Document:

EX-4.4

 

Exhibit 4.4

[FORM OF CUSTODIAN AGREEMENT]

 

    
Name
    of Organization
    

 

    (“Organization”)

 

    
Type
    of Organization

    

    

 

 

	 	 	 	 	 
	

    o  Corporation
    

	
 
	
    o  Limited
    Liability Company (LLC)
    
	
 
	
    o  General
    Partnership (GP)
    

	

    o  Trust
    

	
 
	
    o  Limited
    Liability Partnership (LLP)
    
	
 
	
    o  Limited
    Partnership (LP)
    

    o  Other

(Specify)   

 

    Organized Under the Laws

of   

 

    
Definitions

    

    

 

    “Agreement/Resolutions”
    means this Agreement/Resolutions.
    

 

    “Governing
    Body” means, if the
    Organization is (i) a trust, all of its trustees,
    (ii) a limited partnership, all of its general partners,
    (iii) a corporation, all of its directors, (iv) a
    general partnership or limited liability partnership, all of its
    partners, (v) a limited liability company, all of its
    managers, if manager-managed, or all of its members, if member
    managed, and (vi) any other entity, the governing body of
    such entity.
    

 

    “HSBC”
    means each of HSBC Bank USA, National Association, HSBC Private
    Bank International and HSBC Brokerage (USA) Inc. and any other
    broker-dealer affiliate of any of them, as applicable, and their
    respective successors and assigns.
    

 

    “HSBC
    Group” means each
    of HSBC Holdings plc, its subsidiaries and affiliates
    (including, without limitation, HSBC), and their respective
    successors and assigns.
    

 

    “Representative”
    refers to any person listed as a Representative in the
    corresponding section below.
    

 

    
Certification

    

    

 

    Each of the undersigned certifies
    that:
    

 

 

		
	    • 
	    This Agreement/Resolutions constitutes (i) the
    certification of the individual signatories executing this
    Agreement/Resolutions, (ii) the agreement of the
    Organization, binding on the Organization through the
    signatures(s) of its duly authorized representatives signing
    this Agreement/Resolutions, and (iii) the written consent
    of the members of the Governing Body of the Organization, duly
    adopting, as the agreements and resolutions of the Organization,
    each paragraph set forth below in the section
    “Agreement/Resolutions.”

	 
	    • 
	    This Agreement/Resolutions, including, without limitation, the
    appointment of the Representatives and the powers and authority
    granted to the Representatives and HSBC and the HSBC Group, has
    been duly authorized, granted, made, adopted, or consented to,
    and not rescinded or amended, by the Organization’s
    Governing Body, shareholders, members, beneficiaries or other
    persons, as required and applicable. Neither the execution of
    this Agreement/Resolutions nor any action taken or to be taken
    under this Agreement/Resolutions are or will be in contravention
    of any provisions of the Organization’s organizational
    documents (whether memorandum, certificate or articles of
    incorporation or association, bylaws, partnership agreement,
    operating agreement, trust agreement or other charter or ruling
    documents, as applicable) or governing law.

    

    1

 

 

			
	 	 	    This Agreement/Resolutions and actions taken or to be taken
    pursuant hereto have been duly authorized by all necessary
    action on behalf of the Organization, as required by and
    applicable to the Organization, and in compliance with any and
    all agreements and laws binding on the Organization and its
    Governing Body, shareholders, members, beneficiaries or other
    persons, as applicable.
	 
	 	    • 
	
    The Representatives section below accurately sets out the
    respective titles, functions and signatures of the persons named
    in that section.

	 
	 	    • 
	
    The signatories to this Agreement/Resolutions are all of the
    members of the Organization’s Governing Body, and, if
    applicable, any additional person or persons who are authorized
    to bind the Organization as officers or other authorized
    signatories thereof.

	 
	 	    • 
	
    The Organization is duly organized and validly existing under its
    jurisdiction of organization and is in good standing there and
    in each other jurisdiction in which it is qualified to do
    business (such other jurisdictions being the only ones in which
    such qualification is necessary). The name, type and
    jurisdiction of organization of the Organization are as
    indicated above.

 

    Agreement/Resolutions

 

    Deposits and
    Withdrawals
    

 

			
	 	    • 
	
    HSBC is hereby designated as a depositary of the Organization,
    under the terms of HSBC’s rules and service agreements, as
    applicable, and as in effect from time to time, for the funds
    and assets of the Organization whether at HSBC’s head
    office or at any of its branches;

	 
	 	    • 
	
    HSBC is authorized to accept for deposit for the Account of the
    Organization for credit, collection or otherwise, any and all
    instruments or items, whether indorsed by any person or by hand
    stamped impression in the name of the Organization, or without
    indorsement;

	 
	 	    • 
	
    HSBC is authorized to pay, cash or otherwise honor and charge to
    the Organization any and all checks, drafts, notes, acceptances
    and other instruments, items, and orders for the payment or
    withdrawals of monies, credits, items and property at any time
    held by or through HSBC for the Account of the Organization,
    including those which may cause an overdraft, when made, signed,
    given, drawn, accepted or indorsed on behalf of the Organization
    by any one of the Representatives;

	 
	 	    • 
	
    HSBC is authorized to pay any such instrument, item or order, or
    make any such charge, and also to receive the same from the
    payee or any other holder without limit as to amount and without
    inquiry as to the circumstances of issue or the disposition of
    proceeds even if drawn to the individual order of any signing
    person, or payable to HSBC or any other person for such other
    person’s Account, or tendered in payment of such
    person’s individual obligation and whether drawn against an
    Account in the name of the Organization, or in the name of any
    officer, agent, employee, director, manager, member, trustee,
    partner, settlor or beneficiary of the Organization, and, at the
    option of HSBC, even if the Account shall not be in credit to
    the full amount of such instrument, item, order or charge;

	 
	 	    • 
	
    If due, in whole or in part, to any unauthorized act of an
    officer, agent, employee, director, manager, member, trustee or
    partner of the Organization (for example, the unauthorized
    issuance, endorsement or alteration of a check or draft of the
    Organization), HSBC makes unauthorized payments from the
    Organization’s Account or otherwise suffers a loss, the
    loss shall be borne in full by the Organization and HSBC shall
    not be required to re-credit the Account of the Organization. In
    addition, the Organization shall indemnify and pay to HSBC on
    demand the amount of any and all of its losses, costs, damages
    or expenses (including but not limited to attorney’s fees
    and disbursements) which HSBC has suffered and which result from
    or arise in whole or part out of the unauthorized act;

	 
	 	    • 
	
    Where HSBC has a duty to exercise ordinary care or to meet
    reasonable commercial standards, that duty shall not exceed the
    obligation to recognize (i) a forged signature of its
    depositors, (ii) alterations, or (iii) other defects;
    in each case, if readily apparent and recognizable on the face
    of the instrument by an ordinary bank teller; and

	 
	 	    • 
	
    Where a depositor has provided HSBC with documentation stating that an employee is authorized to draw checks, HSBC may pay said checks without inquiry.

2

 

    
Securities,
    Investments and Trading

 

 

    Each Representative is authorized, acting singly, on behalf of
    the Organization, with any entity within the HSBC Group:

 

			
	•	 
	
    To purchase and sell (INCLUDING SHORT SALES), tender, lend,
    convert or exercise and otherwise trade and deal, at the
    Organization’s risk, on margin or otherwise, in any kind of
    U.S. and foreign (including emerging markets, speculative and
    high-risk) shares, stocks, commodities, bonds, notes, other
    obligations, mutual and other funds, precious metals, metals,
    foreign exchange, financial assets, annuities, indices, futures,
    warrants and when-issued securities, and any and all other
    registered or unregistered, listed or over the counter, rated,
    low-rated or unrated securities and other investments in any
    currency, as well as derivatives, contracts, rights, and
    interests in, on and in respect of any of the above (including
    without limitation transactions which would result in uncovered
    short positions in option contracts or in the uncovering of any
    existing short position in option contracts) and any and all
    other financial products and investments (the
    “Securities”);

	 
	•	 	
    To execute agreements, give receipts and instructions, make
    withdrawals and authorize deliveries (including to bearer and to
    any person designated by such Representative) of any kind, open
    any Accounts of any type, and to do, and omit to do, any other
    act with respect to any Securities; and

	 
	•	 	
    To appoint anyone (including HSBC or another HSBC Group member)
    as discretionary or non-discretionary investment advisor or
    other type of advisor to the Organization.

 

    
Credit,
    Security Interests, Discount, Subordination

 

 

    Each Representative is authorized, acting singly, on behalf of
    the Organization:

 

			
	•	 	
    To borrow money, obtain, guarantee and repay credit from any
    entity within the HSBC Group on any terms without restriction or
    limitation, and to make and deliver notes, drafts, acceptances,
    applications and agreements for letters of credit, guarantees,
    indemnities, any other obligation of the Organization therefor,
    and other agreements or undertakings; to enter into margin
    agreements with any entity within the HSBC Group; in each case
    in form and substance satisfactory to such entity, as applicable;

	 
	•	 	
    As security for any and all obligations of the Organization, or
    of any other natural or legal person (including without
    limitation the Representatives), to any entity within the HSBC
    Group, whether past, present or future, to grant security
    interests in, assign, pledge, create any lien, charge or
    encumbrance upon, withdraw, deliver, exchange or substitute,
    instruments, deposits, Securities and any other property held by
    or belonging to the Organization, with full authority to
    indorse, assign or guarantee the same in the name of the
    Organization, to execute and deliver security agreements and all
    instruments and agreements of assignment, transfer,
    hypothecation, powers of attorney, mortgage, pledge, trust,
    control, and others, in form and substance satisfactory to such
    entity; and

	 
	•	 	
    To discount any bills receivable and other negotiable or
    non-negotiable paper; to subordinate and assign any obligations
    and debts owed to the Organization by another or others, an in
    connection therewith, execute and deliver instruments of
    subordination and assignment and other agreements in form and
    substance satisfactory to the applicable entity within the HSBC
    Group.

 

    
Additional
    Authority

 

 

    Each Representative is authorized, acting singly, to enter into
    any agreement related to any of the above, and to enter into any
    other agreements of any kind, or to open any Accounts of any
    kind and for any purpose, in each case with any entity within
    the HSBC Group. Each Representative is authorized, acting
    singly, to do any and all acts, and execute any and all
    releases, representations, indemnifications, settlements and
    documents which the Representative may deem necessary or
    desirable to carry out the purpose of this Agreement/Resolutions
    or any provision in it or in any agreement or document referred
    to in this paragraph. Each Representative may exercise its
    authority in any manner authorized by the HSBC Group, including,
    without limitation, in person, in writing (including by fax), by
    phone, e-mail or other electronic medium, and the HSBC Group
    shall be entitled to rely on and is authorized to honor
    instructions and agreements given to it pursuant to any of these
    methods without any further inquiry.

3

 

    Indemnification

 

    The Organization and its partners (other than the limited
    partners of a limited partnership), members, trustees, agents
    and attorneys-in-fact and their respective successors, assigns,
    heirs, executors and legal representatives (collectively, the
    “Indemnifying Persons”) agree, jointly and severally,
    to hold the HSBC Group and the employees, officers, directors
    and agents of any of them (“Indemnified Persons”)
    harmless from, and indemnify the Indemnified Persons against,
    any and all claims, actions, suits, proceedings, liabilities,
    damages, costs, losses, expenses (including attorneys’ fees
    and disbursements) based on, arising out of, attributable to or
    resulting from, whether directly or indirectly, this
    Agreement/Resolutions and its provisions, and any act or failure
    to act by any Indemnified Person in reliance thereon.

 

    Governing
    Law; Jurisdiction; Waiver of Jury Trial

 

    If this Agreement/Resolutions relates to Accounts established
    and/or maintained at (i) HSBC Bank USA, National
    Association (other than in the State of California) or HSBC
    Brokerage (USA) Inc. or any other broker-dealer affiliate of any
    of them, it shall be subject to the laws of the State of New
    York, without regard to conflicts of law principles thereof, and
    actions relating to this Agreement/Resolutions may be commenced
    only in New York state or federal court in New York County;
    (ii) HSBC Private Bank International, it shall be subject
    to the laws of the State of Florida, without regard to conflicts
    of law principles thereof, and actions relating to this
    Agreement/Resolutions may be commenced only in Florida state or
    federal court in Dade County, (iii) branches of HSBC Bank
    USA, National Association located in the State of California, it
    shall be subject to the laws of the State of California, without
    regard to conflicts of law principles thereof, and actions
    related to this Agreement/Resolutions may be commenced only in a
    California state or federal court in Los Angeles County. The
    Organization, each of the undersigned and each Indemnifying
    Person hereby submits, in such circumstances, to the
    jurisdiction of such above referenced courts for any dispute
    arising directly or indirectly out of this
    Agreement/Resolutions, each agrees that service of process in
    such action shall be valid when made by registered or certified
    mail to their last address in the records of the relevant entity
    in the HSBC Group, and each waives any objection it may have to
    jurisdiction or venue in such court or any objection or defense
    of inconvenient forum in such court. EACH APPLICABLE ENTITY
    IN THE HSBC GROUP, THE ORGANIZATION, EACH OF THE UNDERSIGNED AND
    EACH INDEMNIFYING PERSON HEREBY WAIVE ANY RIGHT SUCH PERSON OR
    ENTITY MAY HAVE TO A JURY TRIAL IN SUCH COURTS WITH RESPECT TO
    ALL MATTERS ARISING OUT OF OR RELATED TO THIS
    AGREEMENT/RESOLUTIONS.

 

    Ratification/Revocation

 

		
	    • 
	    All transactions and agreements previously entered into, and all
    acts done or omitted in the name of or for the Account of the
    Organization, with or through the HSBC Group, including, but not
    limited to, transactions and agreements such as those indicated
    in this Agreement/Resolutions, are hereby ratified, confirmed and
    approved.

	 
	    • 
	    The relevant HSBC branch or office may rely on this
    Agreement/Resolutions as to the Organization’s Accounts
    with it until it receives written notice of revocation at the
    address of the office or branch where such Account is maintained
    or to such other address specified in writing by HSBC, and has
    had a reasonable opportunity to act on it. In the case of a
    partnership or limited liability partnership, each partner
    (other than the limited partners of a limited partnership) will
    remain jointly and severally liable for all obligations of the
    partnership, or of any present or future partner, incurred or
    contracted before receipt of notice and opportunity to act on
    such notice by the relevant HSBC office, as to any dissolution
    or termination of the partnership (whether by the death,
    resignation or removal of any partner or otherwise). All notices
    shall be sent to the relevant HSBC branch or office at its
    address or to such other address specified in writing by HSBC.
    This Agreement/Resolutions is in addition to, and not in
    replacement of, designations of authority previously or
    simultaneously provided to HSBC, all of which may continue to be
    relied upon by HSBC. Unless specifically designated as a
    revocation, this Agreement/Resolutions and future designations
    of Representatives or other authorized persons shall be
    cumulative and will be deemed additions, not substitutions.
    Any one of the following: corporate secretary or any officer,
    general partner, partner (other than a limited partner of a
    limited partnership), member, manager or trustee (in the case,
    respectively, of a corporation, limited partnership, partnership
    or limited liability partnership, limited liability company or trust, as the case may be) is hereby authorized to change
    existing and to provide new designations of Representatives or
    other authorized persons. HSBC may, but is not required to,
    request confirmation of authority of any Representative.

4

 

    Representatives
    

 

    As certified above, each of the Representatives is listed below.

 

    [Specify name, title or function of representatives of the
    Organization who have power and authority to act under this
    Agreement/Resolutions and bind the Organization (e.g.:
    president, general partner, manager, member, agent,
    attorney-in-fact, investment advisor, trustee).]

 

	 	 	 	 	 
	
    Print Name
	
 
	
    Title/Function
	
 
	
    Signature 

    

	 
	
1

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	

    2

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	

    3

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	

    4

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	

    5

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	

    6

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

 

    Special Provisions
    (if any)

 

 

    Signatures
    (see signature
    instructions on next page)

 

    Certification, consent and agreement:

 

    Date _
    _

 

	 	 	 
	
    Print 

    
	
 
	
 

	 
	

    Name/Title

	
 
	
    Signature

	
 

	
 

	

    Name/Title

	
 
	
    Signature

	
 

	
 

	

    Name/Title

	
 
	
    Signature

	
 

	
 

	

    Name/Title

	
 
	
    Signature

	
 

	
 

	

    Name/Title

	
 
	
    Signature

	
 

	
 

	

    Name/Title

	
 
	
    Signature

	
 

	
 

	

    Name/Title

	
 
	
    Signature

	
 

	
 

 

    Corporations only
    

 

		
	    Seal:                     	
    If the Organization has not added its seal, the Organization
    warrants to HSBC that in accordance with the laws under which
    the Organization was incorporated this document will be valid
    without the seal being impressed hereon.

    

    5

 

    Instructions for Signatures
    

 

    U.S. Corporations: Provide signatures of the vice
    president (or above) and secretary.

 

    U.S. Limited Partnership (LP): Provide signatures of
    all general partners.

 

    U.S. General Partnership and Limited Liability
    Partnership (GP and LLP): Provide signatures of all partners.

 

    U.S. Limited Liability Company (LLC): Provide signatures
    of all members or of all managers if manager-managed, and in
    addition, if it has officers, its vice president (or above) and
    secretary.

 

    U.S. Trust: Provide signatures of all trustees.

 

    Foreign Corporations and Other Foreign Organizations:
    Provide signatures of all required directors and trustees, as
    applicable. If corporation has an attorney-in-fact please also
    provide his/her signature.

 

    All: If there are insufficient spaces above for the
    signatures of all required signatories, please make one or more
    additional copies of preceding page and provide additional
    signatures on such copy (or copies).

    

    6EX-4.5

 

EXHIBIT 4.5

[FORM OF LICENSE AGREEMENT]

This agreement (“Agreement”) made the • day of •, 2006, by and among BROOKSHIRE RAW
MATERIALS GROUP INC., a company incorporated under the laws of Ontario (the “Licensor”), and
BROOKSHIRE RAW MATERIALS MANAGEMENT, LLC, a limited liability company established under the laws of
the State of Delaware and each of the FUNDS listed on Schedule A attached hereto (the “Licensee”).

Whereas:

	 	1.	 	The Licensor developed the Brookshire International Raw Materials Index and related
indices (collectively, “BIRMI”) in March 2005 which consists of certain trading
methodologies, which constitute proprietary information, trade secrets and confidential
information of the Licensor (collectively referred to as the “Licensed Rights”).
	 
	 	2.	 	“Brookshire” and “BIRMI” are trade-marks owned by the Licensor (collectively referred
to as the “Trade-marks”).
	 
	 	3.	 	The Brookshire Raw Materials Group (U.S.) Trust, is a Delaware Statutory trust
established pursuant to a Declaration of Trust and Trust Agreement (the “Declaration of
Trust”) dated August 16, 2006 (the “Trust”).
	 
	 	4.	 	The Licensor owns and operates the BIRMI, and provides investment management services
to various investment funds.
	 
	 	5.	 	The Licensee is desirous of acquiring from the Licensor a non-exclusive right to use
the Licensed Rights owned by the Licensor in connection with the operation of the Trust;
	 
	 	6.	 	The parties desire to set forth the terms and conditions of a non-exclusive,
non-transferable license for the United States to make use of the Licensed Rights owned by
the Licensor in connection with the operation of the Trust.

In consideration of the premises, and the mutual covenants and agreements set forth, the
parties agree as follows:

	1.	 	Licensor covenants

	 	(a)	 	License Grant. The Licensor hereby grants to the Licensee, subject to the
conditions set forth in this Agreement, a non-exclusive, non-assignable license for the
United States to the Licensed Rights in connection with the operation of, and the
benefit for, the Trust. The Licensor shall give to the Licensee one copy of the
trading methodology document (the “Trading Methodology Document”) which contains all of
the Licensed Rights and which constitutes the property of the Licensor at all times.
Licensee shall safeguard the Trading Methodology Document from copying and disclosure
as if it was Licensee’s confidential information. No copies of the Trading Methodology
Document shall be made except with the Licensor’s prior written consent. The Licensor
further grants to the Licensee, subject to the conditions set forth in this Agreement,
a non-exclusive, non-assignable license for the United States to use the Trade-marks in
connection with the operation of the Trust.

 

 

	 	(b)	 	Future Inventions. The Licensor agrees to extend the License Agreement to
include any and all future changes or improvements comprising the Licensed Rights,
provided that this license agreement shall not be extended to include any other index
other than the BIRMI or any variation of the BIRMI.
	 
	 	(c)	 	Disclosure Service. The Licensor agrees to disclose to the Licensee all
processes, techniques and trade secrets necessary properly to exploit the Licensed
Rights granted herein, and to make no charge therefor.
	 
	 	(d)	 	License Warranty. The Licensor warrants that it has the right to grant the
licenses set forth in this Agreement. The Licensor further warrants that the Trading
Methodology Document contains all information that is necessary to fully exploit the
Licensed Rights and that, when the instructions contained within the Trading
Methodology Document are properly followed, a commodities index fund that replicates
the BIRMI will result.

	2.	 	Licensee covenants

	 	(a)	 	Royalty. The Trust shall pay to the Licensor for the non-exclusive use of the
Licensed Rights: i) $5,000 per month for the series of units of the Trust known as the
Brookshire Raw Materials (U.S.) Core Fund and $2,500 per month for each additional
series or Fund of the Trust, or (ii) 0.10% per annum of the Trust’s nominal net asset
value (as defined in the Trust’s Registration Statement filed with the United States
Securities and Exchange Commission), whichever is greater, calculated daily, and paid
monthly, to be prorated across the Funds in proportion to their respective nominal net
asset value.
	 
	 	(b)	 	Royalty Payment. The royalty provided shall be paid monthly.
	 
	 	(c)	 	Exploitation of License. The Licensee agrees to use its reasonable commercial
efforts to use the Licensed Rights in connection with the establishment and operation
of the Trust.
	 
	 	(d)	 	Validity of Licensed Rights. The Licensee agrees not to contest the validity of
the intellectual property under which it is licensed, or the right or title of the
Licensor to it, or to any process, trade secret or other intellectual property
constituting the Licensed Rights, and further agrees not to aid others in doing so.
	 
	 	(e)	 	Improvements and Devices. The Licensee agrees to assign and transfer to the
Licensor on its written demand any and all improvements on any of the patents,
applications, inventions, processes, secrets and knowledge referred to, designed or
otherwise obtained by the Licensee during the continuance of this Agreement, and the
Licensee shall transfer to the Licensor any and all papers necessary or proper to vest
in the Licensor title to all improvements.

2

 

	3.	 	Restrictions on Use and Confidentiality.

	 	(a)	 	The Licensee agrees that it will not during the term of this Agreement permit
others to use the methodologies, secrets and knowledge disclosed to it pursuant to the
terms of this Agreement. The Licensee agrees that the information which forms part of
the Licensed Rights (including the contents of the Trading Methodology Document)
constitutes confidential information and trade secrets of the Licensor which must be
kept strictly confidential both before and after termination of this Agreement except
that, during the term of this Agreement, the Licensee may disclose such information to
its employees that it deems necessary for the purposes of this Agreement. Upon
termination of this Agreement, all copies of confidential information of the Licensor
which are in the possession of Licensee (which shall include the contents of the
Trading Methodology Document) shall be delivered forthwith to the Licensor. After
termination of this Agreement, the Licensee shall not use and shall have no right to
use any of the Licensed Rights, the Trade-marks, or any part thereof. This paragraph
shall not apply to information which becomes part of the public domain thereof no fault
of the Licensee.
	 
	 	(b)	 	The Licensor agrees that it will not during the term of this Agreement permit
others to use any confidential information of the Licensee disclosed to the Licensor
pursuant to the use of the Licensed Rights hereunder. The Licensor agrees that any
confidential information of the Licensee must be kept strictly confidential both before
and after termination of this Agreement except that, during the term of this Agreement,
the Licensor may disclose such information to its employees who have a need to know for
the purposes of this Agreement. Upon termination of this Agreement, all copies of
confidential information of the Licensee which are in the possession of Licensor
pursuant to its use of the Licensed Rights shall be delivered forthwith to the
Licensee. After termination of this Agreement, the Licensor shall not use and shall
have no right to use any of the confidential information of the Licensee or any part
thereof. This paragraph shall not apply to information which becomes part of the
public domain thereof no fault of the Licensor.

	4.	 	Term
	 
	 	 	The term of this Agreement shall be for the period commencing on the date of the
establishment of the Trust and ending on the earlier of: 1) the date of termination of the
Trust or 2) the date the Licensee ceases to be managing owner of any Fund.
	 
	5.	 	Termination

	 	(a)	 	This Agreement shall be subject to termination by the Licensor on the following
conditions:

	 	(i)	 	if the Licensee shall fail to do any of the acts or things by it
agreed to be done

3

 

	 	 	 	at the times and in the manner provided, or
	 
	 	(ii)	 	if the Licensee shall do any act or thing prohibited
under the terms of this Agreement;

	 	 	 	provided, however, that if the Licensor cancels this license agreement, the Licensor
shall give the Licensee thirty (30) days’ notice in writing of the Licensee’s
default or omission constituting grounds for cancellation, and of its election to
cancel this Agreement. If within thirty (30) days after the receipt of the notice
the Licensee shall cure the deficiency or omission fully, and makes good its default
or omission, the cancellation notice shall be without force or effect. If the
omission or default, specified in the notice is not cured within the thirty (30) day
period, this Agreement and the rights under it shall become finally terminated. In
the event of termination, the Licensee shall not be relieved of its obligations, nor
of its duty to make royalty payments for all licensed items made, on hand, in stock
or anywhere under the control of the Licensee, and the Licensee shall have the right
to sell such devices and shall account and make payments as required.
	 
	 	(b)	 	The Licensor shall have the right to terminate this Agreement at any time on or
after the filing by the Licensee of an assignment in bankruptcy, or on or after the
Licensee is either bankrupt or insolvent or after any adjudication that applications
for the reorganization, readjustment, or rearrangement of the business of the Licensee
under any law or governmental regulation relating to bankruptcy or insolvency, or on or
after the appointment of a receiver for all or substantially all of the property or
assets of the Licensee, or on or after the making by the Licensee of any assignment or
attempted assignment for the benefit of creditors, or on or after the institution by
the Licensee of any proceedings for the winding-up of its business. In any event, this
Agreement shall be terminated fifteen (15) days after the Licensor has given written
notice to the Licensee, or its legal representative, of the exercise of its right of
termination under this paragraph.
	 
	 	(c)	 	The Licensee shall have the right to terminate this Agreement at its
convenience upon thirty (30) days written notice to the Licensor, provided that the
provisions of paragraph 3 hereof — Restrictions on Use and Confidentiality — shall
continue to apply.

	6.	 	Intellectual Property Indemnity

	 	(a)	 	Licensor agrees to indemnify and hold harmless the Licensee from and against
all claims, liabilities, losses, damages, expenses and costs (including reasonable
legal fees and costs) arising out of or in connection with or relating to third party
claims pertaining to the infringement by the Licensor of any copyright, patent, trade
mark, trade secret or other intellectual property right of any person in connection
with the Licensed Rights; provided that the Licensee:

4

 

	 	(i)	 	has promptly advised the Licensor in writing of such
claim or action; and
	 
	 	(ii)	 	co-operates with the Licensor in the defence and
settlement of such claim or action at the Licensor’s expense.

	 	 	 	In the event that the Licensed Rights become the subject of an infringement claim,
the Licensor shall have the option to procure for the Licensee the right to continue
using the Licensed Rights or make them non-infringing. In the event that the
Licensor does not do so and the Licensee is subject to an injunction, the Licensee
may, upon giving the Licensor at least 14 days’ prior days notice in writing,
terminate this Agreement.

	7.	 	Rights and obligations
	 
	 	 	Any cancellation or termination by the Licensor as provided in this Agreement shall not in
any way operate to deny any of the Licensor’s rights or remedies, either at law or in
equity, or to relieve the Licensee of any obligation to pay royalties or of any other
obligation accrued prior to the effective date of termination or cancellation.
	 
	8.	 	No waiver

	 
	 	 	No failure or delay on the part of the Licensor to exercise his right of termination or
cancellation nor any default by the Licensee shall be construed to prejudice the Licensor’s
right of termination or cancellation for default or for any other subsequent defaults.
	 
	9.	 	Notices
	 
	 	 	All notices and communications shall be directed as follows:

To Licensor:

Brookshire Raw Materials Group Inc.

219 Dufferin Street, Suite 300A

Toronto, Ontario M6K 1Y9

Fax: 416-536-5833

To Licensee:

Brookshire Raw Materials Management, LLC

219 Dufferin Street, Suite 300A

Toronto, Ontario M6K 1Y9

Fax: 416-536-5833

	10.	 	Succession

5

 

	 	 	This Agreement shall be binding on and, except as otherwise provided, shall enure to the
benefit of the legal successors or representatives of the parties, and to the assigns of the
Licensor, but this Agreement and any rights granted shall not be assigned by the Licensee,
except in accordance with this Agreement or with the approval of the Licensor.
	 
	11.	 	Entire agreement
	 
	 	 	The making, execution and delivery of this Agreement by the Licensee have been induced by no
representations, statements, warranties or agreement other than those expressed in this
Agreement. This Agreement embodies the entire agreement of the parties, and there are no
further or other agreements or understandings, written or oral, in effect between parties,
relating to the subject-matter of this Agreement.
	 
	12.	 	Laws and Jurisdiction
	 
	 	 	This agreement shall be construed in accordance with the laws of the province of Ontario and
the laws of Canada applicable therein, and the parties irrevocably attorn to the exclusive
jurisdiction of the courts of Ontario.
	 
	13.	 	Several Obligations
	 
	 	 	The parties hereto acknowledge that obligations of the Funds
hereunder are several and not joint, that no Fund shall be liable for
any amount owing by another Fund and that the Funds have executed one
instrument for convenience only.
	 
	 	 	In witness whereof the parties have set their hands and seals this date above-written.
	 
	 	 	Signed, sealed and delivered

	 	 	 	 	 	 	 	 	 
	BROOKSHIRE RAW MATERIALS	 	 	 	BROOKSHIRE RAW MATERIALS
	GROUP INC., (Licensor)	 	 	 	MANAGEMENT, LLC (Licensee)
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	per:

	 	 
	 	 	 	per:
	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	BROOKSHIRE RAW MATERIALS
	 	 	 	 	MANAGEMENT, LLC, as
managing owner of each of the Funds
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	per:

	 
	 	 
	 	 	 	 	 	 	 

	 	 

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SCHEDULE A

LIST OF FUNDS

	 	 	 
	 
	 	 
	1.	 	BrookshireTM
Raw
Materials (U.S.) Core Fund
	2.	 	BrookshireTM
Raw
Materials (U.S.) Agriculture Fund
	3.	 	BrookshireTM
Raw
Materials (U.S.) Metals Fund
	4.	 	BrookshireTM
Raw
Materials (U.S.) Energy Fund
	5.	 	BrookshireTM
Raw
Materials (U.S.) Accelerated Core Fund

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]