Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall: (a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the Unitholders; (b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions; (c) Appoint and remove independent public accountants to audit the accounts of the Trust; (d) Employ attorneys to represent the Trust; (e) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” for U.S. federal income tax purposes; (f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with the purposes of the Trust and the Registration Statement. (g) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s immediate possession or control; (h) Enter into an Authorized Purchaser Agreement with each Authorized Purchaser and discharge the duties and responsibilities of the Trust and the Sponsor thereunder; (i) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, properly submitted Purchase Orders, as described in Section 4.5(a)(i); (j) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits from Authorized Purchasers; (k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d); (l) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, properly submitted Redemption Orders, as described in Section 8.1(a), or as may from time to time be permitted by Section 8.2; (m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.2; (n) Interact with the Depository as required; and (o) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisors.
Appears in 8 contracts
Samples: Declaration of Trust and Trust Agreement, Declaration of Trust and Trust Agreement (United States Commodity Index Funds Trust), Declaration of Trust and Trust Agreement (USCF Funds Trust)
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the Unitholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Trust;
(e) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” for U.S. federal income tax purposes;
(f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with the purposes of the Trust and the Registration Statement.
(g) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s immediate possession or control;
(h) Enter into an Authorized Purchaser Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(i) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor to process, properly submitted Purchase Orders, as described in Section 4.5(a)(i);
(j) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits from Authorized PurchasersParticipants;
(k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser Participant submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d);
(l) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor to process, properly submitted Redemption Orders, as described in Section 8.1(a), or as may from time to time be permitted by Section 8.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser Participant through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.2;
(n) Interact with the Depository as required; and
(o) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisors.
Appears in 5 contracts
Samples: Trust Agreement (Amplify Commodity Trust), Trust Agreement (Amplify Commodity Trust), Trust Agreement (ETF Managers Group Commodity Trust I)
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the UnitholdersLimited Shareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Trust;
(e) Use its best efforts to maintain the status of the Trust and each Fund as a “statutory trust” for state law purpose and as a “partnership” for U.S. federal income tax purposes;
(f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b4.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with the purposes of the Trust and the Registration Statement.
(g) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s ’ s immediate possession or control;
(h) Enter into an a Authorized Purchaser Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(i) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor or other Fund service provider to process, properly submitted Purchase Orders, as described in Section 4.5(a)(i3.5(a)(i);
(j) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits from Authorized PurchasersParticipants;
(k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser Participant submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d3.5(d);
(l) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor or other Fund service provider to process, properly submitted Redemption Orders, as described in Section 8.1(a7.1(a), or as may from time to time be permitted by Section 8.27.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser Participant through the Depository, and thereupon cancel or cause to be cancelled, Units Limited Shares corresponding to the Redemption Baskets to be redeemed as described in Section 8.17.1, or as may from time to time be permitted by Section 8.27.2;
(n) Interact with the Depository as required; and
(o) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisors.
Appears in 5 contracts
Samples: Trust Agreement, Trust Agreement (Bitwise ETF Trust), Declaration of Trust and Trust Agreement (Teucrium Commodity Trust)
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct carry out the business and affairs purposes of the Trust Trust, as set forth in Section 1.5, for the benefit of the Trust and the UnitholdersShareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business affairs in all appropriate jurisdictions;
(c) Appoint and remove Retain independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Sponsor and, as necessary, the Trust;
(e) Select and enter into agreements with the Trustee and any other service provider to the Trust;
(f) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” grantor trust for U.S. federal income tax purposes;
(f) Investpurposes under Subpart E, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate Part I of each Fund in accordance with the purposes Subchapter J of the Trust and the Registration Statement.Code;
(g) Have fiduciary responsibility Monitor all fees charged to the Trust, and the services rendered by the service providers to the Trust, to determine whether the fees paid by, and the services rendered to, the Trust are at competitive rates and are the best price and services available under the circumstances, and if necessary, renegotiate the fee structure to obtain such rates and services for the Trust;
(h) Provide for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s immediate possession or control;
(hi) Not employ or permit others to employ the Trust Estate in any manner except for the benefit of the Trust, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Sponsor;
(j) At all times act with integrity and good faith and exercise due diligence in all activities relating to the Trust and in resolving conflicts of interest;
(k) Enter into directly or through its delegates an Authorized Purchaser Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(il) For each Fund, receive Receive directly or through its delegates from Authorized Purchasers Participants and process, or cause the Distributor to process, process properly submitted Purchase Creation Orders, as described in Section 4.5(a)(i3.2(a);
(jm) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits Receive directly or through its delegates from Authorized Purchasers;
Participants and process properly submitted Redemption Orders (k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Depositif authorized), as described in Section 4.5(d5.1(a);
(l) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, properly submitted Redemption Orders, as described in Section 8.1(a), or as may from time to time be permitted by Section 8.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.2;
(n) Interact with the Depository Custodian and any other party as required;
(o) If the Shares are listed, quoted or traded on any Secondary Market, cause the Trust to comply with all rules, orders and regulations of such Secondary Market to which the Trust is subject as a result of the listing, quotation or trading of the Shares on such Secondary Market, and take all such other actions that may reasonably be taken and are necessary for the Shares to remain listed, quoted or traded on such Secondary Market until the Trust is terminated or the Shares are no longer listed, quoted or traded on such Secondary Market;
(p) If the Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, cause the Trust to comply with all rules, orders and regulations of the SEC and take all such other actions as may reasonably be taken and are necessary for the Shares to remain registered under the Exchange Act until the Trust is terminated or the Shares are no longer registered under the Exchange Act; and
(oq) Delegate those Take all actions to prepare and, to the extent required by this Trust Agreement or by law, deliver to Shareholders and/or Beneficial Owners, as applicable, press releases or statements, financial or otherwise, that the Sponsor determines are required to be provided to Shareholders by applicable law or governmental regulation or the requirements of its duties any Secondary Market on which the Shares are listed, quoted or traded or, if any Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, the SEC, as applicable. The foregoing clauses of Section 6.2 and Section 6.3 shall be construed as powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisorsbe deemed an action on behalf of the Trust, and not an action in an individual capacity.
Appears in 3 contracts
Samples: Trust Agreement (Fidelity Ethereum Fund), Trust Agreement (Fidelity Ethereum Fund), Trust Agreement (Fidelity Wise Origin Bitcoin Fund)
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the UnitholdersLimited Shareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Trust;
(e) Use its best efforts to maintain the status of the Trust and each Fund as a “statutory trust” for state law purpose and as a “partnership” for U.S. federal income tax purposes;
(f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b4.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with the purposes of the Trust and the Registration Statement.
(g) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s ’ s immediate possession or control;
(h) Enter into an Authorized Purchaser a Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(i) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor or other Fund service provider to process, properly submitted Purchase Orders, as described in Section 4.5(a)(i3.5(a)(i);
(j) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits from Authorized PurchasersParticipants;
(k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser Participant submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d3.5(d);
(l) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor or other Fund service provider to process, properly submitted Redemption Orders, as described in Section 8.1(a7.1(a), or as may from time to time be permitted by Section 8.27.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser Participant through the Depository, and thereupon cancel or cause to be cancelled, Units Limited Shares corresponding to the Redemption Baskets to be redeemed as described in Section 8.17.1, or as may from time to time be permitted by Section 8.27.2;
(n) Interact with the Depository as required; and
(o) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisors.
Appears in 2 contracts
Samples: Declaration of Trust and Trust Agreement (Teucrium Commodity Trust), Declaration of Trust and Trust Agreement (Teucrium Commodity Trust)
Obligations of the Sponsor. In addition to To the obligations expressly provided fullest extent permitted by law, any fiduciary duties that would otherwise be imposed on the Sponsor under the Delaware Trust Statute Statute, at law or in equity are hereby eliminated and replaced entirely by the terms of this Trust Agreement, the . The Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its sole discretion exercised in good faith, determine to be necessary to conduct carry out the business and affairs purposes of the Trust Trust, as set forth in Section 1.5, for the benefit of the Trust and the UnitholdersShareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business affairs in all appropriate jurisdictions;
(c) Appoint and remove Retain on behalf of the Trust independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Sponsor and, as necessary, the Trust;
(e) Select and enter into agreements with the Trustee and any other service provider to the Trust;
(f) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” grantor trust for U.S. federal income tax purposespurposes under Subpart E, Part I of Subchapter J of the Code;
(fg) InvestMonitor all fees charged to the Trust, reinvestand the services rendered by the service providers to the Trust, hold uninvestedto determine whether the fees paid by, selland the services rendered to, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with are at competitive rates and are the purposes of best price and services available under the Trust circumstances, and if necessary, renegotiate the Registration Statement.fee structure to obtain such rates and services for the Trust;
(gh) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s immediate possession or control;
(hi) Not employ or permit others to employ the Trust Estate in any manner except for the benefit of the Trust, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Sponsor;
(j) At all times act in good faith and exercise due diligence in all activities relating to the Trust and in resolving conflicts of interest; thereunder;
(k) Enter into an Authorized Purchaser a Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunderunder such Participant Agreement;
(il) For each Fund, receive Receive directly or through its delegates from Authorized Purchasers Participants and process, or cause the Distributor to process, process properly submitted Purchase Creation Orders, as described in Section 4.5(a)(i3.3(a);
(jm) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits Receive directly or through its delegates from Authorized Purchasers;
Participants and process properly submitted Redemption Orders (k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Depositif authorized), as described in Section 4.5(d);
(l) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, properly submitted Redemption Orders, as described in Section 8.1(a5.2(a), or as may from time to time be permitted by Section 8.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.25.3;
(n) Interact with the Depository applicable Custodian and any other party as required; and;
(o) Delegate those If the Shares are listed, quoted or traded on any Secondary Market, cause the Trust to comply with all rules, orders and regulations of its duties such Secondary Market to which the Trust is subject as a result of the listing, quotation or trading of the Shares on such Secondary Market, and take all such other actions that may reasonably be taken and are necessary for the Shares to remain listed, quoted or traded on such Secondary Market until the Trust is terminated or the Shares are no longer listed, quoted or traded on such Secondary Market;
(p) Prepare and file Registration Statement with the SEC and (i) take such action as is necessary to qualify the Shares for offering and sale under the federal securities laws of the United States, including the preparation and filing of amendments and supplements to such Registration Statement, and, if the Sponsor so determines, under the laws of any other relevant jurisdiction, (ii) prepare, file and distribute, if applicable, any periodic reports or updates that may be required under the Exchange Act, the United States Commodity Exchange Act, as amended, or the rules and regulations thereunder. The foregoing clauses of Section 6.2 and Section 6.3 shall be construed as powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisorsbe deemed an action on behalf of the Trust, and not an action in an individual capacity.
Appears in 2 contracts
Samples: Trust Agreement (WisdomTree Bitcoin Fund), Trust Agreement (WisdomTree Bitcoin Fund)
Obligations of the Sponsor. In addition to Any fiduciary duties that would otherwise be imposed on the obligations expressly provided by Sponsor under the Delaware Trust Statute Statute, at law or in equity are hereby eliminated and replaced entirely by the terms of this Trust Agreement, the . The Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct carry out the business and affairs purposes of the Trust Trust, as set forth in Section 1.5, for the benefit of the Trust and the UnitholdersShareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove Retain independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Trust;
(e) Use its best efforts to maintain select the status of Trust’s Trustee, administrator, transfer agent, custodian(s), index provider, marketing agent(s), insurer(s) and any other service provider(s) and cause the Trust as a “statutory trust” for state law purpose and as a “partnership” for U.S. federal income tax purposesto enter into contracts with such service provider(s);
(f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate develop a marketing plan for the Trust Estate of each Fund in accordance with on an ongoing basis and prepare marketing materials regarding the purposes of the Trust and the Registration Statement.Trust;
(g) Have fiduciary responsibility for maintain the safekeeping and use of the Trust Estate, whether or not in the SponsorTrust’s immediate possession or controlwebsite;
(h) Enter enter into an Authorized Purchaser Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(i) For each Fund, receive directly or through its delegates from Authorized Purchasers Participants and process, process or cause the Distributor its delegates to process, process properly submitted Purchase Orderspurchase orders, as will be described in Section 4.5(a)(i)the Trust Agreement and in the Authorized Participant Agreement;
(j) For each Fund, in connection with Purchase Orderpurchase orders, receive Creation Basket Deposits from Authorized Purchasersdirectly or through its delegates the amount of bitcoin in a Basket;
(k) For each Fund, in connection with Purchase Orderpurchase orders, deliver after accepting a purchase order and receiving the corresponding amount of bitcoin, either directly or cause through its delegates, direct the delivery of Creation Trust’s Transfer Agent to credit the Baskets to the Depository for the account of fill the Authorized Purchaser submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d)Participant’s purchase order;
(l) For each Fund, receive directly or through its delegates from Authorized Purchasers Participants and processprocess or cause its delegates to process properly submitted redemption orders, as will be described in the Trust Agreement and in the Authorized Participant Agreement;
(m) in connection with redemption orders, after receiving a redemption order specifying the number of Baskets that the Authorized Participant wishes to redeem and after the Transfer Agent’s DTC account has been credited with the Baskets to be redeemed, directly or through its delegates transfer to the redeeming Authorized Participant the quantity of cash attributable to the Shares redeemed;
(n) assist in the preparation and filing of reports and proxy statements (if any) to the Shareholders, the periodic updating of the Registration Statement and Prospectus and other reports and documents for the Trust required to be filed by the Trust with the SEC and other governmental bodies;
(o) use its best efforts to maintain the status of the Trust as a grantor trust for U.S. federal income tax purposes, including making such elections, filing such tax returns, and preparing, disseminating and filing such tax reports, as it is advised by its counsel or accountants are from time to time required by any statute, rule or regulation of the United States, any State or political subdivision thereof, or cause other jurisdiction having taxing authority in respect of the Distributor Trust or its administration. The expense of accountants employed to process, properly submitted Redemption Orders, prepare such tax returns and tax reports will be an expense of the Trust;
(p) perform such other services as described in Section 8.1(a), or as the Sponsor believes the Trust may from time to time be permitted by Section 8.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.2;
(n) Interact with the Depository as requiredrequire; and
(oq) Delegate those in general, to carry out any other business in connection with or incidental to any of its duties the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant or growing out of or connected with the aforesaid business or purposes, objects or powers. The foregoing clauses of Section 6.2 and this Section 6.3 shall be construed both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisorsbe deemed an action on behalf of the Trust, and not an action in an individual capacity.
Appears in 2 contracts
Samples: Trust Agreement (Ark 21Shares Bitcoin ETF), Trust Agreement (Ark 21Shares Bitcoin ETF)
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct carry out the business and affairs purposes of the Trust Trust, as set forth in Section 1.5, for the benefit of the Trust and the UnitholdersShareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business affairs in all appropriate jurisdictions;
(c) Appoint and remove Retain independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Sponsor and, as necessary, the Trust;
(e) Select and enter into agreements with the Trustee and any other service provider to the Trust;
(f) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” grantor trust for U.S. federal income tax purposes;
(f) Investpurposes under Subpart E, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate Part I of each Fund in accordance with the purposes Subchapter J of the Trust and the Registration Statement.Code;
(g) Have fiduciary responsibility Monitor all fees charged to the Trust, and the services rendered by the service providers to the Trust, to determine whether the fees paid by, and the services rendered to, the Trust are at competitive rates and are the best price and services available under the circumstances, and if necessary, renegotiate the fee structure to obtain such rates and services for the Trust;
(h) Provide for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s immediate possession or control;
(hi) Not employ or permit others to employ the Trust Estate in any manner except for the benefit of the Trust, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Sponsor;
(j) At all times act with integrity and good faith and exercise due diligence in all activities relating to the Trust and in resolving conflicts of interest;
(k) Enter into directly or through its delegates an Authorized Purchaser Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(il) For each Fund, receive Receive directly or through its delegates from Authorized Purchasers Participants and process, or cause the Distributor to process, process properly submitted Purchase Creation Orders, as described in Section 4.5(a)(i3.3(a);
(jm) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits Receive directly or through its delegates from Authorized Purchasers;
Participants and process properly submitted Redemption Orders (k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Depositif authorized), as described in Section 4.5(d);
(l) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, properly submitted Redemption Orders, as described in Section 8.1(a5.1(a), or as may from time to time be permitted by Section 8.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.25.2;
(n) Interact with the Depository Prime Broker, Cash Custodian, Custodian and any other party as required;
(o) If the Shares are listed, quoted or traded on any Secondary Market, cause the Trust to comply with all rules, orders and regulations of such Secondary Market to which the Trust is subject as a result of the listing, quotation or trading of the Shares on such Secondary Market, and take all such other actions that may reasonably be taken and are necessary for the Shares to remain listed, quoted or traded on such Secondary Market until the Trust is terminated or the Shares are no longer listed, quoted or traded on such Secondary Market;
(p) If the Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, cause the Trust to comply with all rules, orders and regulations of the SEC and take all such other actions as may reasonably be taken and are necessary for the Shares to remain registered under the Exchange Act until the Trust is terminated or the Shares are no longer registered under the Exchange Act; and
(oq) Delegate those Take all actions to prepare and, to the extent required by this Trust Agreement or by law, deliver to Shareholders and/or Beneficial Owners, as applicable, press releases or statements, financial or otherwise, that the Sponsor determines are required to be provided to Shareholders by applicable law or governmental regulation or the requirements of its duties any Secondary Market on which the Shares are listed, quoted or traded or, if any Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, the SEC, as applicable. The foregoing clauses of Section 6.2 and Section 6.3 shall be construed as powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisorsbe deemed an action on behalf of the Trust, and not an action in an individual capacity.
Appears in 1 contract
Obligations of the Sponsor. In addition to Any fiduciary duties that would otherwise be imposed on the obligations expressly provided by Sponsor under the Delaware Trust Statute Statute, at law or in equity are hereby eliminated and replaced entirely by the terms of this Trust Agreement, the . The Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct carry out the business and affairs purposes of the Trust Trust, as set forth in Section 1.5, for the benefit of the Trust and the UnitholdersShareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove Retain independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Trust;
(e) Use its best efforts to maintain select the status of Trust’s Trustee, administrator, transfer agent, custodian(s), index provider, marketing agent(s), insurer(s) and any other service provider(s) and cause the Trust as a “statutory trust” for state law purpose and as a “partnership” for U.S. federal income tax purposesto enter into contracts with such service provider(s);
(f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate develop a marketing plan for the Trust Estate of each Fund in accordance with on an ongoing basis and prepare marketing materials regarding the purposes of the Trust and the Registration Statement.Trust;
(g) Have fiduciary responsibility for maintain the safekeeping and use of the Trust Estate, whether or not in the SponsorTrust’s immediate possession or controlwebsite;
(h) Enter enter into an Authorized Purchaser Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(i) For each Fund, receive directly or through its delegates from Authorized Purchasers Participants and process, process or cause the Distributor its delegates to process, process properly submitted Purchase Orderspurchase orders, as will be described in Section 4.5(a)(i)the Trust Agreement and in the Authorized Participant Agreement;
(j) For each Fund, in connection with Purchase Orderpurchase orders, receive Creation Basket Deposits from Authorized Purchasersdirectly or through its delegates the amount of ether in a Basket;
(k) For each Fund, in connection with Purchase Orderpurchase orders, deliver after accepting a purchase order and receiving the corresponding amount of ether, either directly or cause through its delegates, direct the delivery of Creation Trust’s Transfer Agent to credit the Baskets to the Depository for the account of fill the Authorized Purchaser submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d)Participant’s purchase order;
(l) For each Fund, receive directly or through its delegates from Authorized Purchasers Participants and processprocess or cause its delegates to process properly submitted redemption orders, as will be described in the Trust Agreement and in the Authorized Participant Agreement;
(m) in connection with redemption orders, after receiving a redemption order specifying the number of Baskets that the Authorized Participant wishes to redeem and after the Transfer Agent’s DTC account has been credited with the Baskets to be redeemed, directly or through its delegates transfer to the redeeming Authorized Participant the quantity of cash attributable to the Shares redeemed;
(n) assist in the preparation and filing of reports and proxy statements (if any) to the Shareholders, the periodic updating of the Registration Statement and Prospectus and other reports and documents for the Trust required to be filed by the Trust with the SEC and other governmental bodies;
(o) use its best efforts to maintain the status of the Trust as a grantor trust for U.S. federal income tax purposes, including making such elections, filing such tax returns, and preparing, disseminating and filing such tax reports, as it is advised by its counsel or accountants are from time to time required by any statute, rule or regulation of the United States, any State or political subdivision thereof, or cause other jurisdiction having taxing authority in respect of the Distributor Trust or its administration. The expense of accountants employed to process, properly submitted Redemption Orders, prepare such tax returns and tax reports will be an expense of the Trust;
(p) perform such other services as described in Section 8.1(a), or as the Sponsor believes the Trust may from time to time be permitted by Section 8.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.2;
(n) Interact with the Depository as requiredrequire; and
(oq) Delegate those in general, to carry out any other business in connection with or incidental to any of its duties the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant or growing out of or connected with the aforesaid business or purposes, objects or powers. The foregoing clauses of Section 6.2 and this Section 6.3 shall be construed both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisorsbe deemed an action on behalf of the Trust, and not an action in an individual capacity.
Appears in 1 contract
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or elsewhere in this Trust Agreement, the Sponsor shall:
(a) Devote devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised exercise in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the UnitholdersShareholders;
(b) Executeexecute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint appoint and remove independent public accountants to audit the accounts of the Trust;
(d) Employ employ attorneys to represent the Trust;
(e) Use adopt, implement or amend, from time to time, such disclosure and financial reporting information gathering and control policies and procedures as are necessary or desirable to ensure compliance with applicable disclosure and financial reporting obligations under any applicable securities laws;
(f) use its best efforts to maintain the status of the Trust as a “"statutory trust” " for state law purpose and as a “partnership” for U.S. federal income tax purposes;
(f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with the purposes of the Trust and the Registration Statement.
(g) Have have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s 's immediate possession or control;
(h) Enter enter into an Authorized Purchaser a Distribution Agreement with each Authorized Purchaser the Distributor and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(i) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor or another Person pursuant to delegated authority to process, properly submitted Purchase OrdersOrder Subscription Agreements, as described in Section 4.5(a)(i3.3(a)(i);
(j) For each Fund, in connection with Purchase OrderOrder Subscription Agreements, receive receive, or authorize the Distributor to receive, Creation Basket Deposits Capital Contributions from Authorized PurchasersParticipants;
(k) For each Fund, in connection with Purchase OrderOrder Subscription Agreements, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser Participant submitting a Purchase Order Subscription Agreement for which the Sponsor Trust has received the requisite Transaction Fee and the Trust has received the requisite DepositCreation Basket Capital Contribution, as described in Section 4.5(d3.3(d);
(l) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor or another Person pursuant to delegated authority to process, properly submitted Redemption Orders, as described in Section 8.1(a7.1(a), or as may from time to time be permitted by Section 8.27.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser Participant through the Depository, and thereupon cancel or cause to be cancelled, Units Shares corresponding to the Redemption Baskets to be redeemed as described in Section 8.17.1, or as may from time to time be permitted by Section 8.27.2;
(n) Interact interact, or authorize the Distributor to interact, with the Depository as required;
(o) make any necessary determination or decision in connection with the preparation of the financial statements of the Trust; and
(op) Delegate delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisorsCommodity Trading Advisors.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (AirShares(TM) EU Carbon Allowances Fund)
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the UnitholdersLimited Shareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Trust;
(e) Use its best efforts to maintain the status of the Trust and each Fund as a “statutory trust” for state law purpose and as a “partnership” for U.S. federal income tax purposes;
(f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b4.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with the purposes of the Trust and the Registration Statement.
(g) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s ’ s immediate possession or control;
(h) Enter into an Authorized Purchaser Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(i) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor or other Fund service provider to process, properly submitted Purchase Orders, as described in Section 4.5(a)(i3.5(a)(i);
(j) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits from Authorized PurchasersParticipants;
(k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser Participant submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d3.5(d);
(l) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor or other Fund service provider to process, properly submitted Redemption Orders, as described in Section 8.1(a7.1(a), or as may from time to time be permitted by Section 8.27.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser Participant through the Depository, and thereupon cancel or cause to be cancelled, Units Limited Shares corresponding to the Redemption Baskets to be redeemed as described in Section 8.17.1, or as may from time to time be permitted by Section 8.27.2;
(n) Interact with the Depository as required; and
(o) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisors.
Appears in 1 contract
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the UnitholdersLimited Shareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Trust;
(e) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” for U.S. federal income tax purposes;
(f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b4.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with the purposes of the Trust and the Registration Statement.
(g) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s ’ s immediate possession or control;
(h) Enter into an Authorized Purchaser a Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(i) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor or other Fund service provider to process, properly submitted Purchase Orders, as described in Section 4.5(a)(i3.5(a)(i);
(j) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits from Authorized PurchasersParticipants;
(k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser Participant submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d3.5(d);
(l) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor or other Fund service provider to process, properly submitted Redemption Orders, as described in Section 8.1(a7.1(a), or as may from time to time be permitted by Section 8.27.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser Participant through the Depository, and thereupon cancel or cause to be cancelled, Units Limited Shares corresponding to the Redemption Baskets to be redeemed as described in Section 8.17.1, or as may from time to time be permitted by Section 8.27.2;
(n) Interact with the Depository as required; and
(o) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisors.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (Teucrium Commodity Trust)
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct carry out the business and affairs purposes of the Trust for the benefit of the Trust and the Unitholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove Retain independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Sponsor and as necessary, the Trust;
(e) Select and enter into agreements with the Trust’s Trustee and any other service provider;
(f) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” grantor trust for U.S. federal income tax purposespurposes under Subpart E, Part I of Subchapter J of the Code;
(fg) InvestMonitor all fees charged to the Trust, reinvestand the services rendered by the service providers to the Trust, hold uninvestedto determine whether the fees paid by, selland the services rendered to, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with are at competitive rates and are the purposes of best price and services available under the Trust circumstances, and if necessary, renegotiate the Registration Statement.fee structure to obtain such rates and services for the Trust;
(gh) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s immediate possession or control;
(h) Enter into an Authorized Purchaser Agreement with each Authorized Purchaser , and discharge the duties and responsibilities Sponsor will not employ or permit others to employ the Trust Estate in any manner except for the benefit of the Trust, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Sponsor. The Sponsor shall at all times act with integrity and good faith and exercise due diligence in all activities relating to the Sponsor thereunderTrust and in resolving conflicts of interest;
(i) For each Fund, receive Receive directly or through its delegates from Authorized Purchasers Purchaser and process, or cause the Distributor to process, process properly submitted Purchase Orders, as described in Section 4.5(a)(i3.2(a);
(j) For each Fund, in connection with Invest (except purchasing Bitcoins pursuant to a Purchase Order, receive Creation Basket Deposits from Authorized Purchasers;) or reinvest any cash held by the Trust (including reserves) in anything other than Permitted Investments.
(k) For each Fund, in In connection with Purchase OrderOrders, deliver receive directly or cause through its delegates the delivery number of Creation Baskets Bitcoins in an amount equal to the Depository for the account of the Authorized Purchaser submitting a Bitcoin Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d)Amount from Purchasers;
(l) For each FundIn connection with Purchase Orders, receive after receiving the Bitcoin Purchase Amount and accepting a Purchaser’s Purchase Order, the Sponsor or its delegate will direct the Transfer Agent to credit the Units to fill the Purchaser’s Purchase Order within one Business Day immediately following the Purchase Order Date;
(m) Receive directly or through its delegates from Authorized Purchasers and process, or cause the Distributor to process, process properly submitted Redemption Orders, as described in Section 8.1(a6.1(a), or as may from time to time be permitted by Section 8.2;
(mn) For each Fund, in In connection with Redemption Orders, receive after receiving the Redemption Order specifying the number of Units that the Unitholder wishes to redeem and confirming the Unitholder’s Self-Administered Account information, the Sponsor or its delegates instructs the Custodian to send the Unitholder a number of Bitcoins equal to the Bitcoin Redemption Amount and directs the Transfer Agent to debit the number of Units redeemed from the redeeming Authorized Purchaser through Unitholder’s account on the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to next business day after the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.2redemption order date;
(no) Interact with the Depository Custodian and any other party as required; and;
(op) If the OTCQX Application is approved by OTCQX, then the Sponsor, on behalf of the Trust, shall cause the Trust to comply with all rules, orders and regulations of the OTCQX to which the Trust is subject as a result of the approval of the OTCQX Application and the Sponsor will take all such other actions which may reasonably be taken which are necessary for the Units to remain traded on the OTCQX until the Trust is either terminated or if the Units are no longer traded on the OTCQX. In addition, the Sponsor is authorized and shall take, all actions to prepare and, to the extent required by this Agreement or by law, mail to Unitholders any reports, press releases or statements, financial or otherwise, that the Sponsor determines are required to be provided to Unitholders by applicable law or governmental regulation or the requirements of OTCQX, as applicable;
(q) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators Distributors, add any additional service providers, if needed and as applicable;
(r) Perform such other services as the Sponsor believes that the Trust may from time to time require; and
(s) In general, to do everything necessary, suitable or commodity trading proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association with others, and to do every other advisorsact or thing incidental or appurtenant to or growing out of or connected with the aforesaid purposes, objects or powers. The foregoing clauses shall be construed both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder shall be deemed an action on behalf of the Trust, and not an action in an individual capacity.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (Osprey Bitcoin Trust)
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct carry out the business and affairs purposes of the Trust Trust, as set forth in Section 1.5, for the benefit of the Trust and the UnitholdersShareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business affairs in all appropriate jurisdictions;
(c) Appoint and remove Retain independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Sponsor and, as necessary, the Trust;
(e) Select and enter into agreements with the Trustee and any other service provider to the Trust;
(f) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” grantor trust for U.S. federal income tax purposespurposes under Subpart E, Part I of Subchapter J of the Code;
(fg) InvestMonitor all fees charged to the Trust, reinvestand the services rendered by the service providers to the Trust, hold uninvestedto determine whether the fees paid by, selland the services rendered to, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with are at competitive rates and are the purposes of best price and services available under the Trust circumstances, and if necessary, renegotiate the Registration Statement.fee structure to obtain such rates and services for the Trust;
(gh) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s immediate possession or control;
(hi) Not employ or permit others to employ the Trust Estate in any manner except for the benefit of the Trust, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Sponsor;
(j) At all times act with integrity and good faith and exercise due diligence in all activities relating to the Trust and in resolving conflicts of interest;
(k) Enter into an Authorized Purchaser Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(il) For each Fund, receive Receive directly or through its delegates from Authorized Purchasers Participants and process, or cause the Distributor to process, process properly submitted Purchase Creation Orders, as described in Section 4.5(a)(iSection 3.3(a);
(jm) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits Receive directly or through its delegates from Authorized Purchasers;
Participants and process properly submitted Redemption Orders (k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Depositif authorized), as described in Section 4.5(d);
(l) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, properly submitted Redemption Orders, as described in Section 8.1(aSection 5.2(a), or as may from time to time be permitted by Section 8.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.2Section 5.3;
(n) Interact with the Depository Custodian and any other party as required;
(o) If the Shares are listed, quoted or traded on any Secondary Market, cause the Trust to comply with all rules, orders and regulations of such Secondary Market to which the Trust is subject as a result of the listing, quotation or trading of the Shares on such Secondary Market, and take all such other actions that may reasonably be taken and are necessary for the Shares to remain listed, quoted or traded on such Secondary Market until the Trust is terminated or the Shares are no longer listed, quoted or traded on such Secondary Market;
(p) If the Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, cause the Trust to comply with all rules, orders and regulations of the SEC and take all such other actions as may reasonably be taken and are necessary for the Shares to remain registered under the Exchange Act until the Trust is terminated or the Shares are no longer registered under the Exchange Act; and
(oq) Delegate those Take all actions to prepare and, to the extent required by this Trust Agreement or by law, mail to Shareholders any reports, press releases or statements, financial or otherwise, that the Sponsor determines are required to be provided to Shareholders by applicable law or governmental regulation or the requirements of its duties any Secondary Market on which the Shares are listed, quoted or traded or, if any Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, the SEC, as applicable. The foregoing clauses of Section 6.2 and Section 6.3 shall be construed as powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisorsbe deemed an action on behalf of the Trust, and not an action in an individual capacity.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (Grayscale Ethereum Trust (ETH))
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the Unitholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Trust;
(e) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” for U.S. federal income tax purposes;
(f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with the purposes of the Trust and the Registration Statement.
(g) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s ’ s immediate possession or control;
(h) Enter into an Authorized Purchaser Agreement with each Authorized Purchaser and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(i) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, properly submitted Purchase Orders, as described in Section 4.5(a)(i);
(j) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits from Authorized Purchasers;; Table of Contents
(k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d);
(l) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, properly submitted Redemption Orders, as described in Section 8.1(a), or as may from time to time be permitted by Section 8.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.2;
(n) Interact with the Depository as required; and
(o) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisors.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (United States Commodity Funds Trust I)
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the UnitholdersLimited Shareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Trust;
(e) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” for U.S. federal income tax purposes;
(f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b4.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with the purposes of the Trust and the Registration Statement.
(g) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s ’ s immediate possession or control;
(h) Enter into an Authorized Purchaser a Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(i) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor to process, properly submitted Purchase Orders, as described in Section 4.5(a)(i3.5(a)(i);
(j) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits from Authorized PurchasersParticipants;
(k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser Participant submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d3.5(d);
(l) For each Fund, receive from Authorized Purchasers Participants and process, or cause the Distributor to process, properly submitted Redemption Orders, as described in Section 8.1(a7.1(a), or as may from time to time be permitted by Section 8.27.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser Participant through the Depository, and thereupon cancel or cause to be cancelled, Units Limited Shares corresponding to the Redemption Baskets to be redeemed as described in Section 8.17.1, or as may from time to time be permitted by Section 8.27.2;
(n) Interact with the Depository as required; and
(o) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisors.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (Teucrium Commodity Trust)
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct carry out the business and affairs purposes of the Trust Trust, as set forth in Section 1.5, for the benefit of the Trust and the UnitholdersShareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business affairs in all appropriate jurisdictions;
(c) Appoint and remove Retain independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Sponsor and, as necessary, the Trust;
(e) Select and enter into agreements with the Trustee and any other service provider to the Trust;
(f) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” grantor trust for U.S. federal income tax purposespurposes under Subpart E, Part I of Subchapter J of the Code;
(fg) InvestMonitor all fees charged to the Trust, reinvestand the services rendered by the service providers to the Trust, hold uninvestedto determine whether the fees paid by, selland the services rendered to, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with are at competitive rates and are the purposes of best price and services available under the Trust circumstances, and if necessary, renegotiate the Registration Statement.fee structure to obtain such rates and services for the Trust;
(gh) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s immediate possession or control;
(hi) Not employ or permit others to employ the Trust Estate in any manner except for the benefit of the Trust, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Sponsor;
(j) At all times act with integrity and good faith and exercise due diligence in all activities relating to the Trust and in resolving conflicts of interest;
(k) Enter into an Authorized Purchaser a Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(il) For each Fund, receive Receive directly or through its delegates from Authorized Purchasers Participants and process, or cause the Distributor to process, process properly submitted Purchase Creation Orders, as described in Section 4.5(a)(i3.3(a);
(jm) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits Receive directly or through its delegates from Authorized Purchasers;
Participants and process properly submitted Redemption Orders (k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Depositif authorized), as described in Section 4.5(d);
(l) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, properly submitted Redemption Orders, as described in Section 8.1(a5.2(a), or as may from time to time be permitted by Section 8.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.25.3;
(n) Interact with the Depository Custodian and any other party as required;
(o) If the Shares are listed, quoted or traded on any Secondary Market, cause the Trust to comply with all rules, orders and regulations of such Secondary Market to which the Trust is subject as a result of the listing, quotation or trading of the Shares on such Secondary Market, and take all such other actions that may reasonably be taken and are necessary for the Shares to remain listed, quoted or traded on such Secondary Market until the Trust is terminated or the Shares are no longer listed, quoted or traded on such Secondary Market;
(p) If the Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, cause the Trust to comply with all rules, orders and regulations of the SEC and take all such other actions as may reasonably be taken and are necessary for the Shares to remain registered under the Exchange Act until the Trust is terminated or the Shares are no longer registered under the Exchange Act; and
(oq) Delegate those Take all actions to prepare and, to the extent required by this Trust Agreement or by law, mail to Shareholders any reports, press releases or statements, financial or otherwise, that the Sponsor determines are required to be provided to Shareholders by applicable law or governmental regulation or the requirements of its duties any Secondary Market on which the Shares are listed, quoted or traded or, if any Shares are transferred in a transaction registered under the Securities Act or registered under the Exchange Act, the SEC, as applicable. The foregoing clauses of Section 6.2 and Section 6.3 shall be construed as powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisorsbe deemed an action on behalf of the Trust, and not an action in an individual capacity.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (Grayscale Bitcoin Trust (BTC))
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct carry out the business and affairs purposes of the Trust Trust, as set forth in Section 1.5, for the benefit of the Trust and the UnitholdersShareholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove Retain independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Sponsor and, as necessary, the Trust;
(e) Select and enter into agreements with the Trustee and any other service provider to the Trust;
(f) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” grantor trust for U.S. federal income tax purposespurposes under Subpart E, Part I of Subchapter J of the Code;
(fg) InvestMonitor all fees charged to the Trust, reinvestand the services rendered by the service providers to the Trust, hold uninvestedto determine whether the fees paid by, selland the services rendered to, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with are at competitive rates and are the purposes of best price and services available under the Trust circumstances, and if necessary, renegotiate the Registration Statement.fee structure to obtain such rates and services for the Trust;
(gh) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s immediate possession or control;
(hi) Not employ or permit others to employ the Trust Estate in any manner except for the benefit of the Trust, including, among other things, the utilization of any portion of the Trust Estate as compensating balances for the exclusive benefit of the Sponsor;
(j) At all times act with integrity and good faith and exercise due diligence in all activities relating to the Trust and in resolving conflicts of interest;
(k) Enter into an Authorized Purchaser a Participant Agreement with each Authorized Purchaser Participant and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(il) For each Fund, receive Receive directly or through its delegates from Authorized Purchasers Participants and process, or cause the Distributor to process, process properly submitted Purchase Creation Orders, as described in Section 4.5(a)(i3.2(a);
(jm) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits Receive directly or through its delegates from Authorized Purchasers;
(k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee Participants and the Trust has received the requisite Deposit, as described in Section 4.5(d);
(l) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, process properly submitted Redemption Orders, as described in Section 8.1(a5.1(a), or as may from time to time be permitted by Section 8.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.25.2;
(n) Interact with the Depository Custodian and any other party as required;
(o) Cause the Trust to comply with all rules, orders and regulations of the SEC and NYSE Arca to which the Trust is subject as a result of the effectiveness of the Registration Statement and the listing of the Shares on NYSE Arca, and take all such other actions as may reasonably be taken and are necessary for the Shares to remain registered with the SEC and traded on NYSE Arca until the Trust is terminated or the Shares are no longer registered with the SEC or traded on NYSE Arca; and
(op) Delegate those Take all actions to prepare and, to the extent required by this Trust Agreement or by law, mail to Shareholders any reports, press releases or statements, financial or otherwise, that the Sponsor determines are required to be provided to Shareholders by applicable law or governmental regulation or the requirements of its duties the SEC or NYSE Arca, as applicable. The foregoing clauses of Section 6.2 and this Section 6.3 shall be construed both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by the Sponsor hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisorsbe deemed an action on behalf of the Trust, and not an action in an individual capacity.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (Bitcoin Investment Trust)
Obligations of the Sponsor. In addition to the obligations expressly provided by the Delaware Trust Statute or this Trust Agreement, the Sponsor shall:
(a) Devote such of its time to the business and affairs of the Trust as it shall, in its discretion exercised in good faith, determine to be necessary to conduct the business and affairs of the Trust for the benefit of the Trust and the Unitholders;
(b) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;
(c) Appoint and remove independent public accountants to audit the accounts of the Trust;
(d) Employ attorneys to represent the Trust;
(e) Use its best efforts to maintain the status of the Trust as a “statutory trust” for state law purpose and as a “partnership” for U.S. federal income tax purposes;
(f) Invest, reinvest, hold uninvested, sell, exchange, write options on, lease, lend and, subject to Section 5.4(b), pledge, mortgage and hypothecate the Trust Estate of each Fund in accordance with the purposes of the Trust and the Registration Statement.
(g) Have fiduciary responsibility for the safekeeping and use of the Trust Estate, whether or not in the Sponsor’s ’ s immediate possession or control;
(h) Enter into an Authorized Purchaser Agreement with each Authorized Purchaser and discharge the duties and responsibilities of the Trust and the Sponsor thereunder;
(i) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, properly submitted Purchase Orders, as described in Section 4.5(a)(i);
(j) For each Fund, in connection with Purchase Order, receive Creation Basket Deposits from Authorized Purchasers;
(k) For each Fund, in connection with Purchase Order, deliver or cause the delivery of Creation Baskets to the Depository for the account of the Authorized Purchaser submitting a Purchase Order for which the Sponsor has received the requisite Transaction Fee and the Trust has received the requisite Deposit, as described in Section 4.5(d);
(l) For each Fund, receive from Authorized Purchasers and process, or cause the Distributor to process, properly submitted Redemption Orders, as described in Section 8.1(a), or as may from time to time be permitted by Section 8.2;
(m) For each Fund, in connection with Redemption Orders, receive from the redeeming Authorized Purchaser through the Depository, and thereupon cancel or cause to be cancelled, Units corresponding to the Redemption Baskets to be redeemed as described in Section 8.1, or as may from time to time be permitted by Section 8.2;
(n) Interact with the Depository as required; and
(o) Delegate those of its duties hereunder as it shall determine from time to time to one or more Administrators or commodity trading or other advisors.
Appears in 1 contract
Samples: Trust Agreement (United States Commodity Index Funds Trust)
