Document:

Unassociated Document

    FORM
      OF

    UNITED
      STATES HEATING OIL FUND, LP

    MARKETING
      AGENT AGREEMENT

    

    

    MARKETING
      AGENT AGREEMENT (the “Agreement”) made as of ___________, 2008, by and among
      United States Heating Oil Fund, LP, a Delaware limited partnership (the “Fund”),
      Victoria Bay Asset Management, LLC, a Delaware limited liability company, as
      General Partner of the Fund (the “General Partner”) and ALPS Distributors, Inc.,
      a Colorado corporation (the “Marketing Agent”).

    

    W
      I T N E
      S S E T H :

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    SECTION
      1

    DEFINITIONS

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    “Registration
      Statement” means, except when otherwise specified, the Fund’s registration
      statement on Form S-1 (File No. 333-137871) filed by the General Partner with
      the Commission as amended when it becomes effective under the 1933 Act,
      including all documents filed as a part thereof.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    SECTION
      2

    REPRESENTATIONS
      AND WARRANTIES 

    OF
      THE
      GENERAL PARTNER

    

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

    

    
      	 	
              (a)

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

            

    

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

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

            

    

    

    
      	 	
              (c)

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

            

    

    

    
      	 	
              (d)

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

            

    

    

    
      	 	
              (e)

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

            

    

    

    
      	 	
              (f)

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

            

    

    

    
      	 	
              (g)

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

            

    

    

    
      	 	
              (h)

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

            

    

    

    
      	 	
              (i)

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

            

    

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	 	
              (j)

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

            

    

    

    
      	 	
              (k)

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

            

    

    

    
      	 	
              (l)

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

            

    

    

    
      	 	
              (m)

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

            

    

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	 	
              (n)

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

            

    

    

    
      	 	
              (o)

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

            

    

    

    
      	 	
              (p)

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

            

    

    

    
      	 	
              (q)

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

            

    

    

    
      	 	
              (r)

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

            

    

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	 	
              (s)

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

            

    

    

    
      	 	
              (t)

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

            

    

    

    
      	 	
              (u)

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

            

    

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	 	
              (v)

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

            

    

    

    
      	 	
              (w)

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

            

    

    

    
      	 	
              (x)

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

            

    

    

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

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    SECTION
      3

    REPRESENTATIONS
      OF THE MARKETING AGENT

    

    The
      Marketing Agent represents and warrants and covenants the following:

    

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

    

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

    

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

    

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

    

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

    

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

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    SECTION
      4

    EXCLUSIVE
      MARKETING AGENT AND STRUCTURE OF THE FUND

    

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

    

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

    

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

    

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

            

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

            

    

     

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

    

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

    

    

    SECTION
      5

    COVENANTS
      OF THE GENERAL PARTNER

    

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

    

    
      	 	
              (a)

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

            

    

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
      	 	
              (b)

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

            

    

    

    
      	 	
              (c)

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

            

    

    

    
      	 	
              (d)

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

            

    

    

    
      	 	
              (e)

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

            

    

    

    
      	 	
              (f)

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

            

    

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
      	 	
              (g)

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

            

    

    

    
      	 	
              (h)

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

            

    

    

    
      	 	
              (i)

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

            

    

    

    
      	 	
              (j)

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

            

    

    

    
      	 	
              (k)

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

            

    

    

    
      	 	
              (l)

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

            

    

    

    
      	 	
              (m)

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

            

    

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
      	 	
              (n)

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

            

    

    

    
      	 	
              (o)

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

            

    

    

    
      	 	
              (p)

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

            

    

    

    
      	 	
              (q)

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

            

    

    

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

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    SECTION
      6

    MARKETING
      PLAN DEVELOPMENT 

    AND
      MARKETING AGENT COVENANTS

    

    6.1 Pre-Launch
      Development. 

    

    
      	 	
              (a)

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

            

    

    

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

            

    

    

    6.2 Post-Launch
      Activities.

    

    
      	 	
              (a)

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

            

    

    

    
      	 	
              (b)

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

            

    

    

    
      	 	 	
              (i)

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

            

    

    

    
      	 	 	
              (ii)

            	
              include
                heating oil in strategic and tactical research of the Marketing
                Agent.

            

    

    

    
      	 	
              (c)

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

            

    

    

    
      	 	
              (d)

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

            

    

    

    6.3 Joint
      Reviews.

    

    
      	 	
              (a)

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

            

    

    

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

            

    

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

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

            

    

    

    
      	 	
              (b)

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

            

    

    

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

    

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

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    SECTION
      7

    INDEMNIFICATION

    

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

    

    
      	 	
              (a)

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

            

    

    

    
      	 	
              (b)

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

            

    

    

    
      	 	
              (c)

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

            

    

    

    
      	 	
              (d)

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

            

    

    

    
      	 	
              (e)

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

            

    

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

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

    

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

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

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

    

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

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

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

     

    SECTION
      8

    DURATION

    

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

     

    SECTION
      9

    CONFIDENTIALITY

    

    9.1 Confidentiality.

    

    
      	 	
              (a)

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

            

    

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

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

            

    

    

    
      	 	
              (b)

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

            

    

    

    
      	 	 	
              (i)

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

            

    

    

    
      	 	 	
              (ii)

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

            

    

    

    
      	 	 	
              (iii)

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

            

    

    

    
      	 	 	
              (iv)

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

            

    

    

    
      	 	
              (c)

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

            

    

    

    
      	 	
              (d)

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

            

    

    

    
      	 	
              (e)

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

            

    

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    SECTION
      10

    MISCELLANEOUS

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

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

    

    
      	
            	(a)	
              if
                to General Partner, to:

               

              
                Victoria
                  Bay Asset Management, LLC

                c/o
                  Nicholas D. Gerber

                P.O.
                  Box 6919

                Moraga,
                  CA 94570

              

            

    

     

    
      	
            	(b)	
              if
                to the Marketing Agent, to:

               

              
                ALPS
                  Distributors, Inc. 

                1625
                  Broadway, Suite 2200

                Denver,
                  CO 80202 

                Attention:
                  General Counsel

              

            

    

     

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

    

    10.8 Governing
      Law; Jurisdiction.

    

    
      	 	
              (a)

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

            

    

    

    
      	 	
              (b)

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

            

    

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

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

    

    
      	 	 	 
	 	VICTORIA
              BAY ASSET MANAGEMENT, LLC
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

              Title:

            

    
      	 	 	 
	 	
              UNITED
                STATES HEATING
                OIL
                FUND, LP

            
	 
 	 	
              By: Victoria
                Bay Asset Management, LLC, as General Partner

 
	 	By:  	 
	 	
              

              Name:

              Title:

            

    

    

    
      	 	 	 
	 	ALPS
              DISTRIBUTORS, INC.
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

              Title:

            

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

       

    

    EXHIBIT
      A

     

    FORM
      OF 

    UNITED
      STATES HEATING OIL FUND, LP

    AUTHORIZED
      PURCHASER AGREEMENT

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

    FORM
      OF SUTHERLAND ASBILL & BRENNAN LLP OPINION

    

    

    

    [TO
      BE
      PROVIDED]

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    EXHIBIT
      C

    MARKETING
      STRATEGY OF

    ALPS
      DISTRIBUTORS, INC. (“ALPS”)

    

    ALPS
      agrees to carry out the following duties. 

    

    
      	(a)  	
              ALPS
                senior management will:

            

    

    

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

            

    

    
      	·  	
              Supervise
                sales related activities.

            

    

    
      	·  	
              Participate
                in field sales activities. 

            

    

    

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

            

    

    

    
      	·  	
              Implement
                a tactical sales strategy.

            

    

    
      	·  	
              Establish
                home office contacts with targeted
                broker/dealers.

            

    

    
      	·  	
              Develop
                product education presentations.

            

    

    
      	·  	
              Conduct
                product education presentations with fee based financial
                advisors.

            

    

    
      	·  	
              Attend
                major fee based advisor conferences.

            

    

    

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

    

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

            

    

    
      	·  	
              Establish
                regional relationships with wire houses and fee based
                advisors.

            

    

    
      	·  	
              Deliver
                product education presentations.

            

    

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

            

    

    
      	·  	
              Attend
                major fee based advisor conferences.

            

    

    

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

    

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

            

    

    
      	·  	
              Telemarket
                to independent financial planners.

            

    

    
      	·  	
              Coordinate
                conference participation.

            

    

    
      	·  	
              Attend
                various conferences. 

            

    

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    
      	(e)  	
              ALPS
                will provide resources from its call center
                to:

            

    

    

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

            

    

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

            

    

    
      	·  	
              Transfer
                “hot” advisor leads to Internal
                Wholesaler.

            

    

    
      	·  	
              Support
                a dedicated Fund toll-free line for advisors.

            

    

    

    
      	(f)  	
              ALPS
                will provide marketing staff to:

            

    

    

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

            

    

    
      	·  	
              Create
                FINRA approved seminars and product
                presentations.

            

    

    
      	·  	
              Coordinate
                advisor specific advertising with the advertising
                agency.

            

    

    
      	·  	
              Manage
                marketing budget.

            

    

    
      	·  	
              Create
                and maintain website.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
      D

    

    UNITED
      STATES HEATING OIL FUND, LP

    OFFICER’S
      CERTIFICATE

    

    The
      undersigned, a duly authorized officer of Victoria Bay Asset Management, LLC,
      a
      Delaware limited liability company (the “General Partner”), and pursuant to
      Section 13(d) of the United States Heating Oil Fund, LP Marketing Agent
      Agreement (the “Agreement”), dated as of _______________ by and between the
      General Partner and ALPS Distributors, Inc. (“Marketing Agent”) hereby certifies
      that:

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

    (v)
      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 

    

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

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

    
      	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name:

              Title:

            

     

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

    

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

     

    
      
        	 	 	 
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name:

                Title:

              

      
        
          
          

        

        
          6Unassociated Document

    FORM
      OF

    CUSTODIAN
      AGREEMENT

    

    THIS
      CUSTODIAN AGREEMENT
      (this
“Agreement”), dated as of _____________, is entered into among UNITED
      STATES HEATING OIL FUND, LP,
      a
      limited partnership organized under the laws of the State of Delaware (the
      Fund),
      VICTORIA
      BAY ASSET MANAGEMENT, LLC,
      a
      Delaware limited liability company and General Partner of the Fund (the
General
      Partner),
      and
BROWN
      BROTHERS HARRIMAN & CO.,
      a
      limited partnership formed under the laws of the State of New York (BBH&Co.
      or the
Custodian),

    

    W
      I T N E S S E T H:

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

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

     

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

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

    

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

    

    4.3.2
      The
      specification of the type of transaction;

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

     

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

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

    10. Indemnification. 

    

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

    

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

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    11. Reports
      and Records.
      The
      Custodian shall:

    

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

    

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

    

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

    

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

    

    12. Miscellaneous.

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

    
      	
            	(1)	
              if
                to General Partner, to:

              
                Victoria
                  Bay Asset Management, LLC

                c/o
                  Nicholas D. Gerber

                P.O.
                  Box 6919

                Moraga,
                  CA 94570

              

            

    

     

    
      	
            	(2)	
              if
                to the Custodian, to:

              
                Brown
                  Brothers Harriman & Co.

                40
                  Water Street

                Boston,
                  Massachusetts 02109

                Attn:
                  Manager, Securities Department

                Telephone: (617)
                  772-1818

                Facsimile:
                   (617)
                  772-2263,

              

            

    

    
    

     

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

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

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

    

    12.8 Governing
      Law; Jurisdiction.

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

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

    

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

    

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

     

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    15.1 Term,
      Notice and Effect
      . This
      Agreement shall have an initial term of two (2) years from the date hereof.
      Thereafter, this Agreement shall automatically renew for successive one (1)
      year
      periods unless either party terminates this Agreement by written notice
      effective no sooner than seventy-five (75) days following the date that notice
      to such effect shall be delivered to the other party at its address set forth
      in
      Section 12.5 hereof. Notwithstanding the foregoing provisions, either party
      may
      terminate this Agreement at any time upon thirty (30) calendar days’ written
      notice to the other party in the event that the either party is adjudged
      bankrupt or insolvent, or there shall be commenced against such party a case
      under any applicable bankruptcy, insolvency, or other similar law now or
      hereafter in effect.

    

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

    

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

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

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

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

    
      	 	 	 
	 	BROWN
              BROTHERS HARRIMAN & CO.
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name: 

              Title:

              Date:

            

    
      	 	 	 
	 	
              UNITED
                STATES HEATING OIL FUND, LP

            
	 
 	 
 	
              By:
                Victoria Bay Asset Management, LLC, as General
                Partner

 
	 	By:  	 
	 	
              

              Name:
                

              Title:
                

              Date:

            

    

    

    
      
        	 	 	 
	 	VICTORIA
                BAY ASSET MANAGEMENT, LLC
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name:

                Title:

                Date:

              

      

    

     

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

    FUNDS
      TRANSFER SERVICES SCHEDULE

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

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

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

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

    

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

    

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

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

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

    

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

    _____________________________________________

    

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

    _____________________________________________

    

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

    

    Accepted
      and agreed:  

    

    
      	 	 	 
	 	BROWN
              BROTHERS HARRIMAN & CO.
	 
 	 
 	 
 
	 	By:  	 
	 	
              

              Name: 

              Title:

              Date:

            

    
      	 	 	 
	 	
              UNITED
                STATES HEATING OIL FUND, LP

            
	 
 	 
 	
              By:
                Victoria Bay Asset Management, LLC, as General
                Partner

 
	 	By:  	 
	 	
              

              Name:
                

              Title:
                

              Date:

            

    

    

    
      
        	 	 	 
	 	VICTORIA
                BAY ASSET MANAGEMENT, LLC
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name:

                Title:

                Date:

              

      

    

     

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    ELECTRONIC
      AND ON-LINE SERVICES SCHEDULE

    

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

    

    1. General
      Terms. 

     

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

     

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

     

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

     

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

     

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

     

    ActionViewSM,
      a
      system for receiving certain corporate action information; 

     

    Risk
      View, an interactive portfolio risk analysis tool; and 

     

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

    

    2.
      Security / Passwords. 

     

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

     

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

     

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

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    3.
      Instructions.  

     

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

     

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

     

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

     

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

     

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

    

    4.
      Electronic Documents. 

     

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

    

    5.
      Malicious Code. 

     

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

    

    6.
      Indemnification. 

     

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

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    7.
      Payment.

     

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

    

    8.
      Term/Termination. 

     

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

     

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

    

    9.
      Miscellaneous.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

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

    

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

    

    
      
        	 	 	 
	 	BROWN
                BROTHERS HARRIMAN & CO.
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                Name: 

                Title:

                Date:

              

      
        	 	 	 
	 	
                UNITED
                  STATES HEATING OIL FUND, LP

                By:
                  Victoria Bay Asset Management, LLC, as General Partner

              
	 
 	 
 	 
 
	 	By:  	 
	 	
                

                
                  Name:
                    Nicholas D. Gerber

                  Title:
                    President and Management Director

                  Date:

                

              

      

      

      
        
          	 	 	 
	 	VICTORIA
                  BAY ASSET MANAGEMENT, LLC
	 
 	 
 	 
 
	 	By:  	 
	 	
                  

                  
                    Name:
                      Nicholas D. Gerber

                    Title:
                      President and Management Director

                    Date:

                  

                

        

      

       

       

      
        
          
          

        

        
          30

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