0001144204-09-059910 Sample Contracts

UNITED STATES SHORT OIL FUND, LP AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP
United States Short Oil Fund, LP • November 16th, 2009 • Commodity contracts brokers & dealers • Delaware

This Amended and Restated Agreement of Limited Partnership (this “Agreement”) dated as of May 18, 2009, 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 IMC-Chicago, LLC, an Illinois limited liability company, as a Limited Partner, together with any Persons who shall hereafter be admitted as Partners in accordance with this Agreement.

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UNITED STATES SHORT OIL FUND, LP MARKETING AGENT AGREEMENT
Marketing Agent Agreement • November 16th, 2009 • United States Short Oil Fund, LP • Commodity contracts brokers & dealers • New York

MARKETING AGENT AGREEMENT (the “Agreement”) made as of June 8, 2009, 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 • November 16th, 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 • November 16th, 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 INDEMNIFICATION AGREEMENT
Indemnification Agreement • November 16th, 2009 • United States Short Oil Fund, LP • Commodity contracts brokers & dealers • Delaware

This Indemnification Agreement (this “Agreement”), dated as of April 13, 2009, is entered into by and among United States Short Oil Fund, LP (the “Partnership”), United States Commodity Funds LLC, a Delaware limited liability company (the “General Partner”), on behalf of itself and as General Partner of United States Short Oil Fund, LP, and IMC-Chicago, LLC, an Illinois limited liability company (the “Limited Partner”), and a limited partner of the Partnership pursuant to the First Amended and Restated Agreement of Limited Partnership dated as of the date hereof, as amended or supplemented from time to time (the “Limited Partnership Agreement”). Capitalized terms that are used but not defined herein shall have the meaning given to such defined terms in the Limited Partnership Agreement.

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