Common use of Division of Authority Clause in Contracts

Division of Authority. Except for the express obligations and duties set forth in Section 5.2, the Board of Trustees shall have no other authority with respect to the Trust, including for the avoidance of doubt, any obligation or duty to choose or supervise the Manager or any officers, employees or other persons who may manage the business and affairs of the Trust. For the avoidance of doubt, the Manager shall have all other rights, duties and responsibilities to manage and operate the Trust, including: (a) all authority, power and rights necessary or advisable to manage the Trust; (b) any duties to be performed in connection with the Trust as a commodity pool operator or a commodity trading advisor pursuant to the CEA; (c) selection and ongoing monitoring of investment advisers, commodity trading advisors and other agents of the Trust; (d) the selection of underwriters for the initial public offering of Shares in the Trust; (e) the marketing of Shares and solicitation of investors; (f) the management and supervision of the Trust’s activities relating to commodity interests; (g) the engagement of service providers to the Trust (except the Trust’s registered public accounting firm that must be retained by the Audit Committee pursuant to Section 5.2(a) hereto, as required under the Listing Standards); (h) the provision, through itself or its agents, of clerical, bookkeeping, transfer agency, custodial and other administrative services on behalf of the Trust; and (i) all other authority, power and rights necessary or advisable to otherwise effectuate and carry out the Trust’s purposes, business and objectives. Notwithstanding anything contrary in this Trust Agreement, no Board Trustee shall perform any functions as a commodity pool operator with respect to the Trust, except those functions specifically required of (x) the Board Trustees who compose the Audit Committee pursuant to Section 5.2(a) hereto, as required under the Listing Standards, and (y) as may be required to effect the termination of the Manager as the Trust’s commodity pool operator pursuant to Section 5.2(d) hereto.

Division of Authority. Except for the express obligations and duties set forth in Section 5.2, the Board of Trustees shall have no other authority with respect to the Trust, including for the avoidance of doubt, any obligation or duty to choose or supervise the Manager or any officers, employees or other persons who may manage the business and affairs of the Trust. For the avoidance of doubt, the Manager shall have all the right, duty and responsibility to exercise the powers and authority accorded to the Manager pursuant to Sections 3.6, 4.1, 4.2, 4.3, 4.12, 4.13, 5.1, 5.7, 9.5, 9.6, 11.1, 11.2 and any other section of this Trust Agreement conferring rights, duties and responsibilities to manage and operate on the TrustManager, including: (a) all authority, power and rights necessary or advisable to manage the Trust; (b) any duties to be performed in connection with the Trust as a commodity pool operator or a commodity trading advisor pursuant to the CEA; (c) selection and ongoing monitoring of investment advisers, commodity trading advisors and other agents of the Trust; (d) the selection of underwriters for the initial public offering of Shares in the Trust; (e) the marketing of Shares and solicitation of investors; (f) the management and supervision of the Trust’s activities relating to commodity interests; (g) the engagement of service providers to the Trust (except the Trust’s registered public accounting firm that must be retained by the Audit Committee pursuant to Section 5.2(a) hereto, as required under the Listing Standards); (h) the provision, through itself or its agents, of clerical, bookkeeping, transfer agency, custodial and other administrative services on behalf of the Trust; and (i) all other authority, power and rights necessary or advisable to otherwise effectuate and carry out the Trust’s purposes, business and objectives. Notwithstanding anything contrary in this Trust Agreement, no Board Trustee shall perform any functions as a commodity pool operator with respect to the Trust, except those functions specifically required of (x) the Board Trustees who compose the Audit Committee pursuant to Section 5.2(a) hereto, as required under the Listing Standards, and (y) as may be required to effect the termination of the Manager as the Trust’s commodity pool operator pursuant to Section 5.2(d) hereto.

Division of Authority. Except for the express obligations and duties set forth in Section 5.2, the Board of Trustees Independent Committee shall have no other authority with respect to the Trust, including for the avoidance of doubt, any obligation or duty to choose or supervise the Manager or any officers, employees or other persons who may manage the business and affairs of the Trust. For the avoidance of doubt, the Manager shall have all other rights, duties and responsibilities to manage and operate the Trust, including: (a) all authority, power and rights necessary or advisable to manage the Trust; (b) any duties to be performed in connection with the Trust as a commodity pool operator or a commodity trading advisor pursuant to the CEA; (c) selection and ongoing monitoring of investment advisers, commodity trading advisors and other agents of the Trust; (d) the selection of underwriters for the initial public offering of Shares in the Trust; (e) the marketing of Shares and solicitation of investors; (f) the management and supervision of the Trust’s activities relating to commodity interests; (g) the engagement of service providers to the Trust (except the Trust’s registered public accounting firm that must be retained by the Audit Independent Committee pursuant to Section 5.2(a) hereto, as required under the Listing Standards); (h) the provision, through itself or its agents, of clerical, bookkeeping, transfer agency, custodial and other administrative services on behalf of the Trust; and (i) all other authority, power and rights necessary or advisable to otherwise effectuate and carry out the Trust’s purposes, business and objectives. Notwithstanding anything contrary in this Trust Agreement, no Board Trustee Independent Committee Member shall perform any functions as a commodity pool operator with respect to the Trust, except those functions specifically required of (x) of the Board Trustees Independent Committee Members who compose serve as the Audit Committee audit committee pursuant to Section 5.2(a) hereto, as required under the Listing Standards, and (y) as may be required to effect the termination of the Manager as the Trust’s commodity pool operator pursuant to Section 5.2(d5.2(e) hereto.