Company: TOXR
Filing Date: 2025-11-07
Form Type: S-1/A
Source: 0001213900-25-107665
Chunk: 183

Company: 21Shares XRP ETF
Filing Date: 2025-11-07
Form: S-1/A
Chunk 183
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 in good faith and in
its sole discretion), the Lender is not obligated to extend Trade Credits to the Trust. The Lender is under no obligation to continue
to provide Trade Credits for certain specific fiat currencies and/or digital assets, and Lender may impose black-out periods during which
Trade Credits for currencies or digital assets may be unavailable.

To the extent that Trade Credits
are not available, (1) there may be delays in the selling of XRP, (2) Trust assets may be in held the Trading Balance for a
longer duration than if Trade Credits were available, and (3) the execution price associated with such trades may deviate significantly
from the Pricing Benchmark price used to determine the Trust’s NAV. To the extent that the execution price for sales of XRP
deviates significantly from the Pricing Benchmark price used to determine the NAV of the Trust, the remaining Shareholders may be negatively
impacted. If Trade Credits are unavailable to the Trust, the Trust must pre-fund its Trading Balance with cash and/or XRP in order to
sell XRP through the Prime Broker.

The Trust generally must
repay Trade Credits by 6:00 p.m. ET (the “Settlement Deadline”) on the Business Day immediately following the day
the Trade Credit was extended by the Lender to the Trust (or, if such day is not a Business Day, on the next Business Day).
Pursuant to the Post-Trade Financing Agreement, the Trust has granted a security interest in, lien on and right of set off against all
of the Trust’s right, title and interest, the Trust’s Trading Balance and Vault Balance established pursuant to the Prime
Broker Agreement and Custodial Services Agreements, in order to secure the repayment by the Trust of the Trade Credits and Financing
Fees to the Lender. The Trust and Lender may terminate the Post-Trade Financing Agreement immediately upon giving the other party written
notice. Upon such notice of termination, the Coinbase Custodian and the Prime Broker have agreed to comply with instructions and entitlement
orders from the Lender with respect to the disposition of the assets in the Trust’s Trading Balance without further consent by
the Trust. If the Trust fails to repay the Trade Credits to the Lender on time and in full, the Lender shall have the right to instruct
the Prime Broker (and Prime Broker agrees to comply with such instruction) to transfer the Trust’s assets from the Trust’s
Trading Balance to the Lender to repay the