Common use of Legal and beneficial ownership Clause in Contracts

Legal and beneficial ownership. The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Unit(s) of Shares of any Fund unless: (i) it or the Participant Client(s), as the case may be, owns outright or has full legal authority and legal right to tender for redemption the requisite number of Shares of the relevant Fund and to receive the entire proceeds of the redemption; (ii) such Shares have not been sold short, loaned or pledged to another party; and (iii) such Shares are not the subject of a repurchase agreement, securities lending agreement or any other arrangement affecting the Participant’s ability to tender the Shares for redemption and the Fund’s ability to settle the Redemption Order on the Contractual Settlement Date and to take legal or beneficial ownership of such Shares pursuant to the redemption. In the event that the Distributor and/or the Trust has reason to believe that any of the requirements in subparagraphs (i) through (iii) of this Section 3.d is not met, the Distributor and/or the Trust may require the Participant or Participant Client(s), as applicable, to deliver or execute supporting documentation in order for the Redemption Order to be in proper form. Failure to deliver or execute the requested supporting documentation may result in a Redemption Order being rejected as not in proper form.

Legal and beneficial ownership. The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Unit(s) Unit of Shares of any Fund unless: (i) unless it or the Participant Client(s)Client, as the case may be, owns outright or has full legal authority and legal right to tender for redemption the requisite number of Shares of the relevant Fund to be redeemed as a Creation Unit and to receive the entire proceeds of the redemption; (ii) redemption and that such Shares have not been sold short, loaned or pledged to another party; party and (iii) such Shares are not the subject of a repurchase agreement, securities lending agreement or any other arrangement affecting the Participant’s ability to tender the Shares for redemption and the Fund’s ability to settle the Redemption Order on the Contractual Settlement Date and to take legal or beneficial ownership of such Shares pursuant to the redemption. In the event that the Distributor and/or the Trust has have reason to believe that any the Participant does not have the requisite number of Shares of the requirements in subparagraphs (i) through (iii) of this Section 3.d is not metrelevant Fund to be redeemed as a Creation Unit, the Distributor and/or the Trust may require the Participant or Participant Client(s), as applicable, to deliver or execute supporting documentation in order for the Redemption Order to be in proper form. Failure to deliver or execute the requested supporting documentation may result in a Participant’s Redemption Order being rejected as not in proper form.

Legal and beneficial ownership. The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Unit(s) of Shares of any Fund unless: (i) it or the Participant Client(s), as the case may be, owns outright or has full legal authority and legal right to tender for Form of Authorized Participant Agreement redemption the requisite number of Shares of the relevant Fund and to receive the entire proceeds of the redemption; (ii) such Shares have not been sold short, loaned or pledged to another party; and (iii) such Shares are not the subject of a repurchase agreement, securities lending agreement or any other arrangement affecting the Participant’s ability to tender the Shares for redemption and the Fund’s ability to settle the Redemption Order on the Contractual Settlement Date and to take legal or beneficial ownership of such Shares pursuant to the redemption. In the event that the Distributor and/or the Trust has reason to believe that any of the requirements in subparagraphs (i) through (iii) of this Section 3.d is not met, the Distributor and/or the Trust and the Transfer Agent may require the Participant or Participant Client(s), as applicable, to deliver or execute supporting documentation in order for the Redemption Order to be in proper form. Failure to deliver or execute the requested supporting documentation may result in a Redemption Order being rejected as not in proper form.

Legal and beneficial ownership. The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Unit(s) Unit of Shares of any Fund unless: (i) unless it or the Participant Client(s)Client, as the case may be, owns outright or has full legal authority and legal right to tender for redemption the requisite number of Shares of the relevant Fund to be redeemed as a Creation Unit and to receive the entire proceeds of the redemption; (ii) redemption and that such Shares have not been sold short, loaned or pledged to another party; party and (iii) such Shares are not the subject of a repurchase agreement, securities lending agreement or any other arrangement affecting the Participant’s ability to tender the Shares for redemption and the Fund’s ability to settle the Redemption Order on the Contractual Settlement Date and to take legal or beneficial ownership of such Shares pursuant to the redemptionredemption on the Contractual Settlement Date. In the event that the Distributor and/or the Trust has have reason to believe that any the Participant does not have the requisite number of Shares of the requirements in subparagraphs (i) through (iii) of this Section 3.d is not metrelevant Fund to be redeemed as a Creation Unit, the Distributor and/or the Trust may require the Participant or Participant Client(s), as applicable, to deliver or execute supporting documentation in order for the Redemption Order to be in proper form. Failure to deliver or execute the requested supporting documentation may result in a Participant’s Redemption Order being rejected as not in proper form.