Execution Agent definition
Examples of Execution Agent in a sentence
The Trust's bitcoin holdings and cash holdings from time to time may be held with the Prime Execution Agent in the Trading Account in connection with in-kind creations and redemptions of Baskets or in connection with cash creations and redemptions of Baskets where the Trust will transact in bitcoin with the Bitcoin Trading Counterparties, and the sale of bitcoin to pay the Sponsor's Fee and Trust expenses not assumed by the Sponsor.
The Trust's ether holdings and cash holdings from time to time may be held with the Prime Execution Agent in the Trading Account in connection with in-kind creations and redemptions of Baskets or in connection with cash creations and redemptions of Baskets where the Trust will transact in ether with the Ether Trading Counterparties, and the sale of ether to pay the Sponsor's Fee and Trust expenses not assumed by the Sponsor.
Galaxy’s duties and authority to act as Execution Agent hereunder, as well as other rights and obligations contained herein, are limited to the duties and authority expressly provided for in this Agreement and any other duties that Invesco and Galaxy agree in writing in accordance with Section 11.15 of the Strategic Alliance Agreement shall be performed by Galaxy from time to time and no implied duties or obligations shall be read into this Agreement or the Strategic Alliance Agreement.
The Sponsor, the Administrative Trustee and the Trust shall have no liability for any loss of ether occurring after the Delivery of ether by the Ether Custodian or the Prime Execution Agent, as applicable, to the Authorized Participant or the Ether Trading Counterparty, as applicable (and for the avoidance of doubt, shall have no liability for any loss of ether while held by the Ether Custodian or Prime Execution Agent absent gross negligence or bad faith by the Sponsor and the Administrative Trustee).
It has policies, procedures and controls in place that are reasonably designed to prevent information related to the Digital Asset ETFs, and, in the case of Galaxy, the Execution Agent Services being performed for the Digital Asset ETFs, from being disclosed to, shared with or used by any Third Party, and any Affiliate whose primary or principal business is trading Digital Assets or that may use such information to the detriment of the Digital Asset ETF.
The Sponsor has agreed to assume and pay the normal operating expenses of the Trust, which include the Trustee’s monthly fee and out-of-pocket expenses, the fees of the Trust’s regular service providers (Cash Custodian, Ether Custodian, Prime Execution Agent, Marketing Agent, Transfer Agent and Administrator), Exchange listing fees, tax reporting fees, SEC registration fees, printing and mailing costs, audit fees and ordinary legal expenses.
For the sake of clarity, nothing in this Agreement will be construed to prevent Invesco, in its sole discretion, from itself (or through its Affiliates) performing services that are similar to or identical to the Execution Agent Services, in which case Galaxy, upon instruction from Invesco, shall cease to perform such Execution Agent Services for some or all of the Digital Asset ETFs, as applicable.
Galaxy represents, warrants and covenants as of the Effective Date that its performance of the Execution Agent Services on behalf of the Digital Asset ETFs will not in any way result in any payment, commission or other form of compensation to Galaxy or any Affiliate of Galaxy, other than the fees contemplated by this Agreement.
Invesco represents, warrants and agrees that it will have, at all times necessary to permit Galaxy to perform the Execution Agent Services for a Digital Asset ETF, full power and authority on behalf of such Digital Asset ETF to so appoint Galaxy and to authorize Galaxy to act as agent on behalf of such Digital Asset ETF in the manner contemplated hereby.
For each Digital Asset ETF, Invesco hereby appoints Galaxy as Execution Agent and Galaxy shall, in such capacity, provide the services set out on Exhibit A (the “Execution Agent Services”).