Common use of Limitations on Delivery, Registration of Transfer and Surrender of Shares Clause in Contracts

Limitations on Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the issuance, Delivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar (i) may require payment from the applicable Authorized Participant of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement, including this Section 2.7. (b) The acceptance of Purchase Orders, the Delivery of Shares against deposits of Gold or the registration of transfer of Shares may, and upon direction of the Sponsor shall, be suspended generally, or refused with respect to a particular Purchase Order, Delivery of Shares or registration, by the Trustee (i) during any period when the transfer books of the Trustee are closed or (ii) if any such action is deemed necessary or advisable by the Sponsor for any reason at any time or from time to time. The Trustee shall reject any Purchase Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, refusal or rejection provided for in this Section 2.7(b). (c) Except as otherwise provided elsewhere in this Agreement, the Trustee may, in its sole discretion and will, when so directed by the Sponsor, suspend the right to Surrender Shares, or postpone the date of Delivery of Gold or other Trust Property, generally or with respect to a particular Redemption Order (i) during any period in which the Exchange is closed (other than scheduled holiday or weekend closings) or regular trading thereon is suspended or restricted or (ii) during an emergency as a result of which Delivery, disposal or evaluation of Gold is not reasonably practicable. The Trustee shall reject any Redemption Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, postponement or rejection provided for under this Section 2.7(c).

Limitations on Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the the, issuance, Delivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar (i) may require payment from the applicable Authorized Participant or Delivery Applicant of a sum sufficient to reimburse it for any tax or other governmental charge charges and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement. The applicable Authorized Participant, including this Section 2.7Delivery Applicant, Registered Owner or Beneficial Owner agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon. (b) The acceptance of Purchase Orders, the Delivery of Shares against deposits of Gold gold or the registration of transfer of Shares may, and upon direction of the Sponsor shall, may be suspended generallygenerally by the Sponsor, or refused with respect to a particular Purchase Order, Delivery of Shares or registration, by the Trustee (i) during any period when the transfer books of the Trustee are closed closed, (ii) if the Custodian has informed the Trustee and the Sponsor that it is unable to allocate gold to the Trust Allocated Account either in connection with a particular Purchase Order (in which case, unless otherwise instructed by the Sponsor, the Trustee will reject all other Purchase Orders having the same Order Date) or generally, or (iiiii) if any such action is deemed necessary or advisable by the Sponsor for any reason in its sole discretion at any time or from time to time. The Trustee shall reject any Purchase Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, refusal the suspension or rejection provided for in this Section 2.7(b)of any Purchase Order or Delivery of Shares against deposits of gold or of any registration of transfer of Shares. (c) Except as otherwise provided elsewhere in this Agreement, the Trustee Surrender of Shares for the purpose of withdrawing Trust Property pursuant to Section 2.6(a) or Section 2.6(b) may, in its sole discretion and willupon the direction of the Sponsor shall, when so directed by the Sponsor, suspend the right to Surrender Shares, be suspended or postpone the date of Delivery of Gold or other Trust Property, rejected generally or with respect to a particular Redemption Order or Delivery Application, by the Trustee (i) during any period in which regular trading on the Exchange is suspended or restricted or the Exchange is closed (other than scheduled holiday or weekend closings) or regular trading thereon is suspended or restricted or ), (ii) during an emergency as a result of which Deliverydelivery, disposal or evaluation of Gold gold is not reasonably practicablepracticable or (iii) with respect to a Surrender of Shares by a Delivery Applicant only, if any such action is deemed necessary or advisable by the Sponsor for any reason in its sole discretion at any time or from time to time. The Trustee shall reject any Redemption Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of such suspension or rejection. The Trustee shall reject any suspensionRedemption Order by an Authorized Participant pursuant to Section 2.6(a) or Surrender of Shares by a Delivery Applicant pursuant to Section 2.6(b) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, postponement and the Trustee shall have no liability to any Person for rejecting a Redemption Order or rejection provided Surrender of Shares in such circumstances. In the event that the Surrender of Shares for under this the purpose of withdrawing Trust Property pursuant to Section 2.7(c)2.6(a) or Section 2.6(b) is suspended or rejected generally during an emergency as a result of which delivery, disposal or evaluation of gold is not reasonably practicable, the Sponsor shall promptly notify the Exchange of such emergency.

Limitations on Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the issuance, Delivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar (i) may require payment from the applicable Authorized Participant or Registered Owner of a sum sufficient to reimburse it for any tax or other governmental charge charges and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement. The applicable Authorized Participant or Registered Owner agrees to indemnify the Sponsor, including this Section 2.7the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon. (b) The acceptance of Purchase Orders, the Delivery of Shares against deposits of Gold platinum or the registration of transfer of Shares may, and upon direction of the Sponsor shall, be suspended generally, or refused with respect to a particular Purchase Order, Delivery of Shares or registration, by the Trustee (i) during any period when the transfer books of the Trustee are closed closed, (ii) if the Custodian has informed the Trustee and the Sponsor that it is unable to allocate platinum to the Trust Allocated Account either in connection with a particular Purchase Order (in which case, unless otherwise instructed by the Sponsor, the Trustee will reject all other Purchase Orders having the same Order Date) or generally, or (iiiii) if any such action is deemed necessary or advisable by the Sponsor for any reason in its sole discretion at any time or from time to time. The Trustee shall reject any Purchase Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, refusal or rejection provided for in this Section 2.7(b). (c) Except as otherwise provided elsewhere in this Agreement, the The Trustee may, in its sole discretion and will, when so directed by the Sponsor, suspend the right to Surrender Shares, or postpone the date of Delivery of Gold or other Trust Propertyplatinum, generally or with respect to a particular Redemption Order (i) during any period in which regular trading on the Exchange is suspended or restricted or the Exchange is closed (other than scheduled holiday or weekend closings) or regular trading thereon is suspended or restricted or (ii) during an emergency as a result of which Delivery, disposal or evaluation of Gold platinum is not reasonably practicablepracticable (and the Sponsor shall promptly notify the Exchange of any such emergency). The Trustee shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations. The Trustee shall reject any Redemption Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, postponement or rejection provided for under this Section 2.7(c).

Limitations on Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the issuance, Delivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar (i) may require payment from the applicable Authorized Participant or Registered Owner of a sum sufficient to reimburse it for any tax or other governmental charge charges and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement. The applicable Authorized Participant or Registered Owner agrees to indemnify the Sponsor, including this Section 2.7the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon. (b) The acceptance of Purchase Orders, the Delivery of Shares against deposits of Gold gold or the registration of transfer of Shares may, and upon direction of the Sponsor shall, be suspended generally, or refused with respect to a particular Purchase Order, Delivery of Shares or registration, by the Trustee (i) during any period when the transfer books of the Trustee are closed closed, (ii) if the Custodian has informed the Trustee and the Sponsor that it is unable to allocate gold to the Trust Allocated Account either in connection with a particular Purchase Order (in which case, unless otherwise instructed by the Sponsor, the Trustee will reject all other Purchase Orders having the same Order Date) or generally, or (iiiii) if any such action is deemed necessary or advisable by the Sponsor for any reason in its sole discretion at any time or from time to time. The Trustee shall reject any Purchase Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, refusal or rejection provided for in this Section 2.7(b). (c) Except as otherwise provided elsewhere in this Agreement, the The Trustee may, in its sole discretion and will, when so directed by the Sponsor, suspend the right to Surrender Shares, or postpone the date of Delivery of Gold or other Trust Propertygold, generally or with respect to a particular Redemption Order (i) during any period in which regular trading on the Exchange is suspended or restricted or the Exchange is closed (other than scheduled holiday or weekend closings) or regular trading thereon is suspended or restricted or (ii) during an emergency as a result of which Delivery, disposal or evaluation of Gold gold is not reasonably practicablepracticable (and the Sponsor shall promptly notify the Exchange of any such emergency). The Trustee shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations. The Trustee shall reject any Redemption Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, postponement or rejection provided for under this Section 2.7(c).

Limitations on Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the issuance, Delivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar Registrar: (i) may require payment from the applicable Authorized Participant of a sum sufficient to reimburse it for any tax or other governmental charge charges and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement. The applicable Authorized Participant, including this Section 2.7Registered Owner or Beneficial Owner agrees to indemnify each Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon. (b) The acceptance of Purchase Orders, the Delivery of Shares against deposits of Gold gold or the registration of transfer of Shares may, and upon direction of the a Sponsor shall, be suspended generally, or refused with respect to a particular Purchase Order, Delivery of Shares or registration, by the Trustee (i) during any period when the transfer books of the Trustee are closed closed, (ii) if the Custodian has informed the Trustee and the Administrative Sponsor that it is unable to allocate gold to the Trust Allocated Metal Account either in connection with a particular Purchase Order (in which case, unless otherwise instructed by the Sponsor, the Trustee will reject all other Purchase Orders having the same Order Date) or generally, or (iiiii) if any such action is deemed necessary or advisable by the Sponsor Custodial Sponsor, for any reason in its sole discretion at any time or from time to time, but only after consulting with the Administrative Sponsor. The Trustee shall reject any Purchase Order that is not in proper form. Neither the Trustee nor the a Sponsor shall be liable to any Person by reason of any the suspension, refusal or rejection provided for in this Section 2.7(b)of any Purchase Order or Delivery of Shares against deposits of gold or of any registration of transfer of Shares. (c) Except as otherwise provided elsewhere in this Agreement, the Trustee Surrender of Shares for the purpose of withdrawing Trust Property pursuant to Section 2.6(a) may, in its sole discretion and willupon the direction of a Sponsor shall, when so directed by the Sponsor, suspend the right to Surrender Shares, be suspended or postpone the date of Delivery of Gold or other Trust Property, rejected generally or with respect to a particular Redemption Order Order, by the Trustee (i) during any period in which regular trading on the Exchange is suspended or restricted or the Exchange is closed (other than scheduled holiday or weekend closings) or regular trading thereon is suspended or restricted or ), (ii) during an emergency as a result of which Deliverydelivery, disposal or evaluation of Gold gold is not reasonably practicable, including where transportation services acceptable to the Custodian are not available, or (iii) for such other period as the Sponsors determine to be necessary for protection of Registered Owners. The Trustee shall reject any Redemption Order that is not in proper form. Neither the Trustee nor the a Sponsor shall be liable to any Person by reason of any such suspension, postponement or rejection provided rejection. The Trustee shall reject any Redemption Order by an Authorized Participant pursuant to Section 2.6(a) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, and the Trustee shall have no liability to any Person for under this rejecting a Redemption Order in such circumstances. In the event that the Surrender of Shares for the purpose of withdrawing Trust Property pursuant to Section 2.7(c)2.6(a) is suspended or rejected generally during an emergency as a result of which delivery, disposal or evaluation of gold is not reasonably practicable, the Administrative Sponsor shall promptly notify the Exchange of such emergency.

Limitations on Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the issuance, Delivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar Registrar: (i) may require payment from the applicable Authorized Participant of a sum sufficient to reimburse it for any tax or other governmental charge charges and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement, including including, this Section 2.7. The applicable Authorized Participant, Registered Owner or Beneficial Owner agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon. (b) The acceptance of Purchase Orders, the Delivery of Shares against deposits of Gold or the registration of transfer of Shares may, and upon direction of the Sponsor shall, be suspended generally, or refused with respect to a particular Purchase Order, Delivery of Shares or registration, by the Trustee (i) during any period when the transfer books of the Trustee are closed closed, (ii) if the Custodian has informed the Trustee and the Sponsor that it is unable to allocate gold to the Allocated Account either in connection with a particular Purchase Order (in which case, unless otherwise instructed by the Sponsor, the Trustee will reject all other Purchase Orders having the same Order Date) or generally, or (iiiii) if any such action is deemed necessary or advisable by the Sponsor Sponsor, for any reason in its sole discretion at any time or from time to time. The Trustee shall reject any Purchase Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any the suspension, refusal or rejection provided for in this Section 2.7(b)of any Purchase Order or Delivery of Shares against deposits of gold or of any registration of transfer of Shares. (c) Except as otherwise provided elsewhere in this Agreement, the Trustee Surrender of Shares for the purpose of withdrawing Trust Property pursuant to Section 2.6(a) may, in its sole discretion and willupon the direction of the Sponsor shall, when so directed by the Sponsor, suspend the right to Surrender Shares, be suspended or postpone the date of Delivery of Gold or other Trust Property, rejected generally or with respect to a particular Redemption Order Order, by the Trustee (i) during any period in which regular trading on the Exchange is suspended or restricted or the Exchange is closed (for other than scheduled holiday or weekend closings) or regular trading thereon is suspended or restricted or , (ii) during an emergency as a result of which Deliverydelivery, disposal or evaluation of Gold is not reasonably practicable, including where transportation services acceptable to the Custodian are not available, or (iii) for such other period as the Sponsor may determine to be necessary for protection of Registered Owners. The Trustee shall reject any Redemption Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any such suspension, postponement or rejection provided rejection. The Trustee shall reject any Redemption Order by an Authorized Participant pursuant to Section 2.6(a) the fulfilment of which its counsel or the Custodian advises may be illegal under applicable laws and regulations, and the Trustee shall have no liability to any Person for under this Section 2.7(c).rejecting a Redemption Order in such circumstances. In the event that the Surrender of Shares for the purpose of withdrawing Trust Property pursuant to Section

Limitations on Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the issuance, Delivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar (i) may require payment from the applicable Depositor or the Authorized Participant Surrendering the Shares of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement, including this Section 2.72.8. (b) The acceptance of Purchase Orders, the Delivery of Shares against deposits of Gold Chinese Renminbi or the registration of transfer of Shares may, and upon direction of the Sponsor shall, shall be suspended generally, or refused with respect to a particular Purchase Orderrequested Deliveries or transfers, Delivery of Shares or registration, by the Trustee (i) as provided in Section 4.5, (ii) during any period when the transfer books of the Trustee are closed closed, (iii) in the event the Depository refuses to accept the deposit of Chinese Renminbi pursuant to the terms of the Deposit Account Agreement, or (iiiv) if any such action is deemed necessary or advisable by the Trustee or the Sponsor for any reason at any time or from time to time. The Trustee shall reject any will inform the Sponsor of Purchase Order that is not Orders as received on each Business Day, and the Sponsor will monitor such Purchase Orders against the Depository’s deposit limits as then in proper form. Neither effect and will alert the Trustee nor and Authorized Participants when the maximum amount of Purchase Orders have been received, whereupon the Trustee shall refuse all further Purchase Orders until the following Business Day (in respect of the daily deposit limit) or until informed by the Sponsor shall that further Purchase Orders may be liable to any Person by reason accepted (in respect of any suspension, refusal or rejection provided for in this Section 2.7(bthe aggregate deposit limit). (c) Except as otherwise provided elsewhere in this Agreement, The Surrender of Shares for purposes of withdrawing Trust Property shall be suspended by the Trustee mayonly if (i) the Trust holds Surplus Property that has not been distributed in accordance with Section 4.5 (ii) the Depository is unable to process withdrawal instructions, or (iii) the Sponsor determines, in its sole discretion and willdiscretion, when so directed by the Sponsorthat a suspension is necessary or desirable. In any case, suspend the right to Surrender Shares, or postpone the date of Delivery of Gold or other Trust Property, generally or with respect to a particular Redemption Order (i) during any period in which the Exchange is closed (other than scheduled holiday or weekend closings) or regular trading thereon is suspended or restricted or (ii) during an emergency as a result of which Delivery, disposal or evaluation of Gold is not reasonably practicable. The Trustee shall reject any Redemption Order that is not in proper form. Neither the Trustee nor and the Sponsor Depository shall be liable consult with each other and use good faith efforts to any Person by reason of any suspension, postponement or rejection provided for under this Section 2.7(c)resume accepting and honoring Redemption Orders as soon as possible.

Limitations on Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the issuance, Deliverydelivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar (i) may require payment from the applicable Depositor or the Authorized Participant Surrendering the Shares of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement, including including, without limitation, this Section 2.7. (b) The acceptance of Purchase Orders, the Delivery delivery of Shares against deposits of Gold or Copper and the registration of transfer of Shares may, and upon direction of the Sponsor shall, may be suspended generally, or refused with respect to a particular Purchase Orderrequested deliveries, Delivery of Shares or registration, by the Trustee (i) during any period when the transfer books of the Trustee are closed or (ii) if any such action is deemed necessary or advisable by the Trustee or the Sponsor for any reason at any time or from time to time. The Trustee shall reject any Purchase Order that time or if the deposit of Copper is not accepted by the Custodian in proper formaccordance with the Custodian Agreement. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, refusal or rejection provided for in this Section 2.7(b). (c) Except as otherwise provided elsewhere in this Agreement, the Trustee may, in its sole discretion and will, when so directed by the Sponsor, suspend the right to Surrender Shares, or postpone the date of Delivery Shares for purposes of Gold or other withdrawing Trust Property, generally or with respect to a particular Redemption Order Property may be suspended only (i) during any period in which the Exchange is closed (other than scheduled holiday or weekend closings) or regular trading thereon is suspended or restricted restricted; or (ii) during if an emergency as a result of which Deliveryexists that makes it reasonably impracticable for the Custodian to deliver Warrants, disposal or evaluation of Gold is not reasonably practicable. The Trustee shall reject any Redemption Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, postponement or rejection provided for under this Section 2.7(c)warehouse receipts and physical Copper.

Limitations on Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the issuance, Delivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar (i) may require payment from the applicable Authorized Participant or Registered Owner of a sum sufficient to reimburse it for any tax or other governmental charge charges and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement. The applicable Authorized Participant or Registered Owner agrees to indemnify the Sponsor, including this Section 2.7the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon. (b) The acceptance of Purchase Orders, the Delivery of Shares against deposits of Gold gold or the registration of transfer of Shares may, and upon direction of the Sponsor shall, be suspended generally, or refused with respect to a particular Purchase Order, Delivery of Shares or registration, by the Trustee (i) during any period when the transfer books of the Trustee are closed closed, (ii) if the Custodian has informed the Trustee and the Sponsor that it is unable to allocate gold to the Trust Allocated Account either in connection with a particular Purchase Order (in which case, unless otherwise instructed by the Sponsor, the Trustee will reject all other Purchase Orders having the same Order Date) or generally, or (iiiii) if any such action is deemed necessary or advisable by the Sponsor for any reason in its sole discretion at any time or from time to time. The Trustee shall reject any Purchase Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, refusal or rejection provided for in this Section 2.7(b). (c) Except as otherwise provided elsewhere in this Agreement, the The Trustee may, in its sole discretion and will, when so directed by the Sponsor, suspend the right to Surrender Shares, or postpone the date of Delivery of Gold or other Trust Propertygold, generally or with respect to a particular Redemption Order (i) during any period in which regular trading on the Exchange is suspended or restricted or the Exchange is closed (other than scheduled holiday or weekend closings) or regular trading thereon is suspended or restricted or (ii) during an emergency as a result of which Delivery, disposal or evaluation of Gold gold is not reasonably practicablepracticable (and the Sponsor shall promptly notify the Exchange of any such emergency). The Trustee shall reject any Redemption Order the fulfillment of which its counsel advises may be illegal under applicable laws and regulations. The Trustee shall reject any Redemption Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, postponement or rejection provided for under this Section 2.7(c).

Limitations on Delivery, Registration of Transfer and Surrender of Shares. (a) As a condition precedent to the the, issuance, Delivery, registration of transfer, split-up, combination or Surrender of any Shares or withdrawal of any Trust Property, the Trustee or Registrar (i) may require payment from the applicable Authorized Participant or Delivery Applicant of a sum sufficient to reimburse it for any tax or other governmental charge charges and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to any securities being withdrawn) and payment of any applicable fees as herein provided, (ii) may require the production of proof satisfactory to it as to the identity and genuineness of any signature and (iii) may also require compliance with any regulations the Trustee may establish consistent with the provisions of this Agreement. The applicable Authorized Participant, including this Section 2.7Delivery Applicant, Registered Owner or Beneficial Owner agrees to indemnify the Sponsor, the Trustee and the Trust if any of them is required by law to pay any such tax, charge or fee, together with any applicable penalties, additions to tax and interest thereon. (b) The acceptance of Purchase Orders, the Delivery of Shares against deposits of Gold or the registration of transfer of Shares may, and upon direction of the Sponsor shall, may be suspended generally, or refused with respect to a particular Purchase Order, Delivery of Shares or registration, by the Trustee (i) during any period when the transfer books of the Trustee are closed closed, if the Custodian has informed the Trustee and the Sponsor that is it unable to allocate Gold to the Trust Allocated Account either in connection with a particular Purchase Order or (ii) generally, or if any such action is deemed necessary or advisable by the Sponsor for any reason in its sole discretion at any time or from time to time. The Trustee shall reject any Purchase Order that is not in proper form. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of any suspension, refusal the suspension or rejection provided for in this Section 2.7(b)of any Purchase Order or Delivery of Shares against deposits of Gold or of any registration of transfer of Shares. (c) Except as otherwise provided elsewhere in this Agreement, the Trustee Surrender of Shares for the purpose of withdrawing Trust Property pursuant to Section 2.6(a) or Section 2.6(b) may, in its sole discretion and willupon the direction of the Sponsor shall, when so directed by the Sponsor, suspend the right to Surrender Sharesbe suspended generally, or postpone the date of Delivery of Gold or other Trust Property, generally or rejected with respect to a particular Redemption Order or Delivery Application, by the Trustee (i) during any period in which regular trading on the Exchange is suspended or restricted or the Exchange is closed (other than scheduled holiday or weekend closings) or regular trading thereon is suspended or restricted or ), (ii) during an emergency as a result of which Deliverydelivery, disposal or evaluation of Gold is not reasonably practicable. The Trustee shall reject practicable or (iii), with respect to a Surrender of Shares by a Delivery Applicant only, if any Redemption Order that such action is not deemed necessary or advisable by the Sponsor for any reason in proper formits sole discretion at any time or from time to time. Neither the Trustee nor the Sponsor shall be liable to any Person by reason of such suspension or rejection. The Trustee shall reject any suspensionRedemption Order by an Authorized Participant pursuant to Section 2.6(a) or Surrender of Shares by a Delivery Applicant pursuant to Section 2.6(b) the fulfillment of which its counsel advises may be illegal under applicable laws and regulations, postponement and the Trustee shall have no liability to any Person for rejecting a Redemption Order or rejection provided for under this Section 2.7(c)Surrender of Shares in such circumstances.