Authorized
Participant and the Managing Owner. If the Authorized Participant’s PIN Number
is compromised in any way, the Authorized Participant shall contact the
Transfer Agent immediately in order for a new one to be issued.

               Section
6. Redemption. The Authorized
Participant represents and warrants that it will not initiate a Redemption
Order (as described in the Procedures) with the Managing Owner for the purpose
of redeeming a Basket unless (i) it or its customer, as the case may be,
owns outright or has the full legal authority and legal and beneficial right to
tender for redemption the Baskets to be redeemed and to receive the entire
proceeds of the redemption, and (ii) such Baskets have not been loaned or
pledged to another party and are not the subject of a repurchase agreement,
securities lending agreement or any other arrangement which, under the
circumstances, would preclude the delivery of such Baskets to the Managing
Owner on the Business Day following the Redemption Order Date. A “Business Day”
means any day other than a day when any of Exchanges is closed for regular
trading.

               Section
7. Role
of Authorized Participant.

                    (a)
The Authorized Participant acknowledges that, for all purposes of this
Agreement and the Trust Agreement, the Authorized Participant shall be deemed
to be an independent contractor and shall have no authority to act as agent for
the Trust, any Fund or the Managing Owner in any matter or in any respect.

                    (b)
The Authorized Participant will make itself and its employees available, upon
reasonable request, during normal business hours to consult with the Managing
Owner or its designees concerning the performance of the Authorized
Participant’s responsibilities under this Agreement.

                    (c)
With respect to any creation or redemption transaction made by the Authorized
Participant pursuant to this Agreement for the benefit of any customer or any
other DTC Participant or securities brokers and dealers, banks, trust
companies, and clearing corporations that clear through or maintain a custodial
relationship with a DTC Participant (“Indirect Participant”), or any other
Beneficial Owner, the Authorized Participant shall extend to any such party all
of the rights, and shall be bound by all of the obligations, of a DTC
Participant in addition to any obligations that it undertakes hereunder or in
accordance with the Trust Agreement.

                    (d)
The Authorized Participant will maintain records of all sales of Baskets made
by or through it and, upon reasonable request of the Managing Owner, except if
prohibited by applicable law and subject to any privacy obligations or other
obligations arising under federal or state securities laws it may have to its
customers, will furnish the Managing Owner with the names and addresses of the 

5

purchasers of such
Baskets and the number of Baskets purchased if and to the extent that the
Managing Owner has been requested to provide such information to a governmental
authority or self-regulatory organization having jurisdiction over the Trust or
the Managing Owner or their activities arising under this Agreement, including,
without limitation, the SEC, FINRA, CFTC, NFA or the Internal Revenue Service
(the “Regulatory Authorities”). For the avoidance of doubt, all such
information provided by the Authorized Participant shall be Confidential
Information (as defined in Section 19) and shall not be used for any purpose
other than to satisfy requests of Regulatory Authorities.

                    (e)
Upon reasonable request by the Managing Owner, the Authorized Participant will,
subject to any limitations arising under federal or state securities laws
relating to privacy or other obligations it may have to its customers, provide
the Managing Owner written notice indicating the number of Shares that the Authorized
Participant may hold as record holder and the number of such Shares that it
holds for the benefit of other broker-dealers that clear and settle
transactions in Shares through the Authorized Participant, in each case as of
the date of such request, with respect to the Trust. In addition, the Trust may
from time to time be obligated to deliver prospectuses, proxy materials, annual
or other reports of a Fund or other similar information (“Fund Documents”) to
the Fund’s shareholders. The Authorized Participant agrees (i) subject to
any privacy obligations or other obligations arising under federal or state
securities laws it may have to its customers, to reasonably assist the Managing
Owner in ascertaining certain information regarding sales of Baskets made by or
through the Authorized Participant that is necessary for the Trust to comply
with such obligations upon written request of the Managing Owner or
(ii) in lieu thereof, and at the option of the Authorized Participant, the
Authorized Participant may undertake to deliver Fund Documents to the
Authorized Participant’s customers that custody Shares with the Authorized
Participant, after receipt from the Trust, the Managing Owner or its designee
of sufficient quantities of such Fund Documents to allow mailing thereof to
such customers. The expenses associated with such transmissions shall be borne
by the Managing Owner in accordance with usual custom and practice in respect
of such communications. The Managing Owner agrees that the names, addresses and
other information concerning the Authorized Participants customers are and
shall remain the sole property of the Authorized Participant, and none of the
Managing Owner, the Trust or any of their respective affiliates shall use such
names, addresses or other information for any purposes except in connection
with the performance of their duties and responsibilities hereunder and except
to the extent necessary for the Fund to meet its regulatory requirements as set
forth in Section 7(d) and in this Section 7(e) of the Agreement.

                    (f)
The Authorized Participant agrees that, in connection with any sales of the
Shares, it will not charge a commission to its customers in excess of one
percent (1%) of the gross offering proceeds registered under each effective
registration statement as provided under the “Plan of Distribution – Summary of
Items of Value Pursuant to FINRA Rule 2310” section of the applicable Fund’s
Prospectus. Such commission may only be charged by a broker-dealer registered
as such under the Exchange Act and which is a member of FINRA.

               Section
8. Indemnification.

                    (a)
The Authorized Participant hereby indemnifies and holds harmless the Trust,
each Fund and the Managing Owner and their respective direct or indirect
affiliates (as defined below) and their respective directors, trustees,
managing owners, partners, members, managers, officers, employees and agents
(each, an “AP Indemnified Party”) from and against any losses, liabilities,
damages, costs and expenses (including reasonable attorneys’ fees and the
reasonable costs of investigation) incurred by such AP Indemnified Party as a
result of or in connection with: (i) any breach by the Authorized Participant
of any provisions of this Agreement, including its representations, warranties
and covenants; (ii) any failure on the part of the Authorized Participant to
perform any of its obligations set forth in this Agreement; (iii) any failure
by the Authorized Participant to comply with 

6

applicable laws and the
rules and regulations of self-regulatory organizations; (iv) any actions of
such AP Indemnified Party in reliance upon any instructions issued in
accordance with the Procedures believed by the AP Indemnified Party to be
genuine and to have been given by the Authorized Participant; or (v) (A) any
representation by the Authorized Participant, its employees or its agents or
other representatives about the Shares, any AP Indemnified Party, the Trust or
each Fund that is not consistent with the Fund’s then-current Prospectus made
in connection with the offer or the solicitation of an offer to buy or sell
Shares and (B) any untrue statement or alleged untrue statement of a material
fact contained in any research reports, marketing material and sales literature
described in Section 12(b) hereof or any alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading to the extent that such statement or omission relates to
the Shares, any AP Indemnified Party or the Funds, unless, in either case, such
representation, statement or omission was made or included by the Authorized
Participant at the written direction of the Managing Owner or is based upon any
omission or alleged omission by the Managing Owner to state a material fact in
connection with such representation, statement or omission necessary to make
such representation, statement or omission not misleading.

                    (b)
The Managing Owner hereby agrees to indemnify and hold harmless the Authorized
Participant, its respective subsidiaries, affiliates, directors, officers,
employees and agents, and each person, if any, who controls such persons within
the meaning of Section 15 of the 1933 Act and Section 20 of the 1934 Act (each,
a “Managing Owner Indemnified Party”) from and against any losses, liabilities,
damages, costs and expenses (including reasonable attorneys’ fees and the
reasonable cost of investigation) incurred by such Managing Owner Indemnified
Party as a result of (i) any breach by the Managing Owner of any provision of
this Agreement that relates to the Managing Owner; (ii) any failure on the part
of the Managing Owner to perform any obligation of the Managing Owner set forth
in this Agreement; (iii) any failure by the Managing Owner to comply with
applicable laws; or (iv) any untrue statement or alleged untrue statement of a
material fact contained in the applicable Registration Statement as originally
declared effective by the SEC or in any amendment thereof, or in any
Prospectus, or in any amendment thereof or supplement thereto, or arising out
of or based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading, except those statements in the applicable Registration
Statement or the Prospectus based on information furnished in writing by or on
behalf of the Authorized Participant expressly for use in such Registration
Statement or such Prospectus.

                    (c)
This Section 8 shall not apply to the extent any such losses, liabilities,
damages, costs and expenses are incurred as a result of or in connection with
any gross negligence, bad faith or willful misconduct on the part of the AP
Indemnified Party or the Managing Owner Indemnified Party, as the case may be.
The term “affiliate” in this Section 8 shall include, with respect to any
person, entity or organization, any other person, entity or organization which
directly, or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with such person, entity or
organization.

                    (d)
The indemnity agreements contained in this Section 8 shall remain in full force
and effect regardless of any investigation made by or on behalf of the
Authorized Participant, its partners, stockholders, members, directors,
officers, employees or any person (including each partner, stockholder, member,
director, officer or employee of such person) who controls the Authorized
Participant within the meaning of Section 15 of the 1933 Act or Section 20 of
the 1934 Act, or by or on behalf of the Managing Owner, its partners,
stockholders, members, managers, directors, officers, employees or any person
who controls the Managing Owner within the meaning of Section 15 of the 1933
Act or Section 20 of the 1934 Act, and shall survive any termination of this
Agreement. The Managing Owner, for itself and on behalf of each Fund, Managing
Owner Indemnified Party, and the Authorized Participant agree promptly to
notify, to the extent practicable and legally permissible, each other of the
commencement of any 

7

proceeding against it or
any AP Indemnified Party or Managing Owner Indemnified Party, as the case may
be, and, in the case of the Managing Owner, against any of the Managing Owner’s
officers or directors, in connection with the issuance and sale of the Shares
or in connection with the Registration Statement or the Prospectus. 

               Section
9. Liability.

                    (a)
Limitation of Liability. In the
absence of gross negligence, bad faith or willful misconduct, neither the
Managing Owner, whether acting on its own behalf or on behalf of a Fund, nor
the Authorized Participant shall be liable to each other or to any other person,
including any party claiming by, through or on behalf of the Authorized
Participant, for any losses, liabilities, damages, costs or expenses arising
out of any mistake or error in data or other information provided to any of
them by each other or a third party or out of any interruption or delay in the
electronic means of communications used by them.

                    (b)
Tax Liability. The Authorized
Participant shall be responsible for the payment of any transfer tax, sales or
use tax, stamp tax, recording tax, value added tax and any other similar tax or
government charge applicable to the creation or redemption of any Basket made
pursuant to this Agreement, regardless of whether or not such tax or charge is
imposed directly on the Authorized Participant. To the extent the Managing
Owner, the Trust or a Fund is required by law to pay any such tax or charge,
the Authorized Participant agrees to promptly indemnify such party for any such
payment, together with any applicable penalties, additions to tax or interest
thereon.

                    (c)
Fund and Shareholder Liability. The parties hereto hereby agree and
acknowledge that the Trust is a series trust pursuant to Sections 3804(a) and
3806(b)(2) of the Delaware Statutory Trust Act, 12 Del. C. § 3801 et seq.
and the Trust has separately entered into this Agreement with respect to each
Fund. Accordingly, the obligations of the Trust with respect to each Fund set
forth in this Agreement are limited obligations with respect to each Fund and
the parties hereto hereby agree to look solely to the assets of the particular
Fund in satisfaction for payment in respect of any claim against or obligation
of such Fund and not against the assets of the Trust generally or the assets of
any other Fund or series of the Trust. In addition, if any claim of the
Authorized Participant against a Fund or the Trust is secured in whole or in
part, the Authorized Participant hereby waives (under Section 1111(b) of the
Bankruptcy Code (11 U.S.C. § 1111(b)) its right to have any deficiency claims
(which may arise in the event such security is inadequate to satisfy such
claims) treated as unsecured claims against the Trust or any Fund (other than
the Fund against which the claim is made), as the case may be. Further, the
parties hereto agree and acknowledge that this Agreement is not binding upon
the Shareholders (as defined in the Trust Agreement) of the Trust individually
but is binding only upon the assets and property of the applicable Funds as
provided in the previous sentence and no recourse shall be had to the
Shareholders’ personal property for satisfaction of any obligation or claim
arising under or relating to this Agreement.

               Section
10. Acknowledgment. The
Authorized Participant acknowledges receipt of a (i) copy of the Trust
Agreement and (ii) the current Prospectus of the Trust, and represents
that it has reviewed and understands such documents. The Managing Owner and the
Trust agree to process Orders, or cause their agents to process Orders, in
accordance with the provisions of the Prospectus of the Trust, the Trust
Agreement and the Procedures.

               Section
11. Effectiveness and Termination.
Upon the execution of this Agreement by the parties hereto, this Agreement
shall become effective in this form, as of the date first set forth above, and
may be terminated at any time by any party upon thirty (30) days prior
written notice to the other parties unless earlier terminated: (i) in
accordance with Section 2(a); (ii) upon written notice to the Authorized Participant
by the Managing Owner in the event of a material breach by the Authorized
Participant of this 

8

Agreement or the
procedures described or incorporated herein; (iii) immediately in the
circumstances described in Section 17(k); or (iv) at such time as the
Trust is terminated pursuant to the Trust Agreement. Termination of this
Agreement as to any Fund shall not constitute termination as to any other Fund
unless notice is given specifically as to such other Fund. This Agreement
supersedes any prior agreement between the parties hereto with respect to the
subject matter contained herein.

               Section
12. Marketing
Materials; Representations Regarding Shares; Identification in Registration
Statement.

                    (a)
The Authorized Participant represents, warrants and covenants that, without the
written consent of the Managing Owner, the Authorized Participant (i) will
not, in connection with any sale or solicitation of a sale of Shares, make, or
permit any of its representatives to make, any representations concerning the
Shares or any AP Indemnified Party other than representations not inconsistent
with (A) the then-current Prospectus of the applicable Fund,
(B) printed information approved by the Managing Owner as information
supplemental to such Prospectus, (C) any promotional materials or sales
literature furnished to the Authorized Participant by the Managing Owner, or
(D) other information and materials filed by the Trust with the SEC or made
available on any website controlled by the Managing Owner or the applicable
Fund, and (ii) will not furnish or cause to be furnished to any person or
display or publish any information or material relating to the Shares, any AP
Indemnified Party, any Fund or the Trust that are inconsistent with the Fund’s
then-current Prospectus. Copies of the then-current Prospectus of the Funds and
any such printed supplemental information or amendments thereto will be
supplied by, or caused to be supplied by, the Managing Owner to the Authorized
Participant in reasonable quantities upon request.

                    (b)
The Authorized Participant agrees to comply with the prospectus and disclosure
delivery requirements of the federal securities and commodities laws. In
connection therewith, the Authorized Participant will provide each prospective
purchaser of a Fund with a copy of the Funds Prospectus.

                    (c)
The Authorized Participant hereby agrees that for the term of this Agreement
the Managing Owner, or its designee, may deliver the then-current Prospectus,
and any revisions, supplements or amendments thereto or recirculation thereof,
to the Authorized Participant in Portable Document Format (“PDF”) via
electronic mail to _______________ (or to such other address as may be provided
by the Authorized Participant from time to time) in lieu of delivering the
Prospectus in paper form. The Authorized Participant may revoke the foregoing
agreement at any time by delivering written notice to the Managing Owner, or
the Managing Owner’s designee, and, whether or not such agreement is in effect,
the Authorized Participant may, at any time, request reasonable quantities of
the Prospectus, and any revisions, supplements or amendments thereto or
recirculation thereof, in paper form from the Managing Owner or its designee. The
Authorized Participant acknowledges that it has the capability to access, view,
save and print material provided to it in PDF and that it will incur no
appreciable extra costs by receiving the Prospectus in PDF instead of in paper
form. The Managing Owner will, when requested by the Authorized Participant,
make available, or cause to be made available, at no cost the software and
technical assistance necessary to allow the Authorized Participant to access,
view and print the PDF version of the Prospectus.

                    (d)
For as long as this Agreement is effective, if required by the SEC, the
Authorized Participant agrees to be identified as an authorized participant of
the Trust (i) in any section of the Prospectus included within the
Registration Statement as may be required by the SEC; and (ii) on the
Trust’s website. Upon the termination of this Agreement, (i) during the
period prior to when the Managing Owner qualifies and in its sole discretion
elects to file on Form S-3, the Managing Owner will remove such identification
from the Prospectus in the amendment of the Registration Statement next 

9

occurring after the date
of the termination of this Agreement, and (ii) the Managing Owner will
promptly update the Trust’s website to remove any identification of the
Authorized Participant as an authorized participant of the Trust.

               Section
13. Certain Covenants of the Managing Owner.
The Managing Owner, on its own behalf and as sponsor of each Fund, covenants
and agrees:

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

                    (b)
to furnish directly or cause to be furnished to the Authorized Participant, at
each time (i) the Registration Statement or the Prospectus is amended or
supplemented by the filing of a post-effective amendment; (ii) a new
Registration Statement is filed to register additional Shares in reliance on
Rule 429 under the 1933 Act; and (iii) there is financial information
incorporated by reference into the Registration Statement or the Prospectus,
such customary documents and certificates in form and content as reasonably
requested and agreed; and

                    (c)
to cause the Trust to file a post-effective amendment to the Registration
Statement no less frequently than once per calendar quarter on or about the
same time that the Trust files a quarterly or annual report pursuant to
Section 13 or 15(d) of the 1934 Act (including the information contained in
such report), until such time as the Trust’s reports filed pursuant to
Section 13 or 15(d) of the 1934 Act are incorporated by reference in the
Registration Statement. 

               Section
14. Third
Party Beneficiaries. Each AP Indemnified Person, to the extent it is
not a party to this Agreement, is a third-party beneficiary of this Agreement
and may proceed directly against the Authorized Participant (including by
bringing proceedings against the Authorized Participant in its own name) to
enforce any obligation of the Authorized Participant under this Agreement which
directly or indirectly benefits such AP Indemnified Person. Each Managing Owner
Indemnified Person, to the extent it is not a party to this Agreement, is a
third-party beneficiary of this Agreement and may proceed directly against the
Managing Owner, a Fund or their respective agents (including by bringing
proceedings against the Managing Owner, a Fund or their respective agents in
its own name) to enforce any obligation of the Managing Owner, a Fund or their
agents under this Agreement which directly or indirectly benefits such Managing
Owner Indemnified Person.

                Section
15. Force Majeure. No party to
this Agreement shall incur any liability for any delay in performance, or for
the non-performance, of any of its obligations under this Agreement by reason
of any cause beyond its reasonable control. This includes any act of God or war
or terrorism, any breakdown, malfunction or failure of transmission in
connection with or other unavailability of any wire, communication or computer
facilities, any transport, port, or airport disruption, industrial action, acts
and regulations and rules of any governmental or supra-national bodies or
authorities or regulatory or self-regulatory organization or failure of any
such body, authority or organization for any reason, to perform its
obligations.

               Section
16. Ambiguous Instructions. If a
Purchase Order Form or a Redemption Order Form contains order terms that differ
from the information provided in the telephone call at the time of issuance of
the applicable order number, the Managing Owner will use commercially
reasonable efforts to contact 

10

one of the Authorized Persons of the Authorized Participant to request
confirmation of the terms of the Order. If an Authorized Person confirms the
terms as they appear in the Order, then the Order will be accepted and
processed. If an Authorized Person contradicts the Order terms, the Order will
be deemed invalid, and a corrected Order must be received by the Managing
Owner. If the Managing Owner is not able to contact an Authorized Person, then
the Order shall be accepted and processed in accordance with its terms
notwithstanding any inconsistency from the terms of the telephone information.
In the event that an Order contains terms that are not complete or are
illegible, the Order will be deemed invalid and the Managing Owner will attempt
to contact one of the Authorized Persons of the Authorized Participant to
request retransmission of the Order. 

          Section 17.
Miscellaneous. 

                    (a)
Amendment and Modification. This
Agreement, the Procedures attached as Attachment A and the Exhibits hereto may
be amended, modified or supplemented by the Trust and the Managing Owner,
without consent of the Authorized Participant from time to time by the
following procedure. After the amendment, modification or supplement has been
agreed to, the Managing Owner will mail a copy of the proposed amendment,
modification or supplement to the Authorized Participant in accordance with
Section 17(c) below. For the purposes of this Agreement, mail will be deemed
received by the recipient thereof on the third (3rd) day following
the deposit of such mail into the United States postal system. Within fifteen
(15) calendar days after its deemed receipt, the amendment, modification or
supplement will become part of this Agreement, the Attachments or the Exhibits,
as the case may be, in accordance with its terms. 

                    (b)
Waiver of Compliance. 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 written 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. 

                    (c)
Notices. Except as otherwise
specifically provided in this Agreement, all notices required or permitted to
be given pursuant to this Agreement shall be given in writing and delivered by
personal delivery, by postage prepaid registered or certified United States
first class mail, return receipt requested, by nationally recognized overnight
courier (delivery confirmation received) or by telex, electronic mail, telegram
or telephonic facsimile or similar means of same day delivery (transmission
confirmation received), with a confirming copy by regular mail, postage
prepaid. Unless otherwise notified in writing, all notices to the Trust or any
Fund shall be given or sent to the Managing Owner. All notices shall be
directed to the address or telephone or facsimile numbers or electronic mail
addresses indicated below the signature line of the parties on the signature
page hereof. 

                    (d)
Successors and Assigns. This
Agreement and all of the provisions hereof shall be binding upon and inure to
the benefit of the parties and their respective successors and permitted
assigns. 

                    (e)
Assignment and Delegation.
Neither this Agreement nor any of the rights, duties or obligations hereunder
shall be assigned or delegated by any party without the prior written consent
of the other parties, except that any entity into which a party hereto may be
merged or converted or with which it may be consolidated or any entity resulting
from any merger, conversion, or consolidation to which such party hereunder
shall be a party, or any entity succeeding to all or substantially all of the
business of the party, shall be the successor of the party under this Agreement
and except that the Managing Owner may assign or delegate its rights, duties or
obligations hereunder to the Transfer Agent or the Marketing Agent by advance
written notice to the Authorized Participant. The party resulting from 

11

any such merger, conversion, consolidation or succession shall notify
the other parties hereto of the change. Any purported assignment or delegation
in violation of the provisions hereof shall be null and void. Notwithstanding
the foregoing, this Agreement shall be automatically assigned to any successor
trustee or Managing Owner at such time such successor qualifies as a successor
trustee or Managing Owner under the terms of the Trust Agreement. 

                    (f)
Governing Law; Consent to Jurisdiction.
This Agreement shall be governed by and construed in accordance with the laws
of the State of New York (regardless of the laws that might otherwise govern
under applicable New York conflict of laws principles) as to all matters,
including matters of validity, construction, effect, performance and remedies.
Each party hereto irrevocably consents to the jurisdiction of the courts of the
State of New York and of any federal court located in the Borough of Manhattan
in such State in connection with any action, suit or other proceeding arising
out of or relating to this Agreement or any action taken or omitted hereunder,
and waives any claim of forum non conveniens and any objections as to laying of
venue. Each party further waives personal service of any summons, complaint or
other process and agrees that service thereof may be made by certified or
registered mail directed to such party at such party’s address for purposes of
notices hereunder. Each party hereby waives its right to a trial by jury of any
claim arising under or in connection with this Agreement. 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 17(f) shall
survive any termination of this Agreement, in whole or in part. 

                    (g)
Counterparts. This Agreement may
be executed in one or more counterparts, each of which will be deemed to be an
original copy of this Agreement and all of which, when taken together, will be
deemed to constitute one and the same agreement, and it shall not be necessary
in making proof of this Agreement as to any party hereto to produce or account
for more than one such counterpart executed and delivered by such party. 

                    (h)
No Partnership. Nothing in this
Agreement is intended to, or will be construed to constitute the Managing
Owner, the Trust or any Fund, on the one hand, and the Authorized Participant
or any of its Affiliates, on the other hand, as partners or joint venturers; it
being intended that the relationship between them will at all times be that of
independent contractors. 

                    (i)
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. 

                    (j)
Entire Agreement. This Agreement
and the Trust Agreement, along with any other agreement or instrument delivered
pursuant to this Agreement and the Trust Agreement, supersede all prior
agreements and understandings between the parties with respect to the subject
matter hereof, provided, however, that the Authorized Participant shall not be
deemed by this provision to be a party to the Trust Agreement. 

                    (k)
Severance. 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, unless the Managing 

12

Owner determines in its discretion that the provision of this Agreement
that was held invalid, illegal or unenforceable does affect the validity,
legality or enforceability of one or more other provisions of this Agreement,
and that this Agreement should not be continued without the provision that was
held invalid, illegal or unenforceable, and in that case, upon the Managing
Owner’s notification of the trustee of such a determination, this Agreement
shall immediately terminate and the Managing Owner shall so notify the
Authorized Participant immediately. 

                    (l)
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. 

                    (m)
Survival. Section 8 (Indemnification)
and Section 14 (Third Party Beneficiaries) hereof shall survive the termination
of this Agreement. 

                    (n)
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.” 

          Section 18.
No Promotion. Except as provided
in Section 12(d) of this Agreement, each of the Trust and the Managing Owner
agrees that it will not, without the prior written consent of the Authorized
Participant in each instance, (i) use in advertising, publicity or otherwise
the name of the Authorized Participant or any affiliate of the Authorized
Participant, or any partner or employee of the Authorized Participant, nor any
trade name, trademark, trade device, service mark, symbol or any abbreviation,
contraction or simulation thereof owned by the Authorized Participant or its
affiliates, or (ii) represent, directly or indirectly, that any product or any
service provided by the Trust or the Managing Owner has been approved or
endorsed by the Authorized Participant. 

          Section 19.
Confidentiality. 

                    (a)
The Managing Owner and the Trust (the “Managing Owner Parties”) and the
Authorized Participant shall maintain in confidence, use only for the purposes
provided for in this Agreement, and not disclose to any third party, without
first obtaining the consent in writing of the Authorized Participant (in the
case of disclosure by the Managing Owner Parties) or the Managing Owner (in the
case of disclosure by the Authorized Participant), any and all Confidential
Information (as defined below) receives from the other party; provided,
however, that either such party may disclose Confidential Information received
from the other such party to those of its internal and external representatives
as may be necessary for such party to carry out its obligations under this
Agreement. 

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

                    (c)
Notwithstanding the provisions of this Agreement to the contrary, the Managing
Owner Parties shall have no liability to the Authorized Participant and the
Authorized Participant shall have no liability to the Managing Owner Parties
for the disclosure or use of any Confidential Information of the other party if
the Confidential Information: 

13

                              (i)
is known to the party disclosing the Confidential Information (the Disclosing
Party) at the time of disclosure other than as the result of a breach of this
Section 19 by the Disclosing Party; 

                              (ii)
has been or becomes publicly known, other than as the result of a breach of
this Section 19 by the Disclosing Party, or has been or is publicly disclosed
by the other party; 

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

                              (iv)
is required to be disclosed by law or similar compulsion or in connection with
any legal proceeding or request for information on behalf of a governmental
authority or self-regulatory organization, provided that the Disclosing Party
shall promptly inform the other party in writing of such requirement and that
such disclosure shall be limited to the extent so required. 

                    (d)
The parties recognize and acknowledge that a breach or threatened breach by a
party of the provisions of this Section 19 may cause irreparable and material
loss and damage to a Managing Owner Party or the Authorized Participant, as the
case may be, which cannot be adequately remedied at law and that, accordingly,
in addition to, and not in lieu of, any damages or other remedy to which a
non-breaching party may be entitled, the issuance of an injunction or other
equitable remedy (without the requirement that a bond or other security be
posted) is an appropriate remedy for the non-breaching party for any breach or
threatened breach of the obligations set forth in this Section 19. 

                    (e)
The Managing Owner Parties and the Authorized Participant agree that they will
use the same degree of care, but no less than a reasonable degree of care, in
safeguarding the Confidential Information of the Authorized Participant and the
Managing Owner Parties, respectively, as they use for their own Confidential
Information of a similar nature. The Managing Owner Parties shall promptly
notify the Authorized Participant in writing of any misuse, misappropriation or
unauthorized disclosure of the Confidential Information of the Authorized
Participant that may come to the attention of a Managing Owner Party. The
Authorized Participant shall promptly notify the Managing Owner Parties in
writing of any misuse, misappropriation or unauthorized disclosure of the
Confidential Information of a Managing Owner Party that may come to the
attention of the Authorized Participant. 

                    (f)
Upon the termination of this Agreement, if requested in writing by a Managing
Owner Party or the Authorized Participant, the Managing Owner Parties and the
Authorized Participant shall, at the option of each and to the extent permitted
by law, promptly destroy or return to the Authorized Participant and the
Managing Owner, respectively, all Confidential Information received from the
Authorized Participant and the Managing Owner Parties, all copies and extracts
of such Confidential Information and all documents or other media containing any
such Confidential Information. 

[Signature Page Follows]

14

          IN WITNESS
WHEREOF, the Authorized Participant and the Managing Owner, on behalf of
itself, the Trust and each Fund, have caused this Agreement to be executed by
their duly authorized representatives as of the date first set forth above. 

	
  

 	
  

 
	
 VAN ECK
 ABSOLUTE RETURN ADVISERS CORP.

 
	
 Managing
 Owner of Market Vectors Commodity Trust

 
	
  

 	
  

 
	
 By:

 	
  

 
	
  

 	 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 
	
 MARKET
 VECTORS COMMODITY TRUST

 
	
  

 	
  

 
	
 By:

 	
  

 
	
  

 	 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 
	
 [AUTHORIZED
 PARTICIPANT]

 
	
  

 	
  

 
	
 By:

 	
  

 
	
  

 	 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 

15

EXHIBIT A

SERIES OF MARKET VECTORS COMMODITY TRUST 

(As of [●], 2013)

	
  

 	
  

 
	
 Fund

 	
 Registration No.

 
	
 Market Vectors Low Volatility Commodity ETF

 	
 333-179435

 
	
 Market Vectors Long/Short Commodity ETF

 	
 333-179432

 

16

EXHIBIT B

AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT

The following are the names, titles and signatures of all persons (each
an “Authorized Person”) authorized to give instructions relating to any
activity contemplated by the Participant Agreement or any other notice, request
or instruction on behalf of the Authorized Participant pursuant to the Market
Vectors Commodity Trust Participant Agreement

Authorized Participant: [ ]

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Name:

 	
  

 	
  

 	
  

 	
 Name:

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Title:

 	
  

 	
  

 	
  

 	
  

 	
 Title:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Signature:

 	
  

 	
 Signature:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Name:

 	
  

 	
  

 	
  

 	
 Name:

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Title:

 	
  

 	
  

 	
  

 	
  

 	
 Title:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Signature:

 	
  

 	
 Signature:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Name:

 	
  

 	
  

 	
  

 	
 Name:

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Title:

 	
  

 	
  

 	
  

 	
  

 	
 Title:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Signature:

 	
  

 	
 Signature:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Name:

 	
  

 	
  

 	
  

 	
 Name:

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Title:

 	
  

 	
  

 	
  

 	
  

 	
 Title:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Signature:

 	
  

 	
 Signature:

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

     The undersigned, [name], [title]
of [company], does hereby certify
that the persons listed above have been duly authorized to act as Authorized
Persons pursuant to the Market Vectors Commodity Trust Participant Agreement by
and between [Authorized Participant],
the Managing Owner and the Trust dated [date],
and that their signatures set forth above are their own true and genuine
signatures. 

     In Witness Whereof, the undersigned has
hereby set his/her hand and the seal of [company]
on the date set forth below. 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Subscribed
 and sworn to before me

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	 

 

 	 

 

 	
  

 
	
 this ____
 day of ____________, 20_____

 	
 Name:

 	 	
  

 	
  

 
	
  

 	
  

 	 	

 
	
  

 	
 Title:

 	 	
  

 
	
  

 	
  

 	 	

 
	
  

 	
  

 	 	
  

 	
  

 
	
  

 	
 Date:

 	 	
  

 	
  

 
	
 

 	
  

 	 	

 	
  

 
	
 Notary
 Public

 	
  

 	 	
  

 	
  

 

17

EXHIBIT C

PURCHASE/REDEMPTION ORDER FORM

FOR [__________________________________] FUND

	
  

 	
  

 	
  

 
	
 CONTACT
 INFORMATION FOR ORDER EXECUTION:

 
	
 Telephone
 order number:

 	
  

 	
 Telex Number

 
	
 Facsimile
 number:

 	
  

 	
 Business
 Number

 
	
 ALL ITEMS IN
 PART I MUST BE COMPLETED BY AN AUTHORIZED PARTICIPANT. THE MANAGING OWNER
 [AND/OR THE MARKETING AGENT], IN THEIR DISCRETION, MAY REJECT ANY ORDER NOT
 SUBMITTED IN COMPLETE FORM.

 

	
  

 	
  

 
	
 I.

 	
 TO BE COMPLETED BY AUTHORIZED PARTICIPANT:

 

	
  

 	
  

 
	
 Date:

 	
 Time:

 
	 
 	

 
	
 Broker Name:

 	
 Firm Name:

 
	 
 	

 
	
 NSCC
 Participant Number:

 	
 DTC
 Participant Number:

 
	 
 	

 
	
 Telephone
 Number:

 	
 Telex
 Number:

 
	 
 	

 
	
 Fax Number:

 	
  

 
	 
 	
  

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Type of
 Order (Check One)

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Amount
 Created Units ([ ] Units)

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Amount
 Written Out

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Amount
 Redeemed Units ([ ] Units)

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Amount
 Written Out:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Order #:

 	
  

 	
  

 	
  

 

Pursuant to
Section 17 CFR 4.21(b), the above-listed Fund may not accept or receive funds,
securities or other property from a prospective participant unless it first
receives from the prospective participant the following acknowledgment:

IN ADDITION TO
THE PLACEMENT OF THE ORDER ABOVE, ON BEHALF OF THE AUTHORIZED PARTICIPANT AS A
PROSPECTIVE PARTICIPANT OF THE ABOVE-LISTED FUND, I HEREBY ACKNOWLEDGE AND
AFFIRM THAT I HAVE RECEIVED THE PROSPECTUS FOR THE MARKET VECTORS COMMODITY
TRUST AND THE ABOVE-LISTED FUND.

	
  

 	
  

 	
  

 
	
 By:

 	
 _______________________,
 an Authorized Participant

 
	
  

 	
 Name: 

 	
 ____________________________

 

18

ATTACHMENT A

MARKET VECTORS COMMODITY TRUST

AUTHORIZED PARTICIPANT

PROCEDURES HANDBOOK

Scope
of Procedures and Overview 

This Attachment A
to the Participant Agreement supplements this Agreement, the Prospectus and the
Trust Agreement (as defined below) with respect to the procedures (the
“Procedures”) to be used in processing (1) a creation order for the
creation of one or more Baskets (”Creation Order”) of Shares of the series of
the Trust (each, a “Fund”) issued by Market Vectors Commodity Trust (the
“Trust”) in Creation Baskets of the Fund and a (2) redemption order for
the redemption of one or more Baskets (”Redemption Order”) of Shares of the
Fund issued by the Trust in Redemption Baskets of the Fund. Shares may be
created or redeemed only in aggregations of a specified number of Shares stated
in a Fund’s current prospectus (each such block, a “Basket”) for the Fund.
The Trust is a Delaware statutory trust with multiple series, including the
Fund. 

Capitalized terms used
in these Procedures without further definition have the meanings assigned to
them in the Amended and Restated Declaration of Trust and Trust Agreement (the
“Trust Agreement”) of the Trust, dated as of [ ], and as amended from
time-to-time, between Wilmington Trust Company, as trustee of the Trust (the
“Trustee”) and Van Eck Absolute Return Advisers Corp., as managing owner (the
“Managing Owner”) or the Participant Agreement entered into by each
Participant with the Trust on behalf of each Fund and the Managing Owner. 

Baskets are issued pursuant to the Prospectus
and are issued and redeemed in accordance with the Trust Agreement and the Participant
Agreement. 

Creation Orders and
Redemption Orders are, collectively, the “Orders.” 

“Transfer Agent”
means The Bank of New York Mellon. 

Authorized
Participants (”Participants”) may submit Orders to the Transfer Agent by
(i) submitting such Orders through the Transfer Agent’s electronic order
entry system, as such may be made available and constituted from time to time,
the use of which shall be subject to the terms and conditions of the Electronic
Services Agreement, incorporated herein by reference as provided in Annex I
(the “Website Based Orders”), (ii) facsimile or (iii) telephone to
the Transfer Agent Representative and the Managing Owner, as applicable,
according to these Procedures as provided in Annex I ((ii) and (iii),
collectively, the “Fax/Telephone Based Orders”). 

“Order Cut-Off Time”
means 1:00 P.M., Eastern Time, on each Business Day. 

Baskets may be created
and redeemed on any Business Day in exchange for the applicable Creation Basket
Capital Contribution or Redemption Basket, respectively, from the Participant. 

“Creation Order
Date” means an order to create one or more Creation Baskets placed by a
Participant with the Transfer Agent by the Order Cut-Off Time on a Business
Day. 

“Redemption Order
Date” means an order to redeem one or more Redemption Baskets placed by a
Participant with the Transfer Agent by the Order Cut-Off Time on a Business
Day. 

19

“Settlement Time”
means the first Business Day following the Creation Order Date or the
Redemption Order Date, as applicable. 

“Redemption
Distribution” means, subject to deduction of any tax or other governmental
charges due thereon, the cash in an amount equal to the product obtained by
multiplying (i) the number of Redemption Baskets set forth in the relevant
Redemption Order by (ii) the Net Asset Value per Basket of a Fund as of
the close of the NYSE Arca Core Trading Session or the last to close of the
Futures Exchanges on which the Fund’s Designated Contracts or Substitute
Contracts (which are listed on futures exchanges other than the Futures
Exchanges) are traded, whichever is later, on the Redemption Order Date. 

Each Participant is
responsible for ensuring that the Creation Basket Capital Contribution and/or
the Redemption Basket it intends to transfer to the Fund in exchange for
Creation Baskets or redemption proceeds, as applicable, is available for
transfer to such Fund in the manner and at the times described in these
Procedures. 

Participants will be
required to pay a nonrefundable per order transaction fee of $500 to the
Transfer Agent (the “Transaction Fee”). 

20

ANNEX
I

WEBSITE
BASED ORDERS

AND

FAX/TELEPHONE BASED ORDERS

CREATION
PROCEDURES

 

1. PLACING A CREATION ORDER.

          Participants
may submit Website Based Orders or Fax/Telephone Based Orders to the Transfer
Agent as provided by these Procedures. 

          NOTE
THAT IF THE PARTICIPANT PLACES A FAX/TELEPHONE BASED ORDER, THE TELEPHONE CALL
IN WHICH THE SUBMISSION NUMBER IS ISSUED INITIATES THE CREATION ORDER PROCESS
BUT DOES NOT ALONE CONSTITUTE THE CREATION ORDER. A CREATION ORDER OR REQUEST
IS ONLY COMPLETED AND PROCESSED UPON RECEIPT OF THE SUBMISSION. 

          Creation
Orders for Creation Baskets may be initiated only on Business Days. Creation
Orders may only be made in whole Creation Baskets of the Fund. 

          To
begin a Creation Order, the Participant must telephone the Transfer Agent at
718.315.7500 or such other number as the Managing Owner designates in writing
to the Participant. This telephone call must be made by an Authorized Person of
the Participant and answered by the Transfer Agent before the Order Cut-Off
Time. Upon verifying the authenticity of the Participant (as determined by the
use of the appropriate PIN Number), the Transfer Agent will request that the
Participant place the Creation Order. To do so, the Participant must provide
the appropriate ticker symbol when referring to the Fund. After the Participant
has placed the Creation Order, the Transfer Agent will read the Creation Order
back to the Participant. The Participant then must affirm that the Creation
Order has been taken correctly by the Transfer Agent. If the Participant
affirms that Creation Order has been taken correctly, the Transfer Agent will
issue a confirmation number (the “Confirmation Number”) to the Participant.
All Creation Orders may also be placed by the Participant as a Website Based
Order by the Order Cut-Off Time.  

          PLEASE
NOTE: A CREATION ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER IS
ISSUED BY THE TRANSFER AGENT. WITH RESPECT TO THE FUND, A CREATION ORDER FOR
CREATION BASKETS CANNOT BE CANCELED BY THE PARTICIPANT AFTER THE CONFIRMATION
NUMBER HAS BEEN ISSUED. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED
IN THE SEQUENCE RECEIVED. ACCORDINGLY, THE PARTICIPANT SHOULD NOT HANG UP AND
REDIAL. CALLS THAT ARE IN PROGRESS AT THE ORDER CUT-OFF TIME ARE VALID AND THE
CREATION ORDER WILL BE TAKEN. PLEASE NOTE THAT “IN PROGRESS” IS DEFINED AS A
PARTICIPANT ACTUALLY SPEAKING WITH THE TRANSFER AGENT. FOR CALLS THAT ARE
PLACED BEFORE THE ORDER CUT-OFF TIME THAT ARE IN THE HOLDING QUEUE UNANSWERED
AT OR AFTER THE ORDER CUT-OFF TIME, WILL BE VERBALLY DENIED. INCOMING CALLS
THAT ARE RECEIVED AFTER THE ORDER CUT-OFF TIME WILL NOT BE ANSWERED BY THE
TRANSFER AGENT. ALL TELEPHONE CALLS WILL BE RECORDED. 

2. RECEIPT OF CONFIRMATION.

          Subject
to the conditions that a properly completed telephone Creation Order has been
placed by the Participant not later than the Order Cut-Off Time, the Managing
Owner will accept the Creation Order on behalf of the Trust and will confirm in
writing to the Participant that its Creation Order has been accepted within 45
minutes after the designated Order Cut-Off Time on the Business Day that the
Creation Order is received. Once the Creation Order has been approved by the
Managing Owner, the Managing Owner will sign or time-stamp the Creation Order
and send that Creation Order to the Transfer Agent. 

21

 

3. QUALITY ASSURANCE.

          After
a Confirmation Number is issued by the Transfer Agent to the Participant, the
Participant will fax a written version of the Creation Order to the Transfer
Agent. Upon receipt, the Transfer Agent should immediately telephone the
Participant if the Transfer Agent believes that the Creation Order has not been
completed correctly by the Participant. In addition, the Transfer Agent will
telephone the Participant if the Transfer Agent is in non-receipt of the
Creation Order within 15 minutes after the Creation Order has been called into
the Transfer Agent. 

4. REJECTING OR SUSPENDING CREATION ORDERS.

          The
Managing Owner or its designee reserves the absolute right to reject acceptance
of a Creation Order if: (i) the Managing Owner, or its designee, determines
that, due to position limits or otherwise, investment alternatives that will
enable a Fund to meet its investment objective are not available to the Fund at
that time; (ii) it is determined by the Managing Owner, or its designee, not
to be in proper form; (iii) the Managing Owner, or its designee, has determined
such Purchase Order would have adverse tax consequences to the Trust or to the
Beneficial Owners; (iv) the acceptance or receipt of such Purchase Order
could, in the opinion of counsel to the Managing Owner be unlawful; or (v) if circumstances
outside the control of the Managing Owner, or its designee, make it for all
practical purposes not feasible to process creations of Baskets. The Managing
Owner or its designee shall notify the Participant of a rejection or revocation
of any Creation Order. 

          The
Managing Owner may, in its discretion, suspend the right of repurchase, or
postpone the purchase settlement date, (i) for any period during which an
Exchange or any other exchange material to the valuation or operation of a Fund
is closed other than for customary holidays or weekend closings or trading is
suspended or restricted in any of the Fund’s investments; (ii) for any period
during which an emergency exists as a result of which the fulfillment of a
purchase order is not reasonably practicable; or (iii) for such other period as
the Managing Owner determines to be necessary for the protection of the
Shareholders. The Managing Owner or its designee may not revoke a previously
accepted Creation Order, as defined in Section 2 of this Annex. 

          The
Managing Owner or its designee is not liable to any person or in any way for
any loss or damages that may result from any such rejection or suspension. 

5. CONTRACTUAL SETTLEMENT.

          (a)
Through the CNS Clearing Process

          Except
as provided below, the Creation Basket Capital Contribution must be made in
same day funds through the NSCC to a DTC account maintained by the Custodian on
or before the Settlement Time, after acceptance of the Creation Order, together
with the applicable Transaction Fee. A Creation Basket of the Fund will be
issued to the Participant at the Settlement Time through the CNS system
assuming timely payment of the Creation Basket Capital Contribution and the
Transaction Fee through CNS in accordance with the terms, conditions and
guarantees as set forth in CNS agreements to which the Custodian and
Participant have entered into. 

          (b)
Outside the CNS Clearing Process: 

          The
Creation Basket Capital Contribution must be delivered to an account maintained
by the Custodian on or before the Settlement Time. 

          The
Creation Basket will be credited to the Participant at the Settlement Time.

REDEMPTION
PROCEDURES

1. PLACING A REDEMPTION ORDER.

          Participants
may submit Website Based Orders or Fax/Telephone Based Orders to the Transfer
Agent as provided by these Procedures. 

22

          NOTE
THAT IF THE PARTICIPANT PLACES A FAX/TELEPHONE BASED ORDER, THE TELEPHONE CALL
IN WHICH THE SUBMISSION NUMBER IS ISSUED INITIATES THE REEMPTION ORDER PROCESS
BUT DOES NOT ALONE CONSTITUTE THE REEMPTION ORDER. A REEMPTION ORDER IS ONLY
COMPLETED AND PROCESSED UPON RECEIPT OF THE SUBMISSION. 

          Redemption
Orders for Redemption Baskets may be initiated only on Business Days.
Redemption Orders may only be made in whole Redemption Baskets of each Fund. 

          To
begin a Redemption Order, the Participant must telephone the Transfer Agent at
718.315.7500 or such other number as the Managing Owner designates in writing
to the Participant. This telephone call must be made by an Authorized Person of
the Participant and answered by the Transfer Agent before the Order Cut-Off
Time. Upon verifying the authenticity of the Participant (as determined by the
use of the appropriate PIN Number), the Transfer Agent will request that the
Participant place the Redemption Order. To do so, the Participant must provide
the appropriate ticker symbol when referring to the Fund. After the Participant
has placed the Redemption Order, the Transfer Agent will read the Redemption
Order back to the Participant. The Participant then must affirm that the
Redemption Order has been taken correctly by the Transfer Agent. If the
Participant affirms that Redemption Order has been taken correctly, the
Transfer Agent will issue a confirmation number (the “Confirmation Number”)
to the Participant. All Redemption Orders may also be placed by the Participant
as a Website Based Order by the Order Cut-Off Time.  

          PLEASE
NOTE: A REDEMPTION ORDER REQUEST IS NOT COMPLETE UNTIL THE CONFIRMATION NUMBER
IS ISSUED BY THE TRANSFER AGENT. WITH RESPECT TO THE FUND, A REDEMPTION ORDER
FOR REDEMPTION BASKETS CANNOT BE CANCELED BY THE PARTICIPANT AFTER THE
CONFIRMATION NUMBER HAS BEEN ISSUED. INCOMING TELEPHONE CALLS ARE QUEUED AND WILL
BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY, THE PARTICIPANT SHOULD NOT
HANG UP AND REDIAL. CALLS THAT ARE IN PROGRESS AT THE ORDER CUT-OFF TIME ARE
VALID AND THE REDEMPTION ORDER WILL BE TAKEN. PLEASE NOTE THAT “IN PROGRESS”
IS DEFINED AS A PARTICIPANT ACTUALLY SPEAKING WITH THE TRANSFER AGENT. FOR
CALLS THAT ARE PLACED BEFORE THE ORDER CUT-OFF TIME THAT ARE IN THE HOLDING
QUEUE UNANSWERED AT OR AFTER THE ORDER CUT-OFF TIME, WILL BE VERBALLY DENIED.
INCOMING CALLS THAT ARE RECEIVED AFTER THE ORDER CUT-OFF TIME WILL NOT BE
ANSWERED BY THE TRANSFER AGENT. ALL TELEPHONE CALLS WILL BE RECORDED. 

2. RECEIPT OF CONFIRMATION. 

          Subject
to the conditions that a properly completed telephone Redemption Order has been
placed by the Participant not later than the Order Cut-Off Time, the Managing
Owner will accept the Redemption Order on behalf of the Trust and will confirm
in writing to the Participant that its Redemption Order has been accepted
within 45 minutes after the designated Order Cut-Off Time on the Business Day
that the Redemption Order is received. Once the Redemption Order has been
approved by the Managing Owner, the Managing Owner will sign or time-stamp the
Redemption Order and send that Redemption Order to the Transfer Agent. 

3. QUALITY ASSURANCE.

          After
a Confirmation Number is issued by the Transfer Agent to the Participant, the
Participant will fax a written version of the Redemption Order to the Transfer
Agent. Upon receipt, the Transfer Agent should immediately telephone the
Participant if the Transfer Agent believes that the Redemption Order has not
been completed correctly by the Participant. In addition, the Transfer Agent
will telephone the Participant if the Transfer Agent is in non-receipt of the
Redemption Order within 15 minutes after the Redemption Order has been called
into the Transfer Agent. 

4. REJECTING OR SUSPENDING REDEMPTION ORDERS. 

          The
Managing Owner, or its designee, shall reject any Redemption Order if: (i) the
fulfillment of which its counsel advises would be illegal; (ii) it is
determined by the Managing Owner, or its designee, not to be in proper 

23

form; or (iii) as a result of the Redemption
Order, the number of remaining outstanding Shares would be reduced to fewer
than the number of Shares required to remain outstanding for a Fund under
applicable exchange rules.

          The
Managing Owner or its designee may, in its discretion, suspend the right of
redemption, or postpone the Settlement Time: (i) for any period during which
any of the Exchanges or any other exchange material to the valuation or
operation of the Fund is closed other than for customary holidays or weekend
closings or when trading is suspended or restricted in any of the Fund’s
investments; (ii) for any period during which an emergency exists as a result
of which the delivery, disposal or evaluation of a Fund’s assets is not
reasonably practicable; or (iii) for such other period as the Managing Owner
determines to be necessary for the protection of the shareholders. The Managing
Owner shall notify the Participant of a rejection or revocation of any
Redemption Order. The Managing Owner or its designee may not revoke a
previously accepted Redemption Order, as defined in Section 2 of this
Annex. 

          The
Managing Owner or its designee is not liable to any person or in any way for
any loss or damages that may result from any such rejection, suspension or
postponement. 

5. CONTRACTUAL SETTLEMENT.

          (a)
Through the CNS Clearing Process

          Except as provided below, the Redemption
Baskets must be delivered through the NSCC to a DTC account maintained by the
Custodian on or before the Settlement Time, after acceptance of the Redemption
Order, together with receipt of the Transaction Fee. The Redemption
Distribution will be credited to the Participant at the Settlement Time through
the NSCC’s Continuous Net Settlement (CNS) system, assuming timely delivery of
Redemption Baskets and the Transaction Fee through CNS in accordance with the
terms, conditions and guarantees as set forth in CNS agreements to which the
Custodian and Participant have entered into. 

          (b)
Outside the CNS Clearing Process

          The
Redemption Baskets must be delivered to an account maintained by the Custodian
on or before the Settlement Time.

          The
Redemption Distribution will be paid to the Participant at the Settlement Time.

24Exhibit (10)(ii)

CUSTODY AGREEMENT

          AGREEMENT,
dated as of               , 2013 by and between Market Vectors Commodity
Trust, a statutory trust organized and existing under the laws of the State of
Delaware having its principal office and place of business at 335 Madison
Avenue, New York, New York 10017, on behalf of its Series (defined herein) (the
“Fund”) and The Bank of New York Mellon, a New York corporation authorized to
do a banking business having its principal office and place of business at One
Wall Street, New York, New York 10286 (“Custodian”).

WITNESSETH:

that for and in consideration of the mutual promises hereinafter set
forth the Fund and Custodian agree as follows:

ARTICLE I

DEFINITIONS

          Whenever
used in this Agreement, the following words shall have the meanings set forth
below:

         1. “Authorized
Person” shall be any person, whether or not an officer or employee of the
Fund, duly authorized by the Fund’s board to execute any Certificate or to give
any Instruction or Oral Instruction with respect to one or more Accounts, such
persons to be designated in a Certificate annexed hereto as Schedule I hereto
or such other Certificate as may be received by Custodian from time to time.

          2. “BNY
Affiliate” shall mean any office, branch or subsidiary of The Bank of New
York Mellon Corporation.

          3. “Book-Entry
System” shall mean the Federal Reserve/Treasury book-entry system for
receiving and delivering securities, its successors and nominees.

          4. “Business
Day” shall mean any day on which Custodian, Book-Entry System and relevant
Depositories are open for business.

          5. “Certificate”
shall mean any notice, instruction, or other instrument in writing, authorized
or required
by this Agreement to be given to Custodian, which is actually received by
Custodian by letter or facsimile transmission and signed on behalf of the Fund
by an Authorized Person or a person reasonably believed by Custodian to be an
Authorized Person.

          6. “Composite
Currency Unit” shall mean the Euro or any other composite currency unit
consisting of the aggregate of specified amounts of specified currencies, as
such unit may be constituted from time to time.

          7. “Depository”
shall include the Book-Entry System, the Depository Trust Company, Euroclear,
Clearstream Banking S.A. and any other securities depository, book-

entry system
or clearing agency (and their respective successors and nominees) authorized to
act as a securities depository, book-entry system or clearing agency pursuant to applicable law and
identified to the Fund from time to time.

          8. “Instructions”
shall mean communications transmitted by electronic or telecommunications
media, including S.W.I.F.T., computer-to-computer interface, or dedicated
transmission lines.

          9. “Oral
Instructions” shall mean verbal instructions received by Custodian from an
Authorized Person or from a person reasonably believed by Custodian to be an
Authorized Person.

          10. “Series”
shall mean the various portfolios of the Fund listed on Schedule II hereto.

          11. “Securities”
shall include, without limitation, any common stock and other equity
securities, bonds, debentures and other debt securities, notes, mortgages or
other obligations, and any instruments representing rights to receive,
purchase, or subscribe for the same, or representing any other rights or
interests therein (whether represented by a certificate or held in a Depository
or by a Subcustodian).

          12. “Subcustodian”
shall mean a bank (including any branch thereof) or other financial institution
(other than a Depository) located outside the United States which is utilized
by Custodian in connection with the purchase, sale or custody of Securities
hereunder and identified to the Fund from time to time, and their respective
successors and nominees.

          13. “Transfer
Agent” shall mean The Bank of New York Mellon.

ARTICLE II

APPOINTMENT OF CUSTODIAN; ACCOUNTS;

REPRESENTATIONS, WARRANTIES, AND COVENANTS

          1. (a) The
Fund hereby appoints Custodian as custodian of all Securities and cash at any
time delivered to Custodian during the term of this Agreement, and authorizes
Custodian to hold Securities in registered form in its name or the name of its
nominees. Custodian hereby accepts such appointment and agrees to establish and
maintain one or more securities accounts and cash accounts for each Series in
which Custodian will hold Securities and cash as provided herein. Custodian
shall maintain books and records segregating the assets of each Series from the
assets of any other Series. Such accounts (each, an “Account”; collectively,
the “Accounts”) shall be in the name of the Fund.

                    (b)
Custodian may from time to time establish on its books and records such
sub-accounts within each Account as the Fund and Custodian may agree upon (each
a “Special Account”), and Custodian shall reflect therein such assets as the
Fund may specify in a Certificate.

2

                    (c)
 Custodian may from time to time
establish pursuant to a written agreement with and for the benefit of a broker,
dealer, future commission merchant or other third party identified in a
Certificate such accounts on such terms and conditions as the Fund and
Custodian shall agree, and Custodian shall transfer to such account such
Securities and money as the Fund may specify in a Certificate.

          2. The Fund
hereby represents and warrants, which representations and warranties shall be
continuing and shall be deemed to be reaffirmed upon each delivery of a
Certificate or each giving of Oral Instructions or Instructions by the Fund,
that:

                    (a)
It is duly organized and existing under the laws of the jurisdiction of its
organization, with full power to carry on its business as now
conducted, to enter into this Agreement, and to perform its obligations
hereunder;

                    (b)
This Agreement has been duly authorized, executed and delivered by the Fund
constitutes a valid and legally binding obligation of the Fund, enforceable in
accordance with its terms, and there is no statute, regulation, rule, order or
judgment binding on it, and no provision of Amended and Restated Trust
Agreement (“Trust Agreement”), nor of any mortgage, indenture, credit agreement
or other contract binding on it or affecting its property, which would prohibit
its execution or performance of this Agreement;

                    (c)
It is conducting its business in substantial compliance with all applicable
laws and requirements, both state and federal, and has obtained all regulatory
licenses, approvals and consents necessary to carry on its business as now
conducted;

                    (d)
It will not use the services provided by Custodian hereunder in any manner that
is, or will result in, a violation of any law, rule or regulation applicable to
the Fund;

                    (e)
It is fully informed of the protections and risks associated with various
methods of transmitting Instructions and Oral Instructions and delivering
Certificates to Custodian, understands that there may be more secure methods of
transmitting or delivering the same than the methods selected by the Fund,
agrees that the security procedures (if any) to be utilized provide a
commercially reasonable degree of protection in light of its particular needs
and circumstances, and acknowledges and agrees that Instructions need not be
reviewed by Custodian, may conclusively be presumed by Custodian to have been
given by person(s) duly authorized, and may be acted upon as given;

                    (f)
It shall manage its borrowings, including, without limitation, any advance or
overdraft (including any day-light overdraft) in the Accounts, so that the
aggregate of its total borrowings for each Series does not exceed the amount
such Series is permitted to borrow;

                    (g)
It shall impose and maintain restrictions on the destinations to which cash may
be disbursed by Instructions to ensure that each disbursement is for a proper
purpose; and

3

                    (h)
It has the right to make the pledge and grant the security interest and
security entitlement to Custodian contained in Section 1 of Article V hereof,
free of any right of redemption or prior claim of any other
person or entity, such pledge and such grants shall have a first priority
subject to no setoffs, counterclaims, or other liens or grants prior to or on a
parity therewith, and it shall take such additional steps as Custodian may
require to assure such priority.

          3. The Fund
hereby covenants that it shall from time to time complete and execute and
deliver to Custodian upon Custodian’s request a Form FR U-1 (or successor form)
whenever the Fund borrows from Custodian any money to be used for the purchase
or carrying of margin stock as defined in Federal Reserve Regulation U.

ARTICLE III

CUSTODY AND RELATED SERVICES

          1. (a)
Subject to the terms hereof, the Fund hereby authorizes Custodian to hold any
Securities received by it from time to time for the Fund’s account. Custodian
shall be entitled to utilize Depositories and Subcustodians to the extent
possible in connection with its performance hereunder. Securities and cash held
in a Depository will be held subject to the rules, terms and conditions of such
entity. Securities and cash held through Subcustodians shall be held subject to
the terms and conditions of Custodian’s agreements with such Subcustodians.
Subcustodians may be authorized to hold Securities in Depositories in which
such Subcustodians participate. Unless otherwise required by local law or practice
or a particular subcustodian agreement, Securities deposited with a
Subcustodian or a Depositary will be held in a commingled account, in the name
of Custodian, holding only Securities held by Custodian as custodian for its
customers. Custodian shall identify on its books and records the Securities and
cash belonging to a Fund, whether held directly or indirectly through
Depositories or Subcustodians. Custodian shall, directly or indirectly through
Subcustodians or Depositories, endeavor, to the extent feasible, to hold
Securities in the country or other jurisdiction in which the principal trading
market for such Securities is located, where such Securities are to be
presented for cancellation and/or payment and/or registration, or where such
Securities are acquired. Custodian at any time may cease utilizing any
Subcustodian and/or may replace a Subcustodian with a different Subcustodian.

                    (b)
Unless Custodian has received a Certificate or Instructions to the contrary or
applicable law otherwise requires, Custodian shall hold Securities indirectly
through a Subcustodian only if (i) the Securities are not subject to any right,
charge, security interest, lien or claim of any kind in favor of such
Subcustodian or its creditors or operators, including a receiver or trustee in
bankruptcy or similar authority, except for a claim of payment for the safe
custody or administration of Securities or for funds advanced on behalf of the
Fund by such Subcustodian, and (ii) beneficial ownership of the Securities is
freely transferable without the payment of money or value other than for safe
custody or administration.

                    (c)
With respect to each Depository, Custodian shall exercise reasonable care,
prudence, and diligence (i) to provide the Fund with an analysis of the custody
risks 

4

associated with maintaining assets with the Depository, and (ii) to
monitor such custody risks on a continuing basis and promptly notify the Fund
of any material change in such risks. The Fund acknowledges and agrees that
such analysis and monitoring shall be made on the basis of, and limited by,
information gathered from Subcustodians or through publicly available
information otherwise obtained by Custodian, and shall not include any
evaluation of Country Risks. As used herein the term “Country Risks” shall mean
with respect to any Depository: (a) the financial infrastructure of the country
in which it is organized, (b) such country’s prevailing custody and settlement
practices, (c) nationalization, expropriation or other governmental actions,
(d) such country’s regulation of the banking or securities industry, (e)
currency controls, restrictions, devaluations or fluctuations, and (f) market
conditions which affect the order execution of securities transactions or
affect the value of securities.

          2.
Custodian shall furnish the Fund with an advice of daily transactions
(including a confirmation of each transfer of Securities) and a monthly summary
of all transfers to or from the Accounts.

          3. With
respect to all Securities held hereunder, Custodian shall, unless otherwise
instructed to the contrary:

                    (a)
Receive all income and other payments and advise the Fund as promptly as
practicable of any such amounts due but not paid;

                    (b)
Present for payment and receive the amount paid upon all Securities which may
mature and advise the Fund as promptly as practicable of any such amounts due
but not paid;

                    (c)
Forward to the Fund copies of all information or documents that it may actually
receive from an issuer of Securities which, in the opinion of Custodian, are
intended for the beneficial owner of Securities;

                    (d)
Execute, as custodian, any certificates of ownership, affidavits, declarations
or other certificates under any tax laws now or hereafter in effect in
connection with the collection of bond and note coupons;

                    (e)
Hold directly or through a Depository or a Subcustodian all rights and similar
Securities issued with respect to any Securities credited to an Account
hereunder; and

                    (f)
Endorse for collection checks, drafts or other negotiable instruments.

          4. (a)
Custodian shall notify the Fund of rights or discretionary actions with respect
to Securities held hereunder, and of the date or dates by when such rights must
be exercised or such action must be taken, provided that Custodian has actually
received, from the issuer or the relevant Depository or from the relevant
Subcustodian or a nationally or internationally recognized bond or corporate
action service to which Custodian subscribes, timely notice of such rights or
discretionary corporate action or of the date or dates such rights 

5

must be exercised or such action must be taken. Absent actual receipt
of such notice, Custodian shall have no liability for failing to so notify the
Fund.

                    (b)
Whenever Securities (including, but not limited to, warrants, options, tenders,
options to tender or non-mandatory puts or calls) confer discretionary rights
on the Fund or provide for discretionary action or alternative courses of
action by the Fund, the Fund shall be responsible for making any decisions
relating thereto and for directing Custodian to act. In order for Custodian to
act, it must receive the Fund’s Certificate or Instructions at Custodian’s
offices, addressed as Custodian may from time to time request, not later than
noon (New York time) at least two (2) Business Days prior to the last scheduled
date to act with respect to such Securities (or such earlier date or time as
Custodian may specify to the Fund). Absent Custodian’s timely receipt of such
Certificate or Instructions, Custodian shall not be liable for failure to take
any action relating to or to exercise any rights conferred by such Securities.

          5. All
voting rights with respect to Securities, however registered, shall be
exercised by the Fund or its
designee. For Securities issued in the United States, Custodian’s only duty
shall be to mail to the Fund any documents (including proxy statements, annual
reports and signed proxies) actually received by Custodian relating to the
exercise of such voting rights. With respect to Securities issued outside of
the United States, Custodian’s only duty shall be to provide the Fund with
access to a provider of global proxy services at the Fund’s request. The Fund
shall be responsible
for all costs associated with its use of such services.

          6.
Custodian shall promptly advise the Fund upon Custodian’s actual receipt of
notification of the partial redemption, partial payment or other action
affecting less than all Securities of the relevant class. If Custodian, any
Subcustodian or any Depository holds any Securities in which the Fund has an
interest as part of a fungible mass, Custodian, such Subcustodian or Depository
may select the Securities to participate in such partial redemption, partial
payment or other
action in any non-discriminatory manner that it customarily uses to make such
selection.

          7.
Custodian shall not under any circumstances accept bearer interest coupons
which have been stripped from U.S. federal, state or local government or agency
securities unless explicitly agreed to by Custodian in writing.

          8. The Fund
shall be liable for all taxes, assessments, duties and other governmental
charges, including any interest or penalty with respect thereto (“Taxes”), with
respect to any cash or Securities held on behalf of the Fund or any transaction
related thereto. The Fund shall indemnify Custodian and each Subcustodian for
the amount of any Tax that Custodian, any such Subcustodian or any other
withholding agent is required under applicable laws (whether by assessment or
otherwise) to pay on behalf of, or in respect of income earned by or payments
or distributions made to or for the account of the Fund (including any payment
of Tax required by reason of an earlier failure to withhold). Custodian shall,
or shall instruct the applicable Subcustodian or other withholding agent to,
withhold the amount of any Tax which is required to be withheld under
applicable law upon collection of any dividend, interest 

6

or other distribution made with respect to any Security and any
proceeds or income from the sale, loan or other transfer of any Security. In
the event that Custodian or any Subcustodian is required under applicable law
to pay any Tax on behalf of the Fund, Custodian is hereby authorized to
withdraw cash from any cash account in the amount required to pay such Tax and
to use such cash, or to remit such cash to the appropriate Subcustodian or
other withholding agent, for the timely payment of such Tax in the manner
required by applicable law. If the aggregate amount of cash in all cash
accounts is not sufficient to pay such Tax, Custodian shall promptly notify the
Fund in writing of the additional amount of cash (in the appropriate currency)
required, and the Fund shall directly deposit such additional amount in the
appropriate cash account promptly after receipt of such notice, for use by
Custodian as specified herein. In the event that Custodian reasonably believes
that Fund is eligible, pursuant to applicable law or to the provisions of any
tax treaty, for a reduced rate of, or exemption from, any Tax which is
otherwise required to be withheld or paid on behalf of the Fund under any
applicable law, Custodian shall, or shall instruct the applicable Subcustodian
or withholding agent to, either withhold or pay such Tax at such reduced rate
or refrain from withholding or paying such Tax, as appropriate; provided
that Custodian shall have received from the Fund all documentary evidence of
residence or other qualification for such reduced rate or exemption required to
be received under such applicable law or treaty. In the event that Custodian
reasonably believes that a reduced rate of, or exemption from, any Tax is
obtainable only by means of an application for refund, Custodian and the
applicable Subcustodian shall have no responsibility for the accuracy or
validity of any forms or documentation provided by the Fund to Custodian
hereunder. The Fund hereby agrees to indemnify and hold harmless Custodian and
each Subcustodian in respect of any liability arising from any underwithholding
or underpayment of any Tax which results from the inaccuracy or invalidity of
any such forms or other documentation, and such obligation to indemnify shall
be a continuing obligation of the Fund, its successors and assigns
notwithstanding the termination of this Agreement.

          9. (a) For
the purpose of settling Securities and foreign exchange transactions, the Fund
shall provide Custodian with sufficient immediately available funds for all
transactions by such time and date as conditions in the relevant market
dictate. As used herein, “sufficient immediately available funds” shall mean
either (i) sufficient cash denominated in
U.S. dollars to purchase the necessary foreign currency, or (ii)
sufficient applicable foreign currency, to settle the transaction. Custodian
shall provide the Fund with immediately available funds each day which result
from the actual settlement of all sale transactions, based upon
advices received by Custodian from Subcustodians and Depositories. Such funds
shall be in U.S. dollars or such other currency as the Fund may specify to
Custodian.

                    (b)
Any foreign exchange transaction effected by Custodian in connection with this
Agreement may be entered with Custodian or a BNY Affiliate acting as principal
or otherwise through customary banking channels. The Fund may issue a standing
Certificate or Instructions with respect to foreign exchange transactions, but
Custodian may establish rules or limitations concerning any foreign exchange
facility made available to the Fund. The Fund shall bear all risks of investing in Securities or holding cash denominated
in a foreign currency.

7

                    (c)
To the extent that Custodian has agreed to provide pricing or other information
services in connection with this Agreement, Custodian is authorized to utilize any
vendor (including brokers and dealers of Securities) reasonably believed by
Custodian to be reliable to provide such information. The Fund understands that
certain pricing information with respect to complex financial instruments (e.g.,
derivatives) may be based on calculated amounts rather than actual market
transactions and may not reflect actual market values, and that the variance
between such calculated amounts and actual market values may or may not be
material. Where vendors do not provide information for particular Securities or
other property, an Authorized Person may advise Custodian in a Certificate
regarding the fair market value of, or provide other information with respect
to, such Securities or property as determined by it in good faith. Custodian
shall not be liable for any loss, damage or expense incurred as a result of
errors or omissions with respect to any pricing or other information utilized
by Custodian hereunder.

          11. As an
accommodation to the Fund, Custodian may provide consolidated recordkeeping
services pursuant to which Custodian reflects on Account statements Securities
or other assets not held in Custodian’s vault or for which Custodian or its
nominee is not the registered owner (“Non-Custody Assets”), Non-Custody Assets
shall be designated on Custodian’s books as “shares not held” or by other
similar characterization. Customer acknowledges and agrees that it shall have
no security entitlement against Custodian with respect to Non-Custody Assets,
that Custodian shall rely, without independent verification, on information
provided by Customer regarding Non-Custody Assets (including but not limited to
positions and market valuations) and that Custodian shall have no
responsibility whatsoever with respect to Non-Custody Assets or the accuracy of
any information maintained on Custodian’s books or set forth on account
statements concerning Non-Custody Assets. 

          12. From
time to time Custodian may make available to the Fund or its agent(s) certain
computer programs, products, services, reports or information (including,
without limitation, information obtained by Custodian from third parties and
information reflecting Custodian’s input, evaluation and interpretation
(collectively, “Tools”). Tools may allow the Fund or its agent(s) to perform
certain analytic, accounting, compliance, reconciliation and other functions
with respect to the Account. By way of example, Tools may assist the Fund or
its agent(s) in analyzing the performance of investment managers appointed by
the Fund, determining on a post-trade basis whether transactions for the
Account comply with the Fund’s investment guidelines, evaluating assets at
risk, and performing account reconciliations. Tools may be used only for the
Fund’s internal purposes, and may not be resold, redistributed or otherwise
made available to third parties. Tools are the sole and exclusive property of
Custodian and its suppliers. The Fund may not reverse engineer or decompile any
computer programs provided by the Custodian comprising, or provided as a part
of, any Tools. Information supplied by third parties may be incorrect or
incomplete, and any information, reports, analytics or other services supplied
by Custodian that rely on information from third parties may also be incorrect
or incomplete. All Tools are provided “AS IS”, whether or not they are modified
to meet specific needs of the Fund and regardless of whether Custodian is
compensated by the Fund for providing such Tools. CUSTODIAN DISCLAIMS ANY AND
ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT 

8

TO THE TOOLS, INCLUDING BUT NOT LIMITED TO WARRANTIES OF
MERCHANTABILITY, TITLE, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE.
ANYTHING IN THIS AGREEMENT TO THE CONTRARY NOTWITHSTANDING, CUSTODIAN AND ITS
SUPPLIERS SHALL NOT BE LIABLE FOR ANY LOSS, COST, EXPENSE, DAMAGE, LIABILITY OR
CLAIM SUFFERED OR INCURRED BY CUSTOMER, ITS AGENT(S) OR ANY OTHER PERSON AS A
RESULT OF USE OF, INABILITY TO USE, OR RELIANCE UPON ANY TOOLS. 

          13.
Custodian shall promptly send to the Fund (a) any reports it receives from a
Depository on such Depository’s system of internal accounting control, and (b)
such reports on its own system of internal accounting control as the Fund may
reasonably request from time to time.

          14. Until
such time as Custodian receives a certificate to the contrary with respect to a
particular Security, Custodian may 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 shareholder. With respect to Securities issued outside
of the United States, information shall be released only if required by law or
regulation or market practice of the particular country in which the Securities
are located.

ARTICLE IV

PURCHASE AND SALE OF SECURITIES;

CREDITS TO ACCOUNT

          1. Promptly
after each purchase or sale of Securities by the Fund, the Fund shall deliver
to Custodian a Certificate or Instructions, or with respect to a purchase or
sale of a Security generally required to be settled on the same day the
purchase or sale is made, Oral Instructions specifying all information
Custodian may reasonably request to settle such purchase or sale. Custodian
shall account for all purchases and sales of Securities on the actual
settlement date unless otherwise agreed by Custodian.

          2. The Fund
understands that when Custodian is instructed to deliver Securities against
payment, delivery of such Securities and receipt of payment therefor may not be
completed simultaneously. Notwithstanding any provision in this Agreement to
the contrary, settlements, payments and deliveries of Securities may be
effected by Custodian or any Subcustodian in accordance with the customary or
established securities trading or securities processing practices and
procedures in the jurisdiction in which the transaction occurs, including,
without limitation, delivery to a purchaser or dealer therefor (or agent)
against receipt with the expectation of receiving later payment for such
Securities. The Fund assumes full responsibility for all risks, including,
without limitation, credit risks, involved in connection with such deliveries
of Securities.

          3.
Custodian may, as a matter of bookkeeping convenience or by separate agreement with the Fund,
credit the Account with the proceeds from the sale, redemption or other
disposition of Securities or interest, dividends or other distributions payable
on 

9

Securities prior to its actual receipt of final payment therefor. All
such credits shall be conditional
until Custodian is actual receipt of final payment and may be reversed by Custodian to the extent that
final payment is not received. Payment with respect to a transaction will not
be “final” until Custodian shall have received immediately available funds
which under applicable local law, rule and/or practice are irreversible and not
subject to any security interest, levy or other encumbrance, and which are
specifically applicable to such transaction.

ARTICLE V

OVERDRAFTS OR INDEBTEDNESS 

          1. If
Custodian in its sole discretion advances funds in any currency hereunder or
there shall arise for whatever reason an overdraft in an Account (including,
without limitation, overdrafts incurred in connection with the settlement of
securities transactions, funds transfers or foreign exchange transactions) or
if a Series is for any other reason indebted to Custodian, the Series agrees to
repay Custodian on demand the amount of the advance, overdraft or indebtedness
plus accrued interest at a rate ordinarily charged by Custodian to its
institutional custody customers in the relevant currency.

          2. In order
to secure repayment of a Series’ obligations to Custodian hereunder, the Series
hereby pledges and grants to Custodian a continuing lien and security interest
in, and right of set-off against, all of Customer’s right, title and interest
in and to the Accounts and the Securities, money and other property now or
hereafter held in the Accounts (including proceeds thereof), and any other
property at any time held by it for the account of each respective Series
listed on Exhibit A. In this regard, Custodian shall be entitled to all the
rights and remedies of a pledgee and secured creditor under applicable laws,
rules or regulations as then in effect.

ARTICLE VI

SALE AND REDEMPTION OF SHARES 

          Custodian
shall, upon receipt of instructions from the Transfer Agent, make funds and
securities available for payment to, or in accordance with the instructions of,
the Transfer Agent for the redemption or repurchase of shares of the Fund
(“Shares”) which shall have been accepted by the Transfer Agent. The Custodian
will transfer any Securities to or on the order of the person identified by the
Transfer Agent in the manner specified by the Transfer Agent (either through
the Depository Trust Company (“DTC”) or otherwise). Any cash redemption payment
(less any applicable cash redemption transaction fees) shall be effected as
specified by the Transfer Agent either through DTC or through wire transfer in
the case of redemptions effected outside of DTC.

ARTICLE VII

PAYMENT OF DIVIDENDS OR DISTRIBUTIONS 

          1. Whenever
the Fund shall determine to pay a dividend or distribution on Shares it shall
furnish to Custodian Instructions or a Certificate setting forth with respect
to the Series 

10

specified therein the date of the declaration of such dividend or
distribution, the total amount payable, and the payment date.

          2. Upon the
payment date specified in such Instructions or Certificate, Custodian shall pay
out of the money held for the account of such Series the total amount payable
to the dividend agent of the Fund specified therein.

ARTICLE VIII

CONCERNING CUSTODIAN

          1. (a)
Except as otherwise expressly provided herein, Custodian shall not be liable
for any costs, expenses, damages, liabilities or claims, including reasonable
attorneys’ and accountants’ fees (collectively, “Losses”), incurred by or
asserted against the Fund, except those Losses arising out of Custodian’s own
negligence or willful misconduct. Custodian shall have no liability whatsoever
for the action or inaction of any Depositories. With respect to any Losses
incurred by the Fund as a result
of the acts or any failures to act by any Subcustodian (other than a BNY
Affiliate), Custodian shall take appropriate action to recover such Losses from
such Subcustodian; and Custodian’s sole responsibility and.
liability to the Fund shall be limited to amounts so received from such
Subcustodian (exclusive of costs and expenses incurred by Custodian). In no
event shall Custodian be liable to the Fund or any third party for special,
indirect or consequential damages, or lost profits or loss of business, arising
in connection with this Agreement, except Custodian shall indemnify the Fund
against direct money damages caused by Custodian’s own negligence or willful
misconduct, nor shall the Custodian or any Subcustodian be liable: (i) for
acting in accordance with any Certificate or Oral Instructions actually
received by Custodian and reasonably believed by Custodian to be given by an
Authorized Person; (ii) for acting in accordance with Instructions without
reviewing the same; (iii) for conclusively presuming that all Instructions
are given only by person(s) duly authorized; (iv) for conclusively
presuming that all disbursements of cash directed by the Fund, whether by a
Certificate, an Oral Instruction, or an Instruction, are in accordance with
Section 2(h) of Article II hereof; (v) for holding property in any
particular country, including, but not limited to, Losses resulting from
nationalization; expropriation or other governmental actions; regulation of the
banking or securities industry; exchange or currency controls or restrictions,
devaluations or fluctuations; availability of cash or Securities
or market conditions which prevent the transfer of property or execution of
Securities transactions or affect the value of property; (vi) for any
Losses due to forces beyond the control of Custodian, including without
limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution,
nuclear or natural catastrophes or acts of God, or interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware)
services; (vii) for the insolvency of any Subcustodian (other than a BNY
Affiliate) or, except to the extent such action or inaction is a direct result
of the Custodian’s failure to fulfill its duties hereunder, any Depository; or
(viii) for any Losses arising from the applicability of any law or
regulation now or hereafter in effect, or from the occurrence of any event,
including, without limitation, implementation or adoption of any rules or
procedures of a Depository, which may affect, limit, prevent or impose costs or
burdens on, the transferability, convertibility, or availability of any
currency or Composite Currency Unit in 

11

any country or on the transfer of any Securities, and in no event shall
Custodian be obligated to substitute another currency for a currency
(including a currency that is a component of a Composite Currency Unit) whose
transferability, convertibility or availability has been affected, limited, or
prevented by such law, regulation or event, and to the extent that any such
law, regulation or event imposes a cost or charge upon Custodian in relation to
the transferability, convertibility, or availability of any cash currency or
Composite Currency Unit, such cost or charge shall be for the account of the
Fund, and Custodian may treat any account denominated in an affected currency
as a group of separate accounts denominated in the relevant component
currencies.

                    (b)
Custodian may enter into subcontracts, agreements and understandings with any
BNY Affiliate, whenever and on such terms and conditions as it deems necessary
or appropriate to perform its services hereunder. No such subcontract,
agreement or understanding shall discharge Custodian from its obligations
hereunder.

                    (c)
The Fund agrees to indemnify Custodian and hold Custodian harmless from and
against any and all Losses sustained or incurred by or asserted against
Custodian by reason of or as a result of any action or inaction, or arising out
of Custodian’s performance hereunder, including reasonable fees and expenses of
counsel incurred by Custodian in a successful defense of claims by the Fund; provided
however, that
the Fund shall not indemnify Custodian for those Losses arising out of
Custodian’s own negligence or willful misconduct. This indemnity shall be a
continuing obligation of the Fund, its successors and assigns, notwithstanding
the termination of this Agreement.

                    (d)
Custodian agrees and consents (the “Consent”) to look solely to the assets (the
“Series Assets”) of the particular Series in controversy for payment in respect
of any claim against or obligation of such Series. The Series Assets include
only those funds and other assets that are paid, held or distributed to the
Fund on account of and for the benefit of that particular Fund, including,
without limitation, funds delivered to the Fund for the purchase of Shares in
such Series. In furtherance of the Consent, Custodian agrees that any debts,
liabilities, obligations, indebtedness, expenses and claims of any nature and
of all kinds and descriptions (collectively, “Claims”) against a Series
incurred, contracted for or otherwise existing shall be subject to the
following limitations:

                              
(i) The Claims of Custodian shall only be asserted and enforceable against a
particular Series and the Series Assets of such Series and such Claims shall
not be asserted or enforceable for any reason whatsoever against any other
Series, the Fund generally or any of their respective assets;

                              (ii)
if the Claims of Custodian against a Series or the Fund are secured in whole or
in part, Custodian hereby waives (under Section 1111(b) of the U.S. Bankruptcy
Code (11 U.S.C. § 1111(b)) any right to have any deficiency Claims (which
deficiency Claims may arise in the event such security is inadequate to satisfy
such Claims) treated as unsecured Claims against the Fund or any Series (other
than the Series against which the Claim is made), as the case may be; and

12

                    (e)
the foregoing Consent shall apply at all times notwithstanding that the Claims
are satisfied and notwithstanding that the agreements in respect of such Claims
are terminated, rescinded or canceled.

                    (f)
It is expressly acknowledged and agreed that the obligations of each Series
hereunder shall not be binding upon any shareholder, Trustee, officer, employee
or agent of such Series, personally. This Agreement has been duly authorized,
executed and delivered by each Series and neither such authorization nor such
execution and delivery shall be deemed to have been made by any of them
individually or to impose any liability on any of them personally.

          2. Without
limiting the generality of the foregoing, Custodian shall be under no
obligation to inquire into, and shall not be liable for:

                    (a)
Any Losses incurred by the Fund or any other person as a result of the receipt
or acceptance of fraudulent, forged or invalid Securities, or Securities which
are otherwise not freely transferable or deliverable without encumbrance in any
relevant market;

                    (b)
The validity of the issue of any Securities purchased, sold, or written by or
for the Fund, the legality of the purchase, sale or writing thereof, or the
propriety of the amount paid or received therefor;

                    (c)
The legality of the sale or redemption of any Shares, or the propriety of the
amount to be received or paid therefor;

                    (d)
The legality of the declaration or payment of any dividend or distribution by
the Fund;

                    (e)
The legality of any borrowing by the Fund;

                    (f)
The legality of any loan of portfolio Securities, nor shall Custodian be under
any duty or obligation to see to it that any cash or collateral delivered to it
by a broker, dealer or financial institution or held by it at any time as a
result of such loan of portfolio Securities is adequate security for the Fund
against any loss it might sustain as a result of such loan, which duty or
obligation shall be the sole responsibility of the Fund. In addition, Custodian
shall be under no duty or obligation to see that any broker, dealer or
financial institution to which portfolio Securities of the Fund are lent makes
payment to if of any dividends or interest which are payable to or for the
account of the Fund during the period of such loan or at the termination of
such loan, provided, however that Custodian shall promptly notify the Fund in
the event that such dividends or interest are not paid and received when due;

                    (g)
The sufficiency or value of any amounts of money and/or Securities held in any
Special Account in connection with transactions by the Fund; whether any
broker, dealer, futures commission merchant or clearing member makes payment to
the Fund of any variation margin payment or similar payment which the Fund may
be entitled to receive from 

13

such broker, dealer, futures commission merchant or clearing member, or
whether any payment received by Custodian from any broker, dealer, futures
commission merchant or clearing member is the amount the Fund is entitled to
receive, or to notify the Fund o Custodian’s receipt or non-receipt of any such
payment; or

                    (h)
Whether any Securities at any time delivered to, or held by it or by any
Subcustodian, for the account of the Fund and specifically allocated to a
Series are such as properly may be held by the Fund or such Series under the
provisions of its then current prospectus and statement of additional
information, or to ascertain whether any transactions by the Fund, whether or
not involving Custodian, are such transactions as may properly be engaged in by
the Fund.

          3.
Custodian may, with respect to questions of law specifically regarding an
Account, obtain the advice of outside counsel and shall be fully protected with
respect to anything done or omitted by it in good faith in conformity with such
advice.

          4.
Custodian shall be under no obligation to take action to collect any amount
payable on Securities in
default, or if payment is refused after due demand and presentment.

          5.
Custodian shall have no duty or responsibility to inquire into, make
recommendations, supervise, or determine the suitability of any transactions
affecting any Account.

          6. The Fund
shall pay to Custodian the fees and charges as may be specifically agreed upon
from time to time and such other fees and charges at Custodian’s standard rates
for such services as may be applicable. The Fund shall reimburse Custodian for
all costs associated with the conversion of the Fund’s Securities hereunder and
the transfer of Securities and records kept in connection with this Agreement.
The Fund shall also reimburse Custodian for out-of-pocket expenses which are a
normal incident of the services provided hereunder.

          7.
Custodian has the right to debit any cash account for any amount payable by the
Fund in connection with any and all obligations of the Fund to Custodian. In
addition to the rights of Custodian under applicable law and other agreements,
at any time when the Fund shall not have honored any of its obligations to
Custodian, Custodian shall have the right upon notice to the Fund to retain or
set-off, against such obligations of the Fund, any Securities or cash Custodian
or a BNY Affiliate may directly or indirectly hold for the account of the Fund,
and any obligations (whether matured or unmatured) that Custodian or a BNY
Affiliate may have to the Fund in any currency or Composite Currency Unit. Any
such asset of, or obligation to, the Fund may he transferred to Custodian and
any BNY Affiliate in order to effect the above rights.

          8. The Fund
agrees to forward to Custodian a Certificate or Instructions confirming Oral
Instructions by the close of business of the same day that such Oral Instructions
are given to Custodian. The Fund agrees that the fact that such confirming
Certificate or Instructions are not received or that a contrary Certificate or
contrary 

14

Instructions are received by Custodian shall in no way affect the
validity or enforceability of transactions authorized by such Oral Instructions
and effected by Custodian. If the Fund elects to transmit Instructions through
an on-line communications system offered by Custodian, the Fund’s use thereof
shall be subject to the Terms and Conditions attached as Appendix I hereto, and
Custodian shall provide user and authorization codes, passwords and
authentication keys only to an Authorized Person or a person reasonably
believed by Custodian to be an Authorized Person.

          9. The
books and records pertaining to the Fund which are in possession of Custodian
shall be the property of the Fund. Such books and records shall be prepared and
maintained as required by the ‘40 Act and the rules thereunder. The Fund, or
its authorized representatives, shall have access to such books and records
during Custodian’s normal business hours. Upon the reasonable request of the
Fund, copies of any such books and records shall be provided by Custodian to
the Fund or its authorized representative. Upon the reasonable request of the
Fund, Custodian shall provide in hard copy or on computer disc any records
included in any such delivery which are maintained by Custodian on a computer
disc, or are similarly maintained.

          10. It is
understood that Custodian is authorized to supply any information regarding the
Accounts which is required by any law, regulation or rule now or hereafter in
effect. The Custodian shall provide the Fund with any report obtained by the
Custodian on the system of internal accounting control of a Depository, and
with such reports on its own system of internal accounting control as the Fund
may reasonably request from time to time.

          11.
Custodian represents that it has established and implemented a disaster
recovery plan and back-up system reasonably designed to satisfy the
requirements of all applicable law, rules, and regulations and which is
reasonable under the circumstances. Provided that the foregoing representation
has remained true and correct at the time of a failure as contemplated in this
Section, Custodian shall not be responsible or liable for any failure or delay
in the performance of its obligations under this Agreement arising out of or
caused, directly or indirectly, by circumstances beyond its reasonable control,
including without limitation, acts of God; earthquakes; fires; floods; wars;
civil or military disturbances; sabotage; epidemics; riots; interruptions, loss
or malfunctions of utilities, computer (hardware or software) or communications
service; accidents; labor disputes; acts of civil or military authority or
governmental actions, it also being understood that Custodian shall use
commercially reasonable efforts to resume performance as soon as practicable
under the circumstances.

          12.
Custodian shall have no duties or responsibilities whatsoever except such
duties and responsibilities as are specifically set forth in this Agreement,
and no covenant or obligation shall be implied against Custodian in connection
with this Agreement.

15

ARTICLE IX

TERMINATION

          1. Either
of the parties hereto may terminate this Agreement by giving to the other party
a notice in writing specifying the date of such termination, which shall be not
less than ninety (90) days after the date of giving of such notice. Upon
termination hereof, the notifying Series shall pay to Custodian such
compensation as may be due to Custodian, and shall likewise reimburse Custodian
for other amounts payable or reimbursable to Custodian hereunder. Custodian
shall follow such reasonable Instructions concerning the transfer of custody of
records, Securities and other items as the Series shall give; provided, that
(a) Custodian shall have no liability for shipping and insurance costs
associated therewith, and (b) full payment shall have been made to
Custodian of its compensation, costs, expenses and other amounts to which it is
entitled hereunder. If any Securities or cash remain in any Account, Custodian
may deliver to the Series such Securities and cash. Except as otherwise
provided herein, all obligations of the parties to each other hereunder shall
cease upon termination of this Agreement. Termination of this Agreement by any
individual Series shall not constitute termination by any other Series unless
separate notice is given.

ARTICLE X

MISCELLANEOUS

          1. The Fund
agrees to furnish to Custodian a new Certificate of Authorized Persons in the
event of any change in the then present Authorized Persons. Until such new
Certificate is received, Custodian shall be fully protected in acting upon
Certificates or Oral Instructions or such present Authorized Persons.

          2. Any
notice or other instrument in writing, authorized or required by this Agreement
to be given to Custodian, shall be sufficiently given if addressed to Custodian
and received by it as its offices at One Wall Street, New York, New York 10286,
or at such other place as Custodian may from time to time designate in writing.

          3. Any
notice or other instrument in writing authorized or required by this Agreement
to be given to the Fund shall be sufficiently given if addressed to the Fund
and received by it at its offices at 335 Madison Avenue, New York, New York
10017, or at such other place as the Fund may from time to time designate in
writing.

          4. Each and
every right granted to either party hereunder or under any other document
delivered hereunder or in connection herewith, or allowed it by law or equity,
shall be cumulative and may be exercised from time to time. No failure on the
part of either party to exercise, and no delay in exercising, any right will
operate as a waiver thereof, nor will any single or partial exercise by either party of any
right preclude any other or future exercise thereof or the exercise of any
other right.

          5. In case
any provision in or obligation under this Agreement shall be invalid, illegal
or unenforceable in any exclusive jurisdiction, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected thereby. This
Agreement may not 

16

be amended or modified in any manner except by a written agreement executed by both parties, except that
any amendment to the Schedule I hereto need be signed only by the Fund and any amendment to Appendix I hereto
need be signed only by Custodian. This Agreement shall extend to and shall be
binding upon the parties hereto, and their respective successors and assigns;
provided, however., that this Agreement shall not be assignable by
either party without the written consent of the other.

          6. This
Agreement shall be construed in accordance with the substantive laws of the
State of New York, without regard to conflicts of laws principles thereof. The
Fund and Custodian hereby consent to the jurisdiction of a state or federal
court situated in New York City, New York in connection with any dispute
arising hereunder. The Fund hereby irrevocably waives, to the fullest extent
permitted by applicable law, any objection which it may now or hereafter have
to the laying of venue of any such proceeding brought in such a court and any
claim that such proceeding brought in such a court has been brought in an
inconvenient forum. The Fund and Custodian each hereby irrevocably waives any
and all rights to trial by jury in any legal proceeding arising out of or
relating to this Agreement.

          7. This
Agreement may be executed in
any number of counterparts, each of which shall be deemed to be an original,
but such counterparts shall, together, constitute only one instrument.

          IN WITNESS WHEREOF, the Fund and Custodian
have caused this Agreement to be executed by their respective officers,
thereunto duly authorized, as of the day and year first above written.

	
  

 	
  

 	
  

 
	
  

 	
 MARKET VECTORS COMMODITY TRUST,

 on behalf of each Fund listed on Exhibit A

 By: Van Eck Absolute Return Advisers Corp.,

 its Managing Owner

 

	
  

 	
  

 	
  

 
	
  

 	
 By:

 	 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 Tax
 Identification No:

 
	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF
 NEW YORK MELLON

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
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17

APPENDIX I

THE BANK OF NEW YORK MELLON

ON-LINE COMMUNICATIONS SYSTEM (THE “SYSTEM”)

TERMS AND CONDITIONS

          1. License;
Use. Upon delivery to an Authorized Person or a person reasonably believed
by Custodian to be an Authorized Person of the Fund of software enabling the
Fund to obtain access to the System (the “Software”), Custodian grants to the
Fund a personal, nontransferable and nonexclusive license to use the Software
solely for the purpose of transmitting Instructions, receiving reports, making
inquiries or otherwise communicating with Custodian in connection with the
Account(s). The Fund shall use the Software solely for its own internal and
proper business purposes and not in the operation of a service bureau. Except
as set forth herein, no license or right of any kind is granted to the Fund
with respect to the Software. The Fund acknowledges that Custodian and its
suppliers retain and have title and exclusive proprietary rights to the
Software, including any trade secrets or other ideas, concepts, know-how,
methodologies, or information incorporated therein and the exclusive rights to
any copyrights, trademarks and patents (including registrations and
applications for registration of either), or other statutory or legal
protections available in respect thereof. The Fund further acknowledges that
all or a part of the Software may be copyrighted or trademarked (or a
registration or claim made therefor) by Custodian or its suppliers. The Fund
shall not take any action with respect to the Software inconsistent with the
foregoing acknowledgments, nor shall you attempt to decompile, reverse engineer
or modify the Software. The Fund may not copy, sell, lease or provide, directly
or indirectly, any of the Software or any portion thereof to any other person
or entity without Custodian’s prior written consent. The Fund may not remove
any statutory copyright notice or other notice included in the Software or on
any media containing the Software. The Fund shall reproduce any such notice on
any reproduction of the Software and shall add any statutory copyright notice
or other notice to the Software or media upon Custodian’s request. 

          2. Equipment.
The Fund shall obtain and maintain at its own cost and expense all equipment
and services, including but not limited to communications services, necessary
for it to utilize the Software and obtain access to the System, and Custodian
shall not be responsible for the reliability or availability of any such
equipment or services. 

          3. Proprietary
information. The Software, any data base and any proprietary data,
processes, information and documentation made available to the Fund (other than
which are or become part of the public domain or are legally required to be
made available to the public) (collectively, the “Information”), are the
exclusive and confidential property of Custodian or its suppliers. The Fund
shall keep the Information confidential by using the same care and discretion
that the Fund uses with respect to its own confidential property and trade
secrets, but not less than reasonable care. Upon termination of the Agreement
or the Software license granted herein for any reason, the Fund shall return to
Custodian any and all copies of the Information which are in its possession or
under its control.  

          4. Modifications.
Custodian reserves the right to modify the Software from time to time and the
Fund shall install new releases of the Software as Custodian may direct. The
Fund agrees not to modify or attempt to modify the Software without Custodian’s
prior written consent. The Fund acknowledges that any modifications to the
Software, whether by the Fund or Custodian and whether with or without
Custodian’s consent, shall become the property of Custodian. 

          5. NO
REPRESENTATIONS OR WARRANTIES. CUSTODIAN AND ITS MANUFACTURERS AND
SUPPLIERS MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE SOFTWARE,
SERVICES OR ANY DATABASE, EXPRESS OR IMPLIED, IN FACT OR IN LAW, INCLUDING BUT
NOT LIMITED TO WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE. THE FUND ACKNOWLEDGES THAT THE SOFTWARE, SERVICES AND ANY DATABASE ARE
PROVIDED “AS IS.” IN NO EVENT SHALL CUSTODIAN OR ANY SUPPLIER BE LIABLE FOR ANY
DAMAGES, WHETHER DIRECT, INDIRECT SPECIAL, OR CONSEQUENTIAL, WHICH THE FUND MAY
INCUR IN CONNECTION WITH THE SOFTWARE, SERVICES OR ANY DATABASE, EVEN IT
CUSTODIAN OR SUCH SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
IN NO EVENT SHALL CUSTODIAN OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE
OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF
COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR
CAUSE BEYOND THEIR REASONABLE CONTROL. 

          6. Security; Reliance;
Unauthorized Use. The Fund will cause all persons utilizing the Software
and System to treat all applicable user and authorization codes, passwords and
authentication keys with extreme care, and it will establish internal control
and safekeeping procedures to restrict the availability of the same to persons
duly authorized to give Instructions. Custodian is hereby irrevocably
authorized to act in accordance with and rely on Instructions received by it
through the System. The Fund acknowledges that it is its sole responsibility to
assure that only persons duly authorized use the System and that Custodian
shall not be responsible nor liable for any unauthorized use thereof. 

          7. System
Acknowledgments. Custodian shall acknowledge through the System its receipt
of each transmission communicated through the System, and in the absence of
such acknowledgment Custodian shall not be liable for any failure to act in
accordance with such transmission and the Fund may not claim that such
transmission was received by Custodian. 

          8. EXPORT
RESTRICTIONS. EXPORT OF THE SOFTWARE IS PROHIBITED BY UNITED STATES LAW.
THE FUND MAY NOT UNDER ANY CIRCUMSTANCES RESELL, DIVERT, TRANSFER, TRANSSHIP OR
OTHERWISE DISPOSE OF THE SOFTWARE (IN ANY FORM) IN OR TO ANY OTHER COUNTRY. IF
CUSTODIAN DELIVERED THE SOFTWARE TO THE FUND OUTSIDE OF THE UNITED STATES, THE
SOFTWARE WAS EXPORTED FROM THE UNITED STATES IN ACCORDANCE WITH THE EXPORTER
ADMINISTRATION REGULATIONS. 

App I-2

DIVERSION CONTRARY TO U.S. LAW IS PROHIBITED. The Fund hereby
authorizes Custodian to report its name and address to government agencies to
which Custodian is required to provide such information by law. 

          9. ENCRYPTION.
The Fund acknowledges and agrees that encryption may not be available for every
communication through the System, or for all data. The Fund agrees that Custodian may deactivate any
encryption features at any time, without notice or liability to the Fund, for
the purpose of maintaining, repairing or troubleshooting the System or the
Software.

App I-3

SCHEDULE I

CERTIFICATE OF AUTHORIZED PERSONS

(The Fund - Oral Instructions and
Instructions)

          I,                              ,
of Van Eck Absolute Return Advisers Corp., a corporation organized under the laws
of Delaware (the “Managing Owner”), as managing owner of Market Vectors
Morningstar Long/Flat Commodity ETF and Market Vectors Morningstar Long/Short
Commodity ETF, each a series of Market Vectors Commodity Trust (each, a
“Fund”), do hereby certify that: 

          The following individuals hold the following
titles with the Managing Owner, and the signatures set forth opposite their
respective names are their true and correct signatures. Each such person is
authorized to give written or oral instructions or written or oral
specifications by or on behalf of a Fund to BNYM. 

	
  

 	
  

 	
  

 	
  

 	
  

 
	 

 	
  

 	 

 	
  

 	 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
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          This
certificate supersedes any certificate of Authorized Persons you may currently
have on file 

	
  

 	
  

 	
  

 
	
 [seal]

 	
 By:

 	
  

 
	
  

 	
  

 	 

 
	
  

 	
  

 	
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Sch I-1

SCHEDULE II 

as of     , 2013

Market Vectors Low Volatility Commodity ETF, a series of Market Vectors
Commodity Trust

Market Vectors Long/Short Commodity ETF, a series of Market
Vectors Commodity Trust 

Sch. II

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