Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets. (a) On any Business Day, a Participant with respect to which a Authorized Purchaser Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement). (b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor shall have no liability to any person for rejecting a Redemption Order in such circumstances. (c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated on the Redemption Order Date. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day. (d) On the next Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement Date”), if the account of the Distributor or other appropriate Fund service provider at the Depository has been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date the Sponsor has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Sponsor will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s account at the Depository on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor may, in its sole discretion, from time to time agree. (e) The Sponsor may, in its discretion, suspend the right of redemption or postpone the Redemption Settlement Date for a Fund (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery or Redemption Distributions is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of Shareholders. Neither the Sponsor nor its designees will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. (f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 5 contracts
Samples: Trust Agreement (Tidal Commodities Trust I), Trust Agreement (Bitwise ETF Trust), Declaration of Trust and Trust Agreement (Teucrium Commodity Trust)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Participant Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a an Authorized Participant with respect to which a an Authorized Purchaser Participant Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Authorized Participant on the records of the Depository by delivering a request for redemption to the Sponsor or its designee Administrator (such request, a “Redemption Order”) in the manner specified in the procedures described specified in the attachment to the Authorized Purchaser Participant Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cutorder cut-Off Time off time identified in the applicable Authorized Participant Agreement in form satisfactory to the Sponsor (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor shall may reject any a Redemption Order if the order is not in proper form as described in the Authorized Participant Agreement or if the fulfillment of which its counsel advises may the order, in the opinion of counsel, might be illegal under applicable laws and regulationsunlawful, and the Sponsor shall have no liability to any person Person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket as of a Fund calculated on the Redemption Order Date. The Sponsor determines, time described in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business DayProspectus.
(d) On The Redemption Distribution will be delivered to a designated account of the Authorized Participant at 12:00 p.m., New York time, on the next Business Day immediately following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement DateTime”)) if, if by such time, the Fund’s account of the Distributor or other appropriate Fund service provider at the Depository has been credited with the Redemption Baskets being tendered for redemption and the Sponsor Administrator has by such time received the Transaction Fee. If the Fund’s account at the Depository has not been credited with all of the Redemption Baskets being tendered for redemption by such time, the Sponsor shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date the Sponsor has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Sponsor will (i) settle the Redemption Order be delivered to the extent of whole Redemption Baskets received from received. Any remainder of the Participant with Redemption Distribution will be delivered on the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first next Business Day following to the extent of remaining whole Baskets received if the Trust receives the fee applicable to the extension of the Redemption Settlement Date as Time that the Sponsor may, from time to time, determine, and the balance of the remaining Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order Baskets being tendered for redemption are credited to the DistributorFund’s account at the Depository by 12:00 p.m., New York time, on such following next Business Day, . Any further outstanding amount of the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in cancelled. The Sponsor may cause the manner provided in Redemption Distribution to be delivered notwithstanding that the second preceding sentence. If Redemption Baskets being tendered for redemption are not credited to the Fund’s account at the Depository by the close of business 12:00 p.m., New York time, on the next Business Day immediately following the Redemption Settlement Date, Order Date if the Sponsor Authorized Participant has not received from collateralized its obligation to deliver the redeeming Participant all Redemption Baskets comprising through the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under Depository’s book entry system on such conditions terms as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor may, in its sole discretion, from time to time agree.
(e) The Sponsor may, in its discretion, suspend the right of redemption redemption, or postpone the Redemption Settlement Date for a Fund Date: (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery delivery, disposal or Redemption Distributions evaluation of the Trust’s assets is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersBeneficial Owners; or (iv) for any other period as specified in the applicable Authorized Participant Agreement or Prospectus. Neither the The Sponsor nor its designees will be is not liable to any person Person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 9.01 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 4 contracts
Samples: Trust Agreement (WisdomTree Coal Fund), Trust Agreement (GreenHaven Coal Fund), Trust Agreement (GreenHaven Coal Fund)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Participant Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a an Authorized Participant with respect to which a an Authorized Purchaser Participant Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i4.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Authorized Participant on the records of the Depository by delivering a request for redemption to the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Participant Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor shall acting by itself or through the Marketing Agent may, in its sole discretion, reject any Redemption Order (i) the Sponsor determines that the Redemption Order is not in proper form (ii) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and or (iii) if circumstances outside the control of the Sponsor, the Marketing Agent or the Custodian make it for all practical purposes not feasible for the Units to be delivered under the Redemption Order. The Sponsor may also reject a redemption order if the number of units being redeemed would reduce the remaining outstanding units to 100,000 units (i.e., two baskets) or less, unless the Sponsor shall have no liability has reason to any person for rejecting a Redemption Order believe that the placer of the redemption order does in such circumstancesfact possess all the outstanding units and can deliver them.
(c) Subject to deduction of any tax or other governmental charges due thereon, the The redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated on the Redemption Order Dateequivalents. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On By 3:00 PM New York time on the next third Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement DateTime”), if the Distributor’s account of the Distributor or other appropriate Fund service provider at the Depository has by the Redemption Settlement Time been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver the Redemption Distribution through the Depository to the account of the Authorized Participant as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date the Sponsor Fund’s DTC account has not received from a redeeming Participant been credited with all of the Redemption Baskets comprising the Redemption Orderby such time, the Sponsor will (i) settle the Redemption Order redemption distribution is delivered to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance received. Any remainder of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s account at the Depository on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business redemption distribution is delivered on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of remaining whole Redemption Baskets then received and any balance if the Fund receives the fee applicable to the extension of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to Date which the Sponsor may, in its sole discretion, from time to time, determine and the remaining Redemption Baskets are credited to the Fund’s DTC account by 3:00 PM New York time agreeon such next Business Day. Any further remaining amount of the Redemption Order shall be cancelled and the Authorized Participant will indemnify the Trust for any losses, if any, due to such cancellation, including but not limited to the difference in the price of investments sold as a result of the Redemption Order and investments made to reflect that such Redemption Order has been cancelled.
(e) The Sponsor may, in its discretion, suspend the right of redemption or postpone the Redemption Settlement Date for a Fund (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery or of Redemption Distributions is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersUnitholders. Neither the Sponsor nor its designees will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 8.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 3 contracts
Samples: Trust Agreement (Amplify Commodity Trust), Trust Agreement (Amplify Commodity Trust), Trust Agreement (ETF Managers Group Commodity Trust I)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant an Authorized Purchaser with respect to which a an Authorized Purchaser Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i4.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant Authorized Purchaser on the records of the Depository by delivering a request for redemption to the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor shall acting by itself or through the Marketing Agent may, in its sole discretion, reject any Redemption Order (i) the Sponsor determines that the Redemption Order is not in proper form (ii) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and or (iii) if circumstances outside the control of the Sponsor, the Marketing Agent or the Custodian make it for all practical purposes not feasible for the units to be delivered under the Redemption Order. The Sponsor shall have no liability may also reject a redemption order if the number of units being redeemed would reduce the remaining outstanding units to any person for rejecting a Redemption Order in such circumstances100,000 units (i.e., two baskets) or less.
(c) Subject to deduction of any tax or other governmental charges due thereon, the The redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated on the Redemption Order Dateequivalents. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On By 3:00 PM New York time on the next third Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement DateTime”), if the Distributor’s account of the Distributor or other appropriate Fund service provider at the Depository has by the Redemption Settlement Time been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver the Redemption Distribution through the Depository to the account of the Participant Authorized Purchaser as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date the Sponsor Fund’s DTC account has not received from a redeeming Participant been credited with all of the Redemption Baskets comprising the Redemption Orderby such time, the Sponsor will (i) settle the Redemption Order redemption distribution is delivered to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance received. Any remainder of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s account at the Depository on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business redemption distribution is delivered on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of remaining whole Redemption Baskets then received and any balance if the Fund receives the fee applicable to the extension of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to Date which the Sponsor may, in its sole discretion, from time to time, determine and the remaining Redemption Baskets are credited to the Fund’s DTC account by 3:00 PM New York time agreeon such next Business Day. Any further remaining amount of the Redemption Order shall be cancelled and the Authorized Purchaser will indemnify the Trust for any losses, if any, due to such cancellation, including but not limited to the difference in the price of investments sold as a result of the Redemption Order and investments made to reflect that such Redemption Order has been cancelled.
(e) The Sponsor may, in its discretion, suspend the right of redemption or postpone the Redemption Settlement Date for a Fund (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery or of Redemption Distributions is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersUnitholders. Neither the Sponsor nor its designees will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 8.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 3 contracts
Samples: Declaration of Trust and Trust Agreement (United States Commodity Index Funds Trust), Declaration of Trust and Trust Agreement (United States Commodity Index Funds Trust), Declaration of Trust and Trust Agreement (United States Commodity Index Funds Trust)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Participant Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant with respect to which a Authorized Purchaser Participant Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Participant Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor shall have no liability to any person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated on the Redemption Order Date. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On the next Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement Date”), if the account of the Distributor or other appropriate Fund service provider at the Depository has been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date the Sponsor has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Sponsor will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s account at the Depository on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor may, in its sole discretion, from time to time agree.
(e) The Sponsor may, in its discretion, suspend the right of redemption or postpone the Redemption Settlement Date for a Fund (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery or Redemption Distributions is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of Shareholders. Neither the Sponsor nor its designees will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 3 contracts
Samples: Declaration of Trust and Trust Agreement (Teucrium Commodity Trust), Declaration of Trust and Trust Agreement (Teucrium Commodity Trust), Declaration of Trust and Trust Agreement (Teucrium Commodity Trust)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant with respect to which a Authorized Purchaser Participant Agreement is in full force and effect (as reflected on the list maintained by the Sponsor Trustee pursuant to Section 3.5(a)(i2.03(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository in kind by delivering a request for redemption to the Sponsor or its designee Trustee (such request, a “"Redemption Order”") in the manner specified in the procedures described specified in the attachment to the Authorized Purchaser Participant Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor Trustee (the Business Day on which the Redemption Order is so submitted, the “"Redemption Order Date”"). The Sponsor Trustee shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor Trustee shall have no liability to any person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“"Redemption Distribution”") shall consist of the portion of the Net Asset Value of the Trust, determined pursuant to Section 5.01 for the Redemption Order Date, attributable to the Redemption Basket(s). In general, such distribution shall consist of (A) credit to a Participant Unallocated Account of the redeeming Participant maintained with the Custodian of the amount of Gold representing the fractional undivided interest in the Gold held by the Trust evidenced by the Redemption Baskets subject to the redeeming Participant's Redemption Order plus or minus (B) a cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount (the "Cash Redemption Amount"). The Cash Redemption Amount shall be equal to all assets of the product obtained Trust other than Gold less all accrued expenses and other liabilities, divided by multiplying (i) the number of Baskets outstanding and multiplied by the number of Redemption Baskets set forth subject to the redeeming Participant's Redemption Order. If the Cash Redemption Amount is positive, then it shall be paid in cash. If the relevant Cash Redemption Order Amount is negative, then it shall reduce the credit to the Participant's Participant Unallocated Account, by (ii) the Net Asset Value Per Basket an amount of a Fund calculated on the Redemption Order Date. The Sponsor determinesGold equal in value, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning price of each Business Day.
(d) On the next Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after Gold determined under Section 4.01 hereof for the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the such negative Cash Redemption Order is placed) (the “Redemption Settlement Date”), if the account Amount. Fractions of the Distributor or other appropriate Fund service provider at the Depository has been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver a Fine Ounce of Gold included in the Redemption Distribution smaller than 0.001 of a Fine Ounce shall be disregarded. The Trustee will distribute any positive Cash Redemption Amount through the Depository to the account of the Participant as recorded on the book entry system of the Depository.
(d) By 10:00 a.m. New York time (but not later than 3:30 London time) on the third Business Day following the Redemption Order Date (such third Business Day, the "Redemption Settlement Date"), if the Trustee's account at the Depository has by 9:00 a.m. New York time on such day been credited with the Redemption Baskets being tendered for redemption and the Trustee has by such time received the Transaction Fee, the Trustee shall deliver the Cash Redemption Amount (if any) and shall direct the Custodian to deliver Gold included in the Redemption Distribution by effecting the necessary transfers of the Gold to the redeeming Participant's Participant Unallocated Account. If by such time the close of business on such Redemption Settlement Date the Sponsor has Trustee does not received receive from a redeeming Participant all Redemption Baskets streetTRACKS(R) Gold Shares comprising the Redemption Order, the Sponsor Trustee will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s 's Redemption Order open until 9:00 a.m. New York time on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “"Suspended Redemption Order”"), provided, however, that the redeeming Participant pays the Trustee such fee for the custody of the Gold included in the Suspended Redemption Order for the period subsequent to the Redemption Settlement Date as the Trustee may, from time to time, determine. If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s Trustee's account at the Depository by 9:00 a.m. New York time on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by such time the close of business on the next Business Day following Redemption Settlement Date, the Sponsor has Trustee does not received receive from the redeeming Participant all Redemption Baskets streetTRACKS(R) Gold Shares comprising the Suspended Redemption Order, the Sponsor Trustee will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor and the Trustee may from time to time determine, the Sponsor Trustee shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable Trustee's account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor and the Trustee may, in its their sole discretion, from time to time agree. If Gold is to be delivered through a Custodian other than the Initial Custodian or in a market other than the London market, the Sponsor and Trustee are authorized to establish such other procedures, including requirements as to the time of receipt by the Trustee of the tendered Redemption Baskets, for payment of the Redemption Distribution as they shall determine appropriate.
(e) The Sponsor Trustee may, in its discretion, and will when so directed by the Sponsor, suspend the right of redemption redemption, or postpone the Redemption Settlement Date for a Fund Date, (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery delivery, disposal or Redemption Distributions evaluation of the Gold is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersBeneficial Owners. Neither the Sponsor nor its designees will be the Trustee is liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this section or as may be otherwise provided pursuant to Section 7.1 5.03 shall be cancelled by the Trust or the applicable Fund Trustee in accordance with the Depository’s 's procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 2 contracts
Samples: Trust Indenture (streetTRACKS GOLD TRUST), Trust Indenture (Equity Gold Trust)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser AgreementParticipant Agreement for each Fund, which as may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption BasketsBaskets (the “Redemption Procedures”).
(a) On any Business Day, a an Authorized Participant with respect to which a an Authorized Purchaser Participant Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i4.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Authorized Participant on the records of the Depository by delivering a request for redemption to the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement)Redemption Procedures.
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor shall acting by itself or through the Marketing Agent may, in its sole discretion, reject any Redemption Order (i) the Sponsor determines that the Redemption Order is not in proper form (ii) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and or (iii) if circumstances outside the control of the Sponsor, the Marketing Agent or the Custodian make it for all practical purposes not feasible for the Units to be delivered under the Redemption Order. The Sponsor shall have no liability may also reject a redemption order if the number of Units being redeemed would reduce the remaining outstanding Units to any person for rejecting a Redemption Order in such circumstances100,000 Units (i.e., two baskets) or less.
(c) Subject to deduction of any tax or other governmental charges due thereon, the The redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated on the Redemption Order Dateequivalents. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On By 3:00 PM New York time on the next second Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement DateTime”), if the Distributor’s account of the Distributor or other appropriate Fund service provider at the Depository has by the Redemption Settlement Time been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver the Redemption Distribution through the Depository to the account of the Authorized Participant as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date the Sponsor Fund’s DTC account has not received from a redeeming Participant been credited with all of the Redemption Baskets comprising the Redemption Orderby such time, the Sponsor will (i) settle the Redemption Order redemption distribution is delivered to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance received. Any remainder of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s account at the Depository on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business redemption distribution is delivered on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of remaining whole Redemption Baskets then received and any balance if the Fund receives the fee applicable to the extension of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to Date which the Sponsor may, in its sole discretion, from time to time, determine and the remaining Redemption Baskets are credited to the Fund’s DTC account by 3:00 PM New York time agreeon such next Business Day. Any further remaining amount of the Redemption Order shall be cancelled and the Authorized Participant will indemnify the Trust for any losses, if any, due to such cancellation, including but not limited to the difference in the price of investments sold as a result of the Redemption Order and investments made to reflect that such Redemption Order has been cancelled.
(e) The Sponsor may, in its discretion, suspend the right of redemption or postpone the Redemption Settlement Date for a Fund (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery or of Redemption Distributions is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersUnitholders. Neither the Sponsor nor its designees will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 8.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 2 contracts
Samples: Declaration of Trust and Trust Agreement (ConvexityShares Trust), Declaration of Trust and Trust Agreement (ConvexityShares Trust)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Participant Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a an Authorized Participant with respect to which a an Authorized Purchaser Participant Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Authorized Participant on the records of the Depository by delivering a request for redemption to the Sponsor or its designee Manager (such request, a “Redemption Order”) in the manner specified in the procedures described specified in the attachment to the Authorized Purchaser Participant Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor Manager (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor Manager shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor Manager shall have no liability to any person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, if any, the redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated on the Redemption Order Date. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On the next Within three Business Day Days immediately following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement DateTime”), if the Manager’s account of the Distributor or other appropriate Fund service provider at the Depository has by such time, as provided in the Authorized Participant Agreement, been credited with the Redemption Baskets being tendered for redemption and the Sponsor Manager has by such time received the Transaction Fee, the Sponsor Manager shall deliver the Redemption Distribution through the Depository to the account of the Authorized Participant as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date Time the Sponsor Manager has not received from a redeeming Authorized Participant all Redemption Baskets comprising the Redemption Order, the Sponsor Manager will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Authorized Participant with the Transaction Fee and (ii) keep the redeeming Authorized Participant’s Redemption Order open until such time as provided in the first Business Day following the Redemption Settlement Date Authorized Participant Agreement as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the DistributorManager’s account at the Depository by such time as provided in the Authorized Participant Agreement on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business on the next Business Day following such Redemption Settlement Date, Time the Sponsor Manager has not received from the redeeming Authorized Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor Manager will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption Order will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor Manager may from time to time determine, the Sponsor Manager shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Authorized Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor Manager may, in its sole discretion, from time to time agree.
(e) The Sponsor Manager may, in its discretion, suspend the right of redemption redemption, or postpone the Redemption Settlement Date for a Fund Date: (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or and holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery delivery, disposal or Redemption Distributions evaluation of the Trust’s assets is not reasonably practicable; or (iii) for such other period as the Sponsor Manager determines to be necessary for the protection of Shareholdersthe Beneficial Owners. Neither the Sponsor nor its designees The Manager will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 8.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 2 contracts
Samples: Trust Agreement (Nuveen Long/Short Commodity Total Return Fund), Trust Agreement (Nuveen Diversified Commodity Fund)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant an Authorized Purchaser with respect to which a an Authorized Purchaser Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i4.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant Authorized Purchaser on the records of the Depository by delivering a request for redemption to the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement)Procedures.
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor shall acting by itself or through the Marketing Agent may, in its sole discretion, reject any Redemption Order (i) the Sponsor determines that the Redemption Order is not in proper form (ii) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and or (iii) if circumstances outside the control of the Sponsor, the Marketing Agent or the Custodian make it for all practical purposes not feasible for the Units to be delivered under the Redemption Order. The Sponsor shall have no liability may also reject a redemption order if the number of Units being redeemed would reduce the remaining outstanding Units to any person for rejecting a Redemption Order in such circumstances100,000 Units (i.e., two baskets) or less.
(c) Subject to deduction of any tax or other governmental charges due thereon, the The redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated on the Redemption Order Dateequivalents. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On By 3:00 PM New York time on the next third Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement DateTime”), if the Distributor’s account of the Distributor or other appropriate Fund service provider at the Depository has by the Redemption Settlement Time been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver the Redemption Distribution through the Depository to the account of the Participant Authorized Purchaser as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date the Sponsor Fund’s DTC account has not received from a redeeming Participant been credited with all of the Redemption Baskets comprising the Redemption Orderby such time, the Sponsor will (i) settle the Redemption Order redemption distribution is delivered to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance received. Any remainder of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s account at the Depository on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business redemption distribution is delivered on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of remaining whole Redemption Baskets then received and any balance if the Fund receives the fee applicable to the extension of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to Date which the Sponsor may, in its sole discretion, from time to time, determine and the remaining Redemption Baskets are credited to the Fund’s DTC account by 3:00 PM New York time agreeon such next Business Day. Any further remaining amount of the Redemption Order shall be cancelled and the Authorized Purchaser will indemnify the Trust for any losses, if any, due to such cancellation, including but not limited to the difference in the price of investments sold as a result of the Redemption Order and investments made to reflect that such Redemption Order has been cancelled.
(e) The Sponsor may, in its discretion, suspend the right of redemption or postpone the Redemption Settlement Date for a Fund (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery or of Redemption Distributions is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersUnitholders. Neither the Sponsor nor its designees will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 8.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 2 contracts
Samples: Declaration of Trust and Trust Agreement (USCF Funds Trust), Declaration of Trust and Trust Agreement (USCF Funds Trust)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant an Authorized Purchaser with respect to which a an Authorized Purchaser Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i4.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant Authorized Purchaser on the records of the Depository by delivering a request for redemption to the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement)Procedures.
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor shall acting by itself or through the Marketing Agent may, in its sole discretion, reject any Redemption Order (i) the Sponsor determines that the Redemption Order is not in proper form (ii) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and or (iii) if circumstances outside the control of the Sponsor, the Marketing Agent or the Custodian make it for all practical purposes not feasible for the Units to be delivered under the Redemption Order. The Sponsor shall have no liability may also reject a redemption order if the number of Units being redeemed would reduce the remaining outstanding Units to any person for rejecting a Redemption Order in such circumstances100,000 Units (i.e., two baskets) or less.
(c) Subject to deduction of any tax or other governmental charges due thereon, the The redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated on the Redemption Order Dateequivalents. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On By 3:00 PM New York time on the next second Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement DateTime”), if the Distributor’s account of the Distributor or other appropriate Fund service provider at the Depository has by the Redemption Settlement Time been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver the Redemption Distribution through the Depository to the account of the Participant Authorized Purchaser as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date the Sponsor Fund’s DTC account has not received from a redeeming Participant been credited with all of the Redemption Baskets comprising the Redemption Orderby such time, the Sponsor will (i) settle the Redemption Order redemption distribution is delivered to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance received. Any remainder of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s account at the Depository on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business redemption distribution is delivered on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of remaining whole Redemption Baskets then received and any balance if the Fund receives the fee applicable to the extension of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to Date which the Sponsor may, in its sole discretion, from time to time, determine and the remaining Redemption Baskets are credited to the Fund’s DTC account by 3:00 PM New York time agreeon such next Business Day. Any further remaining amount of the Redemption Order shall be cancelled and the Authorized Purchaser will indemnify the Trust for any losses, if any, due to such cancellation, including but not limited to the difference in the price of investments sold as a result of the Redemption Order and investments made to reflect that such Redemption Order has been cancelled.
(e) The Sponsor may, in its discretion, suspend the right of redemption or postpone the Redemption Settlement Date for a Fund (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery or of Redemption Distributions is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersUnitholders. Neither the Sponsor nor its designees will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 8.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 2 contracts
Samples: Declaration of Trust and Trust Agreement, Declaration of Trust and Trust Agreement (United States Commodity Index Funds Trust)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant with respect to which a Authorized Purchaser Participant Agreement is in full force and effect (as reflected on the list maintained by the Sponsor Trustee pursuant to Section 3.5(a)(i2.03(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository in kind by delivering a request for redemption to the Sponsor or its designee Trustee (such request, a “"Redemption Order”") in the manner specified in the procedures described specified in the attachment to the Authorized Purchaser Participant Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor Trustee (the Business Day on which the Redemption Order is so submitted, the “"Redemption Order Date”"). The Sponsor Trustee shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor Trustee shall have no liability to any person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“"Redemption Distribution”") shall consist of the portion of the Net Asset Value of the Trust, determined pursuant to Section 5.01 for the Redemption Order Date, attributable to the Redemption Basket(s). In general, such distribution shall consist of (A) credit to a Participant Unallocated Account of the redeeming Participant maintained with the Custodian of the amount of Gold representing the fractional undivided interest in the Gold held by the Trust evidenced by the Redemption Baskets subject to the redeeming Participant's Redemption Order plus or minus (B) a cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount (the "Cash Redemption Amount"). The Cash Redemption Amount shall be equal to all assets of the product obtained Trust other than Gold less all accrued expenses and other liabilities, divided by multiplying (i) the number of Baskets outstanding and multiplied by the number of Redemption Baskets set forth subject to the redeeming Participant's Redemption Order. If the Cash Redemption Amount is positive, then it shall be paid in cash. If the relevant Cash Redemption Order Amount is negative, then it shall reduce the credit to the Participant's Participant Unallocated Account, by (ii) the Net Asset Value Per Basket an amount of a Fund calculated on the Redemption Order Date. The Sponsor determinesGold equal in value, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning price of each Business Day.
(d) On the next Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after Gold determined under Section 4.01 hereof for the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the such negative Cash Redemption Order is placed) (the “Redemption Settlement Date”), if the account Amount. Fractions of the Distributor or other appropriate Fund service provider at the Depository has been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver a Fine Ounce of Gold included in the Redemption Distribution smaller than 0.001 of a Fine Ounce shall be disregarded. The Trustee will distribute any positive Cash Redemption Amount through the Depository to the account of the Participant as recorded on the book entry system of the Depository.
(d) By 10:00 a.m. New York time (but not later than 3:30 London time) on the third Business Day following the Redemption Order Date (such third Business Day, the "Redemption Settlement Date"), if the Trustee's account at the Depository has by 9:00 a.m. New York time on such day been credited with the Redemption Baskets being tendered for redemption and the Trustee has by such time received the Transaction Fee, the Trustee shall deliver the Cash Redemption Amount (if any) and shall direct the Custodian to deliver Gold included in the Redemption Distribution by effecting the necessary transfers of the Gold to the redeeming Participant's Participant Unallocated Account. If by such time the close of business on such Redemption Settlement Date the Sponsor has Trustee does not received receive from a redeeming Participant all Redemption Baskets Equity Gold Shares comprising the Redemption Order, the Sponsor Trustee will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s 's Redemption Order open until 9:00 a.m. New York time on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “"Suspended Redemption Order”"), provided, however, that the redeeming Participant pays the Trustee such fee for the custody of the Gold included in the Suspended Redemption Order for the period subsequent to the Redemption Settlement Date as the Trustee may, from time to time, determine. If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s Trustee's account at the Depository by 9:00 a.m. New York time on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by such time the close of business on the next Business Day following Redemption Settlement Date, the Sponsor has Trustee does not received receive from the redeeming Participant all Redemption Baskets Equity Gold Shares comprising the Suspended Redemption Order, the Sponsor Trustee will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor and the Trustee may from time to time determine, the Sponsor Trustee shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable Trustee's account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor and the Trustee may, in its their sole discretion, from time to time agree. If Gold is to be delivered through a Custodian other than the Initial Custodian or in a market other than the London market, the Sponsor and Trustee are authorized to establish such other procedures, including requirements as to the time of receipt by the Trustee of the tendered Redemption Baskets, for payment of the Redemption Distribution as they shall determine appropriate.
(e) The Sponsor Trustee may, in its discretion, and will when so directed by the Sponsor, suspend the right of redemption redemption, or postpone the Redemption Settlement Date for a Fund Date, (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery delivery, disposal or Redemption Distributions evaluation of the Gold is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersBeneficial Owners. Neither the Sponsor nor its designees will be the Trustee is liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this section or as may be otherwise provided pursuant to Section 7.1 5.03 shall be cancelled by the Trust or the applicable Fund Trustee in accordance with the Depository’s 's procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 1 contract
Samples: Trust Indenture (Equity Gold Trust)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in agreed from time-to-time between the attachment to Managing Owner and the applicable Authorized Purchaser Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement)Limited Owner, will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant with respect to which a Authorized Purchaser Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i)) Shareholder may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to the Sponsor or its designee Managing Owner (such request, request a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Agreement, as amended from time to time in accordance with such procedures as the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement)Managing Owner shall from time-to-time determine.
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor Managing Owner (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor Managing Owner shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor Managing Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, if any, the redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket as of a Fund calculated the closing time of the Exchange or the last to close of the exchanges on which any of the Index Commodities is traded, whichever is later, on the Redemption Order Date. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On By noon New York time on the next Business Day immediately following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement DateTime”), if the Managing Owner’s account of the Distributor or other appropriate Fund service provider at the Depository has by noon, New York time, on such day been credited with the Redemption Baskets being tendered for redemption and the Sponsor Managing Owner has by such time received the Transaction Fee, the Sponsor Managing Owner shall deliver the Redemption Distribution through by means of such procedures as the Depository to the account of the Participant as recorded on the book entry system of the DepositoryManaging Owner shall determine from time-to-time. If by the close of business on such Redemption Settlement Date Time, the Sponsor Managing Owner has not received from a redeeming Participant Shareholder all Redemption Baskets comprising the Redemption Order, the Sponsor Managing Owner will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee Shareholder and (ii) keep the redeeming ParticipantShareholder’s Redemption Order open until noon, New York time, on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the DistributorManaging Owner’s account at the Depository by noon, New York time, on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business on the next Business Day following such Redemption Settlement DateTime, the Sponsor Managing Owner has not received from the redeeming Participant Shareholder all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor Managing Owner may from time to time determine, the Sponsor Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant Shareholder has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor Managing Owner may, in its sole discretion, from time to time agree.
(e) The Sponsor Managing Owner may, in its discretion, suspend the right of redemption redemption, or postpone the Redemption Settlement Date for a Fund Date: (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or and holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery delivery, disposal or Redemption Distributions evaluation of the Master Fund’s assets is not reasonably practicable; , or (iii) for such other period as the Sponsor Managing Owner determines to be necessary for the protection of Shareholdersthe Limited Owner. Neither the Sponsor nor its designees The Managing Owner will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled by cancelled.
(g) Baskets may not be redeemed during the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust StatuteInitial Offering Period.
Appears in 1 contract
Samples: Trust Agreement (GreenHaven Continuous Commodity Index Fund)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant with respect to which a Authorized Purchaser Participant Agreement is in full force and effect (as reflected on the list maintained by the Sponsor Trustee pursuant to Section 3.5(a)(i2.03(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository in kind by delivering a request for redemption to the Sponsor or its designee Trustee (such request, a “"Redemption Order”") in the manner specified in the procedures described in the attachment to the Authorized Purchaser Participant Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To A Redemption Order shall be effectiveeffective upon the Business Day it is received by the Trustee in form satisfactory to the Trustee, provided, however, that a Redemption Order must be submitted on a Business Day by received after the Order Cut-Off Time in form satisfactory on any Business Day shall be held and deemed to be received by the Sponsor Trustee on the next following Business Day (the Business Day on which the Redemption Order is so submittedor is deemed to be received, the “"Redemption Order Date”"). The Sponsor Trustee shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor Trustee shall have no liability to any person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution Redemption Distribution (“"Redemption Distribution”") shall consist of the portion of the Net Asset Value of the Trust, determined pursuant to Section 5.01 for the Redemption Order Date, attributable to the Redemption Basket(s). In general, such distribution shall consist of (A) credit to a Participant Unallocated Account of the redeeming Participant maintained with the Custodian of the amount of Gold representing the fractional undivided interest in the Gold held by the Trust evidenced by the Redemption Baskets subject to the redeeming Participant's Redemption Order plus or minus (B) a cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount (the "Cash Redemption Amount"). The Cash Redemption Amount shall be equal to the product obtained excess (if any) of all assets of the Trust other than Gold over all accrued expenses and other liabilities, divided by multiplying (i) the number of Baskets outstanding and multiplied by the number of Redemption Baskets set forth subject to the redeeming Participant's Redemption Order. If the Cash Redemption Amount is positive, then it shall be paid in cash. If the relevant Cash Redemption Order Amount is negative, then it shall reduce the credit to the Participant's Unallocated Account, by (ii) the Net Asset Value Per Basket an amount of a Fund calculated on the Redemption Order Date. The Sponsor determinesGold equal in value, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning price of each Business Day.
(d) On the next Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after Gold determined under Section 4.01 hereof for the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the such negative Cash Redemption Order is placed) (the “Redemption Settlement Date”), if the account Amount. Fractions of the Distributor or other appropriate Fund service provider at the Depository has been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver a Fine Ounce of Gold included in the Redemption Distribution smaller than .001 Fine Ounce shall be disregarded. The Trustee will distribute any positive Cash Redemption Amount through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by .
(d) By 10:00 a.m. New York time on the close of business on such Redemption Settlement Date the Sponsor has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Sponsor will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first third Business Day following the Redemption Settlement Order Date as to the balance of the Redemption Order (such balancethird Business Day, the “Suspended "Redemption Order”Settlement Date"). If , if the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s Trustee's account at the Depository on has by such following Business Daytime been credited with the Redemption Baskets being tendered for redemption and the Trustee has by such time received the Transaction Fee, the Trustee shall deliver the Cash Redemption Amount (if any) and shall direct the Custodian to deliver Gold included in the Redemption Distribution with respect by effecting the necessary transfers of the Gold to the Suspended Redemption Order shall be paid in Participant Unallocated Account, provided, however, that the manner provided in the second preceding sentence. If by the close of business on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be Trustee is authorized to deliver pay the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable Trustee's account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor and the Trustee may, in its their sole discretion, from time to time agreeprescribe. Subject to the proviso in the preceding sentence, if the Redemption Basket is credited to Trustee's account at the Depository after 10:00 a.m. New York Time on the Redemption Settlement Date, the Redemption Distribution shall be paid, in the manner provided in the preceding sentence, on the first Business Day following the Redemption Settlement Date on which the Trustee's account at the Depository has been credited with the Redemption Basket by 10:00 a.m. New York time. Notwithstanding the foregoing, if Gold is to be delivered through a Custodian other than the Initial Custodian or in a market other than the London market, the Sponsor and Trustee are authorized to establish such other procedures, including requirements as to the time of receipt by the Trustee of the tendered Redemption Baskets, for payment of the Redemption Distribution as they shall determine appropriate.
(e) The Sponsor Trustee may, in its discretion, and will when so directed by the Sponsor, suspend the right of redemption redemption, or postpone the Redemption Settlement Date for a Fund Date, (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery delivery, disposal or Redemption Distributions evaluation of the Gold is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersBeneficial Owners. Neither the Sponsor nor its designees will be the Trustee is liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 1 contract
Samples: Trust Indenture (Equity Gold Trust)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant an Authorized Purchaser with respect to which a an Authorized Purchaser Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i4.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant Authorized Purchaser on the records of the Depository by delivering a request for redemption to the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor shall acting by itself or through the Marketing Agent may, in its sole discretion, reject any Redemption Order (i) the Sponsor determines that the Redemption Order is not in proper form (ii) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and or (iii) if circumstances outside the control of the Sponsor, the Marketing Agent or the Custodian make it for all practical purposes not feasible for the Units to be delivered under the Redemption Order. The Sponsor may also reject a redemption order if the number of units being redeemed would reduce the remaining outstanding units to 100,000 units (i.e., one basket) or less, unless the Sponsor shall have no liability has reason to any person for rejecting a Redemption Order believe that the placer of the redemption order does in such circumstancesfact possess all the outstanding units and can deliver them.
(c) Subject to deduction of any tax or other governmental charges due thereon, the The redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated on the Redemption Order Dateequivalents. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On By 3:00 PM New York time on the next third Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement DateTime”), if the Distributor’s account of the Distributor or other appropriate Fund service provider at the Depository has by the Redemption Settlement Time been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver the Redemption Distribution through the Depository to the account of the Participant Authorized Purchaser as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date the Sponsor Fund’s DTC account has not received from a redeeming Participant been credited with all of the Redemption Baskets comprising the Redemption Orderby such time, the Sponsor will (i) settle the Redemption Order redemption distribution is delivered to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance received. Any remainder of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s account at the Depository on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business redemption distribution is delivered on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of remaining whole Redemption Baskets then received and any balance if the Fund receives the fee applicable to the extension of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to Date which the Sponsor may, in its sole discretion, from time to time, determine and the remaining Redemption Baskets are credited to the Fund’s DTC account by 3:00 PM New York time agreeon such next Business Day. Any further remaining amount of the Redemption Order shall be cancelled and the Authorized Purchaser will indemnify the Trust for any losses, if any, due to such cancellation, including but not limited to the difference in the price of investments sold as a result of the Redemption Order and investments made to reflect that such Redemption Order has been cancelled.
(e) The Sponsor may, in its discretion, suspend the right of redemption or postpone the Redemption Settlement Date for a Fund (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery or of Redemption Distributions is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersUnitholders. Neither the Sponsor nor its designees will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 8.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 1 contract
Samples: Trust Agreement (United States Commodity Index Funds Trust)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser AgreementParticipant Agreement including Annex 1—Part B thereto, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser the Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant with respect to which a Authorized Purchaser Agreement is in full force and effect (as reflected on the list maintained by may telephone the Sponsor pursuant (or, at the election of the Sponsor, the Distributor or another Person to Section 3.5(a)(i)whom the Sponsor delegates such authority) may redeem to request the redemption of one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository (such request by delivering a request for redemption to Participant, a "Redemption Request"). Redemption Orders must be received by the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory on a Business Day (the "Redemption Order Date"). After placing a Redemption Order, a Participant must promptly deliver to the Sponsor (the Business Day on which the a completed and signed Redemption Order Form. Redemption Orders will only be processed from Participants with respect to which a Participant Agreement is so submitted, the “Redemption Order Date”)in full force and effect. The Sponsor will, or will cause the Distributor to, maintain and make available at the Trust's principal offices or the offices of the Administrator during normal business hours a current list of the Participants with the respect to which a Participant Agreement is in full force and efforts.
(b) The Sponsor or its designee shall have the absolute right to reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor shall have no liability to any person Person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“"Redemption Distribution”Proceeds") for each Redemption Basket shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying sum of (i) the number proceeds from the liquidation of futures positions underlying such Redemption Baskets set forth in the relevant Redemption Order by Basket plus (ii) an amount determined by the Administrator to be the excess of the allocable portion of the Trust's uninvested cash and accrued but unearned interest attributable to that Redemption Basket, over accrued but unpaid expenses attributable to that Redemption Basket.
(d) The Trust will pay the Participant an amount per Redemption Basket (the "Initial Redemption Payment Amount") equal to 95% of the end-of-day Net Asset Value Per per Redemption Basket as of a Fund calculated on the Business Day prior to the Redemption Order Date. The Sponsor determinesTrust will only pay the Initial Redemption Payment Amount if, in its sole discretion or in consultation with by 12:00 pm, New York time, on the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On the next Business Day next following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement Date”), if the Trust's DTC account of the Distributor or other appropriate Fund service provider at the Depository has been credited with the Redemption Baskets being tendered for redemption and to be redeemed. On the Sponsor has by such time received Business Day next following the Transaction FeeRedemption Order Date, the Sponsor shall deliver Trust will liquidate the EUA futures contracts attributable to the Redemption Distribution through Baskets in accordance with the Depository to procedures described in the account of the Participant as recorded on the book entry system of the DepositoryProspectus. If by the close of business on such Redemption Settlement Date the Sponsor has not received from a redeeming Participant all Redemption Baskets comprising The final settlement price for the Redemption Order, Basket shall be the Sponsor will sum of (i) settle the proceeds from the liquidation of the contracts described in the preceding sentence, plus (ii) an amount determined by the Administrator to be the excess of the allocable portion of the Trust's univested cash and accrued but unearned interest attributable to that Redemption Basket, over accrued but unpaid expenses attributable to that Redemption Basket. Any underpayment or overpayment based on the difference between the Initial Redemption Payment Amount and the final settlement price applicable to a Redemption Basket will be paid or refunded, as applicable, by 10:00 a.m. on the second Business Day after the applicable Redemption Order Date. The Participant will be notified of the final settlement price by 5:30 p.m., New York time, on the Business Day next following the Redemption Order to the extent of whole Day for each Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s account at the Depository on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor may, in its sole discretion, from time to time agreeBasket.
(e) The Sponsor may, in its discretion, suspend the right of redemption redemption, or postpone the Redemption Settlement Date for a Fund Date, (i) for any period during which the Exchange or the Fund’s Futures Listing Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery delivery, disposal or Redemption Distributions evaluation of the Trust's assets is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersLimited Owners. Neither the The Sponsor nor its designees will shall not be liable to any person Person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s 's procedures, and the Limited Shares comprising such Baskets shall no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (AirShares(TM) EU Carbon Allowances Fund)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant an Authorized Purchaser with respect to which a an Authorized Purchaser Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i4.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant Authorized Purchaser on the records of the Depository by delivering a request for redemption to the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor shall acting by itself or through the Marketing Agent may, in its sole discretion, reject any Redemption Order (i) the Sponsor determines that the Redemption Order is not in proper form (ii) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and or (iii) if circumstances outside the control of the Sponsor, the Marketing Agent or the Custodian make it for all practical purposes not feasible for the Units to be delivered under the Redemption Order. The Sponsor may also reject a redemption order if the number of units being redeemed would reduce the remaining outstanding units to 100,000 units (i.e., two baskets) or less, unless the Sponsor shall have no liability has reason to any person for rejecting a Redemption Order believe that the placer of the redemption order does in such circumstancesfact possess all the outstanding units and can deliver them.
(c) Subject to deduction of any tax or other governmental charges due thereon, the The redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated on the Redemption Order Dateequivalents. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On By 3:00 PM New York time on the next third Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement DateTime”), if the Distributor’s account of the Distributor or other appropriate Fund service provider at the Depository has by the Redemption Settlement Time been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver the Redemption Distribution through the Depository to the account of the Participant Authorized Purchaser as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date the Sponsor Fund’s DTC account has not received from a redeeming Participant been credited with all of the Redemption Baskets comprising the Redemption Orderby such time, the Sponsor will (i) settle the Redemption Order Table of Contents redemption distribution is delivered to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance received. Any remainder of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s account at the Depository on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business redemption distribution is delivered on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of remaining whole Redemption Baskets then received and any balance if the Fund receives the fee applicable to the extension of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to Date which the Sponsor may, in its sole discretion, from time to time, determine and the remaining Redemption Baskets are credited to the Fund’s DTC account by 3:00 PM New York time agreeon such next Business Day. Any further remaining amount of the Redemption Order shall be cancelled and the Authorized Purchaser will indemnify the Trust for any losses, if any, due to such cancellation, including but not limited to the difference in the price of investments sold as a result of the Redemption Order and investments made to reflect that such Redemption Order has been cancelled.
(e) The Sponsor may, in its discretion, suspend the right of redemption or postpone the Redemption Settlement Date for a Fund (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery or of Redemption Distributions is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersUnitholders. Neither the Sponsor nor its designees will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 8.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (United States Commodity Funds Trust I)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Participant Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser the Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant with respect to which a Authorized Purchaser Participant Agreement is in full force and effect (as reflected on the list maintained by the Sponsor Managing Owner pursuant to Section 3.5(a)(i3.3(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to the Sponsor or its designee Managing Owner (such request, a “Redemption Order”) in the manner specified in the procedures described specified in the attachment to the Authorized Purchaser Participant Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor Managing Owner (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor Managing Owner shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor Managing Owner shall have no liability to any person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket as of a Fund calculated the closing time of the Exchange or the last to close of the exchanges on which any of the Index Commodities is traded, whichever is later, on the Redemption Order Date. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On By noon, New York time, on the next Business Day immediately following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement DateTime”), if the Managing Owner’s account of the Distributor or other appropriate Fund service provider at the Depository has by noon, New York time, on such day been credited with the Redemption Baskets being tendered for redemption and the Sponsor Managing Owner has by such time received the Transaction Fee, then the Sponsor Managing Owner shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date Time the Sponsor Managing Owner has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Sponsor Managing Owner will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until noon, New York time, on the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the DistributorManaging Owner’s account at the Depository by noon, New York time, on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business on the next Business Day following such Redemption Settlement Date, Time the Sponsor Managing Owner has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor Managing Owner may from time to time determine, the Sponsor Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor Managing Owner may, in its sole discretion, from time to time agree.
(e) The Sponsor Managing Owner may, in its discretion, suspend the right of redemption redemption, or postpone the Redemption Settlement Date for a Fund Date: (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery delivery, disposal or Redemption Distributions evaluation of the Trust’s assets is not reasonably practicable; or (iii) for such other period as the Sponsor Managing Owner determines to be necessary for the protection of ShareholdersBeneficial Owners. Neither the Sponsor nor its designees will be The Managing Owner is not liable to any person Person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer .
(g) Baskets may not be deemed outstanding for purposes of this Trust Agreement and redeemed during the Delaware Trust StatuteInitial Offering Period.
Appears in 1 contract
Samples: Trust Agreement (GreenHaven Continuous Commodity Index Fund)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Participant Agreement, which may be amended from time to time in accordance with the provisions of the Participant Agreement (and any such Authorized Purchaser amendment will not constitute an amendment of this Trust Agreement), will govern the Trust with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant with respect to which a Participant Agreement is in full force and effect (as reflected on the list maintained by the Managing Owner pursuant to Section 3.4(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to the Managing Owner or its delegate (such request, a “Redemption Order”) in the manner specified in the Procedures specified in the attachment to the Participant Agreement, which may be amended from time to time in accordance with the provisions of the Participant Agreements (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant with respect to which a Authorized Purchaser Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor Managing Owner or its delegate (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor Managing Owner or its delegate shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor Managing Owner or its delegate shall have no liability to any person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated as of the close of the NYSE Arca Core Trading Session or the last to close of the Futures Exchanges on which the Fund’s Designated Contracts or Substitute Contracts (which are listed on futures exchanges other than the Futures Exchanges) are traded, whichever is later, on the Redemption Order Date. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On If, by the next Business Day following Settlement Time, (A) the Redemption Order Date (Managing Owner’s or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement Date”), if the it’s delegate’s account of the Distributor or other appropriate Fund service provider at the Depository has been credited with the Redemption Baskets being tendered for redemption and (B) the Sponsor Managing Owner or its delegate has by such time received the Transaction Fee, then the Sponsor Managing Owner or its delegate shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by such Settlement Time the close of business on such Redemption Settlement Date the Sponsor Managing Owner or its delegate has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Sponsor Managing Owner or its delegate will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the balance of the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”) open until 2:45 p.m., Eastern Time, on the first Business Day following the Settlement Time (the “Suspended Redemption Settlement Time”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the DistributorManaging Owner’s account at the Depository on such following Business Dayby the Suspended Redemption Settlement Time, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business on the next Business Day following Suspended Redemption Settlement DateTime, the Sponsor Managing Owner has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor Managing Owner will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor Managing Owner may from time to time determine, the Sponsor Managing Owner shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor Managing Owner may, in its sole discretion, from time to time agree.
(e) The Sponsor Managing Owner or its delegate may, in its discretion, suspend the right of redemption redemption, or postpone the Redemption Settlement Date for a Fund Time, (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery delivery, disposal or Redemption Distributions evaluation of the Trust’s assets is not reasonably practicable; or (iii) for such other period as the Sponsor Managing Owner determines to be necessary for the protection of ShareholdersBeneficial Owners. Neither the Sponsor nor The Managing Owner or its designees will be delegate is not liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (STREAM S&P Dynamic Roll Global Commodities Fund)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant with respect to which a Authorized Purchaser Participant Agreement is in full force and effect (as reflected on the list maintained by the Sponsor Trustee pursuant to Section 3.5(a)(i2.03(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository in kind by delivering a request for redemption to the Sponsor or its designee Trustee (such request, a “"Redemption Order”") in the manner specified in the procedures described in the attachment to the Authorized Purchaser Participant Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor Trustee (the Business Day on which the Redemption Order is so submitted, the “"Redemption Order Date”"). The Sponsor Trustee shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor Trustee shall have no liability to any person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution Redemption Distribution (“"Redemption Distribution”") shall consist of the portion of the Net Asset Value of the Trust, determined pursuant to Section 5.01 for the Redemption Order Date, attributable to the Redemption Basket(s). In general, such distribution shall consist of (A) credit to a Participant Unallocated Account of the redeeming Participant maintained with the Custodian of the amount of Gold representing the fractional undivided interest in the Gold held by the Trust evidenced by the Redemption Baskets subject to the redeeming Participant's Redemption Order plus or minus (B) a cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount (the "Cash Redemption Amount"). The Cash Redemption Amount shall be equal to the product obtained excess (if any) of all assets of the Trust other than Gold over all accrued expenses and other liabilities, divided by multiplying (i) the number of Baskets outstanding and multiplied by the number of Redemption Baskets set forth subject to the redeeming Participant's Redemption Order. If the Cash Redemption Amount is positive, then it shall be paid in cash. If the relevant Cash Redemption Order Amount is negative, then it shall reduce the credit to the Participant's Unallocated Account, by (ii) the Net Asset Value Per Basket an amount of a Fund calculated on the Redemption Order Date. The Sponsor determinesGold equal in value, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning price of each Business Day.
(d) On the next Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after Gold determined under Section 4.01 hereof for the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the such negative Cash Redemption Order is placed) (the “Redemption Settlement Date”), if the account Amount. Fractions of the Distributor or other appropriate Fund service provider at the Depository has been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver a Fine Ounce of Gold included in the Redemption Distribution smaller than .001 Fine Ounce shall be disregarded. The Trustee will distribute any positive Cash Redemption Amount through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by .
(d) By 10:00 a.m. New York time on the close of business on such Redemption Settlement Date the Sponsor has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Sponsor will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first third Business Day following the Redemption Settlement Order Date as to the balance of the Redemption Order (such balancethird Business Day, the “Suspended "Redemption Order”Settlement Date"). If , if the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s Trustee's account at the Depository has by 9:00 a.m. New York Time on such following Business Dayday been credited with the Redemption Baskets being tendered for redemption and the Trustee has by such time received the Transaction Fee, the Trustee shall deliver the Cash Redemption Amount (if any) and shall direct the Custodian to deliver Gold included in the Redemption Distribution with respect by effecting the necessary transfers of the Gold to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business on the next Business Day following Redemption Settlement Dateredeeming Participant's Participant Unallocated Account, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Orderprovided, the Sponsor will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoinghowever, that, when and under such conditions as the Sponsor and the Trustee may from time to time determine, the Sponsor Trustee shall be authorized to deliver pay the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable Trustee's account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor and the Trustee may, in its their sole discretion, from time to time agree. Subject to the proviso in the preceding sentence, if the Redemption Basket is credited to Trustee's account at the Depository after 9:00 a.m. New York Time on the Redemption Settlement Date, the Redemption Distribution shall be paid, in the manner provided in the preceding sentence, on the first Business Day following the Redemption Settlement Date if the Trustee's account at the Depository has been credited with the Redemption Basket by 9:00
a. m. New York time on such day and the Trustee has received such fee for the custody of the Gold included in the Redemption Distribution for the period subsequent to the Redemption Settlement Date as the Trustee may, from time to time, determine. If the Redemption Basket is not credited to the Trustee's account at the Depository by 9:00 a.m. on the first Business Day following the Redemption Settlement Date, the Redemption Order shall, as of such time, be cancelled. Notwithstanding the foregoing, if Gold is to be delivered through a Custodian other than the Initial Custodian or in a market other than the London market, the Sponsor and Trustee are authorized to establish such other procedures, including requirements as to the time of receipt by the Trustee of the tendered Redemption Baskets, for payment of the Redemption Distribution as they shall determine appropriate.
(e) The Sponsor Trustee may, in its discretion, and will when so directed by the Sponsor, suspend the right of redemption redemption, or postpone the Redemption Settlement Date for a Fund Date, (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery delivery, disposal or Redemption Distributions evaluation of the Gold is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of ShareholdersBeneficial Owners. Neither the Sponsor nor its designees will be the Trustee is liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this section or as may be otherwise provided pursuant to Section 7.1 5.03 shall be cancelled by the Trust or the applicable Fund Trustee in accordance with the Depository’s 's procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 1 contract
Samples: Trust Indenture (Equity Gold Trust)
Redemption of Redemption Baskets. The following procedures, as supplemented by the more detailed procedures specified in the attachment to the applicable Authorized Purchaser Participant Agreement, which may be amended from time to time in accordance with the provisions of such Authorized Purchaser Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement), will govern the Trust and the Funds with respect to the redemption of Redemption Baskets.
(a) On any Business Day, a Participant with respect to which a Authorized Purchaser Participant Agreement is in full force and effect (as reflected on the list maintained by the Sponsor pursuant to Section 3.5(a)(i)) may redeem one or more Redemption Baskets standing to the credit of the Participant on the records of the Depository by delivering a request for redemption to the Sponsor or its designee (such request, a “Redemption Order”) in the manner specified in the procedures described in the attachment to the Authorized Purchaser Participant Agreement, as amended from time to time in accordance with the provisions of the Authorized Purchaser Participant Agreement (and any such amendment will not constitute an amendment of this Trust Agreement).
(b) To be effective, a Redemption Order must be submitted on a Business Day by the Order Cut-Off Time in form satisfactory to the Sponsor (the Business Day on which the Redemption Order is so submitted, the “Redemption Order Date”). The Sponsor shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Sponsor shall have no liability to any person for rejecting a Redemption Order in such circumstances.
(c) Subject to deduction of any tax or other governmental charges due thereon, the redemption distribution (“Redemption Distribution”) shall consist of cash or a combination of United States Treasury securities, cash and/or cash equivalents or other securities or property in an amount equal to the product obtained by multiplying (i) the number of Redemption Baskets set forth in the relevant Redemption Order by (ii) the Net Asset Value Per Basket of a Fund calculated on the Redemption Order Date. The Sponsor determines, in its sole discretion or in consultation with the Administrator, the requirements for securities and/or property that may be included in Redemption Distributions and publishes, or its agent publishes on its behalf, such requirements at the beginning of each Business Day.
(d) On the next Business Day following the Redemption Order Date (or on such later Business Day, not to exceed three Business Days after the Redemption Order Date, as agreed to between the Participant and the Sponsor or its designee when the Redemption Order is placed) (the “Redemption Settlement Date”), if the Distributor’s account of the Distributor or other appropriate Fund service provider at the Depository has been credited with the Redemption Baskets being tendered for redemption and the Sponsor has by such time received the Transaction Fee, the Sponsor shall deliver the Redemption Distribution through the Depository to the account of the Participant as recorded on the book entry system of the Depository. If by the close of business on such Redemption Settlement Date the Sponsor has not received from a redeeming Participant all Redemption Baskets comprising the Redemption Order, the Sponsor will (i) settle the Redemption Order to the extent of whole Redemption Baskets received from the Participant with the Transaction Fee and (ii) keep the redeeming Participant’s Redemption Order open until the first Business Day following the Redemption Settlement Date as to the balance of the Redemption Order (such balance, the “Suspended Redemption Order”). If the Redemption Basket(s) comprising the Suspended Redemption Order are credited to the Distributor’s account at the Depository on such following Business Day, the Redemption Distribution with respect to the Suspended Redemption Order shall be paid in the manner provided in the second preceding sentence. If by the close of business on the next Business Day following Redemption Settlement Date, the Sponsor has not received from the redeeming Participant all Redemption Baskets comprising the Suspended Redemption Order, the Sponsor will settle the Suspended Redemption Order to the extent of whole Redemption Baskets then received and any balance of the Suspended Redemption will be cancelled. Notwithstanding the foregoing, when and under such conditions as the Sponsor may from time to time determine, the Sponsor shall be authorized to deliver the Redemption Distribution notwithstanding that a Redemption Basket has not been credited to the Trust’s or the applicable account at the Depository if the Participant has collateralized its obligation to deliver the Redemption Basket on such terms as to which the Sponsor may, in its sole discretion, from time to time agree.
(e) The Sponsor may, in its discretion, suspend the right of redemption or postpone the Redemption Settlement Date for a Fund (i) for any period during which the Exchange or the Fund’s Futures Exchange is closed other than customary weekend or holiday closings, or trading on the Exchange or the Fund’s Futures Exchange is suspended or restricted; (ii) for any period during which an emergency exists as a result of which delivery or Redemption Distributions is not reasonably practicable; or (iii) for such other period as the Sponsor determines to be necessary for the protection of Shareholders. Neither the Sponsor nor its designees will be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement.
(f) Redemption Baskets effectively redeemed pursuant to the provisions of this Section 7.1 shall be cancelled by the Trust or the applicable Fund in accordance with the Depository’s procedures, and no longer be deemed outstanding for purposes of this Trust Agreement and the Delaware Trust Statute.
Appears in 1 contract
Samples: Declaration of Trust and Trust Agreement (Teucrium Commodity Trust)
