SEC Contract Filing

Filing Date: 2020-11-06

Document Content:
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<TYPE>EX-10
<SEQUENCE>2
<FILENAME>dgl-ex10_161.htm
<DESCRIPTION>EX-10.1
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dgl-ex10_161.htm
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">INVESCO DB MULTI-SECTOR COMMODITY TRUST<br />PARTICIPANT AGREEMENT</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Participant Agreement (the &#8220;<font style="font-weight:bold;">Agreement</font>&#8221;), dated as of __________, 20__, is entered into by and among [__________] (the &#8220;<font style="font-weight:bold;">Authorized Participant</font>&#8221;), Invesco DB Multi-Sector Commodity Trust, a Delaware statutory trust (the &#8220;<font style="font-weight:bold;">Trust</font>&#8221;) with respect to each of Invesco DB Energy Fund, Invesco DB Oil Fund, Invesco DB Precious Metals Fund, Invesco DB Gold Fund, Invesco DB Silver Fund, Invesco DB Base Metals Fund, and Invesco DB Agriculture Fund, each as a separate series of the Trust (each, a &#8220;<font style="font-weight:bold;">Fund</font>&#8221; and collectively, the &#8220;<font style="font-weight:bold;">Funds</font>&#8221;), and Invesco Capital Management LLC, a Delaware limited liability company, as managing owner of the Trust and the Funds (the &#8220;<font style="font-weight:bold;">Managing Owner</font>&#8221;).&nbsp;&nbsp;We refer to Invesco DB Agriculture Fund as the &#8220;<font style="font-weight:bold;">DBA Fund</font>&#8221; and refer to Invesco DB Silver Fund as the &#8220;<font style="font-weight:bold;">DBS Fund</font>.&#8221;</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SUMMARY</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As provided in the Fifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended from time to time (the &#8220;<font style="font-weight:bold;">Trust Agreement</font>&#8221;) as currently in effect and described in the applicable Prospectus (defined below), units of fractional undivided beneficial interest in and ownership of each Fund (individually and collectively, the &#8220;<font style="font-weight:bold;">Shares</font>&#8221;) may be created or redeemed by the Managing Owner for an Authorized Participant in aggregations of two hundred thousand (200,000) Shares (each aggregation, a &#8220;<font style="font-weight:bold;">Basket</font>&#8221;).&nbsp;&nbsp;Baskets are offered only pursuant to the applicable registration statement of the Trust, with respect to all the Funds, excluding the DBA Fund and the DBS Fund, on Form S-3, with respect to the DBA Fund on Form S-3ASR, and with respect to the DBS Fund on Form S-1, as amended (Registration Nos.: 333-203008 et seq. with respect to all the Funds, excluding the DBA Fund and the DBS Fund; Registration Nos.: 333-185865 et seq. with respect to the DBA Fund only; Registration Nos.: 333-193222 et seq. with respect to the DBS Fund only), as currently effective and on file with the Securities and Exchange Commission (&#8220;<font style="font-weight:bold;">SEC</font>&#8221;) and as the same may be amended from time to time thereafter or any successor registration statement in respect of Shares of each Fund (each, a &#8220;<font style="font-weight:bold;">Registration Statement</font>,&#8221; collectively, the &#8220;<font style="font-weight:bold;">Registration Statements</font>&#8221;) together with the prospectuses of the Trust in the form filed with the SEC under Rule 424(b) under the Securities Act of 1933, as amended (the &#8220;<font style="font-weight:bold;">1933 Act</font>&#8221;), after the effectiveness of the Registration Statements (each, a &#8220;<font style="font-weight:bold;">Prospectus</font>,&#8221; collectively, the &#8220;<font style="font-weight:bold;">Prospectuses</font>&#8221;).&nbsp;&nbsp;Under the Trust Agreement, the Managing Owner is authorized to issue Baskets to, and redeem Baskets from, Authorized Participants, (i) through the Continuous Net Settlement (&#8220;<font style="font-weight:bold;">CNS</font>&#8221;) clearing processes of the&nbsp;&nbsp;National Securities Clearing Corporation (the &#8220;<font style="font-weight:bold;">NSCC</font>&#8221;) as such processes have been enhanced to effect purchases and redemptions of Creation Baskets and Redemption Baskets (the &#8220;<font style="font-weight:bold;">CNS Clearing Process</font>&#8221;), or (ii) if outside the CNS Clearing Process, only through the facilities of The Depository Trust Company (&#8220;<font style="font-weight:bold;">DTC</font>&#8221; or the &#8220;<font style="font-weight:bold;">Depository</font>&#8221;) (the &#8220;<font style="font-weight:bold;">DTC Process</font>&#8221;), or a successor depository, and only in exchange for cash.&nbsp;&nbsp;This Agreement sets forth the specific procedures by which an Authorized Participant may create or redeem Baskets. For the avoidance of doubt, the term &#8220;Prospectus&#8221; shall mean the Prospectus for the DBA Fund, the