Common use of The Depository Clause in Contracts

The Depository. The Depository has advised the Trust and the Manager as follows: The Depository is a limited-purpose trust company organized under the laws of the State of New York, a member of the U.S. Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code and a “clearing agency” registered pursuant to the provisions of Section 17A of the Exchange Act. The Depository was created to hold securities of its participants (the “DTC Participants”) and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own the Depository. Access to the Depository’s system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (“Indirect Participants”).

The Depository. The Depository has advised the Trust and the Manager Sponsor as follows: The Depository is a limited-limited purpose trust company organized under the laws of the State of New York, a member of the U.S. Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code Code, and a “clearing agency” registered pursuant to the provisions of Section section 17A of the Securities Exchange ActAct of 1934, as amended. The Depository was created to hold securities of its participants (the each a “DTC ParticipantsParticipant”) and to facilitate the clearance and settlement of transactions in such securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participantschanges, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own the Depository. Access to the Depository’s system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (each an “Indirect ParticipantsParticipant”).