Common use of Status of Participant Clause in Contracts

Status of Participant. The Participant hereby represents, covenants and warrants that (i) with respect to orders for the creation or redemption of Creation Units by means of the Clearing Process, it is a member of NSCC and a participant in the CNS System of NSCC (as defined in the Prospectus, a "Participating Party"); and (ii) with respect to orders for the creation or redemption of Creation Units outside the Clearing Process, it is a DTC Participant (as defined in the Prospectus, a "DTC Participant"). The Participant may place orders for the creation or redemption of Creation Units either through the Clearing Process or outside the Clearing Process, subject to the procedures for creation and redemption referred to in paragraph 2 of this Agreement ("Execution of Orders"). Any change in the foregoing status of Participant shall terminate this Agreement and Participant shall give notice to the Distributor, Transfer Agent and the Trust of such change.

Status of Participant. The Participant hereby represents, covenants and warrants that (i) with respect to orders for FOR the creation or redemption of Creation Units by means of OF the Clearing Process, it is a member of NSCC and a participant in the CNS System of NSCC (as defined in the Prospectus, a "Participating Party"); and (ii) with respect to orders for the creation or OR redemption of Creation Units outside the Clearing Process, it is a DTC Participant (as defined in the Prospectus, a "DTC OTC Participant"). ) The Participant may place orders for the creation or redemption of Creation Units either through the Clearing Process or outside the Clearing Process, subject to the procedures for creation and redemption referred to in paragraph 2 of this Agreement ("Execution of Orders"). Any change in the foregoing status of Participant shall terminate this Agreement and Participant shall give notice to the Distributor, Transfer Agent and the Trust of such change.

Status of Participant. The Participant hereby represents, covenants and warrants that (i) with respect to orders for the creation or redemption of Creation Units by means of the Trust Clearing Process, it is a member of NSCC and a participant in the CNS System of NSCC (as defined in the Trust Prospectus, a "“Participating Party"”); and (ii) with respect to orders for the creation or redemption of Creation Units outside the Trust Clearing Process, it is a DTC Participant (as defined in the Trust Prospectus, a "“DTC Participant"”). The Participant may place orders for the creation or redemption of Creation Units either through the Trust Clearing Process or outside the Trust Clearing Process, subject to the procedures for creation and redemption referred to in paragraph 2 of this Agreement ("“Execution of Orders")”) and the procedures described in Annex I hereto. Any change in the foregoing status of the Participant shall terminate this Agreement Agreement, and the Participant shall give immediate notice to the Distributor, Transfer Agent Distributor and the Trust Trustee of such change.