Administration of the Trust. (a) The Trustee shall administer the Trust Property for the benefit of the Unitholders. In engaging in such activities, the Trustee shall follow or cause to be followed collection procedures in accordance with the terms of the Trust Agreement, the Underlying Securities, the Swap Agreement, the indemnification offered by the Depositor pursuant to Section 10.05(b) and the Guarantee. The duties of the Trustee shall be performed in accordance with applicable local, State and Federal law.
(b) Subject to Article X, the Trustee is hereby authorized to perform, and from time to time hereafter, shall perform only those acts which are described in the Trust Agreement as obligations of the Trustee. Notwithstanding the generality of the foregoing, the Trustee is hereby specifically authorized to do the following on behalf of the Trust: to issue the Certificates evidencing Units; to execute and deliver and perform its obligations and exercise its rights under the Swap Agreement; to establish and maintain the Unit Account hereunder; to accept delivery of the Underlying Securities and the Swap Agreement; to pledge the assets of the Trust (including the Underlying Securities) to secure the obligations of the Trust including obligations under the Swap Agreement; to sell the Underlying Securities through the Selling Agent in accordance with Section 9.05; to make Permitted Investments pursuant to Section 3.06; to liquidate the Trust pursuant to Article IX and to make distributions pursuant to Article IV.
(c) Notwithstanding anything to the contrary herein, the Trust shall not engage in any business or activities other than receiving the Underlying Securities and any Credit Support or other Trust Property and entering into the Swap Agreement as provided herein, holding the Underlying Securities, the Swap Agreement and any Credit Support (or other Trust Property), issuing Certificates evidencing Units, making Permitted Investments in accordance with Section 3.06 and performing its obligations hereunder and under the Swap Agreement; provided, however, that during its existence the Trust shall not engage in any business or activity which will cause it to be or become an open-end investment company, unit investment trust or face-amount certificate company that is or is required to be registered under Section 8 of the Investment Company Act, or to be or become a closed-end investment company required to be registered, but not registered, under the Investment Company Act.
(d) The T...
Administration of the Trust. The Collection Accounts; the Master Servicer Account; the Distribution Accounts and the Certificate Account. Section 3.02 Filings with the Commission. Section 3.03 Securities Administrator to Cooperate; Release of Mortgage Files. Section 3.04 Amendments to Servicing Agreement. 33 Section 3.05 Monthly Advances by Master Servicer or Securities Administrator. Section 3.06 Enforcement of Servicing Agreement. 35
Administration of the Trust. Section 3.01 The Collection Accounts; the Master Servicer Account; the Distribution Accounts and the Certificate Account.
Administration of the Trust. Section 5.1 Collections...............................................
Administration of the Trust. 18 Section 4.1. Evaluation of Gold.....................................................................18 Section 4.2. Responsibility of the Trustee for Evaluations..........................................19 Section 4.3. Trust Evaluation.......................................................................19 Section 4.4. Cash Distributions.....................................................................20 Section 4.5. Other Distributions....................................................................20 Section 4.6. Fixing of Record Date..................................................................21 Section 4.7. Payment of Expenses; Gold Sales........................................................21
Administration of the Trust. The Committee shall be solely responsible for the administration of the Trust. The Committee shall, upon request of the Trustee, furnish the Trustee with such reasonable information as is necessary or appropriate for the Trustee to carry out its responsibilities under this Agreement, and the Trustee shall be entitled to rely conclusively on the information received from the Committee. The Corporation shall be responsible for the administration of the Plan. The Corporation shall, upon request of either the Committee or the Trustee, furnish each of the Committee and the Trustee with such reasonable information as each of the Committee or the Trustee shall deem necessary or appropriate to carry out the intent and purposes of the Trust, and each of the Committee and the Trustee shall be entitled to rely conclusively on the information received from the Corporation, unless, in the case of the Trustee, the Committee has informed the Trustee in writing not to rely on such information.
Administration of the Trust. Section 4.1 Evaluation of British Pounds; Calculation of Net Asset Value. As promptly as practicable after the determination of the Relevant Price on each New York Business Day, ordinarily no later than 2:00 PM (New York time), the Trustee will calculate, and the Sponsor or a person designated by the Sponsor will publish, the Trust's net asset value ("NAV"). To calculate the NAV, the Trustee will:
(a) take the sum of British Pounds in the Interest Account and Non-Interest Account as of the close of business on the preceding London Business Day, as reported by the Depository;
(b) add interest accrued but unpaid on the Interest Account through the preceding day;
(c) subtract the accrued but unpaid Sponsor's Fee through the preceding day;
(d) add British Pounds receivable by the Trust under Purchase Orders having Order Dates on or before the preceding New York Business Day;
(e) subtract British Pounds payable by the Trust under Redemption Orders having Order Dates on or before the preceding New York Business Day;
(f) convert the result after step (e) into Dollars using the Relevant Price;
(g) add the Dollar value of any other assets included in the Trust Property as of the close of business on the preceding New York Business Day; and
(h) subtract the Dollar value of any other expenses and liabilities of the Trust as of the close of business on the preceding New York Business Day. The result is the NAV of the Trust for that New York Business Day. The Trustee shall also divide the NAV of the Trust by the number of Shares outstanding for the date of the evaluation then being made, which figure is the "NAV per Share." For purposes of the preceding sentence, the number of Shares deemed outstanding shall include Shares to be Delivered under Purchase Orders having Order Dates on or before the preceding New York Business Day and shall exclude Shares to be Surrendered under Redemption Orders having Order Dates on or before the preceding New York Business Day.
Section 4.2 Responsibility of the Trustee for Evaluations. The Sponsor, Depositors, Registered Owners and Beneficial Owners may rely on any evaluation or determination of any amount made by the Trustee, and the Sponsor shall have no responsibility for the accuracy thereof. The determinations made by the Trustee under this Agreement shall be made in good faith upon the basis of, and the Trustee shall not be liable for any errors contained in, information reasonably available to it. The Trustee shall be under no li...
Administration of the Trust. Section 5.1 Collections..................................................... Section 5.2 Application of Funds in the Certificate Account..............
Administration of the Trust. 22.1 The Trustees shall be entitled, subject to the provisions of this Trust Deed and any applicable law, to make and establish such rules and regulations, and to amend same from time to time, as they may deem necessary or expedient for the proper implementation and administration of this Trust.
22.2 Harmony shall be entitled to select an Administrator for this Trust and shall be entitled to instruct the Trustees to appoint the selected Administrator to administer this Trust. The Trustees shall procure that the Administrator enters into a written administration agreement on terms and conditions approved by Harmony, in respect of the administration of this Trust. In the event that the Trustees wish to amend the terms of the administration agreement or terminate the administration agreement with the appointed Administrator in order to appoint another administrator, the prior written consent of Harmony shall be obtained.
Administration of the Trust. Section 4.1 Evaluation of Gold Bullion. As promptly as practicable after 4:00 p.m. (New York time, or such other time as may hereafter be established by the Initial Depositor and promptly notified to the Trustee), assuming no market disruption or force majeure event has occurred, on each Business Day, the Calculation Agent shall determine the value of the Gold Bullion held on behalf of the Trust on the basis of the Benchmark Price for that day. Gold Bullion deliverable under a Purchase Order shall be included in the evaluation beginning on the Order Date. Gold Bullion deliverable under a Redemption Order shall not be included in the evaluation on and after the Order Date. 14
