Common use of Administration of the Trust Clause in Contracts

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 liability to the Sponsor, or to Depositors, Registered Owners or Beneficial Owners, for errors in judgment; provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of negligence or bad faith in the performance of its duties.

Administration of the Trust. Section 4.1 Evaluation of British PoundsSwiss Francs; 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 ’s net asset value ("“NAV"”). To calculate the NAV, the Trustee will: (a) take the sum of British Pounds Swiss Francs 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 ’s Fee through the preceding day; (d) add British Pounds Swiss Francs receivable by the Trust under Purchase Orders having Order Dates on or before the preceding New York Business Day; (e) subtract British Pounds Swiss Francs 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 liability to the Sponsor, or to Depositors, Registered Owners or Beneficial Owners, for errors in judgment; provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of negligence or bad faith in the performance of its duties.

Administration of the Trust. Section 4.1 Evaluation of British PoundsSwedish Kronor; 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 Swedish Kronor 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 Swedish Kronor receivable by the Trust under Purchase Orders having Order Dates on or before the preceding New York Business Day; (e) subtract British Pounds Swedish Kronor 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 liability to the Sponsor, or to Depositors, Registered Owners or Beneficial Owners, for errors in judgment; provided, however, that this provision shall not protect the Trustee against any liability to which it would otherwise be subject by reason of negligence or bad faith in the performance of its duties.