Document:

Exhibit 10.1

Second Amendment to

 Credit Agreement

This Second Amendment to Credit Agreement (this "Amendment") is dated as of September 25, 2015 by and among Alliance Data Systems Corporation (the "Borrower"), the Guarantors party hereto, the Banks party hereto, and Wells Fargo Bank, N.A., as Administrative Agent and Letter of Credit Issuer.

Preliminary Statements

A.  The Borrower, the Guarantors, the Banks, and Wells Fargo Bank, N.A., as Administrative Agent, have heretofore executed and delivered a Credit Agreement dated as of July 10, 2013, as amended by the First Amendment thereto dated as of December 8, 2014 (as amended, the "Credit Agreement"; terms defined therein being used herein as so defined unless otherwise defined herein).

B.  The Borrower has requested an Incremental Term Loan facility comprised of new Term Loan Commitments (the "Incremental Term Commitments") in an aggregate principal amount of $200,000,000 which shall constitute part of, and be added to, the existing Term Credit and pursuant to which additional Term Loans shall be made to the Borrower, in accordance with the Credit Agreement (the "Incremental Term Facility").

C.  Pursuant to Sections 2.16 and 10.5 of the Credit Agreement, the Borrower may establish such Incremental Term Facility by entering into an amendment with each institution that agrees to provide such Incremental Term Facility, the Administrative Agent and the Required Banks.

D.  Each of the Second Amendment Incremental Term Banks identified on Schedule I hereto has indicated its willingness to provide its Incremental Term Commitment on the terms and subject to the conditions herein contained.

 

  Now, Therefore, for good and valuable consideration the receipt of which is hereby acknowledged, the Borrower, the Guarantors, the Banks party hereto and the Administrative Agent hereby agree as follows:

Article I

 Amendments

Section 1.1.  Section 1.1 of the Credit Agreement is hereby amended by (a) deleting the defined terms "Loan" and "Term Loan" and (b) inserting in alphabetical order new definitions to read as follows (and such new defined terms shall also be applicable for purposes of this Amendment):

"Loan" means any Revolving Loan, Swing Loan or Term Loan made pursuant to Section 2.1 or 2.16; provided, that if any such 

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Loan or Loans (or portions thereof) are combined or subdivided pursuant to a Notice of Interest Period Election, the term "Loan" shall refer to the combined principal amount resulting from such combination or to each of the separate principal amounts resulting from such subdivision, as the case may be.

"Second Amendment" means the Second Amendment to Credit Agreement, dated as of the Second Amendment Effective Date, among the Borrower, the Guarantors, the Banks party thereto and the Administrative Agent.

"Second Amendment Effective Date" means September 25, 2015.

"Second Amendment Incremental Term Bank" means each institution that has agreed to make a Second Amendment Incremental Term Loan.

"Second Amendment Incremental Term Loan" means each Incremental Term Loan advanced pursuant to the Second Amendment.

"Second Amendment Incremental Term Loan Maturity Date" means September 23, 2016.

"Term Loan" is defined in Section 2.1(b) hereof and includes any Incremental Term Loan extended pursuant to Section 2.16 and, in each case, includes Base Rate Loans or Euro‐Dollar Loans, each of which is a Type of Term Loan hereunder.  The Term Loans include Extended Term Loans and Non-Extended Term Loans.

Section 1.2.  Section 2.5 of the Credit Agreement is hereby amended by inserting at the end thereof new Section 2.5(f) as follows:

(f)  Pursuant to Section 2.16, the Borrower unconditionally promises to pay to the Administrative Agent for the account of each Second Amendment Incremental Term Bank the then unpaid principal amount of the Second Amendment Incremental Term Loan of such Bank on the Second Amendment Incremental Term Loan Maturity Date.

Article II

 Incremental Term Facility

Section 2.1.  Subject to satisfaction of the conditions precedent contained in Article III below, each Second Amendment Incremental Term Bank hereby severally agrees to provide an Incremental Term Commitment in the amount set forth next to its name on the Second 

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Amendment Incremental Term Commitment Schedule attached as Schedule I hereto, with each such Incremental Term Commitment to be effective as of the Second Amendment Effective Date.  Each Incremental Term Commitment provided pursuant to this Amendment shall be subject to all of the terms and conditions set forth in the Credit Agreement.  The Term Loans with respect to the Incremental Term Facility shall be drawn in full in a single advance on the Second Amendment Effective Date subject to the requirements of Section 2.16 of the Credit Agreement.  The Credit Parties, the Required Banks and the Second Amendment Incremental Term Banks hereby agree that on the Second Amendment Effective Date, and notwithstanding anything to the contrary contained in the Credit Agreement, (i) the Term Credit shall increase by the Incremental Term Facility effected hereby, (ii) there shall be an automatic adjustment to the Term Loan Percentage in respect of the Term Credit of each Bank with an outstanding Term Loan resulting from the Incremental Term Facility, (iii) the Second Amendment Incremental Term Loan shall have no amortization and shall mature and be due and payable on the Second Amendment Incremental Term Loan Maturity Date and (iv) the term "Maturity Date" as used in Section 2.18 of the Credit Agreement shall, solely for purposes of the Second Amendment Incremental Term Loans, be deemed to be a reference to the Second Amendment Incremental Term Loan Maturity Date.

Section 2.2.  The Term Loans funded by the Second Amendment Incremental Term Banks on the Second Amendment Effective Date shall be subject to the same Base Rate Margin, Euro‐Dollar Margin, prepayment provisions (including Section 2.10(d) of the Credit Agreement), and other terms and conditions applicable to the Term Credit, the Extended 2013 Term Loans and the First Amendment Incremental Term Loans generally under the Credit Agreement and the other Credit Documents.  Notwithstanding the foregoing, the Second Amendment Incremental Term Loans shall not be repaid from the amortization schedules described in Sections 2.5(b), 2.5(d) or 2.5(e). This Amendment shall constitute a "Commitment Amount Increase" for purposes of Section 2.5(b) of the Credit Agreement.

Article III

 Conditions Precedent

Section 3.1.  This Amendment shall become effective as of the opening of business on September 25, 2015 upon satisfaction of the following conditions precedent:

(a)  the Administrative Agent shall have received counterparts hereof executed by the Borrower, the Guarantors, each Second Amendment Incremental Term Bank, and the Required Banks; 

(b)  the Administrative Agent shall have received certified copies of resolutions of the boards of directors (or equivalent governing body) of the Borrower and each Guarantor authorizing the execution and delivery of this Amendment and reasonably satisfactory evidence indicating the authorized signers of this Amendment and the specimen signatures of such signers;

(c)  the Administrative Agent shall have received from the Borrower and each Guarantor a certificate from its Secretary or Assistant Secretary certifying that the 

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Borrower's and each Guarantor's articles of incorporation and bylaws (or comparable organizational documents) have not been amended, supplemented or otherwise modified since December 8, 2014 (or, in the case Conversant LLC and Commission Junction LLC, March 3, 2015) or, if so, attaching true, complete and correct copies of each such amendment, supplement or modification;

(d)  the Administrative Agent shall have received an opinion of counsel to the Credit Parties in a form reasonably acceptable to the Administrative Agent covering such matters relating to the transactions contemplated hereby as the Administrative Agent may reasonably request; 

(e)  the fact that immediately prior to and after giving effect to this Amendment, no Default has occurred and is continuing; and

(f)  the fact that the representations and warranties of the Credit Parties contained in the Credit Agreement are true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) on and as of the Second Amendment Effective Date immediately prior to and after giving effect to this Amendment (other than representations and warranties that relate to a specific date, which shall be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) as of such date).

Article IV

 Miscellaneous

Section 4.1.  The term "Banks" as defined in Section 1.1 of the Credit Agreement shall mean and include the Banks currently party to the Credit Agreement and, from and after the Second Amendment Effective Date, each financial institution party hereto, including each Second Amendment Incremental Term Bank.  Each Second Amendment Incremental Term Bank agrees to be bound by the terms and conditions set forth in the Credit Agreement as if it were an original signatory thereto and hereby confirms that its administrative details are set forth in its Administrative Questionnaire.  From and after the Second Amendment Effective Date, each Second Amendment Incremental Term Bank shall have all the rights of a Bank under the Credit Agreement as if it were an original signatory thereto.

Section 4.2.  To induce the Administrative Agent and the Banks to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and the Banks that:  (a) the representations and warranties contained in the Credit Agreement are true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) on and as of the date hereof immediately prior to and after giving effect to this Amendment with the same effect as though made on the date hereof (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) only as of such specified date); (b) immediately prior to and after giving effect to this Amendment no Default or Event of Default exists; (c) this Amendment has been duly authorized by all necessary corporate proceedings and duly executed 

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and delivered by the Borrower and each other Credit Party, and the Credit Agreement, as amended by this Amendment, is the legal, valid and binding obligation of the Borrower and each other Credit Party, enforceable against the Borrower and each other Credit Party in accordance with its terms; and (d) no consent, approval, authorization, order, registration or qualification with any Governmental Authority is required for, and the absence of which would materially adversely affect, the legal and valid execution and delivery or performance by the Borrower or any other Credit Party of this Amendment or the performance by the Borrower or any other Credit Party of the Credit Agreement, as amended by this Amendment.  Each Guarantor hereby ratifies and reaffirms:  (i) the validity, legality and enforceability of its obligations under Article 9 of the Credit Agreement; (ii) that its reaffirmation of such obligations is a material inducement to the Administrative Agent, the Second Amendment Incremental Term Banks and the Required Banks to enter into this Amendment; and (iii) that its obligations under Article 9 of the Credit Agreement shall remain in full force and effect in accordance with its terms until all the Guaranteed Obligations have been paid in full.

Section 4.3.  This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment.  Delivery of a counterpart hereof by facsimile transmission or in electronic (e.g., "pdf" or "tif") format shall be effective as delivery of a manually executed counterpart hereof.

Section 4.4.  Except as specifically provided above, the Credit Documents shall remain in full force and effect and are hereby ratified and confirmed in all respects.  The execution, delivery, and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power, or remedy of the Administrative Agent or any Bank under the Credit Agreement or any other Credit Document, nor constitute a waiver or modification of any provision of the Credit Agreement or any other Credit Document.  This Amendment shall be a Credit Document as defined in the Credit Agreement.

Section 4.5.  This Amendment and the rights and obligations of the parties hereunder shall be construed in accordance with and be governed by the laws of the State of New York.

[Signature Pages follow]

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In Witness Whereof, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

Alliance Data Systems Corporation, as Borrower

By   /s/ J. Jeffrey Chesnut

Name  J. Jeffrey Chesnut

Title  Senior Vice President and

Treasurer

ADS Alliance Data Systems, Inc., as a Guarantor

By   /s/ J. Jeffrey Chesnut

Name  J. Jeffrey Chesnut

Title  Senior Vice President and

Treasurer

Epsilon Data Management, LLC, as a Guarantor

By   /s/ J. Jeffrey Chesnut

Name  J. Jeffrey Chesnut

Title  Vice President and Assistant

Treasurer

Alliance Data Foreign Holdings, Inc., as a Guarantor

By   /s/ J. Jeffrey Chesnut

Name  J. Jeffrey Chesnut

Title  Treasurer

ADS Foreign Holdings, Inc., as a Guarantor

By   /s/ J. Jeffrey Chesnut

Name  J. Jeffrey Chesnut

Title   Treasurer

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Comenity LLC, as a Guarantor

By  /s/ Jeffrey L. Fair

Name  Jeffrey L. Fair

Title  Vice President, Tax

Aspen Marketing Services, LLC, as a Guarantor

By   /s/ Jeffrey L. Fair

Name  Jeffrey L. Fair

Title  Vice President, Tax

Comenity Servicing LLC, as a Guarantor

By   /s/ Jeffrey L. Fair

Name  Jeffrey L. Fair

Title   Vice President, Tax

Conversant LLC, as a Guarantor

By  /s/ J. Jeffrey Chesnut

Name  J. Jeffrey Chesnut

Title  Vice President and Assistant Treasurer

Commission Junction LLC, as a Guarantor

By   /s/ J. Jeffrey Chesnut

Name  J. Jeffrey Chesnut

Title  Vice President and Assistant Treasurer

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Wells Fargo Bank, N.A., individually as a 

  Bank, as Administrative Agent, Letter of 

  Credit Issuer, CAD Fronting Bank and Swing 

  Lender

By   /s/ Reginald M. Goldsmith III

			Name:  Reginald M. Goldsmith III

			Title:  Managing Director

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Bank of America, N.A.

By  /s/ Charmaine Lobo

Name  Charmaine Lobo

Title  Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

JPMorgan Chase Bank, N.A.

By  /s/ Tina Ruyter

Name  Tina Ruyter

Title  Executive Director

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

SunTrust Bank

By  /s/ Doug Kennedy

Name  Doug Kennedy

Title  Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Fifth Third Bank

By  /s/ Matthew Lewis

Name  Matthew Lewis

Title  Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Royal Bank of Canada

By  /s/ Scott Umbs

Name  Scott Umbs

Title  Authorized Signatory

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Mizuho Bank, Ltd.

By  /s/ Bertram H. Tang

Name  Bertram H. Tang

Title  Authorized Signatory

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Barclays Bank PLC

By  /s/ Luke Syme

Name  Luke Syme

Title  Assistant Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

The Bank of Nova Scotia

By  /s/ Kevin Chan

Name:  Kevin Chan

Title:  Director

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

The Bank of Tokyo-Mitsubishi UFJ, Ltd

By  /s/ Lillian Kim

Name  Lillian Kim

Title  Director

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Sumitomo Mitsui Banking Corporation

By  /s/ David W. Kee

Name:  David W. Kee

Title:  Managing Director

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Regions Bank

By  /s/ Kyle Husted

Name  Kyle Husted

Title  Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

KeyBank National Association

By  /s/ Geoff Smith

Name:  Geoff Smith

Title:  Senior Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Canadian Imperial Bank of Commerce, New York Branch

By  /s/ Robert Robin

Name:  Robert Robin

Title:  Authorized Signatory

By  /s/ Dominic Sorresso

Name:  Dominic Sorresso

Title:  Authorized Signatory

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Raymond James Bank, N.A.

By  /s/ Joseph A. Ciccolini

Name: Joseph A. Ciccolini

Title:  Vice President – Senior Corporate Banker

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Capital One, National Association

By  /s/ Dean H. Rosencrans

Name  Dean H. Rosencrans

Title  Senior Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

The Northern Trust Company

By  /s/ John Contey

Name  John Contey

Title  Senior Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Compass Bank

By /s/ Kevin Wisel

Name: Kevin Wisel

Title:  Senior Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Cadence Bank, N.A.

By  /s/ Melinda N. Jackson

Name  Melinda N. Jackson

Title  Senior Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

 

Synovus Bank

By  /s/ Joseph B. Keener

Name  Joseph B. Keener

Title  Senior Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

First Commercial Bank, Ltd., a Republic of 

  China Bank acting through its Los Angeles 

  Branch

By  /s/ Terry Yuan-Gan Ju

Name  Terry Yuan-Gan Ju

Title  VP & General Manager

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Chan Hwa Commercial Bank, Ltd., Los 

  Angeles Branch

By  /s/ Kang Yang

Name  Kang Yang

Title  VP & General Manager

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

BNP Paribas Group

By  /s/ Charles de Clapiers

Name  Charles de Clapiers

Title  Director

By  /s/ Thuy Bui

Name  Thuy Bui

Title  Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

U.S. Bank National Association

By  /s/ Allison Burgun

Name  Allison Burgun

Title  Vice President 

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

Deutsche Bank AG, New York Branch

By  /s/ Peter Cucchiara

Name  Peter Cucchiara

Title  Vice President

By  /s/ Michael Winters

Name  Michael Winters

Title  Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

 

FirstMerit bank, N.A.

By  /s/ Tim Daniels

Name  Tim Daniels

Title  Senior Vice President

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems Corporation

 

Bank of the West

By  /s/ David G. Kronen

Name  David G. Kronen

Title  Director

By  /s/ Sidney Jordan

Name  Sidney Jordan

Title  Managing Director

 

 

Signature Page to Second Amendment to Credit Agreement - Alliance Data Systems CorporationExhibit 4.1(c)

AMENDMENT TO THE SECOND AMENDED AND
RESTATED TRUST

AGREEMENT OF ACCUSHARES COMMODITIES TRUST I

This Amendment (this
“Amendment”), dated as of September 29, 2015, by ACCUSHARES INVESTMENT MANAGEMENT, LLC, a Delaware limited liability
company, as sponsor (the “Sponsor”) of AccuShares Trust I (formerly known as AccuShares Commodities Trust I)
(the “Trust”), amends that certain Second Amended and Restated Trust Agreement of the Trust, made and executed
as of June 16, 2014 (the “Trust Agreement”). Capitalized terms used and not defined herein shall have the meanings
set forth in the Trust Agreement.

WHEREAS, pursuant
to Section 13.1 of the Trust Agreement the Sponsor may amend any provision of the Trust Agreement without the consent of any Shareholder,
and without the consent of the Trustee provided that the amendment does not adversely affect any of the Trustee’s rights,
powers, duties, obligations, liabilities or responsibilities under the Trust Agreement;

WHEREAS, on June
5, 2015, the Sponsor entered into an amendment to the Trust Agreement, which amendment was filed with the Securities and Exchange
Commission in a Current Report on Form 8-K on June 8, 2015;

WHEREAS, the Sponsor
desires to further amend the Trust Agreement to change the underlying index of the AccuShares S&P GSCI Crude Oil Spot Fund
(the “Crude Oil Fund”) from the S&P GSCI Crude Oil Spot Index to the AccuShares S&P GSCI Crude Oil Excess
Return Index;

WHEREAS, the Sponsor
desires to further amend the Trust Agreement to change the name of the Crude Oil Fund from the “AccuShares S&P GSCI Crude
Oil Spot Fund” to “AccuShares S&P GSCI Crude Oil Excess Return Fund;”

WHEREAS, the Sponsor
desires to further amend the Trust Agreement to form and create the Accushares S&P 500 VIX Front-Month Futures Index Fund as
a separate and segregated series of the Trust, with two Classes of Shares;

WHEREAS, the Sponsor
has determined that this Amendment does not adversely affect any of the Trustee’s rights, powers, duties, obligations, liabilities
or responsibilities under the Trust Agreement.

NOW, THEREFORE,
in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and pursuant to Section 13.1 of the Trust Agreement, the Sponsor hereby amends
the Trust Agreement as follows:

1.The Trust
Agreement is hereby amended to change the references to the Crude Oil Fund in Sections 3.2, 4.2, 4.3, 4.9 and 4.11 and in the Forms
of Global Certificate from “AccuShares S&P GSCI Crude Oil Spot Fund” to “AccuShares S&P GSCI Crude Oil
Excess Return Fund.”

    	 	 	 

     

    

2. The
Trust Agreement is hereby amended to change the references to the Crude Oil Fund’s Classes in Sections 4.2 from “AccuShares
S&P GSCI Crude Oil Spot Up Shares” and “AccuShares S&P GSCI Crude Oil Spot Down Shares” to “AccuShares
S&P GSCI Crude Oil Excess Return Up Shares” and “AccuShares S&P GSCI Crude Oil Excess Return Down Shares,”
respectively.

3. The
Trust Agreement is hereby amended to create, designate and organize a new series of the Trust (the “New Fund”).

a.The New
Fund shall be designated as the “Accushares S&P 500 VIX Front-Month Futures Index Fund.”

b.The New
Fund shall have two separate Classes, designated as the “Accushares S&P 500 VIX Front-Month Futures Index Up Shares”
and the “Accushares S&P 500 VIX Front-Month Futures Index Down Shares.”

c.The New
Fund shall have an Underlying Index designated as the “Accushares S&P 500 VIX Front-Month Futures Index.”

d.The New
Fund and its Classes and Shares shall have the same relative rights, powers and preferences as each Initial Fund of the Trust,
other than AccuShares Spot CBOE VIX Fund.

e.The Closing
Trading Price Deviation from Class Value per Share of Any Fund Class and Duration of Deviation applicable to the New Fund pursuant
to Section 4.11 of the Trust Agreement shall be 10% and three consecutive business days, respectively.

f.Any officer
of the Sponsor is authorized to certify that this Amendment is a “Series Supplement” for the purposes of Section 3.2
of the Trust Agreement.

4.The Trust
Agreement is hereby amended to delete Section 4.3(b) in its entirety and replace it with the following:

“(b)
At any time, the Sponsor may, in its sole and absolute discretion, replace the Underlying Index of any Initial Fund with a different
index, and such index shall be such Fund’s Underlying Index as of such time and, solely for purposes of determining, following
adoption of such index, the level of such index as of the Prior Distribution Date, as of the Prior Distribution Date; provided,
however, that no such substitution may result in (i) a change in the Class Values per Share of the Fund that is the subject of
the substitution at the time of substitution; or (ii) (x) a change in the referenced commodity or commodities tracked by the original
Underlying Index, in the case of the AccuShares S&P GSCI Spot Fund, the AccuShares S&P GSCI Agriculture and Livestock Spot
Fund, the AccuShares S&P GSCI Industrial Metals Spot Fund, the AccuShares S&P GSCI Crude Oil Excess Return Fund, the AccuShares
S&P GSCI Brent Oil Spot Fund or the AccuShares S&P GSCI Natural Gas Spot Fund, or (y) the Fund no longer tracking measures
of stock market price volatility, in the case of the AccuShares Spot CBOE VIX Fund and the AccuShares S&P 500 VIX Front-Month
Futures Index Fund. The Sponsor shall provide notice of any such substitution to the affected Fund’s Shareholders by such

    	 	 	 

     

    

means and within such time as
may be required by applicable laws and regulations or the rules of the Exchange or otherwise as the Sponsor may determine in its
sole and absolute discretion.”

5.The Trust
Agreement is hereby amended to delete Section 4.9(a) in its entirety and replace it with the following:

“(a)
Each Initial Fund will effect (i) a distribution on its Up Shares when the Class Value per Share of its Up Shares (after adjusting
for any Net Income Distribution for such Shares) is greater than the Class Value per Share of its Down Shares (after adjusting
for any Net Income Distribution for such Shares), and (ii) a distribution on its Down Shares when the Class Value per Share of
its Down Shares (after adjusting for any Net Income Distribution for such Shares) is greater than the Class Value per Share of
its Up Shares (after adjusting for any Net Income Distribution for such Shares) as of (X) the 15th day of each calendar month for
each Initial Fund other than the AccuShares S&P 500 VIX Front-Month Futures Index Fund or (Y) the third Tuesday of each calendar
month for the AccuShares S&P 500 VIX Front-Month Futures Index Fund, or in either case the next following business day if the
scheduled Regular Distribution Date is not a business day (each such distribution, a “Regular Distribution”).”

6.Each reference
in the Trust Agreement to “this Agreement,” “thereunder,” “thereof,” “herein” or
words of like import referring to the Trust Agreement shall mean and be a reference to the Trust Agreement as amended by this Amendment.
The Trust Agreement is ratified and confirmed in all respects and shall remain in full force and effect in accordance with its
terms as amended by this Amendment.

7.This Amendment
may be executed in one or more facsimile or original counterparts, each of which when executed and delivered shall be deemed an
original and all of which together shall constitute one and the same instrument.

8.All questions
concerning the construction, validity and interpretation of this Amendment and the performance of the obligations imposed by this
Amendment shall be governed by the internal law of the State of Delaware, including the DSTA. As between the Sponsor, on the one
hand, and the Shareholders, on the other hand, the Sponsor may construe any of the provisions of this Amendment insofar as the
same may appear to be ambiguous or inconsistent with any other provisions hereof, and any such construction hereof by the Sponsor
in good faith shall be conclusive and binding on the Shareholders as to the meaning to be given to such provisions notwithstanding
any other provision of this Amendment. In construing this Amendment, the presumption shall be in favor of a grant of power to the
Sponsor.

[SIGNATURE PAGE TO FOLLOW]

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the Sponsor has executed
this Amendment as of the date above first written.

 

	 	ACCUSHARES INVESTMENT MANAGEMENT, LLC
	 	as Sponsor
	 	 	 
	 	 	 
	 	By:	_/s/ Jack Fonss______
	 	Name: 	Jack Fonss
	 	Title: 	Chief Executive Officer
	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page – Amendment to Trust
Agreement]

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