Common use of Legal and beneficial ownership Clause in Contracts

Legal and beneficial ownership. The Participant represents and warrants that the Participant shall not attempt to place a Redemption Request for the purpose of redeeming any Creation Unit of Shares of any Series unless the Participant or the Participant Client, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares of the relevant Series to be redeemed as a Creation Unit and to the entire proceeds of the redemption and that said Shares have not been borrowed from or loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other arrangement affecting legal or beneficial ownership or precluding the tender of said Shares for redemption. In the event that the Distributor and/or the Trust have reason to believe that the Participant does not have the requisite number of Shares of the relevant Series to be redeemed as a Creation Unit, the Distributor and/or the Trust may require the Participant to deliver or execute supporting documentation in order for the Redemption Request to be in proper form. Failure to deliver or execute the requested supporting documentation may result in a Participant’s Redemption Request being rejected as not in proper form.

Legal and beneficial ownership. The Participant represents and warrants that the Participant shall it will not attempt to place a Redemption Request for the purpose of redeeming any Creation Unit of Shares of any Series unless the Participant it has first ascertained that it or the Participant Client, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares of the relevant Series to be redeemed as a Creation Unit and to the entire proceeds of the redemption and that said such Shares have not been borrowed from or loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, agreement or any other arrangement affecting legal or beneficial ownership or precluding the tender of said such Shares for redemption. In the event that the Distributor and/or the Trust have reason to believe that the Participant does not have the requisite number of Shares of the relevant Series to be redeemed as a Creation Unit, the Distributor and/or the Trust may require the Participant to deliver or execute supporting documentation in order for the Redemption Request to be in proper form. Failure to deliver or execute the requested supporting documentation may result in a Participant’s Redemption Request being rejected as not in proper form.

Legal and beneficial ownership. The Participant represents and warrants that the Participant shall that: (i) it will not attempt to place a Redemption Request for the purpose of redeeming any Creation Unit of Shares of any Series unless the Participant it or the Participant Client, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares of the relevant Series to be redeemed as a Creation Unit and to receive the entire proceeds of the redemption redemption; and that said (ii) such Shares have not been borrowed from or loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, agreement or any other arrangement affecting legal or beneficial ownership or precluding the tender of said such Shares for redemption. In the event that the Distributor and/or the Trust Company have reason to believe that the Participant does not have the requisite number of Shares of the relevant Series to be redeemed as a Creation Unit, the Distributor and/or the Trust Company may require the Participant to deliver or execute supporting documentation in order for the Redemption Request to be in proper form. Failure to deliver or execute the requested supporting documentation may result in a Participant’s Redemption Request being rejected as not in proper form.

Legal and beneficial ownership. The Participant represents and warrants that the Participant shall it will not attempt to place a Redemption Request for the purpose of redeeming any Creation Unit of Shares of any Series Fund unless the Participant it has first ascertained that it or the Participant Client, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares of the relevant Series Fund to be redeemed as a Creation Unit and to the entire proceeds of the redemption and that said such Shares have not been borrowed from or loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, agreement or any other arrangement affecting legal or beneficial ownership or precluding the tender of said such Shares for redemption. In the event that the Distributor and/or the Trust Company have reason to believe that the Participant does not have the requisite number of Shares of the relevant Series Fund to be redeemed as a Creation Unit, the Distributor and/or the Trust Company may require the Participant to deliver or execute supporting documentation in order for the Redemption Request to be in proper form. Failure to deliver or execute the requested supporting documentation may result in a Participant’s Redemption Request being rejected as not in proper form.

Legal and beneficial ownership. The Participant represents and warrants that the Participant shall it will not attempt to place a Redemption Request for the purpose of redeeming any Creation Unit of Shares of any Series unless the Participant it or the Participant Client, as the case may be, owns outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares of the relevant Series to be redeemed as a Creation Unit and to the entire proceeds of the redemption and that said such Shares have not been borrowed from or loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, agreement or any other arrangement affecting legal or beneficial ownership or precluding the tender of said such Shares for redemption. In the event that the Distributor and/or the Trust have reason to believe that the Participant does not have the requisite number of Shares of the relevant Series to be redeemed as a Creation Unit, the Distributor and/or the Trust may require the Participant to deliver or execute supporting documentation in order for the Redemption Request to be in proper form. Failure to deliver or execute the requested supporting documentation may result in a Participant’s Redemption Request being rejected as not in proper form.