Common use of Trustee; Eligibility Clause in Contracts

Trustee; Eligibility. (a) The Trustee hereunder shall at all times: (i) be a bank, a trust company or a corporation organized and doing business under the laws of the United States of America or any state thereof, authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority, (ii) have a combined capital and surplus of at least $15,000,000, (iii) maintain any credit or deposit rating required by nationally recognized rating organizations (as of the date hereof "A-1" for Standard & Poor's Rating Service or "P-1" for Xxxxx'x Investors Service, Inc.) and (iv) hold the position of both the Trustee and the Up-MACRO Holding Trustee. If such bank, trust company or corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 5.1, the combined capital and surplus of such bank, trust company or corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. (b) If at any time the Trustee ceases to be eligible to so act under Section 5.1(a), the Trustee shall immediately resign in the manner and with the effect set forth in Section 5.2. (c) If the Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Depositor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. (d) The initial Trustee shall be Investors Bank & Trust Company. Such Trustee shall not be entitled to receive a fee for serving as Trustee under this Trust Agreement and acknowledges that it has received good and valuable consideration for its services pursuant to and in connection with the Up-MACRO Holding Trust Agreement and that its services hereunder are integral and connected to its services performed under the Up-MACRO Holding Trust Agreement. (e) In accepting the trust hereby created, the Trustee agrees to act solely as trustee hereunder and not in its individual capacity, except as expressly provided herein and in the other documents to which the Trust is a party. (f) All Persons having any claim against the Trustee in its capacity as such by reason of the transactions contemplated by the documents to which the Trust is a party shall look only to the Trust Property (or a part thereof, as the case may be) and not to the Trustee in its individual capacity. Without limiting the generality of the foregoing, the Trustee in its capacity as such or individually shall not be responsible or liable for or in respect of the validity or sufficiency of this Trust Agreement or for the due execution hereof by the Depositor, or for the form, character, genuineness, sufficiency, value, or validity of the Trust Property.

Trustee; Eligibility. (a) The Trustee hereunder shall at all times: (i) be a bank, a trust company or a corporation organized and doing business under the laws of the United States of America or any state thereof, authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority, (ii) have a combined capital and surplus of at least $15,000,000, 15,000,000 and (iii) maintain any credit or deposit rating required by nationally recognized rating organizations (as of the date hereof "A-1" for Standard & Poor's Rating Service or "P-1" for Xxxxx'x Investors Service, Inc.) and (iv) hold the position of both the Trustee and the Up-MACRO Holding Trustee). If such bank, trust company or corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 5.1, the combined capital and surplus of such bank, trust company or corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. (ba) If at any time the Trustee ceases to be eligible to so act under Section 5.1(a), the Trustee shall immediately resign in the manner and with the effect set forth in Section 5.25.2(b). (cb) If the Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Depositor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. (dc) The initial Trustee shall be Investors Bank & Trust Company[ ]. Such Trustee shall not be entitled to receive a fee for serving as Trustee under this Trust Agreement and acknowledges that it has received good and valuable consideration for its services pursuant to and in connection with the UpDown-MACRO Holding Trust Agreement and that its services hereunder are integral and connected to its services performed under the UpDown-MACRO Holding Trust Agreement. (ed) In accepting the trust hereby created, the Trustee agrees to act solely as trustee hereunder and not in its individual capacity, except as expressly provided herein and in the other documents to which the Trust is a party. (fe) All Persons having any claim against the Trustee in its capacity as such by reason of the transactions contemplated by the documents to which the Trust is a party shall look only to the Trust Property (or a part thereof, as the case may be) and not to the Trustee in its individual capacity. Without limiting the generality of the foregoing, the Trustee in its capacity as such or individually shall not be responsible or liable for or in respect of the validity or sufficiency of this Trust Agreement or for the due execution hereof by the Depositor, or for the form, character, genuineness, sufficiency, value, or validity of the Trust Property.

Trustee; Eligibility. (a) The Trustee hereunder shall at all times: (i) be a bank, a trust company or a corporation organized and doing business under the laws of the United States of America or any state thereof, authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority, (ii) have a combined capital and surplus of at least $15,000,000, (iii) maintain any credit or deposit rating required by nationally recognized rating organizations (as of the date hereof "A-1" for Standard & Poor's Rating Service or "P-1" for Xxxxx'x Moody's Investors Service, Inc.) and (iv) hold the position of both the Trustee thx Xxxxxee and the UpDown-MACRO Holding Trustee. If such bank, trust company or corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section 5.1, the combined capital and surplus of such bank, trust company or corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. (b) If at any time the Trustee ceases to be eligible to so act under Section 5.1(a), the Trustee shall immediately resign in the manner and with the effect set forth in Section 5.2. (c) If the Trustee has or shall acquire any "conflicting interest" within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and the Depositor shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. (d) The initial Trustee shall be Investors Bank & Trust Company. Such Trustee shall not be entitled to receive a fee for serving as Trustee under this Trust Agreement and acknowledges that it has received good and valuable consideration for its services pursuant to and in connection with the UpDown-MACRO Holding Trust Agreement and that its services hereunder are integral and connected to its services performed under the UpDown-MACRO Holding Trust Agreement. (e) In accepting the trust hereby created, the Trustee agrees to act solely as trustee hereunder and not in its individual capacity, except as expressly provided herein and in the other documents to which the Trust is a party. (f) All Persons having any claim against the Trustee in its capacity as such by reason of the transactions contemplated by the documents to which the Trust is a party shall look only to the Trust Property (or a part thereof, as the case may be) and not to the Trustee in its individual capacity. Without limiting the generality of the foregoing, the Trustee in its capacity as such or individually shall not be responsible or liable for or in respect of the validity or sufficiency of this Trust Agreement or for the due execution hereof by the Depositor, or for the form, character, genuineness, sufficiency, value, or validity of the Trust Property.