Common use of Role of Authorized Participant Clause in Contracts

Role of Authorized Participant. (a) The Authorized Participant acknowledges that, for all purposes of this Agreement and each Trust Agreement, the Authorized Participant is and shall be deemed to be an independent contractor, and not an employee, director, officer, constituent partner, manager, member or affiliate of any Trust. The Authorized Participant has no authority to represent that it or any person affiliated with it is anything other than an independent contractor of each Trust, and such representation, if made, shall not bind any Trust or any affiliate thereof, and must not be relied upon by any person. The Authorized Participant, in its capacity as Authorized Participant, agrees that neither it nor any of its affiliates is authorized to make any representation concerning any Trust. (b) The Authorized Participant shall make itself and its employees available, upon request, during normal business hours to consult with the Sponsor or its designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (c) The Authorized Participant acknowledges that each submission of a Creation Order by the Authorized Participant shall be deemed to bring down the representations made in Section 2 above to such date. (d) The Authorized Participant acknowledges that it has obtained a copy of each Trust’s Memorandum.

Role of Authorized Participant. (a) The Authorized Participant acknowledges that, for all purposes of this Agreement and each Trust the LLC Agreement, the Authorized Participant is and shall be deemed to be an independent contractor, contractor and not an employee, director, officer, constituent partner, manager, member or affiliate of any Trustthe Fund. The Authorized Participant has no authority to represent that it or any person affiliated with it is anything other than an independent contractor of each Trustthe Fund, and such representation, if made, shall not bind any Trust the Fund or any affiliate thereof, and must not be relied upon by any person. The Authorized Participant, in its capacity as Authorized Participant, agrees that neither it nor any of its affiliates is authorized to make any representation concerning any Trustthe Fund. (b) The Authorized Participant shall make itself and its employees available, upon request, during normal business hours to consult with the Sponsor Manager or its designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (c) The Authorized Participant acknowledges that each submission of a Creation Order by the Authorized Participant shall be deemed to bring down the representations made in Section 2 above to such date. (d) The Authorized Participant acknowledges that it has obtained a copy of each Trustthe Fund’s Memorandum.

Role of Authorized Participant. (a) The Authorized Participant acknowledges that, for all purposes of this Agreement and each Trust LLC Agreement, the Authorized Participant is and shall be deemed to be an independent contractor, contractor and not an employee, director, officer, constituent partner, manager, member or affiliate of any TrustFund. The Authorized Participant has no authority to represent that it or any person affiliated with it is anything other than an independent contractor of each TrustFund, and such representation, if made, shall not bind any Trust Fund or any affiliate thereof, and must not be relied upon by any person. The Authorized Participant, in its capacity as Authorized Participant, agrees that neither it nor any of its affiliates is authorized to make any representation concerning any TrustFund. (b) The Authorized Participant shall make itself and its employees available, upon request, during normal business hours to consult with the Sponsor Manager or its designees concerning the performance of the Authorized Participant’s responsibilities under this Agreement. (c) The Authorized Participant acknowledges that each submission of a Creation Order by the Authorized Participant shall be deemed to bring down the representations made in Section 2 above to such date. (d) The Authorized Participant acknowledges that it has obtained a copy of each TrustFund’s Memorandum.