Common use of Representations and Warranties of the Managing Owner Clause in Contracts

Representations and Warranties of the Managing Owner. The Managing Owner represents and warrants to the Service Provider that: A. Each of the Managing Owner and the Trusts has obtained and possesses all required governmental, regulatory and commodity exchange approvals and licenses and that each has effected all filings and registrations required in order to enter into and perform this Agreement, to conduct its business generally and to perform its obligations described hereunder and as described in the Prospectus. B. Each of the Managing Owner and the Trusts will maintain such approvals, licenses, filings and registrations throughout the term of this Agreement and shall notify the Service Provider immediately of any material change in such approvals, licenses, filings or registrations. C. Each of the Managing Owner and the Trusts has complied with all laws, rules and regulations applicable to its business, including rules and regulations promulgated by the CFTC and NFA, the violation of which would materially and adversely affect their respective business, financial condition or earnings. D. There are no actions, suits or proceedings pending or, to the best of the Managing Owner’s knowledge, threatened against the Managing Owner or any Trust at law or in equity or before or by any Federal, state, municipal or other governmental or regulatory department, commission, board, bureau, agency or instrumentality, or by any commodity or security exchange worldwide in which an adverse decision would materially and adversely affect the ability of the Managing Owner or any Trust to comply with and perform their respective obligations under this Agreement or any Prospectus. E. This Agreement has been duly and validly authorized, executed and delivered and is a valid and binding agreement, enforceable against the Managing Owner and each Trust in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, moratorium, insolvency or other laws now or hereafter enacted affecting the enforcement of creditors’ rights generally and by legal and equitable restrictions on the availability of equitable remedies, including specific performance. F. Neither the Managing Owner nor any Trust will use the Service Provider’s name in any documents or correspondence in connection with any Trust without the express written consent of the Service Provider, which consent shall not be unreasonably withheld. The representations and warranties contained in this Section 3 shall continue during the term of this Agreement, and, if at any time any event has occurred which would make or tend to make any of the foregoing not true, the Managing Owner will promptly notify the Service Provider in writing of such event.