Document:

Exhibit 4.68

 

Extension of Debenture Maturity Date

 

 

	 	TO:	Intellipharmaceutics International Inc. (the "Company")
	 	 	 
		RE:	Debenture dated January 1, 2013, for a face amount of US $1,500,000 issued by the Company to Isa Odidi and Amina Odidi (the
"Debenture") and the Maturity Date (as defined in the Debenture) of such Debenture

 

 

The undersigned hereby agree that the Maturity Date of the Debenture
is extended from July 1, 2015, to January 1, 2016.

 

DATED as of June 29, 2015.

 

 

 

	/s/ Isa Odidi	/s/ Amina Odidi
	Isa Odidi	Amina OdidiExhibit 4.69

 

Extension of Debenture Maturity Date

 

 

	 	TO:	Intellipharmaceutics International Inc. (the "Company")
	 	 	 
		RE:	Debenture dated January 1, 2013, for a face amount of US $1,500,000 issued by the Company to Isa Odidi and Amina Odidi (the
"Debenture") and the Maturity Date (as defined in the Debenture) of such Debenture

 

 

The undersigned hereby agree that the Maturity Date of the Debenture
is extended from January 1, 2016, to July 1, 2016.

 

DATED as of December 8, 2015.

 

 

 

	/s/ Isa Odidi	/s/ Amina Odidi
	Isa Odidi	Amina OdidiExhibit 10.1 

 

FORM
OF

UNITED
STATES 12 MONTH NATURAL GAS FUND, LP

AUTHORIZED
PARTICIPANT AGREEMENT

 

This United States 12 Month Natural Gas Fund, LP Authorized Participant Agreement (the “Agreement”), dated as of [  DATE], 2016, is entered into by and among United States 12 Month Natural Gas Fund, LP (the “Fund”), United States Commodity Funds LLC, a Delaware limited liability company and the general partner of the Fund (the “General Partner”), on behalf of itself and as General Partner of United States 12 Month Natural Gas Fund, LP, and [Insert name of Authorized Participant and type of company (Corporation, LLC, Inc., LLP)], a [state of incorporation/formation] (the “Authorized Participant”).

 

SUMMARY

 

The
General Partner serves in its capacity as General Partner of United States 12 Month Natural Gas Fund, LP (the
“Fund”)pursuant to the Limited Partnership Agreement dated as of the day the first Creation Basket is sold
and the proceeds are invested (substantially in the form attached hereto) between the General Partner and the Limited
Partners of the Fund (the “Partnership Agreement”). Brown Brothers Harriman Co. (the “Administrator”
or “Custodian”) and ALPS Distributors (the “Marketing Agent”) each serve as agents of the
General Partner for all purposes of this Agreement, and all references to agreements, obligations or duties of the
Administrator, Custodian or Marketing Agent herein shall be deemed references to agreements, obligations of duties of the
General Partner acting through the relevant agent. As provided in the Partnership Agreement and described in the Fund’s
prospectus (the “Prospectus”), as supplemented and amended from time to time, Shares of fractional undivided
beneficial interest in and ownership of the limited partnership (the “Shares”) may be created or redeemed through
the Marketing Agent by the Authorized Participant in aggregations of fifty thousand (50,000) Shares (each aggregation, a
“Creation Basket” or “Redemption Basket,” respectively; collectively, “Baskets”).
Creation Baskets are offered only pursuant to the most recent registration statement of the Fund, as declared effective by
the Securities and Exchange Commission (the “SEC”) and as the same may be amended from time to time thereafter
(collectively, the “Registration Statement”). Authorized Participants are the only persons that may place orders
to create and redeem Creation Baskets or Redemption Baskets.

 

Capitalized
terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Prospectus. To the extent there
is a conflict between any provision of this Agreement other than the indemnities provided in Section 9 and the provisions of the
Prospectus, the provisions of the Prospectus shall control.

 

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

 

Section
1. Order Placement.

To
place an order for the creation or redemption of one or more Baskets, an Authorized Participant must follow the procedures for
creation and redemption referred to in Section 3 of this Agreement and attached to this Agreement as Exhibit A; provided, however,
that in the case of an Authorized Participant’s initial order to purchase one or more Creation Baskets on the first day
the Baskets are to be offered and sold, the procedures for creation will be as attached to this Agreement as Exhibit A-1.

    	

    	 

    

Section
2. Status and Obligations of Authorized Participant.

The
Authorized Participant represents and warrants and covenants the following:

 

(a)     The
Authorized Participant is a participant of the Depository Trust Company (“DTC”) (as such a participant, a “DTC
Participant”). If the Authorized Participant ceases to be a DTC Participant, the Authorized Participant shall give prompt
notice to the General Partner of such event, and this Agreement shall terminate immediately as of the date the Authorized Participant
ceased to be a DTC Participant.

 

(b)     Unless
Section 2(c) applies, the Authorized Participant either (i) is registered as a broker-dealer under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), and is a member in good standing of the Financial Industry Regulatory Authority
(“FINRA”), or (ii) is exempt from being, or otherwise is not required to be, licensed as a broker-dealer or a member
of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of
its business so requires. The Authorized Participant will maintain any such registrations, qualifications and membership in good
standing and in full force and effect throughout the term of this Agreement. The Authorized Participant will comply with all applicable
federal law, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, including,
but not limited to those applicable to securities and commodities transactions, and with the Constitution, By-Laws and Conduct
Rules of FINRA (if it is a FINRA member) to the extent the foregoing relate to the Authorized Participant’s transactions
in, and activities with respect to the Baskets. The Authorized Participant will not directly or indirectly offer or sell Shares
in or from any state or jurisdiction where they may not lawfully be offered or sold.

 

(c)     If
the Authorized Participant is offering or selling Shares in jurisdictions outside the several states, territories and possessions
of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(b)
above, the Authorized Participant 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 Securities Act of 1933, as amended (the “1933 Act”)
and the Commodities Exchange Act (the “CEA”), and the rules and regulations promulgated thereunder, and (iii) conduct
its business in accordance with the spirit of the FINRA Conduct Rules, in each case to the extent the foregoing relate to the
Authorized Participant’s transactions in, and activities with respect to the Baskets.

 

(d)     The
Authorized Participant has written policies and procedures reasonably designed to comply 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 Authorized Participant is subject
to the requirements of the PATRIOT Act.

 

(e)     The
Authorized Participant has the capability to send and receive communications via an authenticated telecommunication facility to
and from the General Partner and its agents, ALPS Distributors, Inc. and Brown Brothers Harriman & Co. The Authorized Participant
shall confirm such capability to the satisfaction of the General Partner and the Marketing Agent by the end of the Business Day
(as defined in Section 6) before placing its first order with the Marketing Agent (whether such order is to create or to redeem
Baskets). If required by the Marketing Agent, the Administrator or the Custodian with respect to authorized telecommunications
by telephonic facsimile, the Authorized Participant shall enter into a separate agreement with the Marketing Agent, the Administrator
or the Custodian, as the case may be, indemnifying such party with respect to its communications by telephonic facsimile.

    	2

    	 

    

(f)     Because
new Baskets can be created and Shares therein issued on an ongoing basis, at any point during the life of the partnership, a “distribution,”
as such term is used in the 1933 Act, may be occurring with respect to resales of these Shares. The Authorized Participant is
cautioned that some of its activities may result in its being deemed a participant in a distribution in a manner that would render
it a statutory underwriter and subject it to the prospectus-delivery and liability provisions of the 1933 Act. The Authorized
Participant should review the “What is the Plan of Distribution?” portion of the Prospectus and consult with its own
counsel in connection with entering into this Agreement and placing an Order (as defined in Section 3). In addition to satisfying
the prospectus-delivery and disclosure requirements of the 1933 Act, the Authorized Participant and any other participant in the
distribution of the Shares purchased by the Authorized Participant also has the obligation to comply with applicable disclosure
delivery requirements under the CEA. To the extent the Authorized Participant has distributed a Preliminary Prospectus to prospective
investors, if the Authorized Participant has been notified by the General Partner of material changes made to that document as
compared to the final Prospectus, the Authorized Participant shall give notice to any prospective investor who received the Preliminary
Prospectus of such material change prior to consummating a sale.

 

Section
3. Orders.

(a)     All
orders to create or redeem Baskets shall be made in accordance with the terms of the Prospectus, this Agreement and the creation
and redemption procedures attached hereto as Exhibit A (the “Procedures”), except in the case of an Authorized Participant’s
initial order to purchase one or more Creation Baskets on the first day the Baskets are to be offered and sold which will be governed
by the procedures set forth in Exhibit A-1. Each party will comply with such foregoing terms to the extent applicable to it. The
General Partner may issue additional or other procedures from time to time relating to the manner of creating or redeeming Baskets
and the Authorized Participant will comply with such procedures. The General Partner and Authorized Participant hereby consent
to the use of recorded telephone lines.

 

(b)     The
Authorized Participant acknowledges and agrees it is acting for its own account or on behalf of another party (whether such party
is a customer or otherwise), and that each order to create a Basket (a “Purchase Order”) and each order to redeem
a Basket (a “Redemption Order,” and each Purchase Order and Redemption Order, an “Order”) may not be withdrawn
by the Authorized Participant. A form of Purchase/Redemption Order is attached hereto as Exhibit B.

 

Section
4. Fees.

In
connection with each Order by an Authorized Participant to create or redeem one or more Baskets, the General Partner shall charge,
and the Authorized Participant shall pay to the General Partner, the transaction fee (“Transaction Fee”) prescribed
in the Prospectus applicable to such creation or redemption. The initial Transaction Fee shall be one thousand dollars ($1,000).
The Transaction Fee may be adjusted from time to time as set forth in the Prospectus.

    	3

    	 

    

Section
5. Authorized Persons. 

Concurrently
with the execution of this Agreement and as requested in writing from time to time thereafter, the Authorized Participant shall
deliver to the General Partner and the Marketing Agent, notarized and duly certified as appropriate by its secretary or other
duly authorized official, a certificate in the form of Exhibit C setting forth the names and signatures of all persons authorized
to give instructions relating to activity contemplated hereby or by any other notice, request or instruction given on behalf of
the Authorized Participant (each, an “Authorized Person”). The General Partner or the Marketing Agent may accept and
rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to be in
full force and effect until the General Partner receives a superseding certificate bearing a subsequent date. Upon the termination
or revocation of authority of any Authorized Person by the Authorized Participant, the Authorized Participant shall give immediate
written notice of such fact to the General Partner and the Marketing Agent, and such notice shall be effective upon receipt by
the General Partner.

 

Section
6. Creation Procedures.

On
any Business Day, an Authorized Participant may place an order with the Marketing Agent to create one or more Creation Baskets
in accordance with this Agreement and the Procedures. For purposes of processing Purchase and Redemption Orders, a “Business
Day” means any day other than a day when any of the NYSE Arca, ICE Futures Exchange or the New York Stock Exchange is closed
for regular trading. Purchase orders must be placed by 12:00 PM New York time or the close of regular trading on NYSE Arca, whichever
is earlier, except in the case of an Authorized Participant’s initial order to purchase one or more Creation Baskets on
the first day the Baskets are to be offered and sold, when such orders shall be placed by 9:00 AM New York time on the
day agreed to by the General Partner and the Authorized Participant. The day on which the Marketing Agent receives a valid Purchase
Order is the Purchase Order Date. By placing a Purchase Order, an Authorized Participant agrees to (1) deposit Treasuries, cash,
or a combination of Treasuries and cash with the Custodian of the Fund, and (2) if required by the General Partner in its sole
discretion, enter into or arrange for a block trade, an exchange for physical or exchange for swap, or any other over-the-counter
energy transaction (through itself or a designated acceptable broker) with the Fund for the purchase of a number and type of futures
contracts at the closing settlement price for such contracts on the Purchase Order Date, as specified in the Purchase Order Form
(see Exhibit B). Failure to consummate (1) and (2) above shall result in the cancellation of the order. The number and type of
contracts specified shall be determined by the General Partner, in its sole discretion, to meet the Fund’s investment objective
and shall be purchased as a result of the Authorized Participant’s purchase of Shares.

 

Prior
to the delivery of Baskets for a Purchase Order, the Authorized Participant must also have wired to the Custodian the non-refundable
transaction fee due for the Purchase Order. “Treasuries” shall be any U.S. treasury security with two years or less
remaining to maturity with an aggregate market value, as determined in the sole discretion of the Administrator using the valuation
procedures set forth in Exhibit D that together with any cash amount, will equal the purchase price of the Creation Basket being
purchased.

    	4

    	 

    

 

The
total deposit required to create each basket (“Creation Basket Deposit”) will be an amount of Treasuries and/or cash
that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses and other liabilities)
on the date the order to purchase is accepted as the number of Shares to be created under the Purchase Order is in proportion
to the total number of Shares outstanding on the date the order is received.

 

The
General Partner determines, directly in its sole discretion, or in consultation with the Administrator, the requirements for Treasuries
and/or the amount of cash, including the maximum permitted remaining maturity of a Treasury and the proportions of Treasuries
and cash, that may be included in deposits to create Baskets. The Marketing Agent will publish such requirements at the beginning
of each business day. Unless otherwise determined by the General Partner, if Treasuries and cash are to be deposited, the amount
of the cash deposit required will be the difference between (i) the aggregate market value of the Treasuries required to be included
in a Creation Basket Deposit as of 4:00 PM New York time on the Purchase Order Date and (ii) the total required deposit.

 

An
Authorized Participant who places a Purchase Order is responsible for transferring to the Fund’s account with the Custodian
the required amount of Treasuries and/or cash by the end of the third Business Day following the Purchase Order Date, except in
the case of an Authorized Participant’s initial order to purchase one or more Creation Baskets on the first day the Baskets
are to be offered and sold when the Creation Basket Deposit will be due by 12:00 PM New York time on the date the Purchase Order
was accepted by the Marketing Agent. Upon receipt of the deposit amount, the Administrator will cause DTC to credit the number
of Baskets ordered to the Authorized Participant’s DTC account on the third Business Day following the Purchase Order Date,
except in the case of an Authorized Participant’s initial order to purchase one or more Creation Baskets, when the Administrator
will cause DTC to credit the number of Baskets so ordered upon confirmation by the Custodian that the Creation Basket Deposit
has been received by the Custodian. The expense and risk of delivery and ownership of Treasuries until such Treasuries have been
received by the Custodian on behalf of the Fund shall be borne solely by the Authorized Participant.

 

Section
7. Redemption Procedures. 

On
any Business Day, an Authorized Participant may place an order with the Marketing Agent to redeem one or more Redemption Baskets
in accordance with this Section 7 and the Procedures. Redemption Orders must be placed by 12:00 PM New York time or the close
of regular trading on NYSE Arca, whichever is earlier. A Redemption Order so received is effective on the date it is received
in satisfactory form by the Marketing Agent. The day on which the Marketing Agent receives a valid Redemption Order is the “Redemption
Order Date”. By placing a Redemption Order, an Authorized Participant agrees to (1) deliver the Redemption Basket to be
redeemed through DTC’s book-entry system to the Fund’s account with the Custodian not later than 3:00 PM New York
time on the third Business Day following the effective date of the Redemption Order (“Redemption Distribution Date”),
and (2) if required by the General Partner in its sole discretion, enter into or arrange for a block trade, an exchange for physical
or exchange for swap, or any other over-the-counter energy transaction (through itself or a designated acceptable broker) with
the Fund for the sale of a number and type of futures contracts at the closing settlement price for such contracts on the Redemption
Order Date, as specified in the Redemption Order Form (see Exhibit B). Failure to consummate (1) and (2) above shall result in
the cancellation of the order. The number and type of contracts specified shall be determined by the General Partner, in its sole
discretion, to meet the Fund’s investment objective and shall be sold as a result of the Authorized Participant’s
sale of Shares. Prior to the delivery of the redemption distribution for a Redemption Order, the Authorized Participant must also
have wired to the Fund’s account at the Custodian the non-refundable Transaction Fee due for the Redemption Order.

    	5

    	 

    

The redemption
distribution from the Fund consists of a transfer to the redeeming Authorized Participant of an amount of Treasuries and/or cash
with a value that is in the same proportion to the total assets of the Fund (net of estimated accrued but unpaid fees, expenses
and other liabilities) on the date the order to redeem is properly received as the number of Shares to be redeemed under the Redemption
Order is in proportion to the total number of Shares outstanding on the date the order is received. The General Partner, directly
or in consultation with the Administrator, will determine the requirements for Treasuries and/or the amount of cash, including
the maximum permitted remaining maturity of a Treasury, and the proportions of Treasuries and cash, that may be included in distributions
to redeem Baskets. The Marketing Agent will publish such requirements shortly after 4:00 p.m. New York time on the Redemption
Order Date.

 

The
redemption distribution due from the Fund is delivered to the Authorized Participant on the Redemption Distribution Date if, by
3:00 PM New York time on such Redemption Distribution Date, the Fund’ s DTC account has been credited with the Baskets to
be redeemed. If the Fund’s DTC account has not been credited with all of the Baskets to be redeemed by such time, the redemption
distribution is delivered to the extent of whole Baskets received. Any remainder of the redemption distribution is delivered on
the next Business Day to the extent of remaining whole Baskets received if the Fund receives the fee applicable to the extension
of the Redemption Distribution Date which the General Partner may, from time to time, determine and the remaining Baskets to be
redeemed are credited to the Fund’s DTC account by 3:00 PM New York time on such next Business Day. Any further outstanding
amount of the Redemption Order may be cancelled at the election of the General Partner. Any further remaining amount of the redemption
order shall be cancelled and the Participant will indemnify the Partnership for any losses, if any, due to such cancellation,
including but not limited to the difference in the price of investments sold as a result of the redemption order and investments
made to reflect that such order has been cancelled. Pursuant to instruction from the General Partner, the Custodian may also deliver
the redemption distribution notwithstanding that the Baskets to be redeemed are not credited to the Fund’s DTC account by
3:00 PM New York time on the Redemption Distribution Date if the Authorized Participant has collateralized its obligation to deliver
the Baskets through DTC’s book entry system on such terms as the General Partner may from time to time determine.

    	6

    	 

    

Section
8. Role of Authorized Participant.

(a)     The
Authorized Participant acknowledges that, for all purposes of this Agreement, the Authorized Participant is and shall be deemed
to be an independent contractor and has and shall have no authority to act as agent for the Fund, the Marketing Agent, the Administrator,
the Custodian or the General Partner in any matter or in any respect.

 

(b)     The
Authorized Participant will, to the extent reasonably practicable, make itself and its employees available, upon request, during
normal business hours to consult with the General Partner and the Marketing Agent concerning the performance of the Authorized
Participant’s responsibilities under this Agreement; provided that the Authorized Participant shall be under no obligation
to divulge or otherwise discuss any information that the Authorized Participant believes (i) is confidential or proprietary in
nature or (ii) the disclosure of which to third parties would be prohibited.

 

(c)     Notwithstanding
the provisions of Section 8(b), the Authorized Participant will maintain records of all sales of Creation Baskets made by or through
it and, upon reasonable request of the General Partner, except if prohibited by applicable law and subject to any privacy obligations
or other obligations arising under federal or state securities laws it may have to its customers, will furnish the General Partner
with the names and addresses of the Participants of such Creation Baskets and the number of Creation Baskets purchased if and
to the extent that the General Partner has been requested to provide such information to the Commodities Futures Trading Commission,
Securities Exchange Commission, Financial Industry Regulatory Authority, or Internal Revenue Service (“Fund Regulators”).
For the avoidance of doubt, all such information provided by the Authorized Participant shall be Confidential Information (as
defined in Section 18) and shall not be used for any purpose other than to satisfy requests of Fund Regulators.

 

(d)     The
Fund may from time to time be obligated to deliver prospectuses, proxy materials, annual or other reports of the Fund or other
similar information (“Fund Documents”) to its limited partners. The Authorized Participant agrees (i) subject to any
privacy obligations or other obligations arising under federal or state securities laws it may have to its customers, to reasonably
assist the General Partner in ascertaining certain information regarding sales of Creation Baskets made by or through the Authorized
Participant that is necessary for the Fund to comply with such obligations upon written request of the General Partner or (ii)
in lieu thereof, and at the option of the Authorized Participant, the Authorized Participant may undertake to deliver Fund Documents
to the Authorized Participant’s customers that custody Shares with the Authorized Participant, after receipt from the Fund
of sufficient quantities of such Fund Documents to allow mailing thereof to such customers. The expenses associated with such
transmissions shall be borne by the General Partner in accordance with usual custom and practice in respect of such communications.
The General Partner agrees that the names, addresses and other information concerning the Authorized Participant’s customers
are and shall remain the sole property of the Authorized Participant, and none of the General Partner, the Fund or any of their
respective affiliates shall use such names, addresses or other information for any purposes except in connection with the performance
of their duties and responsibilities hereunder and except to the extent necessary for the Fund to meet its regulatory requirements
as set forth in Section 8(b) and in this Section 8(c) of the Agreement.

 

Section
9. Indemnification. 

(a)     Indemnification
of Authorized Participant. The General Partner agrees to indemnify, defend and hold harmless the Authorized Participant, its partners,
stockholders, members, directors, officers, employees, affiliates, agents and any person who controls such persons 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 (each a “GP Indemnified Person”), from and against any loss, damage, expense, liability or claim (including
reasonable attorney fees and the reasonable cost of investigation) which the Authorized Participant or any such person may incur
under the 1933 Act, the Exchange Act, the CEA, the common law or otherwise, insofar as such loss, damage, expense, liability or
claim arises out of or is based upon:

    	7

    	 

    

		(1)	any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration
Statement as amended or supplemented) or in a Prospectus (the term Prospectus for the purpose of this Section 9 being deemed to
include the Prospectus and the Prospectus as amended or supplemented) or 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 Authorized
Participant furnished in writing by or on behalf of the Authorized Participant to the General Partner expressly for use in such
Registration Statement;

 

		(2)	any
untrue statement or alleged untrue statement of a material fact or breach by the General Partner of any representation or warranty
contained in this Agreement;

 

		(3)	the
failure by the General Partner, the Fund or their respective agents to perform when and as required, any agreement, obligation,
duty or covenant contained herein;

 

		(4)	the
failure by the General Partner, the Fund or their respective agents to comply with applicable laws and the rules and regulations
of any governmental entity or any self-regulatory organization to the extent the foregoing relates to transactions in, and activities
with respect to Baskets; or

 

		(5)	the
Authorized Participant’s performance of its duties under this Agreement except in the case of this clause (5), for any loss,
damage, expense, liability or claim resulting from the gross negligence or willful misconduct of the Authorized Participant.

 

In
no case is the indemnity of the General Partner in favor of the Authorized Participant and such other persons as are specified
in this Section 9(a) to be deemed to protect the Authorized Participant and such persons against any liability to the General
Partner or the Fund to which the Authorized Participant 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 a GP Indemnified Person or any such person
in respect of which indemnity may be sought against the General Partner pursuant to the foregoing paragraph, such GP Indemnified
Person shall promptly notify the General Partner in writing of the institution of such Proceeding, provided, however, that the
omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability which it may have
to the GP Indemnified Person except to the extent that it has been materially prejudiced by such failure and has not otherwise
learned of such Proceeding. The GP Indemnified Person shall have the right to employ its own counsel in any such case and the
fees and expenses of such counsel shall be borne by the General Partner and the Fund 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 GP Indemnified Persons
who are parties to such Proceeding) or for the expenses and fees incurred with respect to matters that are not indemnifiable in
accordance with the preceding paragraph. A GP Indemnified Person shall give the General Partner reasonable prior notice of settlement
of any Proceeding in respect of which indemnity may be sought against the General Partner pursuant to this Section 9(a), provided,
however that the omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability
which it may have to the GP Indemnified Person.

    	8

    	 

    

 

(b)     The
Authorized Participant agrees to indemnify, defend and hold harmless each of the Fund, the General Partner and its partners, stockholders,
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 (each, an “AP
Indemnified Person”), from and against any loss, damage, expense, liability or claim (including reasonable attorney fees
and the reasonable cost of investigation) which the AP Indemnified Person may incur as a result of or in connection with 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 Authorized Participant 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
Authorized Participant will also indemnify each AP Indemnified Person from and against any loss, damage, expense, liability or
claim (including the reasonable cost of investigation) which such AP Indemnified Person may incur as a result of or in connection
with any actions of an AP Indemnified Person in accordance with any instructions by the Authorized Participant except in the case
of any loss, damage, expense, liability or claim resulting from the gross negligence or willful misconduct of an AP Indemnified
Person. In no case is the indemnity of the Authorized Participant in favor of each AP Indemnified Person to be deemed to protect
the AP Indemnified Person and such persons against any liability to the Authorized Participant to which the AP Indemnified Person
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.

    	9

    	 

    

If
any Proceeding is brought against an AP Indemnified Person, such AP Indemnified Person shall promptly notify the Authorized Participant
in writing of the institution of such Proceeding; provided, however, that the omission to so notify the Authorized Participant
shall not relieve the Authorized Participant from any liability which it may have to such AP Indemnified Person except to the
extent that it has been materially prejudiced by such failure and has not otherwise learned of such Proceeding. The AP Indemnified
Person or such person shall have the right to employ its own counsel and the fees and expenses of such counsel shall be borne
by the Authorized Participant and paid as incurred (it being understood, however, that the Authorized Participant 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 AP Indemnified Persons who are parties to such Proceeding) or for
the expenses and fees incurred with respect to matters that are not indemnifiable in accordance with the preceding paragraph.
An AP Indemnified Person shall give the Authorized Participant reasonable prior notice of settlement of any Proceeding in respect
of which indemnity may be sought against the Authorized participant pursuant to this Section 9(b), provided, however that the
omission to so notify the General Partner shall not relieve the General Partner or the Fund from any liability which it may have
to the GP Indemnified Person.

 

(c)     The
indemnity agreements contained in this Section 9 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 Authorized
Participant, 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 Authorized Participant 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 Shares. The General Partner and the Authorized Participant 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 Shares, or in connection with the Registration Statement
or the Prospectus.

 

Section
10.

(a)     Limitation
of Liability.

None
of the General Partner, the Authorized Participant, the Marketing Agent, the Administrator, or the Custodian, shall be liable
to each other or to any other person, including any party claiming by, through or on behalf of the Authorized Participant, for
any losses, liabilities, damages, costs or expenses arising out of any mistake or error in data or other information provided
to any of them by each other or any other person or out of any interruption or delay in the electronic means of communications
used by them.

 

(b)     Tax
Liability.

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

    	10

    	 

    

 

Section
11. Acknowledgment. 

The
Authorized Participant acknowledges receipt of a copy of the Prospectus and represents that it has reviewed and understands such
document.

 

Section
12. Effectiveness and Termination.

Upon
the execution of this Agreement by the parties hereto, this Agreement shall become effective in this form as of the date first
set forth above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties
unless earlier terminated: (i) in accordance with Section 2(a); (ii) upon notice to the Authorized Participant by the General
Partner in the event of a breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein;
or (iii) at such time as the Fund is terminated.

 

Section
13. Marketing Materials; Representations Regarding Baskets; Identification in Registration Statement. 

(a)     The
Authorized Participant represents, warrants and covenants that, (i) without the written consent of the General Partner, the Authorized
Participant will not make, or permit any of its representatives to make, in connection with any sale or solicitation of a sale
of Baskets any representations concerning the Shares or the General Partner, the Fund or any AP Indemnified Person other than
representations consistent with (A) the then-current Prospectus of the Fund, (B) printed information approved by the General Partner
as information supplemental to such Prospectus or (C) any promotional materials or sales literature furnished to the Authorized
Participant by the General Partner, and (ii) the Authorized Participant will not furnish or cause to be furnished to any person
or display or publish any information or material relating to the Baskets, any AP Indemnified Person or the Fund that is not consistent
with the Fund’s then current Prospectus. Copies of the then-current Prospectus of the Fund and any such printed supplemental
information will be supplied by the General Partner to the Authorized Participant in reasonable quantities upon request.

 

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

 

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

    	11

    	 

    

(d)     For
as long as this Agreement is effective, the Authorized Participant agrees to be identified as an authorized Participant of the
Fund at the General Partner’s discretion (i) in the section of the Prospectus included within the Registration Statement
entitled “Creation and Redemption of Shares,” and in any other section as may be required by the SEC and (ii) on the
Fund’s website. Upon the termination of this Agreement, (i) during the period prior to when the General Partner qualifies
and elects to file on Form S-3, the General Partner will remove such identification from the Prospectus in the amendment of the
Registration Statement next occurring after the date of the termination of this Agreement and, during the period after when the
General Partner qualifies and elects to file on Form S-3, the General Partner will promptly file a current report on Form 8-K
indicating the withdrawal of the Authorized Participant as an authorized Participant of the Fund and (ii) the General Partner
will promptly update the Fund’s website to remove any identification of the Authorized Participant as an authorized Participant
of the Fund.

 

Section
14. Certain Covenants of the General Partner.

The
General Partner, on its own behalf and on behalf of the Fund, covenants and agrees:

 

(a)     to
notify the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require
the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which
they are made, not misleading, and, during such time, to prepare and deliver or otherwise make available, at the expense of the
Fund, to the Authorized Participant copies of such amendments or supplements to such Prospectus as may be necessary to reflect
any such change at such time and in such numbers as necessary to enable the Authorized Participant to comply with any obligation
it may have to deliver such revised, supplemented or amended Prospectus to customers.

 

(b)     to
notify the Authorized Participant when a revised, supplemented, or amended Prospectus is available and to deliver or otherwise
make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus at such time and in such
numbers as to enable the Authorized Participant to comply with any obligation it may have to deliver such revised, supplemented
or amended Prospectus to customers, provided that as a general matter the General Partner will make such revised, supplemented
or amended Prospectus available to the Authorized Participant on or before its effective date;

 

(c)     to
cause Spicer Jeffries, LLP, accountants to the Fund, to deliver, at each time (i) the Registration Statement or the Prospectus
is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register
additional Baskets in reliance on Rule 429 of the 1933 Act, and (iii) there is financial information incorporated by reference
into the Registration Statement or the Prospectus, letters dated such dates and addressed to the Authorized Participant, 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;

    	12

    	 

    

(d)     to
deliver to the Authorized Participant, at each time (i) the Registration Statement or the Prospectus is amended or supplemented
by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Baskets in reliance
on Rule 429 of the 1933 Act, and (iii) there is financial information incorporated by reference into the Registration Statement
or the Prospectus, a certification by a duly authorized officer of the General Partner in the form attached hereto as Exhibit
E. In addition, any certificate signed by any officer of the General Partner and delivered to the Authorized Participant or counsel
for the Authorized Participant pursuant hereto shall be deemed to be a representation and warranty by the General Partner as to
matters covered thereby to the Authorized Participant;

 

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

 

(f)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.

 

Section
15. Third Party Beneficiaries. 

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

 

Section
16. Force Majeure.

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

    	13

    	 

    

Section
17. Miscellaneous.

(a)     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.

 

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

 

(c)     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. Notwithstanding the foregoing,
in the event that Authorized Participant files for protection under the United States Bankruptcy Code, the trustee of Authorized
Participant’s bankruptcy estate may assume this Agreement or any of its rights, duties and/or obligations hereunder or thereunder
upon written notice to the Fund and the General Partner hereby consent to such assumption. In addition, Authorized Participant
may assign the Agreement or any of its rights, duties and/or obligations hereunder or thereunder upon written notice to the Fund
and the General Partner to (a) any Authorized Participant Affiliate; (b) in the case of any merger or sale of its stock
or assets, to the successor in a merger of Authorized Participant or to any entity that acquires all or a substantial portion
of its stock or assets, or (c) any service provider contracted by Authorized Participant to perform data processing, facilities
management or other outsourced services on Authorized Participant’s behalf.

 

(d)     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.

 

(e)     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.

 

(f)     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):

    	14

    	 

    

	 	(1)	if
    to General Partner, to:
	 	 	 
	 	 	United States
    Commodity Funds LLC 

c/o John Love

1999 Harrison Street 

Suite 1530 

Oakland, CA 94612
	 	 	 
	 	(2)	if to the Authorized
    Participant, to:
	 	 	 
	 	 	[AUTHORIZED PARTICIPANT
    CONTACT AND ADDRESS]

 

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.

 

(g)     Governing
Law; Jurisdiction.

 

		(1)	All
questions concerning the construction, interpretation and validity of this Agreement and all transactions hereunder 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.

 

		(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.

    	15

    	 

    

The
provisions of this Section 17(g) shall survive any termination of this Agreement, in whole or in part.

 

(h)     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 Authorized Participant or any of its Affiliates, on the other hand, as partners or joint venturers; it being
intended that the relationship between them will at all times be that of independent contractors.

 

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

 

(j)     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.

 

(k)     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.

 

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

 

Section
18. Confidentiality.

(a)     The
General Partner, the Fund and the Authorized Participant shall maintain in confidence, use only for the purposes provided for
in this Agreement, and not disclose to any third party, without first obtaining the 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 internal and external 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 or its customers that is disclosed to or received by the other
party, whether orally, visually or in writing, in any form, including, without limitation, information or data which relates to
such party’s business or operations, research and development, marketing plans or activities, or actual or potential products.

    	16

    	 

    

(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:

 

		(1)	is known to such party at
the time of disclosure other than as the result of a breach of this Section 18 by such party;

 

		(2)	has been or becomes publicly
known, other than as the result of a breach of this Section 18 by such party, or has been or is publicly disclosed by the other
party;

 

		(3)	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

 

		(4)	is required to be disclosed
by law or similar compulsion or in connection with any legal proceeding or request for information on behalf of a governmental
authority or self-regulatory organization, provided that 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.

 

(c)          The
parties recognize and acknowledge that a breach or threatened breach by a party of the provisions of this Section 18 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 18.

 

(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 that may come to such party’s attention.

 

(e)          Upon
the termination of this Agreement, if requested in writing by the other party, each party shall, at such party’s option,
promptly destroy or return to the other 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.

    	17

    	 

    

IN WITNESS WHEREOF, the Authorized Participant and the General Partner have caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above.

 

	UNITED STATES COMMODITY FUNDS LLC	 
	 	 	 
	By:	 	 	 
	 	Name:
    John Love	 
	 	Title:President
    and Chief Executive Officer	 
	 	Address:
    1999 Harrison Street, Suite 1530, Oakland CA 94612	 
	 	Telephone:
    510-522-9600	 
	 	Facsimile:
    510-522-9604	 

 

	UNITED
    STATES 12 MONTH NATURAL GAS FUND, LP	 
	By:
    United States Commodity Funds LLC, as General Partner	 
	 	 	 
	By:	 	 	 
	 	Name:
    John Love	 
	 	Title:
    President and Chief Executive Officer, USCF LLC	 
	 	Address:
    1999 Harrison Street, Suite 1530, Oakland CA 94612	 
	 	Telephone:
    510-522-9600	 
	 	Facsimile:
    510-522-9604	 

 

	AUTHORIZED
    PARTICIPANT	 
	 	 	 
	By:	 	 	 
	 	Name:	 
	 	Title:	 
	 	Address:	 
	 	Telephone:	 
	 	Facsimile:	 

    	18

    	 

    

EXHIBIT
A

 

UNITED
STATES 12 MONTH NATURAL GAS FUND, LP

PROCEDURES
FOR PROCESSING

PURCHASE
ORDERS AND REDEMPTION ORDERS

 

United
States 12 Month Natural Gas Fund, LP. This Exhibit A to the Authorized Participant Agreement (the “Agreement”) supplements
the Prospectus with respect to the procedures to be used by (i) the Transfer Agent and Marketing Agent in processing Purchase
Orders and (ii) the Transfer Agent in processing Redemption Orders and, together with Purchase Orders, “Orders”. Capitalized
terms, unless otherwise defined in this Annex II, have the meanings attributed to them in the Authorized Participant Agreement
or the Prospectus.

 

An
Authorized Participant is required to have signed the Authorized Participant Agreement. Upon acceptance of the Agreement and execution
thereof by the Company and in connection with the initial Purchase Order submitted by the Authorized Participant, the Distributor
will assign a unique PIN Number to each Authorized Person authorized to act for an Authorized Participant. This will allow an
Authorized Participant through its Authorized Person(s) to place a Purchase Order or Redemption Order with respect to the purchase
or redemption of Creation Units of Shares of the Fund.

 

		TO
    PLACE AN ORDER FOR PURCHASE OR REDEMPTION OF CREATION UNITS 
	 	 
	1.                   
	Placing
    an Order.
	 	 
	                
     	a.   General.
    To the extent possible, Orders shall be submitted through the Internet (“Web Order Site” or “Electronic
    Interface”) as described in section 1.b. below.  If the Electronic Interface is not available, Orders may
    be placed by telephone, as described in section 1.c. If a Purchase Order is not complete prior to the Order Cut-Off Time (as
    defined below), the Order will not be processed.  Redemption Orders that are not completed prior to the Order Cut-Off
    Time will be processed on the next Business Day.
	 	 
	                
     	b.   Using the Electronic Interface to Initiate the Order.
    An Authorized Person for the Authorized Participant will log in to the Electronic Interface prior to the cut-off time for
    placing Orders with the Fund (the “Order Cut-Off Time”) set forth in the particular Fund’s order form (“Order
    Form”) and enter the terms of the Order. An Order is not complete until it has been approved by both the Authorized
    Participant and the Marketing Agent under the terms of the Prospectus and the Agreement, in accordance with the procedures
    outlined below.
	 	 
	 	Orders
    submitted through the Electronic Interface must be in accordance with the terms of this Agreement, the Prospectus, the Web
    Order Site, the Electronic Interface User Agreement (the “Electronic Interface Agreement,” which must be separately
    entered into by the Authorized Participant) and the applicable Electronic Interface User Guide (or any successor documents).
    To the extent that any provision of this Agreement (including this Annex) is inconsistent with any provision of any Electronic
    Interface Agreement, the Electronic Interface Agreement shall control with respect to Distributor’s provision of the
    Web Order Site; provided, however, it is not the intention of the parties to otherwise modify the rights, duties and obligations
    of the parties under the Agreement, which shall remain in full force and effect until otherwise expressly modified or terminated
    in accordance with its terms. Notwithstanding  the forgoing, the  Authorized Participant acknowledges
    that references to the applicable Electronic Interface User Guide (or any successor documents) contained herein are for instructional
    purposes only, and such Electronic Interface User Guide (or any successor documents) does not contain any additional representations,
    warranties or obligations by the Fund, the Transfer Agent, the Marketing Agent or their respective agents.

    	19

    	 

    

	 	 
	                   
     	c.   Calling to Initiate the Order. In the event the Electronic
    Interface service is unavailable, an Authorized Person for the Authorized Participant may call the Marketing Agent’s
    telephone representative at the number listed on the Order Form prior to the Order Cut-Off Time to receive an Order Number,
    as described further below. The telephone call must be answered and concluded, and the Order must be complete, prior to the
    Order Cut-Off Time. Non-standard Orders generally must be arranged with the Fund in advance of Order placement. The Order
    Form (as may be revised from time to time) is incorporated into and made a part of this Agreement.
	 	 
	 	Upon
    verifying the authenticity of the caller (as determined by the use of the appropriate PIN Number) and the terms of the Order,
    the telephone representative will issue a unique order number (the “Order Number”) and record the terms of the
    Order in an electronic mail version of the Order Form. All Orders with respect to the purchase or redemption of Creation Units
    are required to be in writing (by email or, as provided below, by facsimile) and accompanied by the designated Order Number.
    During or following the call, the telephone representative will transmit the written Order Form to the Authorized Participant
    by electronic mail, indicating the approval of the Marketing Agent of the written Order Form.
	 	 
	 	To
    complete an Order, the Authorized Participant must respond to the telephone representative with its approval of the written
    Order Form by electronic mail prior to the Order Cut-Off Time. If the Authorized Participant detects an error or mistake in
    the written Order Form, it must return a corrected written Order Form to the telephone representative by electronic mail prior
    to the Order Cut-Off Time, indicating its approval of the corrected written Order Form. The telephone representative will
    review the corrected written Order Form and notify the Authorized Participant of the approval or rejection thereof by the
    Marketing Agent. The Order will be complete upon approval in writing by both the Authorized Participant and the Marketing
    Agent. If an Order is not complete prior to the Order Cut-Off Time, the Order will be invalid and will not be processed.
	 	 
	 	If
    the Authorized Participant is unable to send or receive electronic mail, it must inform the telephone representative when
    submitting the terms of its Order or as soon as such inability arises. Communication by facsimile may then be substituted
    for electronic mail in the steps described above, provided that each transmission is clearly marked with the time of transmission.

    	20

    	 

    

	 	 
	 	INCOMING
    TELEPHONE CALLS ARE QUEUED AND WILL BE HANDLED IN THE SEQUENCE RECEIVED. ACCORDINGLY, DO NOT HANG UP AND REDIAL. CALLS
    MUST BE CONCLUDED PRIOR TO THE ORDER CUT-OFF TIME. CALLS THAT ARE IN PROGRESS OR ARE UNANSWERED IN THE QUEUE AT OR
    AFTER THE ORDER CUT-OFF TIME WILL BE VERBALLY DENIED. INCOMING CALLS THAT ARE RECEIVED
    AFTER THE ORDER CUT-OFF TIME WILL NOT BE ANSWERED BY THE TELEPHONE REPRESENTATIVE. ALL TELEPHONE CALLS WILL BE RECORDED BY
    THE TELEPHONE REPRESENTATIVE.
	 	 
	 	NOTE
    THAT THE TELEPHONE CALL IN WHICH THE ORDER NUMBER IS ISSUED INITIATES THE ORDER PROCESS BUT DOES NOT ALONE CONSTITUTE THE
    ORDER. AN ORDER IS ONLY COMPLETED AND PROCESSED UPON WRITTEN APPROVAL BY BOTH THE AUTHORIZED PARTICIPANT AND THE MARKETING
    AGENT.
	 	 
	            
     	d.   Settlement.
	 	 
	                  
 	 (i)	 CNS Clearing Process. In general, the cash and or treasuries
(collectively “cash”) as allowable pursuant to the Fund’s registration statement making up a Creation Unit must
be delivered through the NSCC to a DTC account maintained at the Fund’s custodian on or before the Contractual Settlement
Date (defined below). The “Contractual Settlement Date” is the earlier of: (i) the date upon which the Cash is delivered
to the Fund; and (ii) trade date plus three (T +3) business days.  Creation Units will be issued through the NSCC in
accordance with the terms and conditions of the NSCC systems from time to time adopted and communicated to NSCC participants.
	 	 
	 	 	Any settlement outside the CNS Clearing Process may be subject to additional
requirements and fees as discussed in the Prospectus.
	 	 	 
	               
 	(ii)	Outside the CNS Clearing Process.
	 	 
		(a)	 	In general, the Cash making up a Creation Unit must be delivered to an
account maintained at the applicable local Subcustodian on or before the International Contractual Settlement Date (defined below).  The
“International Contractual Settlement Date” will be the earlier of: (i) the date upon which the Cash is delivered
to the Fund; and (ii) the trade date plus three (T +3) business days.
	 	 
	 	 	 	Except as provided in the next two paragraphs, a Creation Unit will not
be issued outside of the CNS Clearing Process until the transfer of good title to the Fund of the Cash and applicable fees have
been completed. When the Subcustodian confirms to the Fund’s Custodian that the Cash has been delivered to the account of
the relevant Subcustodian, the Custodian shall cause the delivery of the Creation Unit.

    	21

    	 

    

	 	 	 
	              
 	(b)	 	Cash redeems shall be settled outside the CNS process.
	 	 	 
	2. 	Further
Information Regarding the Placement of Orders by the Internet.
	 	 
	.                   
 	a.   Certain Acknowledgements. The Authorized Participant
    acknowledges and agrees (i) that the Fund, the General Partner, the Marketing Agent and their respective agents will review
    any Order placed through the Web Order Site manually before it is executed and that such manual review may result in a delay
    in execution of such Order; (ii) that during periods of heavy market activity or other times, it may be difficult to place
    Orders via the Web Order Site and the Authorized Participant may place Orders as otherwise set forth in Exhibit B; and (iii)
    that any transaction information, content, or data downloaded or otherwise obtained through the use of the Web Order Site
    are done at the Authorized Participant’s own discretion and risk.
	 	 
	 	EXCEPT
    AS OTHERWISE SPECIFICALLY PROVIDED IN THE ELECTRONIC INTERFACE AGREEMENT AND TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE
    AUTHORIZED PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE WEB ORDER SITE IS PROVIDED “AS IS,” “AS AVAILABLE”
    WITH ALL FAULTS AND WITHOUT ANY WARRANTY OF ANY KIND. SPECIFICALLY, WITHOUT LIMITING THE FOREGOING, ALL WARRANTIES, CONDITIONS,
    OTHER CONTRACTUAL TERMS, REPRESENTATIONS, INDEMNITIES AND GUARANTEES WITH RESPECT TO THE WEB ORDER SITE, WHETHER EXPRESS,
    IMPLIED OR STATUTORY, ARISING BY LAW, CUSTOM, PRIOR ORAL OR WRITTEN STATEMENTS BY THE FUND, THE GENERAL PARTNER, THE MARKETING
    AGENT OR THEIR RESPECTIVE AGENTS, AFFILIATES, LICENSORS OR OTHERWISE (INCLUDING, BUT NOT LIMITED TO AS TO TITLE, SATISFACTORY
    QUALITY, ACCURACY, COMPLETENESS, UNINTERRUPTED USE, NON-INFRINGEMENT, TIMELINESS, TRUTHFULNESS, SEQUENCE, COMPLETENESS, MERCHANTABILITY
    OR FITNESS FOR PARTICULAR PURPOSE AND ANY IMPLIED WARRANTIES, CONDITIONS AND OTHER CONTRACTUAL TERMS ARISING FROM TRADE USAGE,
    COURSE OF DEALING OR COURSE OF PERFORMANCE) ARE HEREBY OVERRIDDEN, EXCLUDED AND DISCLAIMED.
	 	 
		b.       Election to Terminate Placing Orders by Internet. The
    Authorized Participant may elect at any time to discontinue placing Orders through the Web Order Site without providing notice
    under the Agreement.
	 	 
	3.                   
     	 Acknowledgment Regarding Telephone and Internet Transactions.
    During periods of heavy market activity or other times, the Authorized Participant acknowledges it may be difficult to
    reach the Fund by telephone or to transact business over the Internet via the Web Order Site. Technological irregularities
    may also make the use of the Internet and Web Order Site slow or unavailable at times. The Fund may terminate the receipt
    of redemption or exchange Orders by telephone or the Internet at any time, in which case the Authorized Participant may redeem
    or exchange Shares by communication through facsimile. All Orders must be complete, including written approval by the Authorized
    Participant and the Marketing Agent, prior to the Order Cut-Off Time.

    	22

    	 

    

EXHIBIT
B

United
States 12 Month Natural Gas Fund, LP

Purchase/Redemption Order Form

ALL ITEMS IN PART I MUST BE COMPLETED BY PARTICIPANT. THE MARKETING
AGENT, THE TRANSFER AGENT, AND/OR THE GENERAL PARTNER, IN THEIR DISCRETION, MAY REJECT ANY ORDER NOT SUBMITTED IN COMPLETE FORM
OR CONTAINING AMBIGUOUS INSTRUCTIONS. DEFINED TERMS SET FORTH BELOW SHALL HAVE THE MEANING AS SET FORTH IN THE PARTICIPANT AGREEMENT.

 

CONTACT
INFORMATION FOR ORDER EXECUTION:

Telephone:   1-844-ETF-ALPS     Fax:   303-824-3320

 

	CUT-OFF
                                         TIME FOR STANDARD ORDERS IS 12:00:00 ET (12:00 PM)

 

Part
I: To Be Completed by Authorized Participant

 

Order
Date:________ Time:_________(ET)      Trade Date:________       Settlement Date:__________

Firm
Name: ___________________________      Your Name: __________________________________

NSCC
Participant Number: _______________      DTC Participant Number: _______________________

Telephone
Number:______________________  Fax Number:_________________________________

 

	☐
    United States 12 Month Natural Gas Fund, LP (Ticker)       	 	~CREATION
    	~REDEMPTION
	 	 	 	 
	Settlement	Trade
    Type
	☐
    T+1	☐
    Block     Order
	☐
    T+2	☐
    No     Block Order
	☐
    T+3	 

 

The
Participant represents and warrants that it will not redeem a Creation Basket unless it, or the party for which it is acting,
as the case may be, first owns the requisite number of Shares to be redeemed as a Creation Basket.

 

THIS
TRANSACTION SHALL BE EFFECTED IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THE GENERAL PARTNER’S CURRENT PROSPECTUS AND
THE PARTICIPANT AGREEMENT

 

	#
    of Creation Units (CU) Transacted:	Number:
    _______________
	(One
    CU = 50,000 Shares)	Number
    written out: ___________________

 

Order
Number: ________________ Authorized Participant’s Signature:________________________

 

Part
II: To Be Completed by Marketing Agent

This
Certifies that the above order has been:

☐     
 Accepted by the Marketing Agent 

☐     
 Declined-Reason _____________________________________________________________

 

Marketing
Agent’s Signature:_____________________________ Time:_________(ET) Date:___________

 

	PLEASE
                                         NOTE THAT YOU MAY PLACE ORDERS ON AVA Xchange-trade Platform Interface https://ava.alpsinc.com/ETFServices/OrderEntry.aspx

    	23

    	 

    

EXHIBIT
C

 

UNITED
STATES 12 MONTH NATURAL GAS FUND, LP

FORM
OF CERTIFIED AUTHORIZED PERSONS

OF
AUTHORIZED PARTICIPANT

 

The
following are the names, titles and signatures of all persons (each an “Authorized Person”) authorized to give
instructions relating to any activity contemplated by the United States 12 Month Natural Gas Fund, LP Authorized Participant
Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the aforementioned
agreement.

 

Authorized
Participant: _______________________  DTC Number:________

 

	Name:		 
	Title:		 
	Signature:		 
	Email:		 
	Telephone:   		 
	 	 	 
	 	 	 
	Name:		 
	Title:		 
	Signature:		 
	Email:		 
	Telephone:		 
	 	 	 
	 	 	 
	Name:		 
	Title:		 
	Signature:		 
	Email:		 
	Telephone:		 

 

The
undersigned, ______________________ of [           ], does hereby certify
that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such
offices, that they have been duly authorized to act as Authorized Persons pursuant to the Authorized Participant Agreement and
that their signatures set forth above are their own true and genuine signatures.

 

	Signature:		

Name:

    	24

    	 

    

EXHIBIT
D

 

BBH
Pricing Policies

Futures,
Forwards, Swaps, Options and Treasuries

 

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

 

Futures

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

 

Forward
Currency Contracts

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

 

Swaps

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

 

Options

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

 

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

 

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

 

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

 

US Treasuries

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

    	

    	 

    

EXHIBIT
E

 

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 Authorized Participant Agreement (the “Agreement”),
dated as of [_____________] by and between the General Partner and [          ] (“the Authorized Participant”), 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 Participant and furnished in writing by or on behalf of the Authorized Participant 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 an investment fund 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 Participant;

 

(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;

    	2

    	 

    

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

 

(g)            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;

 

(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
under) 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 this Agreement,
the issuance and sale of Shares to the Authorized Participant hereunder and the consummation of the transactions contemplated
hereby does 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
or the Fund;

 

(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 Creation Baskets to the Authorized
Participant hereunder or the consummation by the General Partner or the Fund of the transactions contemplated hereunder other
than registration of the Shares under the 1933 Act and the filing of the Prospectus with the National Futures Association, which
has been effected, and any necessary qualification under the securities or blue sky laws of the various jurisdictions in which
the Shares are being offered or under the rules and regulations of NYSE Arca, Inc. (“NYSE Arca”);

    	3

    	 

    

(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 Shares 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 Shares, 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 Shares 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 Shares 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;

    	4

    	 

    

(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, (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 Shares purchased by the Authorized Participant 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 Shares;

 

(q)            the
Fund is not and, after giving effect to the offering and sale of the Shares, 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 or the Fund, 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; and

 

(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

    	5

    	 

    

(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 Agreement;

 

(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 Shares.

 

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
______________, relating to the Shares and any other prospectus dated prior to effectiveness of the Registration Statement relating
to the Shares, 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.

    	6

    	 

    

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 Secretary, hereby certify that [________________] is the duly elected President of the
General Partner, and that the signature set forth immediately above is his genuine signature.

 

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

 

	 	By:		 
	 	Name:
	 	Title:Secretary

    	7

    	 

    

EXHIBIT
F

 

ORDER
ENTRY SYSTEM TERMS AND CONDITIONS

 

This
Exhibit shall govern use by Authorized Participant of the electronic order entry system for placing Orders for Creation Baskets
(the “System”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms
in the Authorized Participant Agreement (the “AP Agreement”). In the event of any conflict between the terms of this
Exhibit F and the main body of the AP Agreement with respect to the placing of Orders, the terms of this Exhibit F shall control.

 

1.          (a)
Authorized Participant shall provide to the Marketing Agent a duly executed authorization letter, in a form satisfactory to Marketing
Agent, identifying those Authorized Persons who will access the System. Authorized Participant shall notify the Marketing Agent
in writing in the event that any person’s status as an Authorized Person is revoked or terminated as soon as possible, in
order to give the Marketing Agent a reasonable opportunity to terminate such Authorized Person’s access to the System.

(b)
It is understood and agreed that each Authorized Person shall be designated as an authorized user of Authorized Participant for
the purpose of the AP Agreement. Upon termination of the AP Agreement, the Authorized Participant’s and each Authorized
Person’s access rights with respect to System shall be immediately revoked.

2.          Marketing
Agent grants to Authorized Participant a personal, nontransferable and nonexclusive license to use the System solely for the purpose
of transmitting Orders and otherwise communicating with Marketing Agent in connection with the same. Authorized Participant shall
use the System solely for its own internal and proper business purposes. Except as set forth herein, no license or right of any
kind is granted to Authorized Participant with respect to the System. Authorized Participant acknowledges that Marketing Agent
and its suppliers retain and have title and exclusive proprietary rights to the System. Authorized Participant further acknowledges
that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefor) by Marketing Agent
or its suppliers. Authorized Participant shall not take any action with respect to the System inconsistent with the foregoing
acknowledgments. Authorized Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or
any portion thereof to any other person or entity without Marketing Agent’s prior written consent. Authorized Participant
may not remove any statutory copyright notice or other notice included in the System. Authorized Participant shall reproduce any
such notice on any reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon
Marketing Agent’s request.

    	8

    	 

    

3.          (a)
Authorized Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic form) (collectively,
the “Material”), which is delivered or made available to Authorized Participant regarding the System is the exclusive
and confidential property of Marketing Agent. Authorized Participant shall keep the Material confidential by using the same care
and discretion that Authorized Participant uses with respect to its own confidential property and trade secrets, but in no event
less than reasonable care. Authorized Participant may make such copies of the Material as is reasonably necessary for Authorized
Participant to use the System and shall reproduce Marketing Agent’s proprietary markings on any such copy. The foregoing
shall not in any way be deemed to affect the copyright status of any of the Material which may be copyrighted and shall apply
to all Material whether or not copyrighted. MARKETING AGENT AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING
THE MATERIAL OR ANY PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE.

             (b)
Upon termination of the Agreement for any reason, Authorized Participant shall return to Marketing Agent all copies of the Material
which is in Authorized Participant’s possession or under its control.

4.          Authorized
Participant agrees that it shall have sole responsibility for maintaining adequate security and control of the user IDs, passwords
and codes for access to the System, which shall not be disclosed to any third party without the prior written consent of Marketing
Agent. Marketing Agent shall be entitled to rely on the information received by it from the Authorized Participant and Marketing
Agent may assume that all such information was transmitted by or on behalf of an Authorized Person regardless of by whom it was
actually transmitted.

5.          Marketing
Agent shall have no liability in connection with the use of the System, the access granted to the Authorized Participant and its
Authorized Persons hereunder, or any transaction effected or attempted to be effected by the Authorized Participant hereunder,
except for damages incurred by the Authorized Participant as a direct result of Marketing Agent’s gross negligence or willful
misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL MARKETING AGENT OR ANY
MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES BE RESPONSIBLE OR LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL
DAMAGES WHICH THE AUTHORIZED PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THIS AGREEMENT,
OR IN CONNECTION WITH THE ACCESS GRANTED TO AUTHORIZED PARTICIPANT HEREUNDER, OR ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED
BY AUTHORIZED PARTICIPANT HEREUNDER, EVEN IF MARKETING AGENT OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY
OF SUCH DAMAGES, NOR SHALL MARKETING AGENT OR ANY SUCH MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER
BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR
DISSIMILAR CAUSE BEYOND SUCH PERSON’S REASONABLE CONTROL.

6.          Marketing
Agent reserves the right to revoke Authorized Participant’s access to the System immediately and without notice upon any
breach by the Authorized Participant of the terms and conditions of this Exhibit F.

7.          Marketing
Agent shall acknowledge through the System its receipt of each Order communicated through the System, and in the absence of such
acknowledgment Marketing Agent shall not be liable for any failure to act in accordance with such orders and Authorized Participant
may not claim that such Order was received by Marketing Agent. Marketing Agent may in its discretion decline to act upon any instructions
or communications that are insufficient or incomplete or are not received by Marketing Agent in sufficient time for Marketing
Agent to act upon, or in accordance with such instructions or communications.

8.          Authorized
Participant agrees to use reasonable efforts to prevent the transmission through the System of any software or file which contains
any viruses, worms, harmful component or corrupted data and agrees not to use any device, software, or routine to interfere or
attempt to interfere with the proper working of the Systems.

9.          Authorized
Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for all
data. Authorized Participant agrees that Marketing Agent may deactivate any encryption features at any time, without notice or
liability to Authorized Participant, for the purpose of maintaining, repairing or troubleshooting its systems.

    	9

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