Common use of Authorized Transactions Clause in Contracts

Authorized Transactions. A transaction shall become an “Authorized Transaction” when it is (A) approved pursuant to the Trustee’s Response or (B) deemed approved pursuant to Section 4(c)(ii). The designation of a transaction as an Authorized Transaction hereunder shall be binding against the Trustee and the Authorized Transaction shall remain validly approved and authorized until the earlier of (AA) the time that it is expressly countermanded by Valid Notice from the Trustee to the Advisor or (BB) at the end of the twentieth (20th) business day following its designation as an Authorized Transaction. Notwithstanding the foregoing, unless the Trustee has otherwise notified the Advisor by Valid Notice, a transaction shall also be an “Authorized Transaction” if it is a transaction to be effected at the market price on the applicable exchange or trading system with respect to an additional acquisition or a disposition of a particular security held in the Subaccount, provided that, individually and in the aggregate, acquisitions and dispositions related to the same security during the same business day will not increase or decrease by more than twenty-five percent (25%) (Y) the number and value of shares of such security (if such security is an equity security) or (Z) the principal amount of such security (if such security is a debt security), immediately upon giving effect to all such transactions offered during such business day, provided further that at all times the Subaccount shall comply fully with (i) the provisions of the Fund Declaration, as the same may be amended from time to time by the Trustee, (ii) any additional objectives and policies set forth in Exhibit C, as the same may be amended from time to time, and (iii) any objectives and policies set forth in the Registration Statement on Form S-1 filed with the Securities and Exchange Commission relating the Fund, as the same may be amended from time to time.

Authorized Transactions. A transaction shall become an “"Authorized Transaction” " when it is (A) approved pursuant to the Trustee’s 's Response or (B) deemed approved pursuant to Section 4(c)(ii). The designation of a transaction as an Authorized Transaction hereunder shall be binding against the Trustee and the Authorized Transaction shall remain validly approved and authorized until the earlier of (AA) the time that it is expressly countermanded by Valid Notice from the Trustee to the Advisor or (BB) at the end of the twentieth (20th) business day following its designation as an Authorized Transaction. [Notwithstanding the foregoing, unless the Trustee has otherwise notified the Advisor by Valid Notice, a transaction shall also be an “"Authorized Transaction” " if it is a transaction to be effected at the market price on the applicable exchange or trading system with respect to an additional acquisition or a disposition of a particular security held in the Subaccount, provided that, individually and in the aggregate, acquisitions and dispositions related to the same security during the same business day will not increase or decrease by more than twenty-five percent (25%) (Y) the number and value of shares of such security (if such security is an equity security) or (Z) the principal amount of such security (if such security is a debt security), immediately upon giving effect to all such transactions offered during such business day, provided further that at all times the Subaccount shall comply fully with (i) the provisions of the Fund Declaration, as the same may be amended from time to time by the Trustee, (ii) any additional objectives and policies set forth in Exhibit C, as the same may be amended from time to time, and (iii) and any objectives and policies set forth in the Registration Statement on Form S-1 filed with the Securities and Exchange Commission relating the Fund, as the same may be amended from time to time.] The designation of a transaction as an Authorized Transaction hereunder shall be binding against the Trustee and the Authorized Transaction shall remain validly approved and authorized until the earlier of (AA) the time that it is expressly countermanded by Valid Notice from the Trustee to the Advisor or (BB) at the end of the twentieth (20th) business day following its designation as an Authorized Transaction.

Authorized Transactions. A transaction shall become an “----------------------- "Authorized Transaction” " when it is (A) approved pursuant to the Trustee’s 's Response or (B) deemed approved pursuant to Section 4(c)(ii). The designation of a transaction as an Authorized Transaction hereunder shall be binding against the Trustee and the Authorized Transaction shall remain validly approved and authorized until the earlier of (AA) the time that it is expressly countermanded by Valid Notice from the Trustee to the Advisor or (BB) at the end of the twentieth (20th) business day following its designation as an Authorized Transaction. Notwithstanding the foregoing, unless the Trustee has otherwise notified the Advisor by Valid Notice, a transaction shall also be an “"Authorized Transaction” " if it is a transaction to be effected at the market price on the applicable exchange or trading system with respect to an additional acquisition or a disposition of a particular security held in the Subaccount, provided that, individually and in the aggregate, acquisitions and dispositions related to the same security during the same business day will not increase or decrease by more than twenty-five percent (25%) (Y) the number and value of shares of such security (if such security is an equity security) or (Z) the principal amount of such security (if such security is a debt security), immediately upon giving effect to all such transactions offered during such business day, provided further that at all times the Subaccount shall comply fully with (i) the provisions of the Fund Declaration, as the same may be amended from time to time by the Trustee, (ii) Declaration and any additional objectives and policies set forth in Exhibit C, C. --------- The designation of a transaction as an Authorized Transaction hereunder shall be binding against the same may be amended Trustee and the Authorized Transaction shall remain validly approved and authorized until the earlier of (AA) the time that it is expressly countermanded by Valid Notice from time the Trustee to time, and the Advisor or (iiiBB) any objectives and policies set forth in at the Registration Statement on Form S-1 filed with end of the Securities and Exchange Commission relating the Fund, twentieth (20th) business day following its designation as the same may be amended from time to timean Authorized Transaction.

Authorized Transactions. A transaction shall become an “"Authorized Transaction” " when it is (A) approved pursuant to the Trustee’s 's Response or (B) deemed approved pursuant to Section 4(c)(ii). The designation of a transaction as an Authorized Transaction hereunder shall be binding against the Trustee and the Authorized Transaction shall remain validly approved and authorized until the earlier of (AA) the time that it is expressly countermanded by Valid Notice from the Trustee to the Advisor or (BB) at the end of the twentieth (20th) business day following its designation as an Authorized Transaction. Notwithstanding the foregoing, unless the Trustee has otherwise notified the Advisor by Valid Notice, a transaction shall also be an “"Authorized Transaction” " if it is a transaction to be effected at the market price on the applicable exchange or trading system with respect to an additional acquisition or a disposition of a particular security held in the Subaccount, provided that, individually and in the aggregate, acquisitions and dispositions related to the same security during the same business day will not increase or decrease by more than twenty-five percent (25%) (Y) the number and value of shares of such security (if such security is an equity security) or (Z) the principal amount of such security (if such security is a debt security), immediately upon giving effect to all such transactions offered during such business day, provided further that at all times the Subaccount shall comply fully with (i) the provisions of the Fund Declaration, as the same may be amended from time to time by the Trustee, and (ii) any additional objectives and policies set forth in Exhibit C, as the same may be amended from time to time, and (iii) any objectives and policies set forth in the Registration Statement on Form S-1 filed with the Securities and Exchange Commission relating the Fund, as the same may be amended from time to time. The designation of a transaction as an Authorized Transaction hereunder shall be binding against the Trustee and the Authorized Transaction shall remain validly approved and authorized until the earlier of (AA) the time that it is expressly countermanded by Valid Notice from the Trustee to the Advisor or (BB) at the end of the twentieth (20th) business day following its designation as an Authorized Transaction.