Common use of REJECTING OR SUSPENDING PURCHASE ORDERS Clause in Contracts

REJECTING OR SUSPENDING PURCHASE ORDERS. The Trust or the Marketing Agent reserve the absolute right to reject acceptance of a Purchase Order if (i) due to position limits or otherwise, investment alternatives that will enable the Fund to meet its investment objective are not available or practicable at that time; (ii) the order is not in proper form as determined by the Trust, the BNYM ETF Administrator or the Marketing Agent; (iii) acceptance of the Creation Basket Deposit would have certain adverse tax consequences to the Fund or its Shareholders; (iv) the acceptance of the Portfolio Deposit would, in the opinion of counsel, be unlawful; or (v) circumstances outside the control of Trust, the Marketing Agent or the Transfer Agent make it for all practical purposes not feasible to process a Purchase Order. The Marketing Agent shall notify the AP of a rejection or revocation of any Purchase Order. The Marketing Agent is under no duty, however, to give notification of any specific defects or irregularities in the delivery of the Creation Basket Deposit nor shall the Marketing Agent or the Trust incur any liability for the failure to give any such notification. The Trust and Marketing Agent may not revoke a previously accepted Purchase Order, as defined in Section 2 of this Part. The Trust acknowledges its agreement to return to the AP or any party for which it is acting any dividend, distribution or other corporate action paid to the Trust in respect of any Deposit Security that is transferred to Trust that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the AP or any party for which it is acting.