Discretionary Assets definition

Discretionary Assets means (i) securities that, if distributed, would be required to be registered under the Securities Act of 1933, as amended; (ii) securities issued by entities in countries that (A) restrict or prohibit the holding of securities by non-nationals other than through qualified investment vehicles, or (B) permit transfers of ownership of securities to be effected only by transactions conducted on a local stock exchange; and (iii) any assets that, although they may be liquid and marketable, must be traded through the marketplace or with the counterparty to the transaction in order to effect a change in beneficial ownership."

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Discretionary Assets means (i) securities that, if distributed, would be required to be registered under the Securities Act of 1933, as amended; (ii) securities issued by entities in countries that (A) restrict or prohibit the holding of securities by non-nationals other than through qualified investment vehicles, or (B) permit transfers of ownership of securities to be effected only by transactions conducted on a local stock exchange; and (iii) any assets that, although they may be liquid and marketable, must be traded through the marketplace or with the counterparty to the transaction in order to effect a change in beneficial ownership. Notwithstanding anything to the contrary in the Standard Terms and Conditions of Trust, if a Trust has not elected to be treated as a "regulated investment company" as defined in the United States Internal Revenue Code of 1986, as amended, no Unitholder may elect to have Units redeemed through an In Kind Distribution within thirty (30) days of any Trust termination."

Discretionary Assets shall have the meaning assigned to it in Section 6.02.” 23. Section 2.01(a) of the Standard Terms and Conditions of Trust is replaced in its entirety with the following: (a) The Depositor, on the date of the Trust Agreement, has deposited with the Trustee in trust the Securities listed in the Schedules attached to the Trust Agreement in bearer form or duly endorsed in blank or accompanied by all necessary instruments of assignment and transfer in proper form to be held, managed and applied by the Trustee as herein provided. The Depositor shall deliver the Contract Securities within 90 days after execution and delivery of the Trust Agreement, or if the contract to buy such Contract Security between the Depositor and seller is terminated by the seller thereof for any reason beyond the control of the Depositor, the Depositor shall forthwith take the remedial action specified in Section 3.14.” 24. The second paragraph of Section 2.01(b) of the Standard Terms and Conditions of Trust is replaced in its entirety with the following: “The Depositor, in each case, shall ensure that each deposit of additional Securities pursuant to this Section shall be, as nearly as is practicable, in the identical ratio as the Percentage Ratio for such Securities. The Depositor shall deliver the additional Securities which were not delivered concurrently with the deposit of additional Securities and which were represented by Contract Securities within 10 calendar days after such deposit of additional Securities (the "Additional Securities Delivery Period"). If a contract to buy such Securities between the Depositor and seller is terminated by the seller thereof for any reason beyond the control of the Depositor or if for any other reason the Securities are not delivered to the Trust by the end of the Additional Securities Delivery Period for such deposit, the Trustee shall immediately draw on the Letter of Credit, if any, in its entirety, apply the moneys in accordance with Section 2.01(d), and the Depositor shall forthwith take the remedial action specified in Section 3.14. If the Depositor does not take the action specified in Section 3.14 within 10 calendar days of the end of the Additional Securities Delivery Period, the Trustee shall forthwith take the action specified in Section 3.14.” 25. Section 2.01(d) of the Standard Terms and Conditions of Trust is replaced in its entirety with the following:

Examples of Discretionary Assets in a sentence

• Adviser shall have complete discretion to supervise and manage the investment of the Discretionary Assets in the Account(s) and make all investment decisions for the Account(s) consistent with the investment objectives of Client set forth in Client’s Investment Policy Statement(s) to be signed by Adviser and Client, or similar written documentation agreed upon by Adviser and Client, without any necessity for approval of Client before implementing investment decisions.

• The Investment Advisory Services provided to Client could potentially include the due diligence, investment of Client’s Discretionary Assets in and monitoring of private investment funds and/or investment management programs, or external managers of separately managed accounts (collectively referred to as “External Managers”).

• Adviser shall establish such account(s) in the name of Client as are necessary to manage Client’s Discretionary Assets and any additions, incomes, receipts, and disbursements in connection therewith (the “Account(s)”).

• Unless otherwise expressly communicated to Client by Adviser in writing, Client retains the right and the obligation to vote any proxies relating to Discretionary Assets and/or Non-Discretionary Assets, as applicable, and shall receive from Adviser’s clearing agent copies, electronic or otherwise, of all voting and proxy materials with respect thereto.

• Assets Under Advisement (including Discretionary Assets and Non-Discretionary Assets) Annual Fee for Investment Advisory Services2 All Assets Under Advisement .35% 1 In the event a quarter-end valuation is unavailable for certain asset(s), Adviser will use the most recent value known to Adviser with respect to such asset(s).

• Client further authorizes Adviser to provide CCC with the Account and other client information necessary for CCC to provide such services, including information regarding Client’s Discretionary Assets, and such Non- Discretionary Assets for which Adviser has transaction history in its portfolio accounting system.

• Client hereby appoints Adviser, and Adviser accepts appointment, as the agent and attorney-in-fact of Client to act on Client’s behalf and in Client’s name to effect the transactions described in this Agreement with respect to the Discretionary Assets.

• You appoint us your attorney-in-fact and grant us limited power-of-attorney (coupled with an interest) with non-discretionary trading authority, as appropriate and where authorized, over Accounts to buy, sell and otherwise effect investment transactions related to the specified Non- Discretionary Assets.

More Definitions of Discretionary Assets

Discretionary Assets means those assets in which the trust

Discretionary Assets shall have the meaning assigned to it in Section 6.02.

Discretionary Assets means (a) securities that, if distributed, would be required to be registered under the Securities Act of 1933, as amended; (b) securities issued by entities in countries that (1) restrict or prohibit the holding of securities by non-nationals other than through qualified investment vehicles, or (2) permit transfers of ownership of securities to be effected only by transactions conducted on a local stock exchange; and (c) any assets that, although they may be liquid and marketable, must be traded through the marketplace or with the counterparty to the transaction in order to effect a change in beneficial ownership. Notwithstanding anything to the contrary herein, no Unitholder of a Grantor Trust may elect to have Units redeemed through an In Kind Distribution within thirty (30) days of the termination of such Trust. Furthermore, In Kind Distributions may be suspended at the discretion of the Depositor upon sixty (60) days’ written notice to a Trust’s Unitholders.

Discretionary Assets are assets over which Client has granted Adviser a limited power of attorney. “Non-Discretionary Assets” are assets over which Client has not granted Adviser a limited power of attorney but may be part of Adviser’s assessment and are included in the Investment Advisory Fee (unless such fee is waived by Adviser) (together with the Discretionary Assets, the “Assets Under Advisement”). Financial Planning Services (as defined below) may be provided when Adviser and Client mutually agree that financial planning services are desirable and would be helpful to Client. “Financial Planning Services” may encompass one or more areas of need based on Client’s particular circumstances, including, but not limited to, retirement planning, tax planning, estate and estate tax planning, philanthropic planning, educational funding planning, cash flow and asset/liability analysis, and risk management analysis. Because the Financial Planning Services will be based on the information that Client provides to Adviser, Adviser relies on Client to provide Adviser with complete and accurate information that Adviser does not independently verify. Client agrees to provide copies of any financial documents that Adviser may reasonably request as necessary to provide any Financial Planning Services and to inform Adviser promptly of any changes in the information Client has provided to Adviser or in Client’s circumstances that may affect the Financial Planning Services. When performing any Financial Planning Services under this Agreement, Adviser is neither Client’s attorneys nor Client’s accountants, and no portion of the Financial Planning Services should be interpreted as legal or accounting advice. Adviser recommends that Client seek the advice of a qualified attorney and/or accountant. The basic Financial Planning Services, if included, shall be provided as part of the overall Investment Advisory Fee (as described below). If this Agreement is with more than one client, all services shall be based upon the joint goals as communicated to Adviser by the joint Clients, collectively. Thereafter, Adviser is authorized to rely upon instructions and/or information Adviser receives from either joint Client as to any account subject to this Agreement, unless and until such authorization is revoked in writing to Adviser. At the same time, Adviser reserves the right, in its sole discretion, to require instructions from all parties to this Agreement. Adviser is authorized to communicate with eithe...

Discretionary Assets means (A) securities that, if distributed, would be required to be registered under the Securities Act; (B) securities issued by entities in countries that (1) restrict or prohibit the holding of securities by non-nationals other than through qualified investment vehicles, or (2) permit transfers of ownership of securities to be effected only by transactions conducted on a local stock exchange; and (C) any assets (such as Derivative Transactions) that, although they may be liquid and marketable, must be traded through the marketplace or with the counterparty to the transaction in order to effect a change in beneficial ownership. Notwithstanding anything to the contrary herein, no Unitholder of a Grantor Trust may elect to have Units redeemed through an In-Kind Distribution within thirty (30) days of the termination of such Series of Trust. Furthermore, In-Kind Distribution may be suspended at the discretion of the Depositor upon sixty days written notice to the Unitholders of that Series of Trust.

Discretionary Assets means those assets in which the trust company has the unilateral authority to determine investment strategies and execute investment transactions without seeking the concurrence, approval or authority from the customer or any other external party.