0001144204-09-003234 Sample Contracts

UNITED STATES SHORT OIL FUND, LP AUTHORIZED PURCHASER AGREEMENT
Authorized Purchaser Agreement • January 23rd, 2009 • United States Short Oil Fund, LP • Commodity contracts brokers & dealers • New York

This United States Short Oil Fund, LP Authorized Purchaser Agreement (the “Agreement”), dated as of __________________,` is entered into by and among United States Short Oil Fund, LP (the “Fund”), United States Commodity Funds LLC, a Delaware limited liability company and the general partner of United States Short Oil Fund, LP (the “General Partner”), on behalf of itself and as General Partner of United States Short Oil Fund, LP, and [AUTHORIZED PURCHASER]., a [STATE/ TYPE OF ENTITY] (the “Authorized Purchaser”).

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UNITED STATES SHORT OIL FUND, LP MARKETING AGENT AGREEMENT
Marketing Agent Agreement • January 23rd, 2009 • United States Short Oil Fund, LP • Commodity contracts brokers & dealers • New York

MARKETING AGENT AGREEMENT (the “Agreement”) made as of December __, 2008, by and among United States Short Oil Fund, LP, a Delaware limited partnership (the “Fund”), United States Commodity Fund, a Delaware limited liability company, as General Partner of the Fund (the “General Partner”) and ALPS Distributors, Inc., a Colorado corporation (the “Marketing Agent”).

CUSTODIAN AGREEMENT
Custodian Agreement • January 23rd, 2009 • United States Short Oil Fund, LP • Commodity contracts brokers & dealers • New York

THIS CUSTODIAN AGREEMENT (this “Agreement”), dated as of October 7, 2008, is entered into among UNITED STATES SHORT OIL FUND, LP, a limited partnership organized under the laws of the State of Delaware (the Fund), UNITED STATES COMMODITY FUNDS LLC, a Delaware limited liability company and General Partner of the Fund (the General Partner), and BROWN BROTHERS HARRIMAN & CO., a limited partnership formed under the laws of the State of New York (BBH&Co. or the Custodian),

ADMINISTRATIVE AGENCY AGREEMENT
Administrative Agency Agreement • January 23rd, 2009 • United States Short Oil Fund, LP • Commodity contracts brokers & dealers • New York

THIS ADMINISTRATIVE AGENCY AGREEMENT (the “Agreement”) is made as of October 7, 2008 by and among BROWN BROTHERS HARRIMAN & CO., a limited partnership organized under the laws of the State of New York (the “Administrator”), UNITED STATES COMMODITY FUNDS LLC, a Delaware limited liability company (the “General Partner”) and UNITED STATES SHORT OIL FUND, LP, a limited partnership organized under the laws of the State of Delaware (the “Fund”).

UNITED STATES SHORT OIL FUND, LP AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
Agreement • January 23rd, 2009 • United States Short Oil Fund, LP • Commodity contracts brokers & dealers • Delaware

This Amended and Restated Agreement of Limited Partnership (this “Agreement”) executed on ______________________ 2008, is entered into by and among United States Commodity Funds LLC, a Delaware limited liability company, as General Partner, Wainwright Holdings, Inc., a Delaware corporation, as the Organizational Limited Partner, and Kellogg Capital Group, LLC, as a Limited Partner, together with any Persons who shall hereafter be admitted as Partners in accordance with this Agreement.

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