Common use of Appointment of an Investment Manager Clause in Contracts

Appointment of an Investment Manager. The Depositor may appoint an Investment Manager to manage all or any portion of the assets in the Depositor’s Custodial Account, provided such Investment Manager is registered directly or indirectly as an Investment Adviser under the Investment Advisers Act of 1940, as amended from time to time, and provided such appointment is in writing. The Depositor shall notify the Custodian in writing of the appointment of any Investment Manager and the Custodian shall be entitled to rely upon such notification unless or until directed otherwise in writing by the Depositor. The Custodian shall be under no duty or obligation to review, or make any recommendations with respect to, any investment to be acquired, held or disposed of pursuant to the directions of any Investment Manager. The Depositor agrees to indemnify the Custodian and to hold it harmless from and against any claim, liability or loss that may be asserted against the Custodian by reason of its acting or not acting pursuant to any direction from an Investment Manager or its failing to act in the absence of any such direction.

Appointment of an Investment Manager. The Depositor may appoint an Investment Manager to manage all or any portion of the assets in the Depositor’s Custodial Account, provided such Investment Manager is registered directly or indirectly as an Investment Adviser under the Investment Advisers Act of 1940, as amended from time to time, and provided such the appointment is in writing. The Depositor shall notify the Custodian in writing of the appointment of any Investment Manager and the Custodian shall be entitled to rely upon such notification unless or until directed otherwise in writing by the Depositor. The Custodian shall be under no duty or obligation to review, or make any recommendations with respect to, any investment to be acquired, held or disposed of pursuant to the directions of any Investment Manager. The Depositor agrees to indemnify the Custodian and to hold it harmless from and against any claim, liability or loss that may be asserted against the Custodian by reason of its acting or not acting pursuant to any direction from an Investment Manager or its failing to act in the absence of any such direction.