Document:

Unassociated Document

    Exhibit
10.2

    

    

    FORM
OF

    UNITED
STATES 12 MONTH NATURAL GAS FUND, LP

    MARKETING
AGENT AGREEMENT

    

    

    MARKETING
AGENT AGREEMENT (the “Agreement”) made as of ______________, 2009, by and among
United States 12 Month Natural Gas  Fund, LP, a Delaware limited
partnership (the “Fund”), United States Commodity Funds LLC, a Delaware limited
liability company, as General Partner of the Fund (the “General Partner”) and
ALPS Distributors, Inc., a Colorado corporation (the “Marketing
Agent”).

    

    W I T N E
S S E T H :

    

    WHEREAS,
the Fund is governed by the Limited Partnership Agreement dated June 26, 2007,
to be amended prior to the date on which the first Creation Basket (as defined
below) is purchased (such agreement as it will be amended, the “Partnership
Agreement”) between the General Partner and the limited partners of the
Fund;

    

    WHEREAS,
the General Partner, on behalf of the Fund, has filed with the Securities and
Exchange Commission (the “Commission” or “SEC”) a registration statement on Form
S-1 (Registration No. 333-144409) and amendments thereto, including as part
thereof a prospectus (the “Prospectus”), under the Securities Act of 1933, as
amended (the “1933 Act”), the forms of which have heretofore been delivered to
the Marketing Agent;

    

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

    

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

    

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

    

    

    SECTION
1

    DEFINITIONS

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    “Authorized Purchaser” means the
broker-dealer who enters into an Authorized Purchaser Agreement with the General
Partner, including the initial Authorized Purchaser, [initial AP].

    

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

    

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

    

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

    

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

    

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

    

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

    

    “Preliminary Prospectus” means the
preliminary prospectus dated June 18, 2009 relating to the Units and any other
prospectus dated prior to effectiveness of the Registration Statement relating
to the Units.

    

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

    

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

    

    “Registration Statement” means, except
when otherwise specified, the Fund’s registration statement on Form S-1 (File
No. 333-144409) filed by the General Partner with the Commission as amended when
it becomes effective under the 1933 Act, including all documents filed as a part
thereof.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SECTION
2

    

    REPRESENTATIONS
AND WARRANTIES

    OF THE
GENERAL PARTNER

    

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

    

    
      	
               
      

            	
              (a)

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

            

    

    

    
      	
               
      

            	
              (b)

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (c)

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

            

    

    

    
      	
               
      

            	
              (d)

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

            

    

    

    
      	
               
      

            	
              (e)

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

            

    

    

    
      	
               
      

            	
              (f)

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

            

    

    

    
      	
               
      

            	
              (g)

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

            

    

    

    
      	
               
      

            	
              (h)

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

            

    

    

    
      	
               
      

            	
              (i)

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    
      	
               
      

            	
              (j)

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

            

    

    

    
      	
               
      

            	
              (k)

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

            

    

    

    
      	
               
      

            	
              (l)

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

            

    

    
      

      
        	
                 
      

              	
                (m)

              	
                

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

                

              

      

       

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (n)

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

            

    

    

    
      	
               
      

            	
              (o)

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

            

    

    

    
      	
               
      

            	
              (p)

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

            

    

    

    
      	
               
      

            	
              (q)

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

            

    

    

    
      	
               
      

            	
              (r)

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    
      	
               
      

            	
              (s)

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

            

    

    

    
      	
               
      

            	
              (t)

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

            

    

    

    
      	
               
      

            	
              (u)

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

            

    

    

    
      	
               
      

            	
              (v)

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      
        	
                 
      

              	
                (w)

              	
                

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

                

              

      

       

    

    
      	
               
      

            	
              (x)

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

            

    

    

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

    

    

    SECTION
3

    REPRESENTATIONS
OF THE MARKETING AGENT

    

    The
Marketing Agent represents and warrants and covenants the
following:

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

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

    

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

    

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

    

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

    

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

    

    

    SECTION
4

    EXCLUSIVE
MARKETING AGENT AND STRUCTURE OF THE FUND

    

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

    

    4.2         Name of the Fund; License. For
the term of this Agreement, the General Partner shall cause the name of the Fund
to be “United States 12 Month Natural Gas  Fund, LP.”

    

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

    

    
      	
               
      

            	
              §

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              §

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

            

    

    

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

    

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

    

    

    SECTION
5

    COVENANTS
OF THE GENERAL PARTNER

    

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

    

    
      	
               
      

            	
              (a)

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

            

    

    

    
      	
               
      

            	
              (b)

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

            

    

    

    
      	
               
      

            	
              (c)

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (d)

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

            

    

    

    
      	
               
      

            	
              (e)

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

            

    

    

    
      	
               
      

            	
              (f)

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

            

    

    

    
      	
               
      

            	
              (g)

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

            

    

    

    
      	
               
      

            	
              (h)

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    
      	
               
      

            	
              (i)

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

            

    

    

    
      	
               
      

            	
              (j)

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

            

    

    

    
      	
               
      

            	
              (k)

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

            

    

    

    
      	
               
      

            	
              (l)

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

            

    

    
      

      
        	
                 
      

              	
                (m)

              	
                

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

                

              

      

       

    

    
      	
               
      

            	
              (n)

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (o)

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

            

    

    

    
      	
               
      

            	
              (p)

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

            

    

    

    
      	
               
      

            	
              (q)

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

            

    

    

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

    

    SECTION
6

    MARKETING
PLAN DEVELOPMENT

    AND
MARKETING AGENT COVENANTS

    

    6.1         Pre-Launch
Development.

    

    
      	
               
      

            	
              (a)

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

            

    

    

    
      	
               
      

            	
              (b)

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    6.2        Post-Launch
Activities.

    

    
      	
               
      

            	
              (a)

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

            

    

    

    
      	
               
      

            	
              (b)

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

            

    

    

    
      	
               
      

            	
              (i)

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

            

    

    

    
      	
               
      

            	
              (ii)

            	
              include
      natural gas in strategic and tactical research of the Marketing
      Agent.

            

    

    

    
      	
               
      

            	
              (c)

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

            

    

    

    
      	
               
      

            	
              (d)

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

            

    

    

    6.3       Joint Reviews.

    

    
      	
               
      

            	
              (a)

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

            

    

    

    
      	
               
      

            	
              (i)

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

            

    

    

    
      	
               
      

            	
              (ii)

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

            

    

    

    
      	
               
      

            	
              (b)

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

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

    

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

    

    

    SECTION
7

    INDEMNIFICATION

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    
      	
               
      

            	
              (a)

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

            

    

    

    
      	
               
      

            	
              (b)

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

            

    

    

    
      	
               
      

            	
              (c)

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

            

    

    

    
      	
               
      

            	
              (d)

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

            

    

    

    
      	
               
      

            	
              (e)

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

            

    

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

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

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

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

    

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

    

    If any
Proceeding is brought against the General Partner or any Person referred to in
the preceding paragraph in respect of which indemnity may be sought against the
Marketing Agent pursuant to the foregoing paragraph, the General Partner or such
Person shall promptly notify the Marketing Agent in writing of the institution
of such Proceeding and the Marketing Agent shall assume the defense of such
Proceeding, including the employment of counsel reasonably satisfactory to such
indemnified party and payment of all fees and expenses; provided, however, that
the omission to so notify the Marketing Agent shall not relieve the Marketing
Agent from any liability which it may have to the General Partner or any such
Person except to the extent that it has been materially prejudiced by such
failure and has not otherwise learned of such Proceeding.  The General
Partner or such Person shall have the right to employ their own counsel in any
such case, but the fees and expenses of such counsel shall be at the expense of
the General Partner or such Person unless the employment of such counsel shall
have been authorized in writing by the Marketing Agent in connection with the
defense of such Proceeding

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    or the
Marketing Agent shall not have, within a reasonable period of time in light of
the circumstances, employed counsel to defend such Proceeding or such
indemnified party or parties shall have reasonably concluded that there may be
defenses available to it or them which are different from or additional to or in
conflict with those available to the Marketing Agent (in which case the
Marketing Agent shall not have the right to direct the defense of such
Proceeding on behalf of the indemnified party or parties, but the Marketing
Agent may employ counsel and participate in the defense thereof but the fees and
expenses of such counsel shall be at the expense of the Marketing Agent), in any
of which events such fees and expenses shall be borne by the Marketing Agent and
paid as incurred (it being understood, however, that the Marketing Agent shall
not be liable for the expenses of more than one separate counsel (in addition to
any local counsel) in any one Proceeding or series of related Proceedings in the
same jurisdiction representing the indemnified parties who are parties to such
Proceeding).

    

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

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    SECTION
8

    DURATION

    

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

    

    

    SECTION
9

    CONFIDENTIALITY

    

    9.1         Confidentiality.

    

    
      	
               
      

            	
              (a)

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

            

    

    

    
      	
               
      

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (b)

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

            

    

    

    
      	
               
      

            	
              (i)

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

            

    

    

    
      	
               
      

            	
              (ii)

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

            

    

    

    
      	
               
      

            	
              (iii)

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

            

    

    

    
      	
               
      

            	
              (iv)

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

            

    

    

    
      	
               
      

            	
              (c)

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

            

    

    

    
      	
               
      

            	
              (d)

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

            

    

    

    
      	
               
      

            	
              (e)

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

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECTION
10

    MISCELLANEOUS

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (a)        if
to General Partner, to:

    

    United States Commodity Funds
LLC

    c/o Nicholas D. Gerber

    P.O. Box 6919

    Moraga,
CA  94570

    

    (b)       if
to the Marketing Agent, to:

    

    ALPS Distributors, Inc.

    1625 Broadway, Suite 2200

    Denver, CO 80202

    Attention: General Counsel

    

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

    

    10.8       Governing Law;
Jurisdiction.

    

    
      	
               
      

            	
              (a)

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

            

    

    

    
      	
               
      

            	
              (b)

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

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

    

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

    

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

    

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

    

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

    

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

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

    

    
       

    UNITED
STATES COMMODITY FUNDS LLC

    

    

    By:                                                                                     

    Name:

    Title:

    

    

    

    UNITED
STATES 12 MONTH NATURAL GAS FUND, LP

    By: United States Commodity Funds LLC,
as General Partner

    

    

    By:                                                                                     

    Name:

    Title:

    

    

    

    ALPS
DISTRIBUTORS, INC.

    

    By:                                                                                     

    Name:

    Title:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    

    FORM
OF

    UNITED
STATES 12 MONTH NATURAL GAS FUND, LP

    AUTHORIZED
PURCHASER AGREEMENT

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
B

    FORM
OF SUTHERLAND ASBILL & BRENNAN LLP OPINION

    

    

    

    [TO BE
PROVIDED]

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
C

    MARKETING
STRATEGY OF

    ALPS
DISTRIBUTORS, INC. (“ALPS”)

    

    ALPS
agrees to carry out the following duties.

    

    
      	
               
      

            	
              (a)

            	
              ALPS
      senior management will:

            

    

    

    
      	
               
      

            	
              ·

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

            

    

    
      	
               
      

            	
              ·

            	
              Supervise
      sales related activities.

            

    

    
      	
               
      

            	
              ·

            	
              Participate
      in field sales activities.

            

    

    

    
      	
               
      

            	
              (b)

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

            

    

    

    
      	
               
      

            	
              ·

            	
              Implement
      a tactical sales strategy.

            

    

    
      	
               
      

            	
              ·

            	
              Establish
      home office contacts with targeted
  broker/dealers.

            

    

    
      	
               
      

            	
              ·

            	
              Develop
      product education presentations.

            

    

    
      	
               
      

            	
              ·

            	
              Conduct
      product education presentations with fee based financial
      advisors.

            

    

    
      	
               
      

            	
              ·

            	
              Attend
      major fee based advisor
conferences.

            

    

    

    (c)           ALPS
will provide two shared External Wholesalers who will:

    

    
      	
               
      

            	
              ·

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

            

    

    
      	
               
      

            	
              ·

            	
              Establish
      regional relationships with wire houses and fee based
      advisors.

            

    

    
      	
               
      

            	
              ·

            	
              Deliver
      product education presentations.

            

    

    
      	
               
      

            	
              ·

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

            

    

    
      	
               
      

            	
              ·

            	
              Attend
      major fee based advisor
conferences.

            

    

    

    (d)           ALPS
will provide one shared Internal Wholesaler who will:

    

    
      	
               
      

            	
              ·

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

            

    

    
      	
               
      

            	
              ·

            	
              Telemarket
      to independent financial planners.

            

    

    
      	
               
      

            	
              ·

            	
              Coordinate
      conference participation.

            

    

    
      	
               
      

            	
              ·

            	
              Attend
      various conferences.

            

    

    

    
      	
               
      

            	
              (e)

            	
              ALPS
      will provide resources from its call center
to:

            

    

    

    
      	
               
      

            	
              ·

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

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              ·

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

            

    

    
      	
               
      

            	
              ·

            	
              Transfer
      “hot” advisor leads to Internal
Wholesaler.

            

    

    
      	
               
      

            	
              ·

            	
              Support
      a dedicated Fund toll-free line for
advisors.

            

    

    

    
      	
               
      

            	
              (f)

            	
              ALPS
      will provide marketing staff to:

            

    

    

    
      	
               
      

            	
              ·

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

            

    

    
      	
               
      

            	
              ·

            	
              Create
      FINRA approved seminars and product
  presentations.

            

    

    
      	
               
      

            	
              ·

            	
              Coordinate
      advisor specific advertising with the advertising
  agency.

            

    

    
      	
               
      

            	
              ·

            	
              Manage
      marketing budget.

            

    

    
      	
               
      

            	
              ·

            	
              Create
      and maintain website.

            

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
D

    

    UNITED
STATES 12 MONTH NATURAL GAS FUND, LP

    OFFICER’S
CERTIFICATE

    

    The
undersigned, a duly authorized officer of United States Commodity Funds LLC, a
Delaware limited liability company (the “General Partner”), and pursuant to
Section 13(d) of the United States 12 Month Natural Gas  Fund, LP
Marketing Agent Agreement (the “Agreement”), dated as of _______________ by and
between the General Partner and ALPS Distributors, Inc. (“Marketing Agent”)
hereby certifies that:

    

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

    

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

    

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

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

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

    

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

    

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

    

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

    

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

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    For
purposes hereof, the term “Registration Statement” shall mean the Registration
Statement as amended or supplemented from time to time to the date hereof, the
term “Preliminary Prospectus” shall mean the preliminary prospectus dated June
18, 2009 relating to the Units and any other prospectus dated prior to
effectiveness of the Registration Statement relating to the Units, and the term
“Prospectus” shall mean the Prospectus as amended or supplemented from time to
time to the date hereof.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

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

    

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

    

    

    By:
________________________

    Name:

    Title:

    

    

    

    

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

    

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

    

    

    By:
_______________________

    Name:

    Title:Unassociated Document

    Exhibit
10.3

    FORM OF

    CUSTODIAN AGREEMENT

    

    THIS
CUSTODIAN AGREEMENT (this
“Agreement”), dated as of ________________, is
entered into among UNITED STATES 12
MONTH NATURAL GAS FUND, LP,
a limited partnership organized under the laws of the State of Delaware (the
“Fund”), UNITED STATES COMMODITY FUNDS
LLC, a Delaware limited liability company and General Partner of the Fund
(the “General Partner”),
and BROWN BROTHERS
HARRIMAN & CO., a
limited partnership formed under the laws of the State of New York
(“BBH&Co.” or the “Custodian”),

    

    WITNESSETH:

    

    WHEREAS, the General Partner has exclusive
responsibility for the management and control of the business and affairs of the
Fund; and

    

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

    

    NOW,
THEREFORE, in consideration
of the mutual covenants and agreements herein contained, the Fund and
BBH&Co. hereby agree, as follows:

    

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

    

    2.           Representations,
Warranties and Covenants of the Fund.   The Fund and the
General Partner each hereby represents, warrants and covenants each of the
following:

    

    2.1           This Agreement has been, and at the time
of delivery of each Instruction (as defined in Section 4) such Instruction will
have been, duly authorized, executed and delivered by the Fund and the General
Partner.  This Agreement does not violate any Applicable Law (as
defined in Section 13) or conflict with or constitute a default under the Fund’s
prospectus or other organic document, agreement, judgment, order or decree to
which the Fund or the General Partner is a party or by which it or its
Investments is bound.

    

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

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

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

    

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

    

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

    

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

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

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

    

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

    

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

    

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

    

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

    

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

    
       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

    

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

    

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

    

    4.3.2  The specification of
the type of transaction;

    

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

    

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

    

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

    

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

    

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

    
       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

    

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

    

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

    

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

    

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

    

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

    

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

    
       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      

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

    

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

    

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

    

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

    
       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      

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

    

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

    

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

    

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

    

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

    

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

    
       

      
        
          
          

        

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

    

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

    

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

    

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

    

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

    

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

    

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

    
       

      
        
          
          

        

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

    

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

    

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

    

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

    

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

    
       

      
        
          
          

        

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

    

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

    
       

      
        
          
          

        

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

    

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

    

    7.6           Advances. If, for any reason in connection with
this Agreement the Custodian or any Subcustodian makes an Advance to facilitate
settlement or otherwise for the benefit of the Fund (whether or not any
Principal or Agency Account shall be overdrawn either during, or at the end of,
any Business Day (defined as any day other than a day on which the
NYSE Arca, Inc., the New York Mercantile Exchange or the New York Stock Exchange
is closed for regular trading)), the Fund and the General Partner
each hereby does:

    

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

    

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

    
       

      
        
          
          

        

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

    

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

    

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

    

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

    
       

      
        
          
          

        

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

    

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

    

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

    

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

    

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

    
       

      
        
          
          

        

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

    

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

    

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

    

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

    

    9.2.3  Reliance
on Instruction.  Action by the Custodian or
the Subcustodian in accordance with an Instruction, even when such action
conflicts with, or is contrary to any provision of, the Fund’s or the General
Partner’s limited partnership agreement, certificate of incorporation or
by-laws, Applicable Law, or actions by the directors or unitholders of the Fund
or the General Partner.

    

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

    

    10.           Indemnification.

    
       

      
        
          
          

        

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

    

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

    

    11.           Reports
and Records.  The
Custodian shall:

    

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

    

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

    

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

    

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

    

    12.           Miscellaneous.

    

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

    
       

      
        
          
          

        

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

    

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

    

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

    

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

    

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

    

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

    

    
      	
               
      

            	
              (1)

            	
              if to General Partner,
      to:

            

    

    
      	
               
      

            	
              United States Commodity Funds
      LLC

            

    

    
      	
               
      

            	
              c/o Nicholas D.
      Gerber

            

    

    
      	
               
      

            	
              P.O. Box
    6919

            

    

    
      	
               
      

            	
              Moraga,
      CA  94570

            

    

    
       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      

    
      	
               
      

            	
              (2)

            	
              if to the Custodian,
      to:

            

    

    
      	
               
      

            	
              Brown Brothers Harriman &
      Co.

            

    

    
      	
               
      

            	
              40 Water
    Street

            

    

    
      	
               
      

            	
              Boston, Massachusetts
      02109

            

    

    
      	
               
      

            	
              Attn:  Manager,
      Securities Department

            

    

    
      	
               

            	
              

                Telephone:   
      (617)
772-1818

              

            

    

    
      	
               

            	
              

                Facsimile:      
      (617)
772-2263,

              

            

    

    

    or such other address as the Fund or the
Custodian may have designated in writing to the other.

    

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

    

    12.8           Governing
Law; Jurisdiction.

    

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

    

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

    

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

    

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

    
       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

      

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    
       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

      

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    
       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

      

    

    13.11         Electronic
Reports shall mean any reports prepared by the Custodian and remitted to
the Fund, the General Partner or its authorized representative via the internet
or electronic mail.

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    
       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

      

    

    15.           Termination.  This Agreement may be
terminated by either party in accordance with the provisions of this
Section.  The provisions of this Agreement and any other rights or
obligations incurred or accrued by any party hereto prior to termination of this
Agreement shall survive any termination of this Agreement.

    

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

    

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

    

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

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

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

    

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

    

    BROWN
BROTHERS HARRIMAN & CO.

    

    By:
__________________________________

    Name:

    Title:

    Date:

    

    

    

    UNITED
STATES 12 MONTH NATURAL GAS
FUND, LP

         By:  United
States Commodity Funds LLC, as General Partner

    

    By:
________________________________

    Name:

    Title:

    Date:

    

    

    

    UNITED STATES COMMODITY FUNDS
LLC

    

    By:__________________________________

    Name:

    Title:

    Date:

    

    

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    FUNDS
TRANSFER SERVICES SCHEDULE

    

    1.           Execution of
Payment Orders.  Brown Brothers Harriman
& Co. (the Custodian) is hereby instructed by United States 12 Month Natural
Gas Fund, LP (the Fund) and United States Commodity Funds LLC (the General
Partner) to execute each payment order, whether denominated in United States
Dollars or other applicable currencies, received by the Custodian in the Fund’s
name as sender and authorized and confirmed by an Authorized Person as defined
in a Custodian Agreement dated as of ______________ by and among the Custodian,
the General Partner and the Fund, as amended or restated from time thereafter
(the Agreement), provided that the Fund has sufficient available funds on
deposit in a Principal Account as defined in the Agreement and provided that the
order (i) is received by the Custodian in the manner specified in this Funds
Transfer Services Schedule or any amendment hereafter; (ii) complies with any
written instructions and restrictions of the Fund as set forth in this Funds
Transfer Services Schedule or any amendment hereafter; (iii) is authorized by
the Fund or is verified by the Custodian in compliance with a security procedure
set forth in Paragraph 2 below for verifying the authenticity of a funds
transfer communication sent to the Custodian in the name of the Fund or for the
detection of errors set forth in any such communication; and (iv) contains
sufficient data to enable the Custodian to process such
transfer.

    

    2.           Security
Procedure.  The Fund and the General Partner hereby elect to
use the procedure selected below as its security procedure (the Security
Procedure). The Security Procedure will be used by the Custodian to verify the
authenticity of a payment order or a communication amending or canceling a
payment order. The Custodian will act on instructions received provided the
instruction is authenticated by the Security Procedure. The Fund and the General
Partner agree and acknowledge in connection with (i) the size, type and
frequency of payment orders normally issued or expected to be issued by the Fund
to the Custodian, (ii) all of the security procedures offered to the Fund and
the General Partner by the Custodian, and (iii) the usual security procedures
used by customers and receiving banks similarly situated, that authentication
through the Security Procedure shall be deemed commercially reasonable for the
authentication of all payment orders submitted to the
Custodian.   The Fund and the General Partner hereby elect (please choose one) the
following Security Procedure as described below:

    

    
      	
               
      

            	
              [   ]
      BIDS and BIDS
      Worldview Payment Products.  BIDS and BIDS Worldview
      Payment Products, are on-line payment order authorization facilities with
      built-in authentication procedures. The Custodian, the General Partner and
      the Fund shall each be responsible for maintaining the confidentiality of
      passwords or other codes to be used by them in connection with BIDS. The
      Custodian will act on instructions received through BIDS without duty of
      further confirmation unless the Fund and/or the General Partner notifies
      the Custodian that its password is not
secure.

            

    

    

    
      	
               
      

            	
              [X]
      SWIFT.
      The Custodian, the General Partner and the Fund shall comply with SWIFT’s
      authentication procedures. The Custodian will act on instructions received
      via SWIFT provided the instruction is authenticated by the SWIFT
      system.

            

    

    
       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

      

    

    
      	
               
      

            	
              [   ]
      Tested
      Telex.  The Custodian will accept payment orders sent by
      tested telex, provided the test key matches the algorithmic key the
      Custodian, the General Partner and Fund have agreed to
  use.

            

    

     

     

    [   ]
Computer
Transmission.  The Custodian is able to
accept transmissions sent from the Fund’s and/or the General Partner’s computer
facilities to the Custodian’s computer facilities provided such transmissions
are encrypted and digitally certified or are otherwise authenticated in a
reasonable manner based on available technology.  Such procedures
shall be established in an operating protocol among the Custodian, the General
Partner and the Fund.

    

    
      [   ] 
Telefax
Instructions. A payment
order transmitted to the Custodian by telefax transmission shall be transmitted
by the Fund and/or the General Partner to a telephone number specified from time
to time by the Custodian for such purposes.  If it detects no
discrepancies, the Custodian will then either:

    

    

    
      	
               
      

            	
              1.

            	
              if the telefax requests a
      repetitive payment order, the Custodian may call the Fund and/or the
      General Partner at its last known telephone number, request to speak to
      the Fund, the General Partner or Authorized Person, and confirm the
      authorization and details of the payment order (a Callback);
      or

            

    

    

    
      	
               
      

            	
              2.

            	
              if the telefax requests a
      non-repetitive order, the Custodian will perform a
      Callback.

            

    

    

    All faxes must be accompanied by a fax
cover sheet which indicates the sender’s name, Fund name, telephone number, fax
number, number of pages, and number of transactions or instructions
attached.

    

    [   ]           Telephonic. A telephonic payment order shall be
called into the Custodian at the telephone number designated from time to time
by the Custodian for that purpose. The caller shall identify herself/himself as
an Authorized Person.  The Custodian shall obtain the payment order
data from the caller.  The Custodian shall then:

    

    
      	
               
      

            	
              1.

            	
              if a telephonic repetitive payment
      order, the Custodian may perform a Callback;
  or

            

    

    

    
      	
               
      

            	
              2.

            	
              if a telephonic non-repetitive
      payment order, the Custodian will perform a
    Callback.

            

    

    

    In the
event the Fund and the General Partner choose a procedure which is not a
Security Procedure as described above, the Fund and the General Partner agree to
be bound by any payment order (whether or not authorized) issued in their name
and accepted by the Custodian in compliance with the procedure selected by the
Fund and the General Partner.

    

    3.           Rejection of
Payment Orders.  The Custodian shall give
the Fund and the General Partner timely notice of the Custodian’s rejection of a
payment order. Such notice may be given in writing or orally by telephone, each
of which is hereby deemed commercially reasonable.  In the event the
Custodian fails to execute a properly executable payment order and fails to give
the Fund and/or the General Partner notice of the Custodian’s non-execution, the
Custodian shall be liable only for the Fund’s actual damages and only to the
extent that such damages are recoverable under UCC 4A (as defined in Paragraph 7
below).  Notwithstanding anything in this Funds Transfer Services
Schedule and the Agreement to the contrary, the Custodian shall in no event be
liable for any consequential or special damages under this Funds Transfer
Services Schedule, whether or not such damages relate to services covered by UCC
4A, even if the Custodian has been advised of the possibility of such damages.
Whenever compensation in the form of interest is payable by the Custodian to the
Fund pursuant to this Funds Transfer Services Schedule, such compensation will
be payable in accordance with UCC 4A.

    
       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

      

    

    4.           Cancellation
of Payment Orders.  The Fund or the General
Partner may cancel a payment order but the Custodian shall have no liability for
the Custodian’s failure to act on a cancellation instruction unless the
Custodian has received such cancellation instruction at a time and in a manner
affording the Custodian reasonable opportunity to act prior to the Custodian’s
execution of the order.  Any cancellation shall be sent and confirmed
in the manner set forth in Paragraph 2 above.

    

    5.           Responsibility for the
Detection of Errors and Unauthorized Payment Orders.  Except as
may be provided in the Agreement, the Custodian is not responsible for detecting
any Fund or General Partner error contained in any payment order sent by the
Fund or the General Partner to the Custodian. In the event that the Fund’s or
the General Partner’s payment order to the Custodian either (i) identifies the
beneficiary by both a name and an identifying or bank account number and the
name and number identify different persons or entities, or (ii) identifies any
bank by both a name and an identifying number and the number identifies a person
or entity different from the bank identified by name, execution of the payment
order, payment to the beneficiary, cancellation of the payment order or actions
taken by any bank in respect of such payment order may be made solely on the
basis of the number. The Custodian shall not be liable for interest on the
amount of any payment order that was not authorized or was erroneously executed
unless the Fund and/or the General Partner so notifies the Custodian within
thirty (30) Business Days following the Fund’s and/or the General Partner’s
receipt of notice that such payment order had been processed.  If a
payment order in the name of the Fund and accepted by the Custodian was not
authorized by the Fund or the General Partner, the liability of the parties will
be governed by the applicable provisions of UCC 4A.

    

    6.           Laws and
Regulations.   The rights and obligations of the
Custodian, the General Partner and the Fund with respect to any payment order
executed pursuant to this Funds Transfer Services Schedule will be governed by
any applicable laws, regulations, circulars and funds transfer system rules, the
laws and regulations of the United States of America and of other relevant
countries including exchange control regulations and limitations on dealings or
other sanctions, and including without limitation those sanctions imposed under
the law of the United States of America by the Office of Foreign Assets
Control.  Any taxes, fines, costs, charges or fees imposed by relevant
authorities on such transactions shall be for the account of the
Fund.

    
       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

      

    

    7.           Miscellaneous.   All accounts opened
by the Fund, the General Partner or its authorized agents at the Custodian
subsequent to the date hereof shall be governed by this Funds Transfer
Schedule.  All terms used in this Funds Transfer Services Schedule
shall have the meaning set forth in Article 4A of the Uniform Commercial Code as
currently in effect in the State of New York (UCC 4A) unless otherwise set forth
herein. The terms and conditions of this Funds Transfer Services Schedule are in
addition to, and do not modify or otherwise affect, the terms and conditions of
the Agreement and any other agreement or arrangement between the parties
hereto.

    

    8.           Indemnification.  The
Custodian does not recommend the sending of instructions by telefax or
telephonic means as provided in Paragraph 2.  BY ELECTING TO SEND INSTRUCTIONS BY
TELEFAX OR TELEPHONIC MEANS, THE FUND AND THE GENERAL PARTNER AGREE TO INDEMNIFY
THE CUSTODIAN AND ITS PARTNERS, OFFICERS AND EMPLOYEES FOR LOSSES
THEREFROM.

    _____________________________________________

    

    OPTIONAL:  The
Custodian will perform a Callback if instructions are sent by telefax or
telephonic means as provided in Paragraph 2. THE FUND AND/OR THE GENERAL PARTNER
MAY, AT ITS OWN RISK AND BY HEREBY AGREEING TO INDEMNIFY THE CUSTODIAN AND ITS
PARTNERS, OFFICERS AND EMPLOYEES FOR ALL LOSSES THEREFROM, ELECT TO WAIVE
A CALLBACK BY THE CUSTODIAN BY INITIALING HERE: ____

    _____________________________________________

    

    
      	
               
      

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

            

    

    

    
      	
              Accepted and
      agreed:

            	 

    

    

    BROWN
BROTHERS HARRIMAN & CO.

    

    By:
__________________________________

    Name:

    Title:

    Date:

    

    

    

    UNITED
STATES 12 MONTH NATURAL GAS
FUND, LP

         By:  United
States Commodity Funds LLC, as General Partner

    

    By:
________________________________

    Name:

    Title:

    Date:

    

    
       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

      

    

    UNITED STATES COMMODITY FUNDS
LLC

    

    By:__________________________________

    Name:

    Title:

    Date:

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    ELECTRONIC
AND ON-LINE SERVICES SCHEDULE

    

    

    This
Electronic and On-Line Services Schedule (this Schedule) to a Custodian
Agreement dated as of _____________ (as amended from time to time hereafter, the
Agreement) by and among
Brown Brothers Harriman & Co. (we, us our), United States
Commodity Funds LLC (the General
Partner)  and United States 12 Month Natural Gas Fund, LP (the
Fund) (the General
Partner and the Fund collectively, you, your), provides general
provisions governing your use of and access to the Services (as hereinafter
defined) provided to you by us via the Internet (at www.bbhco.com
or such
other URL as we may instruct you to use to access our products) and via a
direct dial-up connection between your computer and our computers, as of
__________________ (the Effective
Date).  Use of the Services constitutes acceptance of the terms
and conditions of this Schedule, any Appendices hereto, the Terms and Conditions
posted on our web site, and any terms and conditions specifically governing a
particular Service or our other products, which may be set forth in the
Agreement or in a separate related agreement (collectively, the Related
Agreements).

    

    
      	
              1.

            	
              General
      Terms.

            

    

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

    
      	
            	
              1.1.

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

            

    

    
      	
            	
              1.2.

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

            

    

    
      	
            	
              1.3.

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

            

    

    
      	
            	
              1.4.

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

            

    

    
      	
            	
              1.5.

            	
              ActionViewSM,
      a system for receiving certain corporate action
    information;

            

    

    
      	
            	
              1.6.

            	
              Risk
      View, an interactive portfolio risk analysis tool;
  and

            

    

    
      	
            	
              1.7.

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

            

    

    

    
      	
              2.

            	
              Security /
      Passwords.

            

    

    
      	
            	
              2.1.

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

            

    

    
      	
            	
              2.2.

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

            

    

    
       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

    

     

    
      	
              2.3.

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

            

    

    

    
      	
              3.

            	
              Instructions.
      

            

    

    
      	
            	
              3.1.

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

            

    

    
      	
            	
              3.2.

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

            

    

    
      	
               
      

            	
              a.

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

            

    

    
      	
               
      

            	
              b.

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

            

    

    
      	
               
      

            	
              c.

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

            

    

    

    
      	
              4.

            	
              Electronic
      Documents.

            

    

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

    

    
      	
              5.

            	
              Malicious
      Code.

            

    

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

    

    
      	
              6.

            	
              Indemnification.

            

    

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

    
       

      
        
          
          

        

        
          29

          
            

          

        

        
          
          

      

    

    
      	
              7.

            	
              Payment.

            

    

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

    

    
      	
              8.

            	
              Term/Termination.

            

    

    
      	
            	
              8.1.

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

            

    

    
      	
            	
              8.2.

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

            

    

    

    
      	
              9.

            	
              Miscellaneous.

            

    

    
      	
            	
              9.1.

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

            

    

    
      	
            	
              9.2.

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

            

    

    
      	
            	
              9.3.

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

            

    

    
       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

    

     

    
      	
            	
              9.4.

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

            

    

    
      	
            	
              9.5.

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

            

    

    

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

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

    

    

    BROWN
BROTHERS HARRIMAN & CO.

    

    

    By:
__________________________________

    Name:

    Title:

    Date:

    

    

    

    UNITED
STATES 12 MONTH NATURAL GAS
FUND, LP

         By:  United
States Commodity Funds LLC, as General Partner

    

    By:
________________________________

    Name: Nicholas D.
Gerber

    Title: President and Management
Director

    Date:

    

    UNITED STATES COMMODITY FUNDS
LLC

    

    By:__________________________________

    Name: Nicholas D.
Gerber

    Title: President and Management
Director

    Date:

    

    

    

    
      
         

      

      
        32

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