SEC Contract Filing

Filing Date: 2020-03-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>i20180_ex10-3.htm
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-transform: uppercase; text-align: right"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
 <TD STYLE="width: 50%">&nbsp;<IMG SRC="i20180001.jpg" ALT=""></TD>
 <TD STYLE="text-align: right; width: 50%; vertical-align: top"><B><U>Exhibit
10.3</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0.25in; text-align: center"><B><U>FUND ADMINISTRATION AND
ACCOUNTING AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">THIS AGREEMENT
is made as of March 20, 2020 by and between the United States Commodity Funds, LLC (&ldquo;USCF&rdquo;) and each Limited Partnership
or Trust identified on Exhibit A-2 hereto and The Bank of New York Mellon, a New York corporation authorized to do a banking business
(&ldquo;BNY Mellon&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><U>W I T N E S S E T H</U> :</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">WHEREAS, USCF,
each Limited Partnership and each Trust desires to retain BNY Mellon to provide for each of the funds identified on Exhibit A-2
hereto (each, a &ldquo;Fund&rdquo;) the services described herein, and BNY Mellon is willing to provide such services, all as more
fully set forth below;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">NOW, THEREFORE,
in consideration of the mutual promises and agreements contained herein, the parties hereby agree as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: left"><U>Definitions.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">Whenever used
in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-align: justify; text-indent: 0in">&ldquo;<U>1933
Act</U>&rdquo; means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&ldquo;<U>1934 Act</U>&rdquo; means
the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&ldquo;<U>1940 Act</U>&rdquo; means
the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Authorized
Person</U>&rdquo; shall mean each person, whether or not an officer or an employee of USCF or a Fund, duly authorized by the Board
to execute this Agreement and to give Instructions on behalf of such Fund as set forth in Exhibit B hereto and each Authorized
Person&rsquo;s scope of authority may be limited by setting forth such limitation in a written document signed by both parties
hereto. <FONT STYLE="line-height: 150%">From time to time each Fund may deliver a new Exhibit B to add or delete any person and
BNY Mellon shall be entitled to rely on the last Exhibit B actually received by BNY Mellon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
 <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Silver 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
 <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
 <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>BNY
Mellon Affiliate</U>&rdquo; shall mean any office, branch, or subsidiary of The Bank of New York Mellon Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Board</U>&rdquo;
shall mean the board of directors, board of trustees, or the board of directors of the general partner, sponsor or manager, as
applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Confidential
Information</U>&rdquo; shall have the meaning given in Section 21 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Documents</U>&rdquo;
shall mean such other documents, including but not limited to, Board resolutions, including resolutions of the Board authorizing
the execution, delivery and performance of this Agreement by the Fund, in connection with its provision of services under this
Agreement.</P>

<P STYLE="font: 10pt Time