Common use of Reliance on Procedures Clause in Contracts

Reliance on Procedures. Unitholders will not be entitled to have Units registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form. Accordingly, to exercise any rights of a holder of Units under the Trust Agreement, a Unitholder must rely on the procedures of the Depository and, if such Unitholder is not a DTC Participant, on the procedures of each DTC Participant or Indirect Participant through which such Unitholder holds its interests. The Trust and the Sponsor understand that under existing industry practice, if the Trust or any Fund requests any action of a Unitholder, or a Unitholder desires to take any action that the Depository or its nominee, as the record owner of all outstanding Units of each Fund, is entitled to take, (1) in the case of a Trust request, the Depository will notify the DTC Participants regarding such request, such DTC Participants will in turn notify each Indirect Participant holding Units through it, with each successive Indirect Participant continuing to notify each person holding Units through it until the request has reached the Unitholder, and (2) in the case of a request or authorization to act being sought or given by a Unitholder, such request or authorization is given by such Unitholder and relayed back to the Trust or such Fund through each Indirect Participant and DTC Participant through which the Unitholder’s interest in the Units is held.

Reliance on Procedures. Unitholders will not be entitled to have Units units registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form. Accordingly, to exercise any rights of a holder of Units units under the Trust Agreement, a Unitholder unitholder must rely on the procedures of the Depository and, if such Unitholder unitholder is not a DTC Participant, on the procedures of each DTC Participant or Indirect Participant through which such Unitholder unitholder holds its interests. The Trust and the Sponsor understand that under existing industry practice, if the Trust or any Fund requests any action of a Unitholderunitholder, or a Unitholder unitholder desires to take any action that the Depository or its nominee, as the record owner of all outstanding Units units of each Fund, is entitled to take, (1) in the case of a Trust request, the Depository will notify the DTC Participants regarding such request, such DTC Participants will in turn notify each Indirect Participant holding Units units through it, with each successive Indirect Participant continuing to notify each person holding Units units through it until the request has reached the Unitholderunitholder, and (2) in the case of a request or authorization to act being sought or given by a Unitholderunitholder, such request or authorization is given by such Unitholder unitholder and relayed back to the Trust or such Fund through each Indirect Participant and DTC Participant through which the Unitholderunitholder’s interest in the Units units is held.