Document:

exv10w2

 

Exhibit 10.2

FORM OF

UNITED STATES OIL FUND, LP

MARKETING AGENT AGREEMENT

MARKETING AGENT AGREEMENT (the “Agreement”) made as of March 8, 2006, by and between United States
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 May 12, 2005, 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 U.S. Securities and
Exchange Commission (the “Commission” or “SEC”) a registration statement on Form S-1 (Registration
No. 333-124950) 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 Fund’s 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 KV Execution Specialists, LLC dated March 8, 2006, 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 the 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 and the Marketing Agent hereby agree as follows:

SECTION 1

DEFINITIONS

1.1 Definitions. In addition to the other terms which 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, KY Execution Services, LLC.

     “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 April ___, 2006 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. 333-124950) 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.

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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 has 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 and the last Prospectus distributed in connection with the
offering of the Units purchased by the Authorized Purchaser did not, as of its date, and
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 and will comply when it becomes effective and at the time of purchase of a
Creation Basket by an Authorized Purchaser, in all material respects with the
requirements of the 1933 Act and the Prospectus will comply, as of its date and at the
time of purchase of a Creation Basket by an Authorized Purchaser, in all material
respects with the requirements of the 1933 Act and any statutes, regulations, contracts
or other documents that are required to be described in the Registration Statement or the
Prospectus or to be filed as exhibits to the Registration Statement have been and will be
so described or filed; the conditions to the use of Form S-1 have been satisfied; the
Registration Statement does not and will not when it becomes effective and at the time of
purchase of a Creation Basket by an Authorized Purchaser contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading and the Prospectus will not, as of its date
and at the time of purchase of the Creation Baskets by the Authorized Purchaser, contain
an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading; provided, however, that the General Partner
makes no warranty or representation with respect to any statement contained in any
Preliminary Prospectus, the Registration Statement or any Prospectus in reliance upon and
in conformity with information concerning the Marketing Agent and furnished in writing by
or on behalf of the Marketing Agent to the General Partner expressly for use in the
Registration Statement or such Prospectus; and the General Partner has not distributed
nor will distribute any offering material in connection with the offering or creation of
the Baskets by the Authorized Purchaser other than any Preliminary Prospectus provided to
prospective investors, the Registration Statement or the Prospectus;
	 
	 	(b)	 	as of the date of this Agreement, and as of the time of purchase of a Creation
Basket by an Authorized Purchaser, respectively, the statement of financial position as
set forth in the section of the Registration Statement and the Prospectus entitled

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	 	 	 	“Financial Condition of USOF” 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 under) 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

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	 	 	 	instrument to which the General Partner is a party or by which, respectively, the
General Partner or any of its properties may be bound or affected, or any federal,
state, local or foreign law, regulation or rule or any decree, judgment or order
applicable to the General Partner;
	 
	 	(j)	 	no approval, authorization, consent or order of or filing with any federal, state,
local or foreign governmental or regulatory commission, board, body, authority or agency
is required in connection with the issuance and sale of the Units other than registration
of the Units under the 1933 Act and the registration of the General Partner as Commodity
Pool Operator with the National Futures Association (“NFA”) under the Commodities
Exchange Act (“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;
	 
	 	(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

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	 	 	 	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)	 	Eisner, LLC, 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 statement 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;
	 
	 	(q)	 	Subsequent to the respective dates as of which information is given in the
Registration Statement and the Prospectus, and prior to the purchase by the Authorized
Purchaser of the Baskets, there has not been (i) any material adverse change, (ii) any
transaction which is material to the General Partner or the Fund taken as a whole, (iii)
any obligation, direct or contingent (including any off-balance sheet obligations),
incurred by the General Partner, which is material to the Fund, (iv) any change in the
outstanding indebtedness of the General Partner or the Fund or (v) any dividend or
distribution of any kind declared, paid or made on the Units;
	 
	 	(r)	 	the Fund is not and, after giving effect to the offering and sale of the Baskets,
will not be an “investment company” or an entity “controlled” by an “investment company,”
as such terms are defined in the Investment Company Act of 1940, as amended (the
“Investment Company Act”);
	 
	 	(s)	 	except as set forth in the Registration Statement and the Prospectus, the General
Partner and the Fund own, or have obtained valid and enforceable licenses for, or other
rights to use, the inventions, patent applications, patents, trademarks (both registered
and unregistered), tradenames, copyrights, trade secrets and other proprietary
information described in the Registration Statement and the Prospectus as being owned or
licensed by them or which are necessary for the conduct of their respective businesses,
(collectively, “Intellectual Property”); (i) except as set forth in the Registration
Statement and the Prospectus, to the knowledge of the General Partner or the Fund, there
are no third parties who have or will be able to establish rights to any Intellectual
Property, except for the ownership rights of the owners of the Intellectual Property
which is licensed to the General Partner or the Fund; (ii) to the knowledge of the
General Partner or the Fund, there is no infringement by third parties of any
Intellectual Property; (iii) there is no pending or, to the knowledge of the General
Partner or the Fund, threatened action, suit, proceeding or claim by others challenging
the General Partner’s or the Fund’s rights in or to any Intellectual Property, and the
General Partner and the Fund are unaware of any facts which could form a reasonable basis
for any such claim; (iv) there is no pending or, to the

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	 	 	 	knowledge of the General Partner or the Fund, threatened action, suit, proceeding or
claim by others challenging the validity or scope of any Intellectual Property; (v)
there is no pending or, to the knowledge of the General Partner or the Fund, threatened
action, suit, proceeding or claim by others that the General Partner or the Fund
infringes or otherwise violates any patent, trademark, copyright, trade secret or other
proprietary rights of others, and the General Partner and the Fund are unaware of any
facts which could form a reasonable basis for any such claim; (vi) to the knowledge of
the General Partner or the Fund, there is no patent or patent application that contains
claims that interfere with the issued or pending claims of any of the Intellectual
Property; and (vii) to the knowledge of the General Partner or the Fund, there is no
prior art that may render any patent application licensed to the General Partner
unpatentable;
	 
	 	(t)	 	all tax returns required to be filed by the General Partner have been filed, and
all taxes and other assessments of a similar nature (whether imposed directly or through
withholding) including any interest, additions to tax or penalties applicable thereto due
or claimed to be due from such entities have been paid; and no tax returns or tax
payments are due with respect to the Fund as of the date of this Agreement;
	 
	 	(u)	 	the General Partner has not sent or received any communication regarding
termination of, or intent not to renew, any of the contracts or agreements referred to or
described in, or filed as an exhibit to, the Registration Statement, and no such
termination or non-renewal has been threatened by the General Partner or any other party
to any such contract or agreement;
	 
	 	(v)	 	on behalf of the Fund, the General Partner has established and maintains disclosure
controls and procedures (as such term is defined in Rule 13a-14 and 15d-14 under the
Exchange Act of 1934, as amended (the “Exchange Act”), giving effect to the rules and
regulations, and SEC staff interpretations thereunder)); such disclosure controls and
procedures are designed to ensure that material information relating to the Fund, is made
known to the General Partner, and such disclosure controls and procedures are effective
to perform the functions for which they were established; on behalf of the Fund, the
General Partner has been advised of: (i) any significant deficiencies in the design or
operation of internal controls which could adversely affect the Fund’s ability to record,
process, summarize, and report financial data; and (ii) any fraud, whether or not
material, that involves management or other employees who have a role in the Fund’s
internal controls; and any material weaknesses in internal Controls have been identified
for the Fund’s auditors;
	 
	 	(w)	 	any statistical and market-related data included in the Registration Statement and
the Prospectus are based on or derived from sources that the General Partner believes to
be reliable and accurate, and the General Partner has obtained the written consent to the
use of such data from such sources to the extent required; and
	 
	 	(x)	 	neither the General Partner, nor any of the General Partner’s directors, members,
officers, affiliates or controlling persons has taken, directly or indirectly, any action
designed, or which has constituted or might reasonably be expected to cause or result in,
under the Exchange Act or otherwise, the stabilization or manipulation of the price of
any security or asset of the Fund to facilitate the sale or resale of the Units; and to

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	 	 	 	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.

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 National Association of Securities Dealers, Inc. (the
“NASD”), or (ii) exempt from being, or otherwise is not required to be, licensed as a broker-dealer
or a member of the NASD, 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 the NASD (if it is a NASD 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 the NASD 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
the NASD 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;

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

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

SECTION 4

EXCLUSIVE MARKETING AGENT AND STRUCTURE OF THE FUND

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

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

Minimum fee of $425,000 per annum plus an incentive fee as follows:

	 	•	 	Zero basis points on Fund assets from $0 — $500 million
	 
	 	•	 	4 basis points on Fund assets from $500 million — $4 billion
	 
	 	•	 	3 basis points on Fund assets in excess of $4 billion

The Marketing Agent will provide an annual marketing budget equal to 33% of the incentive 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).

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SECTION 4

COVENANTS OF THE GENERAL PARTNER

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

	 	(a)	 	to furnish such information as may be required and otherwise to cooperate in
qualifying the Units for offering and sale under the securities or blue sky laws of such
states and foreign jurisdictions as the Marketing Agent may reasonably designate and to
maintain such qualifications in effect so long as the Marketing Agent may request during
the term of this Agreement; provided that the Fund shall not be required to qualify as a
foreign corporation or to consent to the service of process under the laws of any such
jurisdiction (except service of process with respect to the offering and sale of the
Units); and to promptly advise the Marketing Agent of the receipt by the General Partner
or the Fund of any notification with respect to the suspension of the qualification of
the Units for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose;
	 
	 	(b)	 	to take all necessary action to register the Units under the 1933 Act in order to
sell the initial Creation Baskets 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 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

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	 	 	 	amendments or supplements to the Registration Statement or the Prospectus or for
additional information with respect thereto, or of notice of institution of proceedings
for, or the entry of a stop order suspending the effectiveness of the Registration
Statement and, if the Commission should enter a stop order suspending the effectiveness
of the Registration Statement, to use its best efforts to obtain the lifting or removal
of such order as soon as possible;
	 
	 	(f)	 	to file promptly all reports and any information statement required to be filed by
the Fund with the Commission in order to comply with the Exchange Act and the CEA
subsequent to the date of the Prospectus and for so long as the term of this Agreement;
and to provide the Marketing Agent and the Marketing Agent’s counsel with a copy of such
reports and statements and other documents to be filed by the Fund pursuant to Section
13, 14 or 15(d) of the Exchange Act (excluding filings under Rule 12b-25) and under 17
C.F.R. §4.22 during such period for review and comment within a reasonable amount of time
prior to any proposed filing and to file no such amendment or supplement to which the
Marketing Agent or its counsel shall reasonably object in writing;
	 
	 	(g)	 	if necessary or appropriate, to file a registration statement pursuant to Rule
462(b) under the 1933 Act;
	 
	 	(h)	 	to advise the Marketing Agent promptly of the happening of any event during the
term of this Agreement which could require the making of any change in the Prospectus
then being used so that such Prospectus would not include an untrue statement of material
fact or omit to state a material fact necessary to make the statements therein, in the
light of the circumstances under which they are made, not misleading, and, during such
time, subject to Section 4.1(d) hereof, 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 Fund’s Unitholders 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 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 Fund’s Unitholders 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 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

11

 

	 	 	 	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, accounts 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;
	 
	 	(n)	 	to cause Eisner, LLC 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 the time of
the effectiveness of the purchase of a Basket by an Authorized Purchaser, (iv) 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.

12

 

     For the purposes of this Section 4.1, the term “Registration Statement” shall mean the
Registration Statement as amended or supplemented from time to time to and including the date as of
which the relevant representation is made, and the term “Prospectus” shall mean the Prospectus as
amended or supplemented from time to time to and including the date as of which the relevant
covenant is made.

SECTION 5

MARKETING PLAN DEVELOPMENT

AND MARKETING AGENT COVENANTS

	5.1	 	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 5.1 and the marketing strategy as described in Exhibit C.
	 
	 	(b)	 	The General Partner and the Marketing Agent will use their 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.

	5.2	 	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 5.2.
	 
	 	(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 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.

	5.3	 	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:

13

 

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

	 	(b)	 	Prior to each of the quarterly and annual reviews which will take place pursuant to
this Section 5.3, 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.

5.4 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.

5.5 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.

14

 

SECTION 6

INDEMNIFICATION

6.1 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 6 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;
	 
	 	(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 4.1
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 

15

 

	 	 	 	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 4.1 hereof.
	 
	 	 	 	In no case is the indemnity of the General Partner in favor of the Marketing Agent and
such other persons as are specified in this Section 6.1 to be deemed to protect the
Marketing Agent and such persons against any liability to the General Partner or the
Fund to which the Marketing Agent would otherwise be subject by reason of willful
misfeasance, bad faith or gross negligence in the performance of its duties or by reason
of its reckless disregard of its obligations and duties under this Agreement.
	 
	 	 	 	If any action, suit or proceeding (each, a “Proceeding”) is brought against the
Marketing Agent or any such person in respect of which indemnity may be sought against
the General Partner pursuant to the foregoing paragraph, the Marketing Agent or such
person shall promptly notify the General Partner in writing of the institution of such
Proceeding and the General Partner shall assume the defense of such Proceeding,
including the employment of counsel reasonably satisfactory to such indemnified party
and payment of all fees and expenses; provided, however, that the omission to so notify
the General Partner shall not relieve the General Partner from any liability which it
may have to the Marketing Agent or any such person except to the extent that it has been
materially prejudiced by such failure and has not otherwise learned of such Proceeding.
The Marketing Agent or such person shall have the right to employ its or their own
counsel in any such case, but the fees and expenses of such counsel shall be at the
expense of the Marketing Agent or of such person unless the employment of such counsel
shall have been authorized in writing by the General Partner in connection with the
defense of such Proceeding or the General Partner shall not have, within a reasonable
period of time in light of the circumstances, employed counsel to have charge of the
defense of such Proceeding or such indemnified party or parties shall have reasonably
concluded that there may be defenses available to it or them which are different from,
additional to or in conflict with those available to the General Partner (in which case
the General Partner shall not have the right to direct the defense of such Proceeding on
behalf of the indemnified party or parties), in any of which events such fees and
expenses shall be borne by the General Partner and paid as incurred (it being
understood, however, that the General Partner shall not be liable for the expenses of
more than one separate counsel (in addition to any local counsel) in any one Proceeding
or series of related Proceedings in the same jurisdiction representing the indemnified
parties who are parties to such Proceeding).
	 
	 	 	 	The General Partner shall not be liable for any settlement of any Proceeding effected
without the General Partner’s written consent but if settled with the General Partner’s
written consent, the General Partner agrees to indemnify and hold harmless the Marketing
Agent and any such person from and against any loss or liability by reason of such
settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party for fees
and expenses of counsel as contemplated by the second sentence of this paragraph, then
the indemnifying party agrees that it shall be liable for any settlement of any
Proceeding effected without its written consent if (i) such

16

 

	 	 	 	settlement is entered into more than 60 Business Days after receipt by such indemnifying party of the aforesaid
request, (ii) such indemnifying party shall not have fully reimbursed the indemnified
party in accordance with such request prior to the date of such settlement and (iii)
such indemnified party shall have given the indemnifying party at least 30 Business
Days’ prior notice of its intention to settle. No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any pending or
threatened Proceeding in respect of which any indemnified party is or could have been a
party and indemnity could have been sought hereunder by such indemnified party, unless
such settlement includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such Proceeding and does not include
an admission of fault, culpability or a failure to act, by or on behalf of such
indemnified party.

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

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

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

17

 

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.

6.3 The indemnity agreements contained in this Section 6 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.

18

 

SECTION 7

DURATION

7.1 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 8

CONFIDENTIALITY

8.1 Confidentiality.

	 	(a)	 	The General Partner and the Marketing Agent shall during the Term and for one (1)
year thereafter maintain in confidence, use only for the purposes provided for in this
Agreement, and not disclose to any third party, without first obtaining the other party’s
consent in writing, any and all Confidential Information (as defined below) such party
receives from the other party; provided, however, that either party may disclose
Confidential Information received from the other party to those of its Representatives as
may be necessary for such party to carry out its obligations under this Agreement.
	 
	 	 	 	“Confidential Information” shall mean all information or data of a party that is
disclosed to or received by the other party, whether orally, visually or in writing, in
any form, including, without limitation, information or data which relates to such
party’s business or operations, research and development, marketing plans or activities,
or actual or potential products.
	 
	 	(b)	 	Notwithstanding the provisions of this Agreement to the contrary, a party shall
have no liability to the other party for the disclosure or use of any Confidential
Information of the other party if the Confidential Information:

	 	(i)	 	is known to such party at the time of disclosure other than as the
result of a breach of this Section 8 by such party;

19

 

	 	(ii)	 	has been or becomes publicly known, other than as the result of a
breach of this Section 8 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 8 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 8.
	 
	 	(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 the other party,
each party shall, at such party’s option, promptly destroy or return to the other party
all Confidential Information received from the other party, all copies and extracts of
such Confidential Information and all documents or other media containing any such
Confidential Information.

SECTION 9

MISCELLANEOUS

9.1 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.

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

20

 

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

9.4 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.

9.5 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.

9.6 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.

9.7 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

21

 

     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.

	9.8	 	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 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 9.8 shall survive any termination of this Agreement, in whole or in
part.

9.9 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.

9.10 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.

22

 

9.11 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.

9.12 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.

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

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

VICTORIA BAY ASSET MANAGEMENT, LLC

	 	 	 
	 

	 	 
	By:
	 	 
	 
	 	 
	Name:
	 	 
	Title:
	 	 

ALPS DISTRIBUTORS, INC.

	 	 	 
	 

	 	 
	By:
	 	 
	 
	 	 
	Name:
	 	 
	Title:
	 	 

23

 

EXHIBIT A

FORM OF 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, 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 National Accounts Manager’s and Wholesaler’s field activities.
	 
	 	•	 	Telemarket to independent financial planners.
	 
	 	•	 	Coordinate conference participation.
	 
	 	•	 	Attend various conferences.

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

	 	•	 	Place outbound follow-up calls on 100% of phone and internet requests for
information.
	 
	 	•	 	Receive creation/redemption calls and communicate with authorized purchaser,
advisor and the custodian.

1

 

	 	•	 	Transfer “hot” advisor leads to Internal Wholesaler.
	 
	 	•	 	Support dedicated Fund toll-free line for advisors.

	 	(f)	 	ALPS will provide marketing staff to:

	 	•	 	Write, design and produce NASD approved sales and marketing materials.
	 
	 	•	 	Create NASD approved seminars and product presentations.
	 
	 	•	 	Coordinate advisor specific advertising with advertising agency.
	 
	 	•	 	Manage marketing budget.
	 
	 	•	 	Create and maintain website.

2

 

EXHIBIT D

UNITED STATES 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 Oil Fund, LP Marketing Agent Agreement (the “Agreement”), dated as of March 8, 2006 by and
between the General Partner and ALPS Distributors, Inc. (“Marketing Agent”) hereby certifies that:

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

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

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

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

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

 

 

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

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

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

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

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

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

2

 

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

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

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

3

 

     (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 or the Fund,
threatened action, suit, proceeding or claim by others challenging the General
Partner or the Fund’s rights in or to any Intellectual Property, and the General
Partner and the Fund are unaware of any facts which could form a reasonable basis
for any such claim;

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

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

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

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

4

 

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

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

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

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

     For purposes hereof, the term “Registration Statement” shall mean the Registration Statement
as amended or supplemented from time to time to the date hereof, the term “Preliminary Prospectus”
shall mean the preliminary prospectus dated April ___, 2006 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.

5

 

IN WITNESS WHEREOF, I have hereunto, on behalf of the General Partner, subscribed my name this ___
day of March, 2006.

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	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:	 	 

6exv10w3

 

Exhibit 10.3

CUSTODIAN AGREEMENT

     THIS AGREEMENT, dated as of March 8, 2006, among UNITED STATES 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 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 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 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 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 solely be responsible for the
safekeeping of any testkeys, identification codes, passwords, other security devices or statements
of account with which the Custodian provides it. 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 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 its 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. Representation and Warranty 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 and will 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 Adviser. 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.

     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

2

 

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 Instruction 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 and the Electronic and Online Services Schedule
to this Agreement shall each comprise a designation of form of a means of delivering Instructions
for purposes of this Section 4.2.

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

3

 

     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 Investment description; and

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

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

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

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

4

 

     5.1 Use of Securities Depositories. The Custodian may deposit and maintain Investments in
any Securities Depository, 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 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 paragraph 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 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 Instruction, 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 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 Instruction, 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 Instruction 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 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
for the purpose of margin or other collateral in any Margin Account; or, for the performance of any
terms of any exchange-traded futures contracts, commodity options, forward contracts and other
derivative transactions. In addition, the Custodian shall not be required to transfer margin or
any other assets of the Fund to a Margin Account if at the time of such request, such transfer
would reduce the aggregate market value of all unencumbered securities, cash, cash equivalents and
other unencumbered liquid assets of the Fund in the custody of the Custodian to less than ten (10)
percent of the then current net asset value of the Fund.

     6.5 Contractual Obligations and Similar Investments. From time to time, the Fund’s
Investments may include Investments that are not ownership interests as may be represented by
certificate (whether registered or bearer), by entry in a Securities Depository or by book entry
agent, registrar or similar agent for recording ownership interests in the relevant Investment. If
the Fund shall at any time acquire such Investments, including without limitation deposit
obligations, loan participations, repurchase agreements and derivative arrangements, the

6

 

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 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
Instruction, to include such arrangements in reports made to the Fund.

     6.6 Exchange of Securities. Unless otherwise directed by 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 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 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 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 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 or Agency Account; provided, however, that the Custodian shall not
be responsible for: (a) the collection of amounts due and payable with respect to Investments that
are in default, or (b) the collection of cash or share entitlements with respect to Investments
that are not registered in the name of the Custodian or its Subcustodians. The Custodian is
hereby authorized to endorse and deliver any instrument required to be so endorsed and delivered to
effect collection of any amount due and payable to the Fund with respect to Investments.

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

7

 

With respect to securities issued in the United States of America, the
Custodian [ ] may [ ] 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 Instruction,
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.

     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

8

 

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

9

 

this Agreement unless the Custodian or such Subcustodian expressly agrees in writing to repay
the deposit under such circumstances. All currency transactions in any account opened pursuant to
this Agreement are subject to exchange control regulations of the United States and of the country
where such currency is the lawful currency or where the account is maintained. Any taxes, costs,
charges or fees imposed on the convertibility of a currency held by the Fund shall be for the
account of the Fund.

     7.4 Foreign Exchange Transactions. The Custodian shall, subject to the terms of this
Section, settle foreign exchange transactions (including contracts, futures, options and options on
futures) on behalf and for the account of the Fund with such currency brokers or banking
institutions, including Subcustodians, as the Fund 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 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 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

10

 

of any such foreign exchange transaction with the Custodian, the Fund shall be liable
for contracted currency of the transaction together with any mark to market exposure
associated with the replacement purchase of the contracted currency undertaken with the
Custodian.

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

     7.6 Advances. If, for any reason in connection with this Agreement the Custodian or any
Subcustodian makes an Advance to facilitate settlement or otherwise for the benefit of the Fund
(whether or not any Principal or Agency Account shall be overdrawn either during, or at the end of,
any Business Day (defined as any day other than a day on which the 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 Investments purchased with any such Advance 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.

     7.7 Custodian’s Rights Neither the Custodian nor any Subcustodian shall be obligated

11

 

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 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 clearing agencies, (c) generally
accepted trade practice in the applicable local market, (d) the terms and characteristics of the
particular Investment, or (e) the terms of 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 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
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.

     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,

13

 

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, (iv) any devaluation or revaluation of the currency, (d) the imposition
of taxes, levies or other charges affecting Investments, (vi) any change in the Applicable
Law, or (e) 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. To the extent that the Custodian receives any
information from a futures commission merchant(s) with respect to other the Fund’s
investment in Oil Interests and Oil Forward Contracts, the Custodian may conclusively rely
on all such information.

     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

14

 

hold each of them harmless from and against all claims and liabilities, including counsel fees and
taxes, reasonably incurred or assessed against any of them as a direct result of the Custodian’s
negligence, willful misconduct or bad faith in its performance of this Agreement and any
Instruction.

11. Reports and Records. The Custodian shall:

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

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

     11.3 make available to the Fund all Electronic Reports; 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.

15

 

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

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

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

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

	 	(1)	 	if to General Partner, to:

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,

16

 

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

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

     12.8 Governing Law; Jurisdiction.

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

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

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

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

     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.

17

 

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

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

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

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

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

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

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

     13.9 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.

     13.10 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.

     13.11 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

19

 

of the Fund.

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

     13.13 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.

     13.14 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 Oil Forwards Contracts and Oil Interests (each as defined in the Fund’s prospectus).

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

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

     13.17 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.

     13.18 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.

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

     13.20 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.

     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

20

 

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) 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, Custodian may at any time on or after such termination date and upon ten (10)
consecutive calendar days written notice to the Fund and the General Partner either (a) deliver the
Investments of the Fund held hereunder to the Fund at the address designated for receipt of notices
hereunder; or (b) deliver any investments held hereunder to a bank or trust company having a
capitalization of $50,000,000 equivalent and operating under the Applicable law of the jurisdiction
where such Investments are located, such delivery to be at the risk of the Fund. In the event that
Investments or moneys of the Fund remain in the custody of the Custodian or its Subcustodians after
the date of termination owing to the failure of the Fund to issue Instructions with respect to
their disposition or owing to the fact that such disposition could not be accomplished in
accordance with such Instructions despite diligent efforts of the Custodian, the Custodian shall be
entitled to compensation for its services with respect to such Investments and moneys during such
period as the Custodian or its Subcustodians retain possession of such items and the provisions of
this Agreement shall remain in full force and effect until disposition in accordance with this
Section is accomplished.

21

 

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

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

	 	 	 	 	 
	BROWN BROTHERS HARRIMAN & CO.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	Title:
	 	 	 	 
	Date:
	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 
	UNITED STATES 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 TO CUSTODIAN AGREEMENT

1. Execution of Payment Orders. Brown Brothers Harriman & Co. (the Custodian) is hereby
instructed by United States 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 March 8, 2006
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 elects 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 elects (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.
	 
	 

	 	[ ]
	 	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.

23

 

	 	 	 	 	 
	 

	 	[ ]
	 	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 transmitted by the Fund and/or the General Partner to a
telephone number specified from time to time by the Custodian for such purposes. If it
detects no discrepancies, the Custodian will then either:

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

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

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

	 	1.	 	If a telephonic repetitive payment order, the Custodian
may perform a Callback; or
	 
	 	2.	 	If a telephonic non-repetitive payment order, the
Custodian will perform a Callback.

In the event the Fund and the General Partner chooses 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 its 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

24

 

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.

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, 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.

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

25

 

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 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
March 8, 2006 (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 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 ___, ___, 2006 (the Effective Date). Use of the Services constitutes
acceptance of the terms and conditions of this Schedule, any Appendices hereto, the Terms and
Conditions posted on our web site, and any terms and conditions specifically governing a particular
Service or our other products, which may be set forth in the Agreement or in a separate related
agreement (collectively, the Related Agreements).

	1.	 	General Terms.

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

	 	1.1.	 	BIDS® and BIDS WorldView, a system for effectuating securities and fund trade
instruction and execution, processing and handling instructions, and for the input and
retrieval of other information;
	 
	 	1.2.	 	F/X WorldView, a system for executing foreign exchange trades;
	 
	 	1.3.	 	Fund WorldView, a system for receiving fund and prospectus information;
	 
	 	1.4.	 	BBHCOnnect, a system for placing securities trade instructions and following the status
and detail of trades;
	 
	 	1.5.	 	ActionViewSM, a system for receiving certain corporate action information;
	 
	 	1.6.	 	Risk View, an interactive portfolio risk analysis tool; and
	 
	 	1.7.	 	Such other services as we shall from time to time offer.

	2.	 	Security / Passwords.

	 	2.1.	 	A digital certificate and/or an encryption key may be required to access certain
Services. You may apply for a digital certificate and/or an encryption key by following
the procedures set forth at http://www.bbh.com/certs/. You also will need an
identification code (ID) and password(s) (Password) to access the Services.
	 
	 	2.2.	 	You agree to safeguard your digital certificate and/or encryption key, ID, and Password
and not to give or make available, intentionally or otherwise, your digital certificate,
ID, and/or Password to any unauthorized person. You must immediately notify us in writing
if you believe that your digital certificate and/or encryption key, Password, or ID has
been compromised or if you suspect unauthorized access to your account by means of the
Services or otherwise, or when a person to whom a digital certificate and/or an encryption
key, Password, or ID has been assigned leaves or is no longer permitted to access the
Services.

27

 

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

	3.	 	Instructions.

	 	3.1.	 	Proper instructions under this Schedule shall be provided as designated in the Related
Agreements (Instructions).
	 
	 	3.2.	 	The following additional provisions apply to Instructions provided via the Services:

	 	a.	 	Instructions sent by electronic mail will not be accepted or acted upon.
	 
	 	b.	 	You authorize us to act upon Instructions received through the Services
utilizing your digital certificate, ID, and/or Password as though they were duly
authorized written instructions, without any duty of verification or inquiry on our
part, and agree to hold us harmless for any losses you experience as a result.
	 
	 	c.	 	From time to time, the temporary unavailability of third party
telecommunications or computer systems required by the Services may result in a delay
in processing Instructions. In such an event, we shall not be liable to you or any
third party for any liabilities, losses, claims, costs, damages, penalties, fines,
obligations, or expenses of any kind (including without limitation, reasonable
attorneys’, accountants’, consultants’, or experts’ fees and disbursements) that you
experience due to such a delay.

	4.	 	Electronic Documents.

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

	5.	 	Malicious Code.

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

	6.	 	Indemnification.

For avoidance of doubt, you hereby agree that the provisions in the Related Agreement(s) related
to your indemnification of us and any limitations on our liability and responsibilities to you
shall be applicable to this Agreement, and are hereby expressly incorporated herein. You agree
that the Services are comprised of telecommunications and computer systems, and

28

 

	 	 	that it is possible that Instructions, information, transactions, or account reports might be
added to, changed, or omitted by electronic or programming malfunction, unauthorized access, or
other failure of the systems which comprise the Services, despite the security features that
have been designed into the Services. You agree that we will not be liable for any action taken
or not taken in complying with the terms of this Schedule, except for our willful misconduct or
gross negligence. The provisions of this paragraph shall survive the termination of this
Schedule and the Related Agreements.

	7.	 	Payment.

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

	 	8.1.	 	This Schedule is effective as of the date you sign it or first use the Services,
whichever is first, and continues in effect until such time as either you or we terminate
the Schedule in accordance with this Section 8 and/or until your off-line use of the
Services is terminated.
	 
	 	8.2.	 	We may terminate your access to the Services at any time, for any reason, with five (5)
Business Days prior notice; provided that we may terminate your access to the Services with
no prior notice (i) if your account with us is closed, (ii) if you fail to comply with any
of the terms of this Agreement, (iii) if we believe that your continued access to the
Services poses a security risk, or (iv) if we believe that you are violating or have
violated applicable laws, and we will not be liable for any loss you may experience as a
result of such termination. You may terminate your access to the Services at any time by
giving us ten (10) Business Days notice. Upon termination, we will cancel all your
Passwords and IDs and any in-process or pending Instructions will be carried out or
cancelled, at our sole discretion.

	9.	 	Miscellaneous.

	 	9.1.	 	Notices. All notices, requests, and demands (other than routine operational
communications, such as Instructions) shall be in such form and effect as provided in the
Related Agreement(s).
	 
	 	9.2.	 	Inconsistent Provisions. Each Service may be governed by separate terms and conditions
in addition to this Schedule and the Related Agreement(s). Except where specifically
provided to the contrary in this Schedule, in the event that such separate terms and
conditions conflict with this Schedule and the Related Agreement(s), the provisions of this
Schedule shall prevail to the extent this Schedule applies to the transaction in question.
	 
	 	9.3.	 	Binding Effect; Assignment; Severability. This Schedule shall be binding on you, your
employees, officers and agents. We may assign or delegate our rights and duties under this
Schedule at any time without notice to you. Your rights under this Schedule may not be
assigned without our prior written consent. In the event that any provision of this
Schedule conflicts with the law under which this Schedule is to be construed or if any such
provision is held invalid or unenforceable by a court with jurisdiction over you and us,
such provision shall be deemed to be restated to effectuate as nearly as possible the
purposes of the Schedule in accordance with applicable law. The remaining

29

 

	 	 	 	provisions of this Schedule and the application of the challenged provision to persons or
circumstances other than those as to which it is invalid or unenforceable shall not be
affected thereby, and each such provision shall be valid and enforceable to the full
extent permitted by law.

	 	9.4.	 	Choice of Law; Jury Trial. This Schedule shall be governed by and construed, and the
legal relations between the parties shall be determined, in accordance with the laws of the
State of New York, without giving effect to the principles of conflicts of laws. Each party
agrees to waive its right to trial by jury in any action or proceeding based upon or
related to this Agreement. The parties agree that all actions and proceedings based upon
or relating to this Schedule shall be litigated exclusively in the federal and state courts
located within New York City, New York.
	 
	 	9.5.	 	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 any other party hereto solely for the purpose of rendering or
obtaining services pursuant to this Agreement and, except as may be required in carrying
out this Agreement, shall not be disclosed to any third party without the prior consent of
such providing party. The foregoing shall not be applicable to any information that is
publicly available when provided or thereafter becomes publicly available other than
through a breach of this Agreement, or that is required to be disclosed by or to any 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 OIL FUND, LP	 	 	 	 
	 
	 	 	By:	 	Victoria Bay Asset Management, LLC, as General Partner
	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 	 	Date:	 	 	 	 

30

 

VICTORIA
BAY ASSET MANAGEMENT, LLC

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:
	 	 	 	 
	Title:
	 	 	 	 
	Date:
	 	 	 	 

31

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