Representations and Warranties of the Trust and the Managing Owner. The Managing Owner hereby represents and warrants (on its own behalf and on behalf of the Trust, as applicable) to the Advisor that:
Representations and Warranties of the Trust and the Managing Owner. The Managing Owner hereby represents and warrants (on its own behalf and on behalf of the Trust, as applicable) to the Advisor that: a. On the date hereof the Trust is, and at all times during the term of this Agreement and the Advisory Agreement will be, a duly formed and validly existing business trust in good standing under the laws of the State of Delaware, and at all times during the term of this Agreement and the Advisory Agreement will be in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualifications and the failure to be so qualified materially adversely would affect its ability to perform its obligations under this Agreement and the Advisory Agreement and to operate as described in the Prospectus, and the Managing Owner is, and at all times during the term of this Agreement and the Advisory Agreement will be, a duly formed and validly existing corporation in good standing under the laws of the State of Delaware, and is, and at all times during the term of this Agreement and the Advisory Agreement will be, in good standing and qualified to do business as a foreign corporation in the State of New York and each other jurisdiction in which the nature or conduct of its business requires such qualifications and the failure to be so qualified materially adversely would affect its ability to act as Managing Owner of the Trust and perform its
