Common use of Reports to Unitholders Clause in Contracts

Reports to Unitholders. (a) At the time of investment in Units, a statement shall be issued by the Registrar and Transfer Agent, in such form and on such terms and conditions as the Manager may, in its sole discretion, determine, and such statement will be forwarded to each Unitholder, which statement will indicate the number of Units held by the Unitholder and such other information as may be required by Applicable Laws; provided, however, that the information disclosed on such statements shall always be in accordance with the number of the Unitholder’s Units reflected on the Register. (b) The Manager shall cause an audit of the financial statements of the Trust for each Fiscal Year to be made by the Auditors. The financial statements of the Trust so audited shall include such statements as are required by Applicable Laws. A copy of such statements, together with the Auditors’ report thereon, shall be filed with the appropriate Securities Authorities pursuant to Applicable Laws unless and to the extent an exemption from such filing is available under Applicable Laws. (c) The Manager shall approve and forward to Unitholders such audited annual financial statements and unaudited interim financial statements as it is required under Applicable Laws to deliver, within the time limits specified under such laws. The Trustee shall not be required to prepare or approve any audited financial statements of the Trust. (d) In the absence of the filing in writing with the Manager or the Trustee of any objection to the statements or reports supplied in accordance with this Section 18.2 within 90 days of their mailing, Unitholders shall be deemed to have approved such statements or reports and the Trustee and the Manager shall be released, relieved and discharged with respect to all matters and things set forth in the statements and reports (except for such matters or things with reference to which any objection in writing has been filed with the Manager and except for any loss or other diminution of the assets of the Trust resulting from the negligence, wilful misconduct or lack of good faith of the Manager in preparing such statements or reports) as if they had been settled by the decree of a court of competent jurisdiction. (e) The Manager shall prepare, file and deliver to Unitholders (if required) all management reports of fund performance and other continuous disclosure documents required by applicable Securities Legislation. (f) The Manager will make available to Unitholders as soon as practicable on its website an unaudited schedule of Class Net Asset Value per Unit for each class and series of a class of Units as at the Valuation Time on each Valuation Date. (g) No Unitholder shall be entitled to any other accounting with respect to the Trust or the Unitholder’s holding of Units in the Trust, except as may be required by Applicable Laws.

Reports to Unitholders. (a) At the time of investment in Units, a statement shall be issued by the Registrar and Transfer Agent, in such form and on such terms and conditions as the Manager may, in its sole discretion, determine, Agent and such statement will be forwarded to each Unitholder, which statement will indicate the number of Units held by the Unitholder and such other information as may be required by Applicable Laws; provided, however, that the information disclosed on such statements shall always be in accordance with the number of the Unitholder’s Units reflected on the Register. (b) The Manager Trust shall cause an audit of the financial statements of the Trust for each Fiscal Year to be made by the Auditors. The financial statements of the Trust so audited shall include such statements as are required by Applicable Laws. A copy of such statements, together with the Auditors’ report thereon, shall be filed with the appropriate Securities Authorities pursuant to Applicable Laws unless and to the extent an exemption from such filing is available under Applicable Laws. (c) The Manager Trust shall approve and forward to Unitholders such audited annual financial statements and unaudited interim financial statements as it is required under Applicable Laws to deliver, within the time limits specified under such laws. The Trustee shall not be required to prepare or approve any audited financial statements of the Trust. (d) In the absence of the filing in writing with the Manager or the Trustee of any objection to the statements or reports supplied in accordance with this Section 18.2 within 90 days of their mailing, Unitholders shall be deemed to have approved such statements or reports and the Trustee and the Manager shall be released, relieved and discharged with respect to all matters and things set forth in the statements and reports (except for such matters or things with reference to which any objection in writing has been filed with the Manager and except for any loss or other diminution of the assets of the Trust resulting from the negligence, wilful misconduct or lack of good faith of the Manager in preparing such statements or reports) as if they had been settled by the decree of a court of competent jurisdiction. (e) The Manager Trust shall prepare, file and deliver to Unitholders (if required) all management reports of fund performance and other continuous disclosure documents required by applicable Securities Legislation. (f) The Manager Trust shall provide or cause to be provided the information referred to in Section 4.7 hereof within the time period specified therein. (g) The Trust will make available to Unitholders as soon as practicable on its website an unaudited schedule of Class Net Asset Value per Unit for each class and series of a class of Units as at the Valuation Time on each Valuation Date. (gh) No Unitholder shall be entitled to any other accounting with respect to the Trust or the Unitholder’s holding of Units in the Trust, except as may be required by Applicable Laws.

Reports to Unitholders. (a) At Within 45 days following the time end of investment in Units, a statement shall be issued by each of the Registrar and Transfer Agent, in such form and on such terms and conditions as the Manager may, in its sole discretion, determine, and such statement will be forwarded to first three Quarterly Periods of each Unitholder, which statement will indicate the number of Units held by the Unitholder and calendar year (or such other information period of time as may be required by Applicable Lawsthe rules and regulations of the SEC adopted with respect to the Exchange Act or of any U.S. securities exchange or quotation system on which the Units are listed or admitted to trading), the Trust shall mail to each Person who was a Unitholder of record on the Quarterly Record Date for such Quarterly Period a report, which may be a copy of the Trust’s Quarterly Report on Form 10-Q under the Exchange Act (or any successor form or report under the Exchange Act or any successor legislation), which shall show in reasonable detail the assets and liabilities and receipts and disbursements of the Trust for such Quarterly Period; provided, however, that the information disclosed obligation to mail a report to each Unitholder of record shall be deemed to be satisfied if the Trust files a copy of its Quarterly Report on such statements shall always be in accordance with the number of the Unitholder’s Units reflected Form 10-Q (or any successor form or report) on the RegisterElectronic Data Gathering, Analysis, and Retrieval (▇▇▇▇▇) system maintained by the SEC or any successor system or otherwise makes such report publicly available on an Internet website that is generally accessible to the public or otherwise make such report publicly available. (b) The Manager shall cause an audit Within 90 days following the end of each fiscal year (or such shorter period of time as may be required by the rules and regulations of the SEC adopted with respect to the Exchange Act or of any securities exchange or quotation system on which the Units are listed or admitted to trading), the Trust shall mail to each Person who was a Unitholder of record on a date to be selected by the Trustee an annual report, which may be a copy of the Trust’s Annual Report on Form 10-K under the Exchange Act (or any successor form or report under the Exchange Act or any successor legislation), containing financial statements audited by an independent registered public accounting firm selected by the Trustee, plus such annual reserve information regarding the Royalties as may be required by the rules and regulations of the Trust for SEC; provided, however, the obligation to mail a report to each Fiscal Year Unitholder of record shall be deemed to be made satisfied if the Trust files a copy of its Annual Report on Form 10-K (or any successor form or report) on the ▇▇▇▇▇ system maintained by the Auditors. The financial statements of the Trust so audited shall include SEC or any successor system or otherwise makes such statements as are required by Applicable Laws. A copy of such statements, together with the Auditors’ report thereon, shall be filed with the appropriate Securities Authorities pursuant to Applicable Laws unless and publicly available on an Internet website that is generally accessible to the extent an exemption from public or otherwise makes such filing is available under Applicable Lawsreport publicly available. (c) The Manager Notwithstanding the foregoing, the Trust shall approve and forward furnish to the Unitholders such audited annual financial statements reports, in such manner and unaudited interim financial statements at such times, as it is are at any time required under Applicable Laws to deliver, within the time limits specified under such laws. The Trustee shall not be required to prepare by law or approve any audited financial statements of the Trust. (d) In the absence of the filing in writing with the Manager by rules or the Trustee regulations of any objection to U.S. securities exchange or quotation system on which the statements Units are listed or reports supplied in accordance with this Section 18.2 within 90 days of their mailingadmitted for trading, Unitholders shall be deemed to have approved such statements or reports and the Trustee and the Manager shall be released, relieved and discharged with respect to all matters and things set forth in the statements and reports (except for such matters or things with reference to which any objection in writing has been filed with the Manager and except for any loss or other diminution of the assets of the Trust resulting from the negligence, wilful misconduct or lack of good faith of the Manager in preparing such statements or reports) as if they had been settled by the decree of a court of competent jurisdictionapplicable. (e) The Manager shall prepare, file and deliver to Unitholders (if required) all management reports of fund performance and other continuous disclosure documents required by applicable Securities Legislation. (f) The Manager will make available to Unitholders as soon as practicable on its website an unaudited schedule of Class Net Asset Value per Unit for each class and series of a class of Units as at the Valuation Time on each Valuation Date. (g) No Unitholder shall be entitled to any other accounting with respect to the Trust or the Unitholder’s holding of Units in the Trust, except as may be required by Applicable Laws.

Reports to Unitholders. (a) At the time of investment in Units, a statement shall be issued by the Registrar and Transfer Agent, in such form and on such terms and conditions as the Manager may, in its sole discretion, determine, and such statement will be forwarded to each Unitholder, which statement will indicate the number of Units held by the Unitholder and such other information as may be required by Applicable Laws; provided, however, that the information disclosed on such statements shall always be in accordance with the number of the Unitholder’s Units reflected on the Register. (b) The Manager shall cause an audit of the financial statements of the Trust for each Fiscal Year to be made by the AuditorsAuditors of the Trust. The financial statements of the Trust so audited shall include such statements as are required by Applicable Laws. A copy of such statements, together with the Auditors’ report thereonreport, shall be filed with the appropriate Securities Authorities pursuant to Applicable Laws unless and to the extent an exemption from such filing is available under Applicable Laws. (c) The Manager shall approve and forward to Unitholders such audited annual financial statements and unaudited interim financial statements as it is required under Applicable Laws to deliver, within the time limits specified under such laws. The Trustee shall not be required to prepare or approve any audited financial statements of the Trust. (d) In the absence of the filing in writing with the Manager Manger or the Trustee of any objection to the statements or reports supplied in accordance with this Section 18.2 within 90 days of their mailing, Unitholders shall be deemed to have approved such statements or reports and the Trustee and the The Manager shall be released, relieved and discharged with respect to all matters and things set forth in the statements and reports (except for such matters or things with reference to which any objection in writing has been filed with the Manager and except for any loss or other diminution of the assets of the Trust resulting from the negligence, wilful willful misconduct or lack of good faith of the Manager or the Trustee, as the case may be, in preparing such statements or reports) as if they had been settled by the decree of a court of competent jurisdiction. (e) The Manager shall prepare, file and deliver to Unitholders (if required) all management reports of fund performance and other continuous disclosure documents required by applicable Securities Legislation. (f) The Manager will make available to Unitholders as soon as practicable on its website an unaudited schedule of Class Net Asset Value per Unit for each class and series of a class of Units as at the Valuation Time on each Valuation Date. (g) No Unitholder shall be entitled to any other accounting with respect to the Trust or the Unitholder’s his holding of Units in the Trust, except as may be required by Applicable Laws.