Common use of Liability of Authorized Participants for Taxes and Other Governmental Charges Clause in Contracts

Liability of Authorized Participants for Taxes and Other Governmental Charges. If any tax or other charge shall become payable with respect to any Gold Deposit Receipts, such tax or other governmental charge shall be payable by the Authorized Participants or Other Broker-Dealers owning such Gold Deposit Receipts to the Trustee or the Underwriter, as applicable. The Underwriter shall instruct the Trustee as to the amount of any such tax or other governmental charge and not to effect transfer of such Gold Deposit Receipts until such payment is made, or the Underwriter may sell such Gold Deposit Receipts and may apply the proceeds of any such sale in payment of such tax or other governmental charge and the Authorized Participant or Other Broker-Dealer of such Gold Deposit Receipt shall remain liable for any deficiency. The Underwriter shall distribute any net proceeds of a sale made under the preceding sentence that remain, after payment of the tax or other governmental charge, to the Authorized Participant or Other Broker-Dealer entitled thereto as in the case of a distribution in cash.

Liability of Authorized Participants for Taxes and Other Governmental Charges. If any tax or other charge shall become payable with respect to any Gold Deposit Receipts, such tax or other governmental charge shall be payable by the Authorized Participants or Other Broker-Dealers owning such Gold Deposit Receipts to the Trustee or the UnderwriterPlacement Agent, as applicable. The Underwriter Placement Agent shall instruct the Trustee as to the amount of any such tax or other governmental charge and not to effect transfer of such Gold Deposit Receipts until such payment is made, or the Underwriter Placement Agent may sell such Gold Deposit Receipts and may apply the proceeds of any such sale in payment of such tax or other governmental charge and the Authorized Participant or Other Broker-Dealer Participants of such Gold Deposit Receipt shall remain liable for any deficiency. The Underwriter Placement Agent shall distribute any net proceeds of a sale made under the preceding sentence that remain, after payment of the tax or other governmental charge, to the Authorized Participant or Other Broker-Dealer entitled thereto as in the case of a distribution in cash.

Liability of Authorized Participants for Taxes and Other Governmental Charges. If any tax or other charge shall become payable with respect to any Gold Deposit Receipts, such tax or other governmental charge shall be payable by the Authorized Participants or Other Broker-Dealers owning such Gold Deposit Receipts to the Trustee or the Underwriter, as applicable. The Underwriter shall instruct the Trustee as to the amount of any such tax or other governmental charge and not to effect transfer of such Gold Deposit Receipts until such payment is made, or the Underwriter may sell such Gold Deposit Receipts and may apply the proceeds of any such sale in payment of such tax or other governmental charge and the Authorized Participant or Other Broker-Dealer of such Gold Deposit Receipt shall remain liable for any deficiency. The Underwriter shall distribute any net proceeds of a sale made under the preceding sentence that remain, after payment of the tax or other governmental charge, to the Authorized Participant or Other Broker-Dealer entitled thereto as in the case of a distribution in cash.. Section 3.2

Liability of Authorized Participants for Taxes and Other Governmental Charges. If any tax or other charge shall become payable with respect to any Gold Deposit Receipts, such tax or other governmental charge shall be payable by the Authorized Participants or Other Broker-Dealers owning such Gold Deposit Receipts to the Trustee or the UnderwriterPlacement Agent, as applicable. The Underwriter Placement Agent shall instruct the Trustee as to the amount of any such tax or other governmental charge and not to effect transfer of such Gold Deposit Receipts until such payment is made, or the Underwriter Placement Agent may sell such Gold Deposit Receipts and may apply the proceeds of any such sale in payment of such tax or other governmental charge and the Authorized Participant or Other Broker-Dealer Participants of such Gold Deposit Receipt shall remain liable for any deficiency. The Underwriter Placement Agent shall distribute any net proceeds of a sale made under the preceding sentence that remain, after payment of the tax or other governmental charge, to the Authorized Participant or Other Broker-Dealer entitled thereto as in the case of a distribution in cash.. Section 3.2