Common use of Allocated Precious Metals Clause in Contracts

Allocated Precious Metals. With respect to Allocated Precious Metals, the Custodian shall enter into a written agreement to direct that the Delegate be responsible for the failure of any Eligible Foreign Custodian or its agents to perform its obligations with respect to holding or returning of Allocated Precious Metals. Each Fund shall be responsible for any and all taxes, duties, costs, charges or fees (including, without limitation, insurance, delivery, collection and storage charges) which may be incurred by the Fund, the Delegate or the Custodian in connection with the holding of or transacting in Allocated Precious Metals.