Company: TOXR
Filing Date: 2025-11-20
Form Type: S-1/A
Source: 0001213900-25-112826
Chunk: 223

Company: 21Shares XRP ETF
Filing Date: 2025-11-20
Form: S-1/A
Chunk 223
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incident that caused the liability.

With respect to the Anchorage
Custody Agreement, except for the Anchorage Custodian’s bad acts, confidentiality obligations under the Anchorage Custody Agreement,
indemnification obligations under Anchorage Custody Agreement, or obligations with respect to rights to or limits on use under the Anchorage
Custody Agreement, Anchorage is not liable for any losses, whether in contract, tort or otherwise, for any amount in excess of fees paid
by the Trust in the twelve (12) months prior to when the liability arises. Moreover, the Anchorage Custodian is not liable for (i) losses
which arise from its compliance with applicable laws, including sanctions laws administered by the OFAC of the U.S. Treasury Department;
or (ii) special, indirect or consequential damages, or lost profits or loss of business arising in connection with the Anchorage Custody
Agreement. In addition, the Anchorage Custodian is not liable for any losses which arise as a result of the non-return of digital assets
that the Trust has delegated to the Anchorage Custodian or a third party for on-chain services, such as staking, voting, vesting, and
signaling, unless such losses occur as a result of the Anchorage Custodian’s fraud or intentional misconduct.

The XRP Custodians may terminate the Custodial Services Agreements for any reason upon providing the applicable notice to the Trust, or immediately for Cause (as defined in the Custodial Services Agreements), including, among others, if the Trust materially breaches the Prime Broker Agreement and such breach remains uncured for a specified period of time, or the Trust undergoes a bankruptcy event.

The Sponsor may, in its sole discretion, add or terminate custodians at any time. The Sponsor may, in its sole discretion, change the custodians for the Trust’s XRP holdings, but it will have no obligation whatsoever to do so or to seek any terms for the Trust from other such custodians.

Marketing Agent Agreement

Pursuant to the Marketing
Agent Agreement, the Marketing Agent is generally responsible for the day-to-day administration of the Trust. The responsibilities
of the Marketing Agent include (i) at the request of the Trust, assisting the Trust with facilitating Authorized Participant Agreements
between and among Authorized Participants, the Trust, and the applicable Transfer Agent, for the creation and redemption of Creation
Baskets of the Trust; (ii) maintaining copies of confirmations of Creation Basket creation and