Common use of Splits and Reverse Splits of Shares Clause in Contracts

Splits and Reverse Splits of Shares. If requested in writing by the Sponsor, the Trustee shall effect a split or reverse split of the Shares as of a record date set by the Trustee in accordance with procedures determined by the Trustee and as may be required by the Depository. The Trustee shall not distribute any fraction of a Share in connection with a split or reverse split of the Shares. The Trustee shall sell the aggregated fractions of Shares that would otherwise be distributed in a split or reverse split of the Shares or the amount of Trust Property that would be represented by those Shares for the account of the Record Owners and distribute the net proceeds of those Shares or that Trust Property to the Record Owners entitled to them. The amount of Trust Property represented by each Share and the Basket Copper Amount shall be adjusted as appropriate as of the open of business on the Business Day following the record date for a split or reverse split of the Shares.