Common use of Further Provisions for Gold Sales Clause in Contracts

Further Provisions for Gold Sales. In addition to selling gold in accordance with Section 4.7, the Trustee shall sell gold or other Trust Property whenever any one or more of the following conditions exists: (a) the Sponsor has notified the Trustee, or counsel to the Trustee has advised, that such sale is required by applicable law or regulation; or (b) this Agreement has been terminated and the Trust Property is to be liquidated in accordance with Section 6.2. When selling gold, the Trustee shall endeavor to place orders with dealers (which may include the Custodian) as directed by the Sponsor or, in the absence of such direction, with the Custodian or, if the Custodian is unable or unwilling to execute such orders, with dealers through which the Trustee may reasonably expect to obtain a favorable price and good execution of orders. The Custodian may be the purchaser of the gold to be sold, provided that, (i) if the Trustee’s instruction to sell gold is received by the Custodian by 2:00 p.m. (London, England time) on a Business Day, the purchase price for such gold shall be such Business Day’s Benchmark Price and (ii), if the Trustee’s instruction to sell gold is received by the Custodian after 2:00 p.m. (London, England time) on a Business Day, the purchase price for such gold shall be the next Benchmark Price available after such Business Day. Neither the Trustee nor the Sponsor shall be liable or responsible in any way for depreciation or loss resulting or incurred by reason of any sale made pursuant to this Section 4.9.

Further Provisions for Gold Sales. In addition to selling gold in accordance with Section 4.7, the Trustee shall sell gold or other Trust Property whenever any one or more of the following conditions exists: (a) the Sponsor has notified the Trustee, or counsel to the Trustee has advised, that such sale is required by applicable law or regulation; or (b) this Agreement has been terminated and the Trust Property is to be liquidated in accordance with Section 6.2. When selling gold, the Trustee shall endeavor to place orders with dealers (which may include the Custodian) as directed by the Sponsor or, in the absence of such direction, with the Custodian or, if the Custodian is unable or unwilling to execute such orders, with dealers through which the Trustee may reasonably expect to obtain a favorable price and good execution of orders. The Custodian may be the purchaser of the gold to be sold, provided that, (i) if the Trustee’s instruction to sell gold is received by the Custodian by 2:00 p.m. (London, England time) on a Business Day, the purchase price for such gold shall be such Business Day’s Benchmark Price and (ii), if the Trustee’s instruction to sell gold is received by the Custodian after 2:00 p.m. (London, England time) on a Business Day, the purchase price for such gold Gold shall be the next Benchmark Price available after such Business Day. Neither the Trustee nor the Sponsor shall be liable or responsible in any way for depreciation or loss resulting or incurred by reason of any sale made pursuant to this Section 4.9.