Document:

Exhibit 10.3

    

    

    GLOBAL
CUSTODY AGREEMENT

    (Unregistered
Investment Companies)

    

    AGREEMENT, dated as of January __, 2010
between Teucrium Commodity Trust (the “Trust”), on its own behalf and on behalf
of each of its series listed in Exhibit A attached hereto (each a "Customer"),
and The Bank of New York Mellon, a New York state chartered bank subject to
regulation by the Board of Governors of the Federal Reserve System and the New
York State Banking Department ("Custodian").

    

    ARTICLE
I

    DEFINITIONS

    

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

    

    1.           "Authorized Person" shall be
any person, whether or not an officer or employee of the Trust, duly authorized
by the Trust to give Oral and/or Written Instructions with respect to one or
more Accounts, such persons to be designated in a Certificate of Authorized
Persons which contains a specimen signature of such person.

    

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

    

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

    

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

    

    5.           "Depository" shall include the
Book-Entry System, the Depository Trust Company, Euroclear, Clearstream Banking
S.A. and any other securities depository, book-entry system or clearing agency
(and their respective successors and nominees) authorized to act as a securities
depository, book-entry system or clearing agency pursuant to applicable law and
identified to Customer from time to time.

    

    6.           “Hedge Fund Investments” shall
mean investments by Customer in hedge funds, mutual funds and other investment
or collective investment vehicles.

    

    7.           "Oral Instructions" shall mean
instructions received verbally by Custodian.

    

    8.           "Securities" shall include,
without limitation, any common stock and other equity securities, including
Hedge Fund Investments, bonds, debentures and other debt securities, notes,
mortgages or other obligations, and any instruments representing rights to
receive, purchase, or subscribe for the same, or representing any other rights
or interests therein (whether represented by a certificate or held in a
Depository, with a Subcustodian or on the books of the issuer).

    

    9.           "Subcustodian" shall mean a
bank or other financial institution (other than a Depository) which is utilized
by Custodian in connection with the purchase, sale or custody of Securities
hereunder and identified to Customer from time to time.

    

    10.        "Written
Instructions"
shall mean written communications actually received by Custodian by
S.W.I.F.T., tested telex, letter, facsimile transmission, or other method or
system specified by Custodian as available for use in connection with the
services hereunder.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ARTICLE
II

    APPOINTMENT
OF CUSTODIAN; ACCOUNTS;

    REPRESENTATIONS
AND WARRANTIES

    

    1.          The
Trust, on behalf of each Customer, hereby appoints Custodian as custodian of all
Securities and cash at any time delivered to Custodian during the term of this
Agreement, and authorizes Custodian to hold Securities in registered form in its
name or the name of its nominees.  Custodian hereby accepts such
appointment and agrees to establish and maintain one or more securities accounts
and cash accounts (each such account being separate and distinct with respect to
each Customer) in which Custodian will hold Securities and cash as provided
herein.  Such accounts (each, an "Account"; collectively, the
"Accounts") shall be in the name of Customer.

    

    2.          The
Trust, on its own behalf and on behalf of each Customer, hereby represents,
warrants and covenants, which shall be continuing and shall be deemed to be
reaffirmed upon each Oral or Written Instruction given by Customer,
that:

    

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

    

    (b)         This
Agreement has been duly authorized, executed and delivered by the Trust, on its
own behalf and on behalf of each Customer, constitutes a valid and legally
binding obligation of the Trust, on its own behalf and on behalf of each
Customer, enforceable in accordance with its terms, and no statute, regulation,
rule, order, judgment or contract binding on the Trust, on its own behalf and on
behalf of each Customer, prohibits the execution or performance of this
Agreement; and

    

    (c)         (i)
Either the Trust, on behalf of a Customer, owns the Securities in the Accounts
free and clear of all liens, claims, security interests and encumbrances (except
those granted herein) or, if the Securities in an Account are owned beneficially
by others, the Trust, on behalf of a Customer, has the right to pledge such
Securities to the extent necessary to secure Customer's obligations hereunder,
free of any right of redemption or prior claim by the beneficial
owner.  Custodian's security interest pursuant to Article V hereof
shall be a first lien and security interest subject to no setoffs, counterclaims
or other liens prior to or on a parity with it in favor of any other party
(other than specific liens granted preferred status by statute), and the Trust,
on behalf of each Customer, shall take any and all additional steps which are
required to assure Custodian of such priority and status, including notifying
third parties or obtaining their consent to, Custodian's security
interest.

    

     
(ii) The Trust shall take no action to transfer any interest in a Hedge Fund
Investment from the nominee name in which such investment is registered without
the express written consent of Custodian, or take any other action that would
cause Custodian’s first lien and security interest hereunder to be adversely
affected.

    

    (d)        
Any agreement the Trust enters into with a broker-dealer or another
person (an “Authorized Purchaser”) for the purchase and redemption of Customer
shares in creation basket aggregations shall require such person to establish
and maintain policies and procedures requiring it to obtain and verify
information about the identity of its customers purchasing Customer shares from
such Authorized Purchaser and which are reasonably designed to ensure that it is
not being used as a conduit for money laundering or other illicit purposes;
and

    

    (e)         The Trust shall
promptly notify Custodian in writing if any of the foregoing representations and
warranties are no longer true.

    

    ARTICLE
III

    CUSTODY
AND RELATED SERVICES

    

    1.           (a)           Subject
to the terms hereof, the Trust, on behalf of each Customer, hereby authorizes
Custodian to hold any Securities received by it from time to time for the
applicable Customer's account.  Custodian shall be entitled to utilize
Depositories and Subcustodians to the extent possible in connection with its
performance hereunder.  Securities and cash deposited by Custodian in
a Depository will be held subject to the rules, terms and conditions of such
Depository.  Securities and cash held through Subcustodians shall be
held subject to the terms and conditions of Custodian's agreements with such
Subcustodians.  Subcustodians may be authorized to hold Securities in
central securities depositories or clearing agencies in which such Subcustodians
participate.  Unless otherwise required by local law or practice or a
particular subcustodian agreement, Securities deposited with Subcustodians will
be held in a commingled account in the name of Custodian as custodian or trustee
for its customers.  Custodian shall identify on its books and records
the Securities and cash belonging to Customer, whether held directly or
indirectly through Depositories or Subcustodians, and shall maintain separate
and distinct books and records for each Customer.

    
      
         

      

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

    

    2.           Custodian
shall furnish the Trust for each Customer with an advice of daily transactions
and a monthly summary of all transfers to or from the Accounts.  The
Trust, on behalf of each Customer, may elect to receive advices, confirmations,
reports or statements electronically through the Internet to an email address
specified by it for such purpose.  By electing to use the Internet for
this purpose, the Trust acknowledges that such transmissions are not encrypted
and therefore are insecure.  The Trust further acknowledges that there
are other risks inherent in communicating through the Internet such as the
possibility of virus contamination and disruptions in service, and agrees that
Custodian shall not be responsible for any loss, damage or expense suffered or
incurred by the Trust or any Customer or any person claiming by or through the
Trust or any Customer as a result of the use of such methods.

    

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

    

    (a)         Receive
all income and other payments and advise the Trust, on behalf of the relevant
Customer, as promptly as practicable of any such amounts due but not
paid;

    

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

    

    (c)         Forward
to the Trust, on behalf of the relevant Customer, all information or documents
that it may receive from an issuer of Securities which, in the opinion of
Custodian, are intended for the beneficial owner of Securities;

    

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

    

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

    

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

    

    4.           (a)           Custodian
shall notify the Trust, on behalf of the relevant Customer, of such rights or
discretionary actions or of the date or dates by when such rights must be
exercised or such action must be taken provided that Custodian has received,
from the issuer or the relevant Depository (with respect to Securities issued in
the United States) or from the relevant Subcustodian, Depository or a nationally
or internationally recognized bond or corporate action service to which
Custodian subscribes, timely notice of such rights or discretionary corporate
action or of the date or dates such rights must be exercised or such action must
be taken.  Absent actual receipt of such notice, Custodian shall have
no liability for failing to so notify Customer.

    

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

    

    5.           Custodian
will make available to Customer proxy voting services upon the request of, and
for the jurisdictions selected by, Customer in accordance with terms and
conditions to be mutually agreed upon by Custodian and Customer.

    

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

    

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

    
      
         

      

      
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    8.           Each
Customer shall be liable for all taxes, assessments, duties and other
governmental charges, including any interest or penalty with respect thereto
("Taxes"), with respect to any cash or Securities held on behalf of Customer or
any transaction related thereto.  Each Customer shall indemnify
Custodian and each Subcustodian for the amount of any Tax that Custodian, any
such Subcustodian or any other withholding agent is required under applicable
laws (whether by assessment or otherwise) to pay on behalf of, or in respect of
income earned by or payments or distributions made to or for the account of
Customer (including any payment of Tax required by reason of an earlier failure
to withhold).  Custodian shall, or shall instruct the applicable
Subcustodian or other withholding agent to, withhold the amount of any Tax which
is required to be withheld under applicable law upon collection of any dividend,
interest or other distribution made with respect to any Security and any
proceeds or income from the sale, loan or other transfer of any
Security.  In the event that Custodian or any Subcustodian is required
under applicable law to pay any Tax on behalf of a Customer, Custodian is hereby
authorized to withdraw cash from any cash account for that particular Customer
only, in the amount required to pay such Tax and to use such cash, or to remit
such cash to the appropriate Subcustodian, for the timely payment of such Tax in
the manner required by applicable law.  If the aggregate amount of
cash in all cash accounts is not sufficient to pay such Tax, Custodian shall
promptly notify the Trust of the additional amount of cash (in the appropriate
currency) required, and the Trust, on behalf of the applicable Customer, shall
directly deposit such additional amount in the appropriate cash account promptly
after receipt of such notice, for use by Custodian as specified
herein.  In the event that Custodian reasonably believes that a
Customer is eligible, pursuant to applicable law or to the provisions of any tax
treaty, for a reduced rate of, or exemption from, any Tax which is otherwise
required to be withheld or paid on behalf of a Customer under any applicable
law, Custodian shall, or shall instruct the applicable Subcustodian or
withholding agent to, either withhold or pay such Tax at such reduced rate or
refrain from withholding or paying such Tax, as appropriate; provided that
Custodian shall have received from the Trust, on behalf of the appropriate
Customer, all documentary evidence of residence or other qualification for such
reduced rate or exemption required to be received under such applicable law or
treaty.  In the event that Custodian reasonably believes that a
reduced rate of, or exemption from, any Tax is obtainable only by means of an
application for refund, Custodian and the applicable Subcustodian shall have no
responsibility for the accuracy or validity of any forms or documentation
provided by the Trust to Custodian hereunder.  The Trust, on behalf of
each Customer, hereby agrees to indemnify and hold harmless Custodian and each
Subcustodian in respect of any liability arising from any underwithholding or
underpayment of any Tax which results from the inaccuracy or invalidity of any
such forms or other documentation, and such obligation to indemnify shall be a
continuing obligation of the applicable Customer, its successors and assigns,
notwithstanding the termination of this Agreement.

    

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

    

    (b)         Any
foreign exchange transaction effected by Custodian in connection with this
Agreement may be entered with Custodian or a BNY Affiliate acting as principal
or otherwise through customary banking channels.  The Trust, on behalf
of each Customer, may issue standing Written Instructions with respect to
foreign exchange transactions but Custodian may establish rules or limitations
concerning any foreign exchange facility made available to a
Customer.  Each Customer shall bear all risks of investing in
Securities or holding cash denominated in a foreign currency.  Without
limiting the foregoing, each Customer shall bear the risks that rules or
procedures imposed by Depositories, exchange controls, asset freezes or other
laws, rules, regulations or orders shall prohibit or impose burdens or costs on
the transfer to, by or for the account of a Customer of Securities or cash held
outside Customer's jurisdiction or denominated in a currency other than its home
jurisdiction or the conversion of cash from one currency into another
currency.  Custodian shall not be obligated to substitute another
currency for a currency whose transferability, convertibility or availability
has been affected by such law, regulation, rule or procedure.  Neither
Custodian nor any Subcustodian shall be liable to Customer for any loss
resulting from any such event.

    

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

    
      
         

      

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

    

    12.         From
time to time Custodian may make available to each Customer or its agent(s)
certain computer programs, products, services, reports or information,
including, without limitation, information obtained by Custodian from third
parties and information reflecting Custodian’s input, evaluation and
interpretation (collectively, “Tools”).  Tools may allow Customer or
its agent(s) to perform certain analytic, accounting, compliance, reconciliation
and other functions with respect to the Account.  By way of example,
Tools may assist Customer or its agent(s) in analyzing the performance of
investment managers appointed by Customer, determining on a post-trade basis
whether transactions for the Account comply with Customer’s investment
guidelines, evaluating assets at risk, and performing account
reconciliations.  Tools may be used only for Customer’s internal
purposes, and may not be resold, redistributed or otherwise made available to
third parties.  Tools are the sole and exclusive property of Custodian
and its suppliers.  Customer may not reverse engineer or decompile any
computer programs provided by the Custodian comprising, or provided as a part
of, any Tools.  Information supplied by third parties may be incorrect
or incomplete, and any information, reports, analytics or other services
supplied by Custodian that rely on information from third parties may also be
incorrect or incomplete.  All Tools are provided “AS IS”, whether or
not they are modified to meet specific needs of Customer and regardless of
whether Custodian is compensated by Customer for providing such
Tools.  CUSTODIAN DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR
IMPLIED, WITH RESPECT TO THE TOOLS, INCLUDING BUT NOT LIMITED TO WARRANTIES OF
MERCHANTABILITY, TITLE, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR
PURPOSE.  ANYTHING IN THIS AGREEMENT TO THE CONTRARY NOTWITHSTANDING,
CUSTODIAN AND ITS SUPPLIERS SHALL NOT BE LIABLE FOR ANY LOSS, COST, EXPENSE,
DAMAGE, LIABILITY OR CLAIM SUFFERED OR INCURRED BY CUSTOMER, ITS AGENT(S) OR ANY
OTHER PERSON AS A RESULT OF USE OF, INABILITY TO USE, OR RELIANCE UPON ANY
TOOLS, EXCEPT FOR DIRECT DAMAGES RESULTING FROM THE WILLFUL MISCONDUCT OF
CUSTODIAN.

    

    13.        
With respect to Securities issued in the United States, the Shareholders
Communications Act of 1985 (the "Act") requires Custodian to disclose to the
issuers, upon their request, the name, address and securities position of its
customers who are (a) the "beneficial owners" (as defined in the Act) of the
issuer’s Securities, if the beneficial owner does not object to such disclosure,
or (b) acting as a "respondent bank" (as defined in the Act) with respect to the
Securities.  (Under the Act, "respondent banks" do not have the option
of objecting to such disclosure upon the issuers' request.)  The Act
defines a "beneficial owner" as any person who has, or shares, the power to vote
a security (pursuant to an agreement or otherwise), or who directs the voting of
a security.  The Act defines a "respondent bank" as any bank,
association or other entity that exercises fiduciary powers which holds
securities on behalf of beneficial owners and deposits such securities for
safekeeping with a bank, such as Custodian.  Under the Act, Customer
is either the "beneficial owner" or a "respondent bank."

    

    
      	
              x

            	
              Customer
      is the "beneficial owner," as defined in the Act, of the Securities to be
      held by Custodian hereunder.

            

    

    
      	
               ̈

            	
              Customer
      is not the beneficial owner of the Securities to be held by Custodian, but
      is acting as a “respondent bank,” as defined
      in the Act, with respect to the Securities to be held by Custodian
      hereunder.

            

    

    IF NO BOX
IS CHECKED, CUSTODIAN SHALL ASSUME THAT CUSTOMER IS THE BENEFICIAL OWNER OF THE
SECURITIES.

    

    For beneficial owners of the
Securities only:

    

    
      	
               ̈

            	
              Customer
      objects

            

    

    
      	
              x

            	
              Customer
      does not object

            

    

    

    to the
disclosure of its name, address and securities position to any issuer which
requests such information pursuant to the Act for the specific purpose of direct
communications between such issuer and Customer.

    
      
         

      

      
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    IF NO BOX
IS CHECKED, CUSTODIAN SHALL RELEASE SUCH
INFORMATION UNTIL IT RECEIVES A CONTRARY WRITTEN INSTRUCTION FROM
CUSTOMER.

    

    With
respect to Securities issued outside of the United States, information shall be
released to issuers only if required by law or regulation of the particular
country in which the Securities are located.

    

    ARTICLE
IV

    PURCHASE,
SALE AND REDEMPTION OF SECURITIES;

    CREDITS
TO ACCOUNT

    

    1.           (a)           Promptly
after each purchase or sale of Securities by Customer, an Authorized Person
shall deliver to Custodian Written Instructions specifying all information
necessary for Custodian to settle such purchase or sale.  Custodian
shall account for all purchases and sales of Securities on the actual settlement
date unless otherwise agreed by Custodian.

    

    (b)         With
respect to purchases and redemptions of Hedge Fund Investments, upon the Written
Instructions of an Authorized Person Custodian (or its nominee) will as agent
for Customer subscribe for and redeem shares, units or other interests and
complete, execute and submit all relevant subscription and redemption
documentation required by the relevant issuer; provided that any Written
Instructions given to Custodian hereunder shall be in accordance with
Custodian’s procedures notified to Customer from time to time; and provided
further, that Customer’s delivery to Custodian of any such Written Instructions
to purchase Hedge Fund Investments shall constitute the Trust’s representation
and warranty that the Trust has reviewed and understands the terms of the
relevant offering memorandum or subscription agreement (or similar document) and
other document(s) related thereto and agreement to be bound by the terms and
conditions thereof (including all representations and warranties to which the
Trust or a Customer will be bound as beneficial owner of such Hedge Fund
Investment).

    

    2.           The
Trust, on behalf of each Customer, understands that when Custodian is instructed
to deliver Securities against payment, delivery of such Securities and receipt
of payment therefor may not be completed simultaneously.  The Trust,
on behalf of each Customer, assumes full responsibility for all credit risks
involved in connection with Custodian's delivery of Securities pursuant to
instructions of Customer, provided Custodian has followed commercially
reasonable practices with respect to such delivery.

    

    3.           Custodian
may, as a matter of bookkeeping convenience or by separate agreement with the
Trust, on behalf of eacg Customer, credit the Account with the proceeds from the
sale, redemption or other disposition of Securities or interest, dividends or
other distributions payable on Securities prior to its actual receipt of final
payment therefor.  All such credits shall be conditional until
Custodian's actual receipt of final payment and may be reversed by Custodian to
the extent that final payment is not received.  Payment with respect
to a transaction will not be "final" until Custodian shall have received
immediately available funds which under applicable local law, rule and/or
practice are irreversible and not subject to any security interest, levy or
other encumbrance, and which are specifically applicable to such
transaction.

    

    ARTICLE
V

    OVERDRAFTS
OR INDEBTEDNESS

    

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

    

    2.           In
order to secure repayment of Customer's obligations to Custodian hereunder, the
Trust, on behalf of each such Customer, hereby pledges and grants to Custodian a
continuing lien and security interest in, and right of set-off against, all of
Customer's right, title and interest in and to the Accounts and the Securities,
money and other property now or hereafter held in the Accounts (including
proceeds thereof), and any other property at any time held by it for the account
of each respective Customer and not any other series of the Trust.  In
this regard, Custodian shall be entitled to all the rights and remedies of a
pledgee and secured creditor under applicable laws, rules or regulations as then
in effect.

    
      
         

      

      
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    ARTICLE
VI

    CONCERNING
CUSTODIAN

    

    1.           (a)           Except
as otherwise expressly provided herein, Custodian shall not be liable for any
costs, expenses, damages, liabilities or claims, including attorneys' and
accountants' fees (collectively, "Losses"), incurred by or asserted against the
Trust or a Customer, except those Losses arising out of the negligence or
willful misconduct of Custodian.  Custodian shall have no liability
whatsoever for the action or inaction of any Depository or issuer of
Securities.  Subject to Section 1(b) below, Custodian's responsibility
with respect to any Securities or cash held by a Subcustodian is limited to the
failure on the part of Custodian to exercise reasonable care in the selection or
retention of such Subcustodian in light of prevailing settlement and securities
handling practices, procedures and controls in the relevant
market.  With respect to any Losses incurred by the Trust or a
Customer as a result of the acts or the failure to act by any Subcustodian
(other than a BNY Affiliate), Custodian shall take appropriate action to recover
such Losses from such Subcustodian; and, provided that Custodian has exercised
reasonable care in the selection and retention of such Subcustodian as provided
for in the preceding sentence, Custodian's sole responsibility and liability to
Customer shall be limited to amounts so received from such Subcustodian
(exclusive of costs and expenses incurred by Custodian).  In no event
shall Custodian be liable to Customer or any third party for special, indirect
or consequential damages, or lost profits or loss of business, arising in
connection with this Agreement.

    

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

    

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

    

    (d)         Custodian
shall indemnify and hold harmless the Trust and each Customer from and against
any and all reasonable attorneys’ fees related to claims, where such claims
result in liability to the Trust or a Customer and such liability has been
finally determined by an arbiter of competent jurisdiction to be directly caused
by Custodian’s failure to discharge its duties in accordance with its standard
of care as set forth hereunder.  This indemnity shall be a continuing
obligation of Custodian, its successors and assigns, notwithstanding the
termination of this Agreement.

    

    (e)         If
any action, suit or proceeding (each, a “Proceeding”) is brought against either
party to this Agreement (an “Indemnified Party”) in respect of which indemnity
may be sought against the other party (the “Indemnifying Party”) pursuant to the
foregoing paragraphs, the Indemnified Party shall promptly notify the
Indemnifying Party in writing of the institution of such Proceeding and the
Indemnifying Party shall have the right, by providing notice to the Indemnified
Party within twenty (20) Business Days thereafter, to assume the defense of such
Proceeding, including the employment of counsel reasonably satisfactory to the
Indemnified Party and payment of all fees and expenses; provided, however, that
the omission to so notify the Indemnifying Party shall not relieve the
Indemnifying Party from any liability which it may have to the Indemnified Party
except to the extent that it has been materially prejudiced by such failure and
has not otherwise learned of such Proceeding.  If the Indemnifying
Party assumes the defense of the Proceeding, the Indemnified Party shall have
the right to employ its own counsel in any such case, but the fees and expenses
of such counsel shall be at the expense of the Indemnified Party unless the
employment of such counsel shall have been authorized in writing by the
Indemnifying Party in connection with the defense of such Proceeding or the
Indemnifying Party 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 the Indemnified Party 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 Indemnifying Party (in which case the
Indemnifying Party shall not have the right to direct the defense of such
Proceeding on behalf of the Indemnified Party), in any of which events such fees
and expenses shall be borne by the Indemnifying Party and paid as incurred (it
being understood, however, that the Indemnifying Party 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 Indemnifying Party shall not be
liable for any settlement of any Proceeding effected without the Indemnifying
Party’s written consent but if settled with the Indemnifying Party’s written
consent, the Indemnifying Party agrees to indemnify and hold harmless the
Indemnified Party 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 section 6.4, 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 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 days’ prior notice of
its intention to settle.  The Indemnifying Party shall not, without
the prior written consent of the Indemnified Party, effect any settlement of any
pending or threatened Proceeding in respect of which any Indemnified Party is or
could have been a party and indemnity could have been sought hereunder by such
Indemnified Party, unless such settlement includes an unconditional release of
such Indemnified Party from all liability on claims that are the subject matter
of such Proceeding and does not include an admission of fault, culpability or a
failure to act, by or on behalf of such Indemnified Party.

    
      
         

      

      
        - 7
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    2.           Without
limiting the generality of and subject to the foregoing, Custodian shall be
under no obligation to inquire into, and shall not be liable for, any losses
incurred by a Customer or any other person as a result of the receipt or
acceptance of fraudulent, forged or invalid Securities, or Securities which are
otherwise not freely transferable or deliverable without encumbrance in any
relevant market.

    

    3.           At
any time Custodian may apply to any officer of the Trust or its sponsor for
instructions, and may seek the advice of outside counsel to the Trust (which
instructions or advice shall not be unreasonably withheld) with respect to any
matter arising in connection with the services to be performed by Custodian
under this Agreement, and Custodian and its agents or subcontractors shall not
be liable and shall be indemnified by the Trust for any action taken or omitted
by it in reliance upon such instructions or advice (except for actions or
omissions by Custodian taken with negligence or willful misconduct). An application by
Custodian for instructions or advice in accordance with this Section VI.3 shall
set forth in writing any action proposed to be taken or omitted to be taken by
Custodian with respect to its duties or obligations under this Agreement and the
date on and/or after which such action shall be taken (which date shall allow an
amount of time for the Trust’s or its counsel’s consideration of the application
that is reasonable under the circumstances), and the Bank shall not be liable
for any action taken or omitted to be taken in accordance with a proposal
included in any such application on or after the date specified therein unless,
prior to taking or omitting to take any such action, Custodian has received
written instructions or advice in response to such application specifying the
action to be taken or omitted or has received written notice that the Trust or
its counsel is reasonably declining to provide such instructions or
advice.

    

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

    

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

    

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

    

    7.           Custodian
has the right to debit any cash account for any amount payable by a Customer in
connection with any and all obligations of Customer to Custodian, whether or not
relating to or arising under this Agreement.  In addition to the
rights of Custodian under applicable law and other agreements, at any time when
Customer shall not have honored any and all of its obligations to Custodian,
Custodian shall have the right without notice to Customer to retain or set-off,
against such obligations of Customer, any Securities or cash Custodian or a BNY
Affiliate may directly or indirectly hold for the account of that Customer, and
any obligations (whether matured or unmatured) that Custodian or a BNY Affiliate
may have to that Customer in any currency.  Any such asset of, or
obligation to, a Customer may be transferred to Custodian and any BNY Affiliate
in order to effect the above rights.

    

    8.           (a)           Subject
to the terms below, Custodian shall be entitled to rely upon any Written or Oral
Instructions actually received by Custodian and reasonably believed by Custodian
to be duly authorized and delivered.  The Trust, on behalf of each
Customer, agrees that an Authorized Person shall forward to Custodian Written
Instructions confirming Oral Instructions by the close of business of the same
day that such Oral Instructions are given to Custodian.  The Trust, on
behalf of each Customer, agrees that the fact that such confirming Written
Instructions are not received or that contrary Written Instructions are received
by Custodian shall in no way affect the validity or enforceability of
transactions authorized by such Oral Instructions and effected by
Custodian.

    

    (b)         If
Custodian receives Written Instructions which appear on their face to have been
transmitted by an Authorized Person via (i) computer facsimile, email, the
Internet or other insecure electronic method, or (ii) secure electronic
transmission containing applicable authorization codes, passwords and/or
authentication keys, Customer understands and agrees that Custodian cannot
determine the identity of the actual sender of such Written Instructions and
that Custodian shall conclusively presume that such Written Instructions have
been sent by an Authorized Person.  Customer shall be responsible for
ensuring that only Authorized Persons transmit such Written Instructions to
Custodian and that all Authorized Persons treat applicable user and
authorization codes, passwords and/or authentication keys with reasonable
care.

    

    (c)         The
Trust, on behalf of each Customer, acknowledges and agrees that it is fully
informed of the protections and risks associated with the various methods of
transmitting Written Instructions to Custodian and that there may be more secure
methods of transmitting Written Instructions than the method(s) selected by a
Customer.  The Trust, on behalf of each Customer, agrees that the
security procedures (if any) to be followed in connection with its transmission
of Written Instructions provide to it a commercially reasonable degree of
protection in light of its particular needs and circumstances.

    
      
         

      

      
        - 8
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    (d)       
 If a Customer elects to transmit Written Instructions through an
on-line communication system offered by Custodian, the Customer's use thereof
shall be subject to the Terms and Conditions attached hereto as Appendix
I.  If a Customer elects (with Custodian’s prior consent) to transmit
Written Instructions through an on-line communications service owned or operated
by a third party, the Trust, on behalf of such Customer, agrees that Custodian
shall not be responsible or liable for the reliability or availability of any
such service.

    

    9.           Upon
reasonable request and provided Custodian shall suffer no significant disruption
of its normal activities, the Trust, on behalf of each Customer, shall have
access to Custodian's books and records relating to the Accounts during
Custodian's normal business hours.  Upon reasonable request, copies of
any such books and records shall be provided to the Trust, on behalf of each
Customer, at each Customer's expense.

    

    10.         It
is understood that Custodian is authorized to supply any information regarding
the Accounts which is required to be supplied by any law, regulation or rule now
or hereafter in effect.

    

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

    

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

    

    ARTICLE
VII

    TERMINATION

    

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

    

    ARTICLE
VIII

    LIMITATION
OF INTERSERIES LIABILITY

     

    Notwithstanding anything to the
contrary provided herein, the Custodian agrees that, pursuant to Section 3804(a)
of the Delaware Statutory Trust Act, the liabilities of each Customer shall be
limited such that (a) the debts, liabilities, obligations and expense incurred,
contracted for or otherwise existing and relating to this Agreement with respect
to a particular Customer shall be enforceable against the assets of the
particular Customer only, and not against the assets of the Trust generally or
the assets of any other Customer, and (b) none of the debts, liabilities,
obligations and expenses incurred, contracted for, or otherwise existing and
relating to this Agreement with respect to the Trust generally and any other
Customer shall be enforceable against the assets of such particular
Customer.

    
      
         

      

      
        - 9
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    ARTICLE
IX

    MISCELLANEOUS

    

    1.           The
Trust, on behalf of each Customer, agrees to furnish to Custodian a new
Certificate of Authorized Persons in the event of any change in the then present
Authorized Persons.  Until such new Certificate is received, Custodian
shall be fully protected in acting upon Oral Instructions and Written
Instructions of such present Authorized Persons.

    

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

    

    3.           Any
notice or other instrument in writing, authorized or required by this Agreement
to be given the Trust or to a Customer shall be sufficiently given if addressed
to the applicable Customer and received by it at its offices c/o the Trust at
232 Hidden Lake Road, Building A, Brattleboro, Vermont 05301, or at such other
place as the Trust may from time to time designate in writing.

    

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

    

    5.           In
case any provision in or obligation under this Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations shall not in any way
be affected thereby.  This Agreement may not be amended or modified in
any manner except by a written agreement executed by both
parties.  This Agreement shall extend to and shall be binding upon the
parties hereto, and their respective successors and assigns; provided however,
that this Agreement shall not be assignable by either party without the written
consent of the other.

    

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

    

    (b)        
The parties hereto agree that the establishment and maintenance of the Account,
and all interests, duties and obligations with respect thereto, shall be
governed by the laws of the State of New York.

    

    7.           The
parties hereto agree that in performing hereunder, Custodian is acting solely on
behalf of Customer and no contractual or service relationship shall be deemed to
be established hereby between Custodian and any other person.

    

    8.           The
Trust, on behalf of each Customer, hereby acknowledges that Custodian is subject
to federal laws, including the Customer Identification Program (CIP)
requirements under the USA PATRIOT Act and its implementing regulations,
pursuant to which Custodian must obtain, verify and record information that
allows Custodian to identify Customer.  Accordingly, prior to opening
an Account hereunder Custodian will ask Customer to provide certain information
including, but not limited to, Customer's name, physical address, tax
identification number and other information that will help Custodian to identify
and verify each Customer’s identity such as organizational documents,
certificate of good standing, license to do business, or other pertinent
identifying information.  The Trust, on behalf of each Customer,
agrees that Custodian cannot open an Account hereunder unless and until the
Custodian verifies each Customer's identity in accordance with its
CIP.

    

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

    
      
         

      

      
        - 10
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    IN WITNESS WHEREOF, the Trust
and Custodian have caused this Agreement to be executed by their respective
officers, thereunto duly authorized, as of the day and year first above
written.

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          	 
      	
                                  TEUCRIUM
      COMMODITY TRUST

                                
	 
      	 
      	 
	 
      	
                                  By:
      Teucrium Trading, LLC, its sponsor

                                
	 
      	 
      	 
      	 
	 
      	
                                  By:

                                	
                                  /s/ Dale Riker

                                	 
	 
      	 
      	 
      	 
	 	Title:
      	      
                                  Treasurer
      and Secretary

                                	 
	 
      	 
      	 
	 
      	
                                  Tax
      Identification No:

                                
	 
      	 
      	 
	 
      	
                                  THE
      BANK OF NEW YORK MELLON

                                
	 
      	 
      	 
      	 
	 
      	
                                  By:

                                	
                                  /s/ Andrew Pfeifer

                                	 
	 
      	 
      	 
      	 
	 	      
                                  Title:

                                	Vice
      President	 
	 
      	
                                   

                                	 

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        - 11
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    APPENDIX
I

    

    ELECTRONIC
SERVICES TERMS AND CONDITIONS

    

    1.    License;
Use.
(a) This Appendix I shall govern each Customer’s use of electronic
communications, information delivery, portfolio management and banking services,
that The Bank of New York and its affiliates (“BNY”) may provide to such
Customers, such as The Bank of New York Inform TM and The Bank of New York
CA$H-Register Plus®, and any
computer software, proprietary data and documentation provided by BNY to
Customer in connection therewith (collectively, the “Electronic Services”). In the
event of any conflict between the terms of this Appendix I and the main body of
this Agreement with respect to a Customer’s use of the Electronic Services, the
terms of this Appendix I shall control.

    

    (b) BNY
grants to each Customer a personal, nontransferable and nonexclusive license to
use the Electronic Services to which a Customer subscribes solely for the
purpose of transmitting instructions and information (“Written Instructions”),
obtaining reports, analyses and statements and other information and data,
making inquiries and otherwise communicating with BNY in connection with the
Customer’s relationship with BNY.  Each Customer shall use the
Electronic Services solely for its own internal and proper business purposes and
not in the operation of a service bureau.  Except as set forth herein,
no license or right of any kind is granted to a Customer with respect to the
Electronic Services.  The Trust, on behalf of each Customer,
acknowledges that BNY and its suppliers retain and have title and exclusive
proprietary rights to the Electronic Services, including any trade secrets or
other ideas, concepts, know-how, methodologies, and information incorporated
therein and the exclusive rights to any copyrights, trade dress, look and feel,
trademarks and patents (including registrations and applications for
registration of either), and other legal protections available in respect
thereof.  The Trust, on behalf of each Customer, further acknowledges
that all or a part of the Electronic Services may be copyrighted or trademarked
(or a registration or claim made therefor) by BNY or its
suppliers.  No Customer shall not take any action with respect to the
Electronic Services inconsistent with the foregoing acknowledgments, nor shall a
Customer attempt to decompile, reverse engineer or modify the Electronic
Services.  A Customer may not copy, distribute, sell, lease or
provide, directly or indirectly, the Electronic Services or any portion thereof
to any other person or entity without BNY’s prior written consent.  A
Customer may not remove any statutory copyright notice or other notice included
in the Electronic Services.  No Customer shall reproduce any such
notice on any reproduction of any portion of the Electronic Services and shall
add any statutory copyright notice or other notice upon BNY’s
request.

    

    (c)
Portions of the Electronic Services may contain, deliver or rely on data
supplied by third parties (“Third Party Data”), such as pricing data and
indicative data, and services supplied by third parties (“Third Party Services”)
such as analytic and accounting services.  Third Party Data and Third
Party Services supplied hereunder are obtained from sources that BNY reasonably
believes to be reliable but are provided without any independent investigation
by BNY.  BNY and its suppliers do not represent or warrant that the
Third Party Data or Third Party Services are correct, complete or
current.  Third Party Data and Third Party Services are proprietary to
their suppliers, are provided solely for Customers’ internal use, and may not be
reused, disseminated or redistributed in any form.  A Customer shall
not use any Third Party Data in any manner that would act as a substitute for
obtaining a license for the data directly from the supplier.  Third
Party Data and Third Party Services should not be used in making any investment
decision.  BNY AND ITS SUPPLIERS ARE NOT RESPONSIBLE FOR ANY RESULTS
OBTAINED FROM THE USE OF OR RELIANCE UPON THIRD PARTY DATA OR THIRD PARTY
SERVICES.  BNY’s suppliers of Third Party Data and Services are
intended third party beneficiaries of this Section 1(c) and Section 5
below.

    

    (d) The
Trust, on behalf or each Customer, understands and agrees that any links in the
Electronic Services to Internet sites may be to sites sponsored and maintained
by third parties.  BNY make no guarantees, representations or
warranties concerning the information contained in any third party site
(including without limitation that such information is correct, current,
complete or free of viruses or other contamination), or any products or services
sold through third party sites.  All such links to third party
Internet sites are provided solely as a convenience to Customers and a Customer
accesses and uses such sites at its own risk.  A link in the
Electronic Services to a third party site does not constitute BNY’s endorsement,
authorisation or sponsorship of such site or any products and services available
from such site.

    

    2.    Equipment.  Each
Customer shall obtain and maintain at its own cost and expense all equipment and
services, including but not limited to communications services, necessary for it
to utilize and obtain access to the Electronic Services, and BNY shall not be
responsible for the reliability or availability of any such equipment or
services.

    

    3.    Proprietary
Information.  The Electronic Services, and any proprietary data
(including Third Party Data), processes, software, information and documentation
made available to a Customer (other than which are or become part of the public
domain or are legally required to be made available to the public)
(collectively, the "Information"), are the exclusive and confidential property
of BNY or its suppliers.  However, for the avoidance of doubt, reports
generated by a Customer containing information relating to its account(s)
(except for Third Party Data contained therein) are not deemed to be within the
meaning of the term “Information.”  Each Customer shall keep the
Information confidential by using the same care and discretion that Customer
uses with respect to its own confidential property and trade secrets, but not
less than reasonable care.  Upon termination of the Agreement or the
licenses granted herein for any reason, each Customer shall return to BNY any
and all copies of the Information which are in its possession or under its
control (except that Customer may retain reports containing Third Party Data,
provided that such Third Party Data remains subject to the provisions of this
Appendix).  The provisions of this Section 3 shall not affect the
copyright status of any of the Information which may be copyrighted and shall
apply to all information whether or not copyrighted.

    

    4.    Modifications.  BNY
reserves the right to modify the Electronic Services from time to
time.  The Trust, on behalf of each Customer, agrees not to modify or
attempt to modify the Electronic Services without BNY's prior written
consent.  The Trust, on behalf of each Customer, acknowledges that any
modifications to the Electronic Services, whether by Customer or BNY and whether
with or without BNY's consent, shall become the property of BNY.

    

    5.    NO REPRESENTATIONS OR
WARRANTIES; LIMITATION OF LIABILITY.  BNY AND ITS MANUFACTURERS
AND SUPPLIERS MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE
ELECTRONIC SERVICES OR ANY THIRD PARTY DATA OR THIRD PARTY SERVICES, EXPRESS OR
IMPLIED, IN FACT OR IN LAW, INCLUDING BUT NOT LIMITED TO WARRANTIES OF
MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR
PURPOSE.  THE TRUST, ON BEHALF OF EACH CUSTOMER, ACKNOWLEDGES THAT THE
ELECTRONIC SERVICES, THIRD PARTY DATA AND THIRD PARTY SERVICES ARE PROVIDED “AS
IS.”  TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT
SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT, INDIRECT
SPECIAL, OR CONSEQUENTIAL, WHICH A CUSTOMER MAY INCUR IN CONNECTION WITH THE
ELECTRONIC SERVICES, THIRD PARTY DATA OR THIRD PARTY SERVICES, EVEN IF BNY OR
SUCH SUPPLIER KNEW OF THE POSSIBILITY OF SUCH DAMAGES, EXCEPT FOR DIRECT DAMAGES
RESULTING FROM THE WILLFUL MISCONDUCT OF BNY.  IN NO EVENT SHALL BNY
OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR
MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR
DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND THEIR REASONABLE
CONTROL PROVIDED THAT BNY HAS ESTABLISHED AND IS MAINTAINING A DISASTER RECOVERY
PLAN AND BACK-UP SYSTEM THAT IS REASONABLY DESIGNED TO COMPLY WITH APPLICABLE
LAW AND IS REASONABLE UNDER THE CIRCUMSTANCES, OR IF NOT, THAT ANY SUCH LOSS
WOULD HAVE OCCURRED EVEN IF BNY HAD ESTABLISHED AND WAS MAINTAINING SUCH A
DISASTER RECOVERY PLAN AND BACK-UP SYSTEM.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    

    6.    Security; Reliance;
Unauthorized Use; Funds Transfers. BNY will establish
security procedures to be followed in connection with the use of the Electronic
Services, and the Trust, on behalf of each Customer, agrees to comply with the
security procedures.  The Trust, on behalf of each Customer,
understands and agrees that the security procedures are intended to determine
whether instructions received by BNY through the Electronic Services are
authorized but are not (unless otherwise specified in writing) intended to
detect any errors contained in such instructions.  The Trust
will cause all persons utilizing the Electronic Services to treat any user and
authorization codes, passwords, authentication keys and other security devices
with reasonable care and confidentiality.  Upon termination of
Customer’s use of the Electronic Services, Customer shall return to BNY any
security devices (e.g., token cards) provided by BNY.  BNY is hereby
irrevocably authorized to comply with and rely upon on Written Instructions and
other communications, whether or not authorized, received by it through the
Electronic Services.  The Trust acknowledges that it has sole
responsibility for ensuring that only Authorized Persons use the Electronic
Services and that to the fullest extent permitted by applicable law BNY shall
not be responsible nor liable for any unauthorized use thereof or for any losses
sustained by Customer arising from or in connection with the use of the
Electronic Services or BNY’s reliance upon and compliance with Written
Instructions and other communications received through the Electronic
Services.  With respect to instructions for a transfer of funds issued
through the Electronic Services, when instructed to credit or pay a party by
both name and a unique numeric or alpha-numeric identifier (e.g. ABA number or
account number), BNY, its affiliates, and any other bank participating in the
funds transfer, may rely solely on the unique identifier, even if it identifies
a party different than the party named.  Such reliance on a unique
identifier shall apply to beneficiaries named in such instructions as well as
any financial institution which is designated in such instructions to act as an
intermediary in a funds transfer.  It is understood and agreed that
unless otherwise specifically provided herein, and to the extent permitted by
applicable law, the parties hereto shall be bound by the rules of any funds
transfer system utilized to effect a funds transfer hereunder.

    

    7.    Acknowledgments.  BNY
shall acknowledge through the Electronic Services its receipt of each Written
Instruction communicated through the Electronic Services, and in the absence of
such acknowledgment BNY shall not be liable for any failure to act in accordance
with such Written Instruction and a Customer may not claim that such Written
Instruction was received by BNY.  BNY may in its discretion decline to
act upon any instructions or communications that are insufficient or incomplete
or are not received by BNY in sufficient time for BNY to act upon, or in
accordance with such instructions or communications.

    

    8.    Viruses.  The Trust, on
behalf of each Customer, agrees to use reasonable efforts to prevent the
transmission through the Electronic Services of any software or file
which contains any viruses, worms, harmful component or corrupted data and
agrees not to use any device, software, or routine to interfere or attempt to
interfere with the proper working of the Electronic Services.

    

    9.    Encryption.  The
Trust, on behalf of each Customer, acknowledges and agrees that encryption may
not be available for every communication through the Electronic Services, or for
all data.  Customer agrees that BNY may deactivate any encryption
features at any time, without notice or liability to the Trust or any Customer,
for the purpose of maintaining, repairing or troubleshooting its
systems.

    

    10.         
On-Line Inquiry and
Modification of Records. In connection with a Customer’s use of the
Electronic Services, BNY may, at Customer’s request, permit Customer to enter
data directly into a BNY database for the purpose of modifying certain
information maintained by BNY’s systems, including, but not limited to, change
of address information.  To the extent that a Customer is granted such
access, the Trust, on behalf of such Customer, agrees to indemnify and hold BNY
harmless from all loss, liability, cost, damage and expense (including
attorney’s fees and expenses) to which BNY may be subjected or which may be
incurred in connection with any claim which may arise out of or as a result of
changes to BNY database records initiated by such Customer.

    

    11.         
Agents.  Each
Customer may, on advance written notice to the BNY, permit its agents and
contractors (“Agents”) to access and use the Electronic Services on the
Customer’s behalf, except that the BNY reserves the right to prohibit a
Customer’s use of any particular Agent for any reason.  Each Customer
shall require its Agent(s) to agree in writing to be bound by the terms of this
Agreement, and each Customer shall be liable and responsible for any act or
omission of such Agent in the same manner, and to the same extent, as though
such act or omission were that of the Customer.  Each submission of a
Written Instruction or other communication by the Agent through the Electronic
Services shall constitute a representation and warranty by the applicable
Customer that the Agent continues to be duly authorized by the Customer to so
act on its behalf and the BNY may rely on the representations and warranties
made herein in complying with such Written Instruction or
communication.  Any Written Instruction or other communication through
the Electronic Services by an Agent shall be deemed that of Customer, and
Customer shall be bound thereby whether or not authorized.  Customer
may, subject to the terms of this Agreement and upon advance written notice to
the Bank, provide a copy of the Electronic Service user manuals to its Agent if
the Agent requires such copies to use the Electronic Services on Customer’s
behalf.  Upon cessation of any such Agent's services, Customer shall
promptly terminate such Agent’s access to the Electronic Services, retrieve from
the Agent any copies of the manuals and destroy them, and retrieve from the
Agent any token cards or other security devices provided by BNY and return them
to BNY.

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    CERTIFICATE
OF AUTHORIZED PERSONS

    (Customer
- Oral and Written Instructions)

    

    The undersigned hereby certifies that
he/she is the duly elected and acting  ______________________________
of Teucrium Commodity Trust (the “Trust”), and further certifies that the
following officers or employees of the Trust have been duly authorized in
conformity with the Trust’s Amended and Restated Agreement and Declaration of
Trust and Trust Agreement to deliver Oral and Written Instructions to The Bank
of New York Mellon ("BNY") pursuant to the Global Custody Agreement between the
Trust and BNY dated _______________, and that the signatures appearing opposite
their names are true and correct:

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          
                                                            
                                                              
                                                                	 
      	 
      	 
      	 
      	 
      
	
                                                                        Name

                                                                      	 
      	
                                                                        Title

                                                                      	 
      	
                                                                        Signature

                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                        Name

                                                                      	 
      	
                                                                        Title

                                                                      	 
      	
                                                                        Signature

                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                        Name

                                                                      	 
      	
                                                                        Title

                                                                      	 
      	
                                                                        Signature

                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                        Name

                                                                      	 
      	
                                                                        Title

                                                                      	 
      	
                                                                        Signature

                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                        Name

                                                                      	 
      	
                                                                        Title

                                                                      	 
      	
                                                                        Signature

                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                        Name

                                                                      	 
      	
                                                                        Title

                                                                      	 
      	
                                                                        Signature

                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                        Name

                                                                      	 
      	
                                                                        Title

                                                                      	 
      	
                                                                        Signature

                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                        Name

                                                                      	 
      	
                                                                        Title

                                                                      	 
      	
                                                                        Signature

                                                                      
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                                                                        Name

                                                                      	 
      	
                                                                        Title

                                                                      	 
      	
                                                                        Signature

                                                                      

                                                              

                                                            

                                                          

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    This certificate supersedes any
certificate of authorized individuals you may currently have on
file.

    

    
      
        
          
            
              
                
                  
                    
                      	 
      	 
      	 
	 
      	
                              Title:

                            	 
      	 
	 
      	
                               
      

                            	 
      	 
	 
      	
                              Date:

                            	 
      	 

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    CUSTODY
ACCOUNT AGENCY AUTHORIZATION

    

    Reference is made to the Global Custody
Agreement (the "Custody Agreement") dated as of ____________________ between
Teucrium Commodity Trust (the "Trust"), on its own behalf and on behalf of each
of its series listed in Exhibit A to the Custody Agreement (each a "Customer"),
and The Bank of New York Mellon ("BNY").

    

    This is to advise BNY that for the
account(s) identified below the following investment managers (each, an
"Investment Manager") have been duly authorized to act as a Customer's agent for
the purpose of (a) delivering Oral and Written Instructions to BNY (as defined
in the Custody Agreement), and/or (b) buying and selling foreign currency (on a
spot and forward basis) and options to buy and sell foreign currency, as such
purposes are designated below, and to confirm to BNY that all actions taken by
BNY in reliance upon such authorization (whether in its capacity as custodian or
counterparty) shall be binding on Customer.

    

    
      
        
          	
                  Investment Manager

                	  	
                  Account Title/Number

                	  	
                  Inst.

                	  	
                  F/X

                
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  _______________________________________

                	 
      	
                  ________________________

                	 
      	
                  _____

                	 
      	
                  _____

                
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  _______________________________________

                	 
      	
                  ________________________

                	 
      	
                  _____

                	 
      	
                  _____

                
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  _______________________________________

                	 
      	
                  ________________________

                	 
      	
                  _____

                	 
      	
                  _____

                
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  _______________________________________

                	 
      	
                  ________________________

                	 
      	
                  _____

                	 
      	
                  _____

                
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  _______________________________________

                	 
      	
                  ________________________

                	 
      	
                  _____

                	 
      	
                  _____

                
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  _______________________________________

                	 
      	
                  ________________________

                	 
      	
                  _____

                	 
      	
                  _____

                
	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	
                  _______________________________________

                	 
      	
                  ________________________

                	 
      	
                  _____

                	 
      	
                  _____

                
	 	 	 	 	 	 	 
	
                  _______________________________________

                	 
      	
                  ________________________

                	 
      	
                  _____

                	 
      	
                  _____

                

        

      

    

    

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                        
                                                          	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                                                                  By

                                                                	 
      	 
	 	Title:	 	 
	 	 	 	 
	 	
                                                                  Date:

                                                                	 	 

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    CERTIFICATE
OF AUTHORIZED PERSONS

    (Investment
Manager - Oral and Written Instructions)

    

    
      	
              Re: 

            	
              Account
      Name:

            

    

    

    Account Number:

    

    The undersigned hereby certifies that
he/she is the duly elected and acting ______________________ of Teucrium
Trading, LLC (the "Investment Manager"), and further certifies that the
following officers or employees of the Investment Manager have been duly
authorized in conformity with the Investment Manager's organizational documents
to deliver oral and written instructions to The Bank of New York Mellon ("BNY")
with respect to the above-referenced Account, and that the signatures appearing
opposite their names are true and correct:

    
 

    
      	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            

    

     

    This certificate supersedes any
certificate of authorized individuals you may currently have on
file.

     

    
      
        
          
            	 
      	 
      	 
	 	 	 	 
	 
      	
                    Title:

                  	 
      	 
	 
      	
                     
      

                  	 
      	 
	 
      	
                    Date:

                  	 
      	 

          

        

      

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

     

    CERTIFICATE
OF AUTHORIZED PERSONS

    (Customer
- Foreign Exchange)

    
      
        
          
            
              
                
                  
                    
                      
                        
                           

                        

                      

                    

                  

                

              

            

          

        

      

    

    The undersigned hereby certifies that
he/she is the duly elected and acting ______________________ of Teucrium
Commodity Trust (the "Trust"), and further certifies that the following officers
or employees of the Trust have been duly authorized in conformity with the
Trust’s Amended and Restated Declaration of Trust and Trust Agreement to enter
into contracts with The Bank of New York Mellon ("BNY") to buy and sell foreign
currency (on a spot and forward basis) and options to buy and sell foreign
currency on behalf of the Trust or any Account ("F/X Transactions"), and that
the signatures appearing opposite their names are true and correct:

    

    
      	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            

    

     

    and
further certifies that the following officers or employees of the Trust have
been duly authorized in conformity with the Trust’s Amended and Restated
Declaration of Trust and Trust Agreement to confirm, orally and in writing, the
terms of F/X Transactions entered with BNY, and that the signatures appearing
opposite their names are true and correct:

    

    
      
        
          
            	 
      	 
      	 
      	 
      	 
      
	
                    Name

                  	 
      	
                    Title

                  	 
      	
                    Signature

                  
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                    Name

                  	 
      	
                    Title

                  	 
      	
                    Signature

                  
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                    Name

                  	 
      	
                    Title

                  	 
      	
                    Signature

                  
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                    Name

                  	 
      	
                    Title

                  	 
      	
                    Signature

                  

          

        

      

    

    

    This certificate supersedes any
certificate of authorized individuals you may currently have on
file.

    

    
      
        
          
            
              	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                      Title:

                    	 
      
	 
      	 
      	 
      
	 
      	
                      Date:

                    	 
      

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    CERTIFICATE
OF AUTHORIZED PERSONS

    (Investment
Manager - Foreign Exchange)

    

    
      	
              Re: 

            	
              Account
      Name:

            

    

    

    Account Number:

    

    The undersigned hereby certifies that
he/she is the duly elected and acting ______________________ of Teucrium
Trading, LLC (the "Investment Manager"), and further certifies that the
following officers or employees of the Investment Manager have been duly
authorized in conformity with the Investment Manager's organizational documents
to enter into contracts with The Bank of New York Mellon ("BNY") to buy and sell
foreign currency (on a spot and forward basis) and options to buy and sell
foreign currency on behalf of the above-referenced Account ("F/X Transactions"),
and that the signatures appearing opposite their names are true and
correct:

    

    
      	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
              Name

            	 
      	
              Title

            	 
      	
              Signature

            

    

     

    and
further certifies that the following officers or employees of the Investment
Manager have been duly authorized in conformity with the Investment Manager's
organizational documents to confirm, orally and in writing, the terms of F/X
Transactions entered by the Investment Manager with BNY, and that the signatures
appearing opposite their names are true and correct:

    

    
      
        
          
            
              
                
                  	 
      	 
      	 
      	 
      	 
      
	
                          Name

                        	 
      	
                          Title

                        	 
      	
                          Signature

                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                          Name

                        	 
      	
                          Title

                        	 
      	
                          Signature

                        
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      
	
                          Name

                        	 
      	
                          Title

                        	 
      	
                          Signature

                        

                

                 

              

            

          

        

      

    

    This certificate supersedes any
certificate of authorized individuals you may currently have on
file.

    

    
      
        
          
            
              	
                      [seal]

                    	 
      	 
      
	 
      	 
      	 
      
	 
      	
                      Title:

                    	 
      
	 
      	 
      	 
      
	 
      	
                      Date:

                    	 
      

            

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    EXHIBIT
AExhibit 10.4

     

    SERVICES
AGREEMENT

     

    AGREEMENT
made as of January __, 2010, by and between each Fund listed on Exhibit A (each
a “Fund” and collectively the “Funds”), and The Bank of New York Mellon, a New
York state chartered bank subject to regulation by the Board of Governors of the
Federal Reserve System and the New York State Banking Department
(“BNY”).

     

    WITNESSETH:

     

    WHEREAS,
each Fund desires to retain BNY to provide the services described herein, and
BNY is willing to provide such services, all as more fully set forth
below;

     

    NOW,
THEREFORE, in consideration of the mutual promises and agreements contained
herein, the parties hereby agree as follows:

     

    1.   
    Appointment.

     

    Each Fund
hereby appoints BNY for the term of this Agreement as its agent to perform the
services described on Schedule I and Schedule II hereto.  BNY hereby
accepts such appointment and agrees to perform the duties hereinafter set
forth.

     

    2.   
    Definitions.

     

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

     

    (a)           “Authorized
Person” shall be any person, whether or not an officer or employee of the Fund,
duly authorized by a Fund to execute any Certificate or to give any Oral
Instruction, such persons to be designated in a Certificate annexed hereto as
Exhibit B hereto or such other Certificate as may be received by BNY from time
to time.

     

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

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

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

     

    (d)           “Business
Day” shall mean for a Fund any day described in such Fund’s Prospectus (as
hereinafter defined) as a day on which such Fund is open for
business.

     

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

     

    (f)           
“Instructions” shall mean communications transmitted by electronic or
telecommunications media, including S.W.I.F.T., computer-to-computer interface,
dedicated transmission lines, or other mutually agreed upon means.

     

    (g)           “Oral
Instructions” shall mean verbal instructions received by BNY from an Authorized
Person or from a person reasonably believed by BNY to be an Authorized
Person.

     

    3.  
     Representations and
Warranties.

     

    Each Fund
hereby represents and warrants to BNY, which representations and warranties
shall be deemed to be continuing and repeated on each day on which BNY is acting
hereunder, that:

     

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

     

    (b)           This
Agreement has been duly authorized, executed and delivered by it in accordance
with all requisite action and constitutes its valid and legally binding
obligation, enforceable against it in accordance with its terms;

     

    (c)           It
is conducting its business in compliance with all applicable laws and
regulations and has obtained all regulatory licenses, approvals and consents
necessary to carry on its business as now conducted; there is no statute,
regulation, rule, order or judgment binding on it and no provision of its
charter or by-laws, nor of any mortgage, indenture, credit agreement or other
contract binding on it or affecting its property which would prohibit its
execution or performance of this Agreement;

     

    
      
         

      

      
        - 2 -

        
          

        

      

      
         

      

    

     

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

     

    (e)           It
is fully informed of the protections and risks associated with various methods
of transmitting Instructions and Oral Instructions and delivering Certificates
to BNY, shall, and shall cause each Authorized Person, to safeguard and treat
with reasonable care any user and authorization codes, passwords and/or
authentication keys, understands that there may be more secure methods of
transmitting or delivering the same than the methods selected by it, agrees that
the security procedures (if any) to be utilized provide a commercially
reasonable degree of protection in light of its particular needs and
circumstances, and acknowledges and agrees that Instructions may be presumed by
BNY to have been given by person(s) duly authorized,  and may be acted
upon as given;

     

    (f)           Any
agreement it enters into with a broker-dealer or another person (an “Authorized
Purchaser”) for the purchase and redemption of Fund shares in creation basket
aggregations shall require such person to establish and maintain policies and
procedures requiring it to obtain and verify information about the identity of
its customers purchasing Fund shares from such Authorized Purchaser and which
are reasonably designed to ensure that it is not being used as a conduit for
money laundering or other illicit purposes.

     

    4.    
   Delivery of
Documents.

     

    (a)           Each
Fund will promptly deliver to BNY true and correct copies of each of the
following documents as currently in effect and will promptly deliver to it all
future amendments and supplements thereto, if any:

     

    (i)           Its
organizational document(s) filed with its jurisdiction of organization and all
amendments thereto (the “Charter”);

    (ii)           Its
Trust Agreement, Operating Agreement, Articles of Association or Limited
Liability Company Agreements, as applicable, and all amendments
thereto;

     

    
      
        
        

      

      
        - 3 -

        
          

        

      

      
        
        

      

    

     

    (iii)           Resolutions
of its managers or other governing body authorizing the execution, delivery and
performance of this Agreement by the Fund;

     

    (iv)           Its
prospectus (the “Prospectus”) relating to it and its units of beneficial
interest (“Shares”);

     

    (v)           True
and correct copies of any material contract between it and any third party
(collectively, “Material Contracts”);

     

    (vi)           Copies
of all filings required to be filed by the Fund with an official body or office
(collectively, “Required Filings”)

     

    (vii)           An
opinion of its outside counsel, in form and substance satisfactory to BNY and
addressed to BNY, with respect to the status (i.e. whether registered or exempt
from registration) of its Shares under the Securities Act of 1933 and the
Securities Exchange Act of 1934, each as amended.

     

    (b)           Each
copy of the Charter shall be certified by an appropriate governmental
representative of the jurisdiction of organization, and if the Charter is
required by law also to be filed with a county or other officer or official
body, a certificate of such filing shall be filed with a certified copy
submitted to BNY.  Each copy of the Operating Agreement, Prospectus,
Material Contracts and Required Filings, and all amendments thereto, shall be
certified by the manager, Secretary or an Assistant Secretary of the
Fund.

     

    (c)           It
shall be the sole responsibility of each Fund to deliver to BNY from time to
time its then currently effective Prospectus and BNY shall not be deemed to have
notice of any information contained therein until it is actually received by
BNY.

     

    5.     
  Duties and
Obligations of BNY.

     

    (a)           Subject
to the direction and control of each Fund and the provisions of this Agreement,
BNY shall provide to such Fund (i) the administrative services set forth on
Schedule I attached hereto, and (ii) the valuation and computation services
listed on Schedule II attached hereto.

     

    (b)           In
performing hereunder, BNY shall provide, at its expense, office space,
facilities, equipment and personnel.

     

    
      
        
        

      

      
        - 4 -

        
          

        

      

      
        
        

      

    

     

    (c)           BNY
shall not provide services relating to the management, investment advisory or
sub-advisory functions of any Fund, distribution of Shares of any Fund, or other
services normally performed by the Fund’s counsel or independent
auditors.

     

    (d)           Upon
receipt of a Fund’s prior written consent (which shall not be unreasonably
withheld), BNY may delegate any of its duties and obligations hereunder to such
Fund to any delegee or agent whenever and on such terms and conditions as it
deems necessary or appropriate.  Notwithstanding the foregoing, no
Fund’s consent shall be required for any such delegation to any other subsidiary
of The Bank of New York Company, Inc. (hereinafter a “BNY Affiliate”)
notwithstanding the domicile of such BNY Affiliate.  BNY shall not be
liable for any loss or damage arising out of, or in connection with, the actions
or omissions to act of any delegee or agent utilized hereunder so long as BNY
acts in good faith and without negligence or willful misconduct in the selection
and retention of such delegee or agent, provided that BNY shall be liable for
the acts or omissions of any BNY Affiliate to the same extent it would be liable
under the terms hereof had it committed such act or omission and not delegated
the same, and BNY shall notify each affected Fund upon any such delegation to a
BNY Affiliate.

     

    (e)           BNY
shall cooperate with the Fund’s officers, managers, advisors, sponsor,
distributor, legal counsel, independent accountants, current administrator (if
any) and transfer agent to provide such persons, upon request, with such
information, documents and advice relating to a Fund as is within the possession
or knowledge of BNY in order to enable such persons to perform their duties to
the Fund.  Each Fund shall cause its officers, managers, advisors,
sponsor, distributor, legal counsel, independent accountants, current
administrator (if any) and transfer agent to cooperate with BNY and to provide
BNY, upon request, with such information, documents and advice relating to that
Fund as is within the possession or knowledge of such persons in order to enable
BNY to perform its duties hereunder.  In connection with its duties
hereunder, BNY shall be entitled reasonably to rely, and shall be held harmless
by each Fund when acting in such reasonable reliance, upon the Instructions,
Oral Instructions, delivered Certificates, advice or any documents relating to a
Fund provided to BNY by any of the aforementioned persons.  BNY shall
not be liable for any loss, damage or expense resulting from or arising out of
the failure of a Fund to cause any information, documents or advice to be
provided to BNY as provided herein, provided BNY acts without negligence or
willful misconduct.  All fees or costs charged by such persons shall
be borne by the relevant Fund.

     

    
      
         

      

      
        - 5 -

        
          

        

      

      
         

      

    

     

    (f)           Nothing
in this Agreement shall limit or restrict BNY, any affiliate or BNY Affiliate or
any officer or employee thereof from acting for or with any third parties and
providing services similar or identical to some or all of the services provided
hereunder.

     

    (g)           Each
Fund shall furnish BNY with any and all Instructions, Oral Instructions,
Certificates, explanations, information, specifications and documentation deemed
necessary by BNY in the performance of its duties hereunder, including, without
limitation, the amounts or written formula for calculating the amounts and times
of accrual of Fund liabilities and expenses.  BNY shall not be
required to include as Fund liabilities and expenses, nor as a reduction of net
asset value, any accrual for any federal, state, or foreign income taxes unless
the Fund shall have specified to BNY the precise amount of the same to be
included in liabilities and expenses or used to reduce net asset
value.  Each Fund shall also furnish BNY with bid, offer, or market
values of securities if BNY notifies such Fund that same are not available to
BNY from a security pricing or similar service utilized, or subscribed to, by
BNY which BNY in its judgment deems reliable at the time such information is
required for calculations hereunder.  At any time and from time to
time, the Fund also may furnish BNY with bid, offer, or market values of
securities and instruct BNY to use such information in its calculations
hereunder.  No Fund shall have the right to specify to BNY that it
commence or maintain any utilization of, or subscriptions to, any particular
securities pricing or similar service.  In no event shall BNY be
required to determine, or have any obligations with respect to, whether a market
price represents any fair or true value, nor to adjust any price to reflect any
events or announcements, including, without limitation, those with respect to
the issuer thereof, it being agreed that all such determinations and
considerations shall be solely for the Fund.

     

    
      
         

      

      
        - 6 -

        
          

        

      

      
         

      

    

    (h)           BNY
may apply to an officer of a Fund for a Certificate (which Certificate shall not
be unreasonably withheld) with respect to any matter arising in connection with
BNY’s performance hereunder for such Fund, and BNY shall not be liable for any
action taken or not taken by it in accordance with such Certificate (except for
actions by BNY implemented with negligence or willfull
misconduct).  Such application for a Certificate shall set forth in
writing any action proposed to be taken or omitted to be taken by BNY with
respect to its duties or obligations under this Agreement and the date on and/or
after which such action shall be taken (which date shall allow an amount of time
for the Fund’s consideration of the application that is reasonable under the
circumstances), and BNY shall not be liable for any action taken or omitted to
be taken in accordance with a proposal included in any such application on or
after the date specified therein unless, prior to taking or omitting to take any
such action, BNY has received a Certificate in response to such application
specifying the action to be taken or omitted.

     

    (i)           At
any time BNY may seek the advice of outside counsel to a Fund (which advice
shall not be unreasonably withheld) with respect to any matter arising in
connection with the services to be performed by BNY under this Agreement, and
BNY and its agents or subcontractors shall not be liable for any action taken or
omitted by it in reliance upon such advice (except for actions or omissions by
BNY implemented with negligence or willful misconduct).  Such
application for advice shall set forth in writing any action proposed to be
taken or omitted to be taken by BNY with respect to its duties or obligations
under this Agreement and the date on and/or after which such action shall be
taken (which date shall allow an amount of time for counsel’s consideration of
the application that is reasonable under the circumstances), and BNY shall not
be liable for any action taken or omitted to be taken in accordance with a
proposal included in any such application on or after the date specified therein
unless, prior to taking or omitting to take any such action, BNY has received
advice in response to such application specifying the action to be taken or
omitted.

     

    (j)           Notwithstanding
any other provision contained in this Agreement, but to the extent expressly
otherwise provided in Schedules I or II attached hereto, BNY shall have no duty
or obligation to with respect to, including, without limitation, any duty or
obligation to determine, or advise or notify a Fund of: (i) the taxable nature
of any distribution or amount received or deemed received by, or payable to,
such Fund, (ii) the taxable nature or effect on such Fund or its members of any
corporate actions, class actions, tax reclaims, tax refunds or similar events,
(iii) the taxable nature or taxable amount of any distribution or other amount
paid, payable or deemed paid, by such Fund to its members; or (iv) the effect
under any federal, state, foreign, or other applicable income tax laws of such
Fund making or not making any distribution or other payment, or any election
with respect thereto.

     

    
      
         

      

      
        - 7 -

        
          

        

      

      
         

      

    

     

    (k)           BNY,
in performing the services required of it under the terms of this Agreement,
shall be entitled reasonably to rely on the accuracy and validity of any and all
Instructions, Oral Instructions, delivered Certificates, explanations,
information, specifications and documentation furnished to it by a Fund and
shall have no duty or obligation to review the accuracy, validity or propriety
of such Instructions, Oral Instruction, delivered Certificates, explanations,
information, specifications or documentation, including, without limitation,
evaluations of securities; the amounts or formula for calculating the amounts
and times of accrual of a Fund’s liabilities and expenses; the amounts
receivable and the amounts payable on the sale or purchase of securities; and
amounts receivable or amounts payable for the sale or redemption of Fund Shares
effected by or on behalf of a Fund.  In the event BNY’s computations
hereunder rely, in whole or in part, upon information, including, without
limitation, bid, offer or market values of securities or other assets, or
accruals of interest or earnings thereon, from a pricing or similar service
utilized, or subscribed to, by BNY or from a broker-dealer selected by BNY,
which service or broker-dealer BNY in its reasonable judgment deems reliable,
BNY shall not be responsible for, under any duty to inquire into, or deemed to
make any assurances with respect to, the accuracy or completeness of such
information.  Without limiting the generality of the foregoing, BNY
shall not be required to inquire into any valuation of securities or other
assets by a Fund or any third party described in this sub-section (k) even
though BNY in performing services similar to the services provided pursuant to
this Agreement for others may receive different valuations of the same or
different securities of the same issuers.

     

    (l)           BNY,
in performing the services required of it under the terms of this Agreement,
shall not be responsible for determining whether any interest accruable to a
Fund is or will be actually paid, but will accrue such interest until otherwise
instructed by the Fund.

     

    
      
         

      

      
        - 8 -

        
          

        

      

      
         

      

    

    (m)           Subject
to the provisions of this sub-section (l), BNY shall compute the net asset value
per unit of each Fund and shall value the securities held by such Fund at such
times and dates and in the manner specified in the then currently effective
Prospectus of such Fund, except that notwithstanding any language in the
Prospectus, in no event shall BNY be required to determine, or have any
obligations with respect to, whether a market price represents any fair or true
value, nor to adjust any price to reflect any events or announcements,
including, without limitation, those with respect to the issuer thereof, it
being agreed that all such determinations and considerations shall be solely for
each Fund.  To the extent that the Fund becomes aware (or should
reasonably been aware) that valuation of securities or computation of a Fund’s
net asset value as specified in the Fund’s then currently effective Prospectus
is at any time inconsistent with any applicable laws or regulations, such Fund
shall immediately so notify BNY in writing and thereafter shall either furnish
BNY at all appropriate times with the values of such securities and net asset
value, or subject to the prior approval of BNY, instruct BNY in writing to value
securities and compute net asset value in a manner which such Fund then
represents in writing to be consistent with all applicable laws and
regulations.  Such Fund may also from time to time, subject to the
prior approval of BNY, instruct BNY in writing to compute the value of the
securities or net asset value in a manner other than as specified in this
sub-section (l).  By giving such instruction, such Fund shall be
deemed to have represented that such instruction is consistent with all
applicable laws and regulations and its then currently effective
Prospectus.  Each Fund shall have sole responsibility for determining
the method of valuation of securities and the method of computing net asset
value.

     

    (n)           In
providing the services hereunder BNY is authorized to utilize any legal, tax or
other regulatory, compliance, or monitoring services, in each case not a BNY
Affiliate, reasonably believed by BNY to be reliable to provide
information.  Each Fund agrees that BNY shall not be liable for any
loss, damage or expense incurred as a result of errors or omissions of any
vendor utilized by BNY; provided, however, that the activities of any vendor to
whom BNY has delegated any of its duties or obligations hereunder shall have
been selected and retained by BNY without negligence or willful
misconduct.

     

    (o)           BNY
shall have no duties or responsibilities whatsoever except such duties and
responsibilities as are specifically set forth in this Agreement and Schedules I
and II attached hereto, and no covenant or obligation shall be implied against
BNY in connection with this Agreement.

     

    
      
         

      

      
        - 9 -

        
          

        

      

      
         

      

    

     

    6.  
     Allocation of
Expenses.

     

    Except as
otherwise provided herein, all costs and expenses arising or incurred in
connection with the operation or each Fund shall be paid by each Fund or its
sponsor, including but not limited to, organizational costs and costs of
maintaining its existence, taxes, interest, brokerage fees and commissions,
insurance premiums, compensation and expenses of such Fund’s manager(s),
members, officers or employees, legal, accounting and audit expenses,
management, advisory, sub-advisory, administration and shareholder servicing
fees, charges of custodians, transfer and dividend disbursing agents, expenses
(including clerical expenses) incident to the issuance, redemption or repurchase
of Fund Shares, fees and expenses incident to the registration or qualification
under federal, state or other applicable securities laws of each Fund or its
Shares, costs (including printing and mailing costs) of preparing and
distributing any materials, reports, notices and proxy material to the Fund’s
members, all expenses incidental to holding meetings of the Fund’s managers and
members, and extraordinary expenses as may arise, including litigation affecting
the Fund and legal obligations relating thereto for which the Fund may have to
indemnify its manager(s), members, or officers.

     

    7.     
  Standard
of Care; Indemnification.

     

    (a)           BNY
shall not be liable for any costs, expenses, damages, liabilities or claims,
including attorneys’ and accountants’ fees (collectively, “Losses”), incurred by
or asserted against a Fund, except those Losses arising out of BNY’s own gross
negligence or willful misconduct.  In no event shall BNY be liable to
a Fund or any third party for special, indirect or consequential damages, or
lost profits or loss of business, arising under or in connection with this
Agreement, even if previously informed of the possibility of such damages and
regardless of the form of action, nor shall BNY be liable for (i) for acting in
accordance with any Certificate or Oral Instructions actually received by BNY
and reasonably believed by BNY to be given by an Authorized Person; (ii) for acting in
accordance with Instructions; (iii) for presuming
that all instructions that are Instructions and are not contained in a
Certificate or Oral Instructions are given only by person(s) duly authorized;
(iv) for
relying upon prices provided by any third party pricing service or broker-dealer
provided BNY has complied with Section 5(j); (v) for any Losses due
to forces beyond the control of BNY, including without limitation strikes, work
stoppages, acts of war or terrorism, insurrection, revolution, nuclear or
natural catastrophes or acts of God, or interruptions, loss or malfunctions of
utilities, communications or computer (software and hardware) services provided
that BNY established and maintained an appropriate disaster recovery plan and
back-up system, or if not, that such Losses would have occurred even if BNY had
established and maintained an appropriate disaster recovery plan and back-up
system; or (vi) for any Losses, resulting from, arising out of, or in connection
with its performance hereunder, including its actions or omissions, or the
incompleteness or inaccuracy of any specifications or other information
furnished by or on behalf of a Fund, or for delays caused by circumstances
beyond BNY’s reasonable control, unless such Loss arises out of the gross
negligence or willful misconduct of BNY.

     

    
      
         

      

      
        - 10 -

        
          

        

      

      
         

      

    

     

    (b)           Each
Fund shall indemnify and hold harmless BNY from and against any and all costs,
expenses, damages, liabilities and claims (including claims asserted by such
Fund), and reasonable attorneys’ and accountants’ fees relating thereto, which
are sustained or incurred or which may be asserted against BNY, by reason of or
as a result of any action taken or omitted to be taken by BNY in good faith
reliance upon (i) any law, act, regulation or interpretation of the same, issued
by a court or governmental agency, (ii) a Fund’s Prospectus, (iii) any delivered
Certificate, Instructions, or Oral Instructions of an officer of a Fund, or (iv)
any opinion of legal counsel for a Fund or BNY, or arising out of transactions
or other activities of a Fund which occurred prior to the commencement of this
Agreement; provided, that a Fund
shall not indemnify BNY for costs, expenses, damages, liabilities or claims for
which BNY is liable under preceding sub-section 7(a).  This indemnity
shall be a continuing obligation of each Fund, its successors and assigns,
notwithstanding the termination of this Agreement. Without limiting the
generality of the foregoing, each Fund shall indemnify BNY against and save BNY
harmless from any loss, damage or expense, including counsel fees and other
costs and expenses of a defense against any claim or liability, arising from any
one or more of the following:

     

    (i)           Errors
in records or Instructions, Oral Instructions, explanations, information,
specifications or documentation of any kind, as the case may be, supplied to BNY
by or on behalf of such Fund, provided that such errors are not
manifest;

    (ii)           Action
or inaction taken or omitted to be taken by BNY pursuant to any Certificate,
Instructions or Oral Instructions of such Fund or otherwise without negligence
or willful misconduct;

     

    (iii)           Any
action taken or omitted to be taken by BNY in good faith in accordance with the
advice or opinion of counsel for such Fund or its own counsel, provided that the
Fund has consented to such action or omission with respect to advice given by
BNY counsel, which consent will not be unreasonably withheld;

     

    
      
        
        

      

      
        - 11 -

        
          

        

      

      
        
        

      

    

     

    (iv)           Any
improper use by such Fund or its agents, distributor or investment advisor of
any valuations or computations supplied by BNY pursuant to this
Agreement;

     

    (v)           The
method of valuation of the securities and the method of computing such Fund’s
net asset value, provided that the Fund has consented to the use of such method,
which consent will not be unreasonably withheld; or

     

    (vi)           Any
valuations of securities or net asset value provided by such Fund.

     

    (c)           Actions
taken or omitted in reliance on Instructions or Oral Instructions, or upon any
information, order, indenture, officer certificate, power of attorney,
assignment, affidavit or other instrument reasonably believed by BNY to be
genuine or bearing the signature of a person or persons reasonably believed to
be authorized to sign, countersign or execute the same, or upon the opinion of
legal counsel for the Fund or its own counsel, shall be conclusively presumed to
have been taken or omitted in good faith.

     

    (d) BNY
shall indemnify and hold harmless each Fund from and against any and all
reasonable attorneys’ fees related to claims, where such claims result in
liability to a Fund and such liability has been finally determined by an arbiter
of competent jurisdiction to be directly caused by BNY’s failure to discharge
its duties in accordance with its standard of care as set forth
hereunder.  This indemnity shall be a continuing obligation of the
BNY, its successors and assigns, notwithstanding the termination of this
Agreement.

     

    
      
         

      

      
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    (e) If
any action, suit or proceeding (each, a “Proceeding”) is brought against either
party to this Agreement (an “Indemnified Party”) in respect of which indemnity
may be sought against the other party (the “Indemnifying Party”) pursuant to the
foregoing paragraphs, the Indemnified Party shall promptly notify the
Indemnifying Party in writing of the institution of such Proceeding and the
Indemnifying Party shall have the right, by providing notice to the Indemnified
Party within twenty (20) Business Days thereafter, to 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 Indemnifying Party shall not relieve the
Indemnifying Party from any liability which it may have to the Indemnified Party
except to the extent that it has been materially prejudiced by such failure and
has not otherwise learned of such Proceeding.  If the Indemnifying
Party assumes the defense of the Proceeding, the Indemnified Party shall have
the right to employ its own counsel in any such case, but the fees and expenses
of such counsel shall be at the expense of the Indemnified Party unless the
employment of such counsel shall have been authorized in writing by the
Indemnifying Party in connection with the defense of such Proceeding or the
Indemnifying Party 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 the Indemnified Party 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 Indemnifying Party (in which case the
Indemnifying Party shall not have the right to direct the defense of such
Proceeding on behalf of the Indemnified Party), in any of which events such fees
and expenses shall be borne by the Indemnifying Party and paid as incurred (it
being understood, however, that the Indemnifying Party 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).

     

    
      
         

      

      
        - 13 -

        
          

        

      

      
         

      

    

    The
Indemnifying Party shall not be liable for any settlement of any Proceeding
effected without the Indemnifying Party’s written consent but if settled with
the Indemnifying Party’s written consent, the Indemnifying Party agrees to
indemnify and hold harmless the Indemnified Party 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 section 7(e), 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 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 days’ prior notice of its intention to settle.  The
Indemnifying Party shall not, 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.

     

    8.  
     Compensation and
Reimbursements.

     

    For the
services provided hereunder, each Fund agrees to pay BNY such compensation as is
mutually agreed from time to time and such out-of-pocket expenses (e.g.,
telecommunication charges, postage and delivery charges, record retention costs,
reproduction charges and transportation and lodging costs) as are incurred by
BNY in performing its duties hereunder.  Except as hereinafter set
forth, compensation shall be calculated and accrued daily and paid
monthly.  Each Fund authorizes BNY to debit such Fund’s custody
account for all amounts due and payable hereunder.  BNY shall deliver
to each Fund invoices for services rendered after debiting such Fund’s custody
account with an indication that payment has been made.  Upon
termination of this Agreement before the end of any month, the compensation for
such part of a month shall be prorated according to the proportion which such
period bears to the full monthly period and shall be payable upon the effective
date of termination of this Agreement.  For the purpose of determining
compensation payable to BNY, each Fund’s net asset value shall be computed at
the times and in the manner specified in the Fund’s Prospectus.

     

    9.     
  Term of
Agreement.
 

    (a)           This
Agreement shall continue until terminated by either BNY giving to a Fund, or a
Fund giving to BNY, a notice in writing specifying the date of such termination,
which date shall be not less than 90 days after the date of the giving of such
notice.  Upon termination hereof, the affected Fund(s) shall pay to
BNY such compensation as may be due as of the date of such termination, and
shall reimburse BNY for any disbursements and expenses made or incurred by BNY
and otherwise payable or reimbursable hereunder.  If this Agreement is
terminated, BNY shall follow any reasonable Instructions or Oral Instructions
from a Fund concerning the transfer of records.

     

    
      
        
        

      

      
        - 14 -

        
          

        

      

      
        
        

      

    

     

    (b)           Notwithstanding
the foregoing, BNY may terminate this Agreement upon 30 days prior written
notice to a Fund if such Fund shall terminate its custody agreement with The
Bank of New York.  In the event either party hereto fails to perform
its obligations hereunder in a material respect, the other party hereto may
terminate this Agreement immediately, provided that the non-breaching party has
given written notice of such failure to the breaching party and the breaching
party has not cured such failure within 30 days of receipt of such
notice.

     

    (c)           No
termination by a Fund shall constitute a termination by any other
Fund.

     

    10. Authorized
Persons.

     

    Attached
hereto as Exhibit B are lists of persons duly authorized by each Fund to execute
this Agreement and deliver Certificates or give Instructions, Oral Instructions,
or written or oral specifications, by or on behalf of a Fund.  From
time to time a Fund may deliver a new Exhibit B to add or delete any person and
BNY shall be entitled to rely on the last Exhibit B actually received by
BNY.

     

    11. Amendment.

     

    This
Agreement may not be amended or modified in any manner except by a written
agreement executed by BNY and each Fund to be bound thereby, and authorized or
approved by each Fund to be bound thereby.

     

    12. Assignment.

     

    This
Agreement shall extend to and shall be binding upon the parties hereto, and
their respective successors and assigns; provided, however, that this Agreement
shall not be assignable by the Fund without the written consent of BNY, or by
BNY without the written consent of the Fund.

     

    13. Governing Law; Consent to
Jurisdiction.

     

    This
Agreement shall be construed in accordance with the laws of the State of New
York, without regard to conflict of laws principles thereof.  Each
Fund hereby consents to the jurisdiction of a state or federal court situated in
New York City, New York in connection with any dispute arising hereunder, and
waives to the fullest extent permitted by law its right to a trial by
jury.  To the extent that in any jurisdiction a Fund may now or
hereafter be entitled to claim, for itself or its assets, immunity from suit,
execution, attachment (before or after judgment) or other legal process, each
Fund irrevocably agrees not to claim, and it hereby waives, such
immunity.

     

    
      
         

      

      
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    14. Severability.

     

    In case
any provision in or obligation under this Agreement shall be invalid, illegal or
unenforceable in any jurisdiction, the validity, legality and enforceability of
the remaining provisions or obligations shall not in any way be affected or
impaired thereby, and if any provision is inapplicable to any person or
circumstances, it shall nevertheless remain applicable to all other persons and
circumstances.  Each Fund is entering this Agreement on its own
account and no action by one Fund shall affect this Agreement with any other
Fund.

     

    15. No
Waiver.

     

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

     

    16. Notices.

     

    All
notices, requests, consents and other communications pursuant to this Agreement
in writing shall be sent as follows:

     

    if to a Fund, at the address for such
Funds specified on Exhibit A

     

    if to BNY, at

     

    The Bank of New York
Mellon

     

      
        

      

    

    New York, New York 10286

    Attention:

    Title:

     

    or at
such other place as may from time to time be designated in
writing.  Notices hereunder shall be effective upon
receipt.

    
      
         

      

      
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    17. Compliance
Services.

     

    (a)           If
Schedule I contains a requirement for BNY to provide the Fund with compliance
services, such services shall be provided pursuant to the terms of this Section
17 (the “Compliance Services”).  The precise compliance review and
testing services to be provided shall be as mutually agreed between the BNY and
each Fund, and the results of BNY’s Compliance Services shall be detailed in a
compliance summary report (the “Compliance Summary Report”) prepared on a
periodic basis as mutually agreed.  Each Compliance Summary Report
shall be subject to review and approval by the Fund.  BNY shall have
no responsibility or obligation to provide Compliance Services other that those
services specifically listed in Schedule I.

     

    (b)           The
Fund will examine each Compliance Summary Report delivered to it by BNY and
notify BNY of any error, omission or discrepancy within ten (10) days of its
receipt.  The Fund agrees to notify BNY promptly if it fails to
receive any such Compliance Summary Report.  The Fund further
acknowledges that unless it notifies BNY within 10 days of any error, omission
or discrepancy that was known or reasonably should have been known to the Fund,
such Compliance Summary Report shall be deemed to be correct and conclusive in
all respects.  In addition, if the Fund learns of any
out-of-compliance condition before receiving a Compliance Summary Report
reflecting such condition, the Fund will notify BNY of such condition within one
business day after discovery thereof.

     

    (c)           While
BNY will endeavor to identify out-of-compliance conditions, the BNY does not and
could not for the fees charged, make any guarantees, representations or
warranties with respect to its ability to identify all such
conditions.  In the event of any errors or omissions in the
performance of Compliance Services, the Fund’s sole and exclusive remedy and
BNY’s sole liability shall be limited to re-performance by BNY of the Compliance
Services affected and in connection therewith the correction of any error or
omission, if practicable and the preparation of a corrected report, at no cost
to the Fund.

    
      
         

      

      
        - 17 -

        
          

        

      

      
         

      

    

    18. Counterparts.

     

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

     

    19. Entire
Agreement.

     

    BNY and
each Fund shall have no duties or responsibilities whatsoever with respect to
the subject matter hereof except such duties and responsibilities specifically
set forth in this Agreement and as required by applicable law, and no covenant
or obligation shall be implied against BNY or any Fund in connection with this
Agreement.

     

    20. Limitation of Interseries
Liability.

     

    BNY
agrees that, pursuant to Section 3804(a) of the Delaware Statutory Trust Act,
the liabilities of the Fund and any other series of the Teucrium Commodity Trust
(the “Trust”) shall be limited such that (a) the debts, liabilities, obligations
and expense incurred, contracted for or otherwise existing and relating to this
Agreement with respect to a particular series shall be enforceable against the
assets of the particular series only, and not against the assets of the Trust
generally or the assets of any other series, and (b) none of the debts,
liabilities, obligations and expenses incurred, contracted for, or otherwise
existing and relating to this Agreement with respect to the Trust generally and
any other series shall be enforceable against the assets of such particular
series.

    
      
         

      

      
        - 18 -

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be
executed by duly authorized persons, all as of the day and year first above
written.

    

    
      
        	 
      	
                TEUCRIUM
      COMMODITY TRUST,

              
	 
      	
                on
      behalf of each Fund

              
	 
      	 
      
	 
      	
                By:
      Teucrium Trading, LLC, the Trust’s sponsor

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ Dale Riker

              
	 
      	 
      	
                Title:
      Treasurer and Secretary

              
	 
      	 
      
	 
      	
                THE
      BANK OF NEW YORK MELLON

              
	 
      	 
      
	 
      	
                By:

              	
                /s/ Andrew Pfeifer

              
	 	 	      
                Title: 
      Vice President

              
	 
      	
                 

              

      

    

    
      
         

      

      
        - 19 -

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

    FUNDS

     

    The
following series of Teucrium Commodity Trust:

     

    Teucrium Corn Fund

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
B

     

    I,
                                     ,
of [Fund Name], LLC, a limited liability company organized under the laws of
____________________, (the “Fund”), do hereby certify that:

     

    The
following individuals serve in the following positions with the Fund, and each
has been duly elected or appointed by the Fund to each such position and
qualified therefor in conformity with the Fund’s Articles of Organization and
Operating Agreement, and the signatures set forth opposite their respective
names are their true and correct signatures.  Each such person is
authorized to give written or oral instructions or written or oral
specifications by or on behalf of the Fund to BNY.

     

    
      
        	
                Name

              	 
      	
                Position

              	 
      	
                Signature

              
	 
      	 
      	 
      	 
      	 
      
	 
      	
                  

              	 
      	
                  

              	 
      

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
I

     

    ADMINISTRATIVE
SERVICES

     

    
      	
               
      

            	
              1.

            	
              Prepare
      and, subject to approval of Fund, disseminate to Fund monthly unaudited
      financial statements and schedules of Fund’s
  investments.

            

    

    

    
      	
               
      

            	
              2.

            	
              Provide
      other information to the sponsor and the Fund’s accountants to assist in
      the periodic updating of the Fund’s Registration Statement and Prospectus
      and the preparation of Forms 10-K and 10-Q and proxy materials, if
      any.

            

    

    

    
      	
               
      

            	
              3.

            	
              Attend
      meetings of the Fund’s shareholder as requested from time to
      time.

            

    

    

    
      	
               
      

            	
              4.

            	
              Subject
      to review and approval by Fund, establish appropriate expense accruals,
      maintain expense files and coordinate the payment of invoices for
      Fund.

            

    

    

    
      	
               
      

            	
              5.

            	
              Under
      the terms of an annex to this Agreement, test and document compliance by
      the Fund with policies and restrictions which will be specified and agreed
      to in the annex.  The review and testing procedures to be
      applied shall first be agreed by BNY and a Fund’s sponsor and will be
      specified in such annex.

            

    

    

    
      	
               
      

            	
              6.

            	
              Prepare
      statistical reports for the Fund for outside information
      services.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SCHEDULE
II

    VALUATION AND COMPUTATION
SERVICES

     

    I.           BNY
shall maintain the following records on a daily basis in respect of Fund (or any
applicable Series).

     

    1.           Report
of priced portfolio securities

     

    2.           Statement
of net asset value per share

     

    II.           BNY
shall maintain the following records on a monthly basis in respect of Fund (or
any applicable Series):

     

    1.           General
Ledger

     

    2.           General
Journal

     

    3.           Cash
Receipts Journal

     

    4.           Cash
Disbursements Journal

     

    5.           Subscriptions
Journal

     

    6.           Redemptions
Journal

     

    7.           Accounts
Receivable Reports

     

    8.           Accounts
Payable Reports

     

    9.           Transaction
(Securities) Journal

     

    10.         Broker
Transaction Journal

     

    11.         Holdings
Ledger

     

    12.         Buy-Sell
Ledger (Broker’s Ledger)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    III.           BNY
shall provide such daily pricing and holdings information to a securities
exchange or other person responsible for calculation of a Fund’s intra-day net
asset value per share as may reasonably be requested by the Fund for purposes of
such calculation.

    
      
         

      

      
        - 2
-

        
          

        

      

      
         

      

    

    APPENDIX
I

    

    THE
BANK OF NEW YORK

    ON-LINE
COMMUNICATIONS SYSTEM (THE “SYSTEM”)

    

    TERMS
AND CONDITIONS

    

    1.    License;
Use.
(a) This Appendix I shall govern the Fund’s use of the System and any
computer software provided by BNY to the Fund in connection herewith
(collectively, the “Software”). In the event of
any conflict between the terms of this Appendix I and the main body of this
Agreement with respect to the Fund’s use of the System, the terms of this
Appendix I shall control.

     

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

     

    (c) If
the Fund subscribes to any database service provided by BNY in connection with
its use of the System, delivery of such database to the Fund shall constitute
the granting by BNY to the Fund of a non-exclusive, non-transferable license to
use such database for so long as this Appendix I is in effect. It is understood
and agreed that any database supplied by BNY is derived from sources which BNY
reasonably believes to be reliable but BNY does not, and cannot for the fees
charged, guarantee or
warrant that the data is correct, complete or current. All such databases are
provided as an accommodation by BNY to its customers and are compiled without
any independent investigation by BNY.  However, BNY will endeavor to
update and revise each database on a periodic basis as BNY, in its discretion,
deems necessary and appropriate.  The Fund also agrees that the Fund
will promptly install all updates and revisions to each database which BNY
provides and that BNY cannot bear any responsibility whatsoever for the Fund’s
failure to do so.  BNY IS NOT RESPONSIBLE FOR ANY RESULTS OBTAINED BY
THE FUND FROM USE OF DATABASE SERVICES PROVIDED BY BNY.

     

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

     

    3.    Proprietary
Information.  The Software, any data base and any proprietary
data, processes, information and documentation made available to the Fund (other
than which are or become part of the public domain or are legally required to be
made available to the public) (collectively, the “Information”), are the
exclusive and confidential property of BNY or its suppliers.  However,
for the avoidance of doubt, reports generated by the Fund containing information
relating to the Account(s) are not deemed to be within the meaning of the term
“Information”.  The Fund shall keep the Information confidential by
using the same care and discretion that the Fund uses with respect to its own
confidential property and trade secrets, but not less than reasonable
care.  Upon termination of the Agreement or the licenses granted
herein for any reason, the Fund shall return to BNY any and all copies of the
Information which are in its possession or under its control.  The
provisions of this Section 3 shall not affect the copyright status of any of the
Information which may be copyrighted and shall apply to all information whether
or not copyrighted.

    
      
         

      

      
        - 3
-

        
          

        

      

      
         

      

    

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

     

    5.    NO REPRESENTATIONS OR
WARRANTIES.  BNY AND ITS MANUFACTURERS AND SUPPLIERS MAKE NO
WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE SOFTWARE, THE SYSTEM, ANY
SERVICES OR ANY DATABASE, EXPRESS OR IMPLIED, IN FACT OR IN LAW, INCLUDING BUT
NOT LIMITED TO WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE.  CUSTOMER ACKNOWLEDGES THAT THE SOFTWARE, THE SYSTEM, ANY
SERVICES AND ANY DATABASE ARE PROVIDED “AS IS.”  TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR
ANY DAMAGES, WHETHER DIRECT, INDIRECT SPECIAL, OR CONSEQUENTIAL, WHICH THE FUND
MAY INCUR IN CONNECTION WITH THE SOFTWARE, SERVICES OR ANY DATABASE, EVEN IF BNY
OR SUCH SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, EXCEPT FOR
DIRECT DAMAGES RESULTING FROM THE WILLFUL MISCONDUCT OF BNY.  IN NO
EVENT SHALL BNY OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER
BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION
FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND
THEIR REASONABLE CONTROL PROVIDED THAT BNY HAS ESTABLISHED AND IS MAINTAINING A
DISASTER RECOVERY PLAN AND BACK-UP SYSTEM THAT COMPLIES WITH APPLICABLE LAW AND
IS REASONABLE UNDER THE CIRCUMSTANCES, OR IF NOT, THAT ANY SUCH LOSS WOULD HAVE
OCCURRED EVEN IF BNY HAD ESTABLISHED AND WAS MAINTAINING SUCH A DISASTER
RECOVERY PLAN AND BACK-UP SYSTEM..

     

    6.    Security; Reliance;
Unauthorized Use. BNY will establish
security procedures to be followed in connection with the System.  The
Fund understands and agrees that the security procedures are intended to
determine whether instructions received by BNY through the System are authorized
but are not (unless otherwise specified in writing) intended to detect any
errors contained in such instructions.  The Fund will cause all
persons utilizing the Software and the System to treat all applicable user and
authorization codes, passwords and authentication keys with reasonable care and
confidentiality.  BNY is hereby irrevocably authorized to comply with
and rely upon on Written Instructions, whether or not authorized, received by it
through the System in accordance with the security procedures.  The
Fund acknowledges that it is its sole responsibility to assure that only
Authorized Persons use the System and that to the fullest extent permitted by
applicable law BNY shall not be responsible nor liable for any unauthorized use
thereof or for any losses sustained by the Fund arising from or in connection
with the use of the System or BNY’s reliance upon and compliance with Written
Instructions received through the System.

     

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

     

    8.    EXPORT
RESTRICTIONS.  EXPORT OF THE SOFTWARE IS PROHIBITED BY UNITED
STATES LAW.  THE FUND MAY NOT UNDER ANY CIRCUMSTANCES RESELL, DIVERT,
TRANSFER, TRANSSHIP OR OTHERWISE DISPOSE OF THE SOFTWARE (IN ANY FORM) IN OR TO
ANY OTHER COUNTRY.  IF BNY DELIVERED THE SOFTWARE TO CUSTOMER OUTSIDE
OF THE UNITED STATES, THE SOFTWARE WAS EXPORTED FROM THE UNITED STATES IN
ACCORDANCE WITH THE EXPORT ADMINISTRATION REGULATIONS.  DIVERSION
CONTRARY TO U.S. LAW IS PROHIBITED.  The Fund hereby authorizes BNY to
report its name and address to government agencies to which BNY is required to
provide such information by law.

    
      
         

      

      
        - 4
-

        
          

        

      

      
         

      

    

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

     

    10.   On-Line Inquiry and
Modification of Records. In connection with the Fund’s use of the System,
BNY may, at the Fund’s request, permit the Fund to enter data directly into a
BNY database for the purpose of modifying certain information maintained by
BNY’s systems, including, but not limited to, change of address
information.  To the extent that the Fund is granted such access, the
Fund agrees to indemnify and hold BNY harmless from all loss, liability, cost,
damage and expense (including attorney’s fees and expenses) to which BNY may be
subjected or which may be incurred in connection with any claim which may arise
out of or as a result of changes to BNY database records initiated by the
Fund.

    
      
         

      

      
        - 5
-

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