Common use of Custody of Gold Bullion Clause in Contracts

Custody of Gold Bullion. (a) You hereby agree to appoint us, and we agree to act, as the custodian of the Gold Bullion and to provide the Gold Custody Services on the terms and conditions set out in this Clause 3. (b) The Gold Bullion shall be held at such designated facility as we may make known to you from time to time (the “Designated Facility”). (c) All Gold Bullion held at the Designated Facility shall be held on an Allocated Basis. (d) We may at any time in our absolute discretion prescribe the relevant procedures in relation to the deposit and/or withdrawal of the Gold Bullion under these Gold Bullion Terms. (e) Notwithstanding any provision of this Agreement, there shall be no yield or interest payable on the Gold Bullion held in custody by us under these Gold Bullion Terms.