Common use of Mandatory Redemption by the Trust Clause in Contracts

Mandatory Redemption by the Trust. Upon the provision by the Sponsor of at least fifteen (15) days written notice to a Shareholder, the Sponsor may for any reason or no reason at all, in its sole discretion, require the mandatory redemption of all or part of the Shares held by such Shareholder at the net asset value per Share calculated as of the date of redemption; provided, however, that the provision of the written notice to a Shareholder does not obligate the Fund to affect any redemption. If the Sponsor does not give at least fifteen (15) days written notice to a Shareholder, then it may only require mandatory redemption of all or any portion of the Shares held by any such Shareholder in the following circumstances: (i) the Shareholder made a misrepresentation to the Trust or the Sponsor in connection with its purchase of Shares, or (ii) the Shareholder’s ownership of Shares would result in the violation of any law or regulation applicable to the Trust or a Shareholder. Upon redemption of Shares pursuant to this ‎Section 9.03, the Trust shall promptly cause payment of the full redemption price to be made to such Shareholder for Shares so redeemed.