Common use of Term; Resignation Clause in Contracts

Term; Resignation. The parties confirm that Wilmington Trust Company has been appointed to serve as the Trustee of the Trust and has accepted such appointment. The Trust shall have only one trustee unless otherwise determined by the Manager. The Trustee shall serve until such time as the Manager removes the Trustee or the Trustee resigns and a successor Trustee is appointed in accordance with the terms of Sections 2.1(b) or 2.5 hereof. — The Trustee may resign at any time upon the giving of at least sixty (60) days advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Manager in accordance with Section 2.5 hereof or by the Court of Chancery of the State of Delaware in accordance with this Section 2.1(b). If the Manager does not act within such sixty (60) day period, the Trustee may apply to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. — Powers. Except to the extent otherwise expressly set forth in Section 1.3 hereof and this Article II, all right, power, authority and duty to manage the business and affairs of the Trust and each Series is hereby vested in the Manager. The Trustee shall have only the rights, obligations and liabilities specifically provided for herein and in the Business Trust Statute, but the Trustee shall have no duty whatsoever to supervise or monitor the Manager or the management of the Trust or any Series by the Manager and shall have no implied rights, obligations and liabilities with respect to the business and affairs of the Trust or any Series. The Trustee shall have the power and authority to execute, deliver, acknowledge and file all necessary documents as required by the Business Trust Statute. The Trustee shall provide prompt notice to the Manager of its performance of any of the foregoing. The Manager shall keep the Trustee reasonably informed of any actions taken by the Manager with respect to the Trust or any Series that affect the rights, obligations or liabilities of the Trustee hereunder or under the Business Trust Statute.

Term; Resignation. The parties confirm that Wilmington (a) CSC Trust Company of Delaware has been appointed and hereby agrees to serve as the Trustee of the Trust and has accepted such appointmentMaster Fund. The Trust Master Fund shall have only one trustee Trustee unless otherwise determined by the ManagerManaging Owner. The Trustee shall serve until such time as the Manager Managing Owner removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Owner in accordance with the terms of Sections 2.1(b) or Section 2.5 hereof. — The trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement of Section 3807(a) of the Delaware Statutory Trust Act that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Managing Owner. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Trustee is required to execute under Section 3811 of the Delaware Statutory Trust Act, and (iii) any other duties specifically allocated to the Trustee in the Trust Agreement. To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or the Beneficial Owners, it is hereby understood and agreed by the other parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Trustee expressly set forth in this Agreement. (b) The Trustee may resign at any time upon the giving of at least sixty (60) days days’ advance written notice to the TrustMaster Fund; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Manager Managing Owner in accordance with Section 2.5 hereof or by the Court of Chancery of the State of Delaware in accordance with this Section 2.1(b)hereof. If the Manager Managing Owner does not act within such sixty (60) day period, then the Trustee may apply apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. — Powers. Except to the extent otherwise expressly set forth in Section 1.3 hereof and this Article II, all right, power, authority and duty to manage the business and affairs of the Trust and each Series is hereby vested in the Manager. The Trustee shall have only the rights, obligations and liabilities specifically provided for herein and in the Business Trust Statute, but the Trustee shall have no duty whatsoever to supervise or monitor the Manager or the management of the Trust or any Series by the Manager and shall have no implied rights, obligations and liabilities with respect to the business and affairs of the Trust or any Series. The Trustee shall have the power and authority to execute, deliver, acknowledge and file all necessary documents as required by the Business Trust Statute. The Trustee shall provide prompt notice to the Manager of its performance of any of the foregoing. The Manager shall keep the Trustee reasonably informed of any actions taken by the Manager with respect to the Trust or any Series that affect the rights, obligations or liabilities of the Trustee hereunder or under the Business Trust Statute.

Term; Resignation. The parties confirm that Wilmington Trust Company has been appointed to serve as the Trustee of the Trust and has accepted such appointment. The Trust shall have only one trustee unless otherwise determined by the Manager. The Trustee shall serve until such time as the Manager removes the Trustee or the Trustee resigns and a successor Trustee is appointed in accordance with the terms of Sections 2.1(b) or 2.5 hereof. — · The Trustee may resign at any time upon the giving of at least sixty (60) days advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Manager in accordance with Section 2.5 hereof or by the Court of Chancery of the State of Delaware in accordance with this Section 2.1(b). If the Manager does not act within such sixty (60) day period, the Trustee may apply to the Court of Chancery of the State of Delaware for Delawarefor the appointment of a successor Trustee. — · Powers. Except to the extent otherwise expressly set forth in Section 1.3 hereof and this Article II, all right, power, authority and duty to manage the business and affairs of the Trust and each Series is hereby vested in the Manager. The Trustee shall have only the rights, obligations and liabilities specifically provided for herein and in the Business Trust Statute, but the Trustee shall have no duty whatsoever to supervise or monitor the Manager or the management of the Trust or any Series by the Manager and shall have no implied rights, obligations and liabilities with respect to the business and affairs of the Trust or any Series. The Trustee shall have the power and authority to execute, deliver, acknowledge and file all necessary documents as required by the Business Trust Statute. The Trustee shall provide prompt notice to the Manager of its performance of any of the foregoing. The Manager shall keep the Trustee reasonably informed of any actions taken by the Manager with respect to the Trust or any Series that affect the rights, obligations or liabilities of the Trustee hereunder or under the Business Trust Statute.

Term; Resignation. The parties confirm that Wilmington (a) CSC Trust Company of Delaware has been appointed and hereby agrees to serve as the Trustee of the Trust and has accepted such appointmentTrust. The Trust shall have only one trustee unless otherwise determined by the ManagerManaging Owner. The Trustee shall serve until such time as the Manager Managing Owner removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Owner in accordance with the terms of Sections 2.1(b) or Section 2.5 hereof. — The trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement of Section 3807(a) of the Delaware Statutory Trust Act that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Managing Owner. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Trustee is required to execute under Section 3811 of the Delaware Statutory Trust Act, and (iii) any other duties specifically allocated to the Trustee in the Trust Agreement. To the extent that, at law or in equity, the Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Trust or the Beneficial Owners, it is hereby understood and agreed by the other parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Trustee expressly set forth in this Agreement. (b) The Trustee may resign at any time upon the giving of at least sixty (60) days days’ advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Manager Managing Owner in accordance with Section 2.5 hereof or by the Court of Chancery of the State of Delaware in accordance with this Section 2.1(b)hereof. If the Manager Managing Owner does not act within such sixty (60) day period, the Trustee may apply apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. — Powers. Except to the extent otherwise expressly set forth in Section 1.3 hereof and this Article II, all right, power, authority and duty to manage the business and affairs of the Trust and each Series is hereby vested in the Manager. The Trustee shall have only the rights, obligations and liabilities specifically provided for herein and in the Business Trust Statute, but the Trustee shall have no duty whatsoever to supervise or monitor the Manager or the management of the Trust or any Series by the Manager and shall have no implied rights, obligations and liabilities with respect to the business and affairs of the Trust or any Series. The Trustee shall have the power and authority to execute, deliver, acknowledge and file all necessary documents as required by the Business Trust Statute. The Trustee shall provide prompt notice to the Manager of its performance of any of the foregoing. The Manager shall keep the Trustee reasonably informed of any actions taken by the Manager with respect to the Trust or any Series that affect the rights, obligations or liabilities of the Trustee hereunder or under the Business Trust Statute.