Common use of Monitoring and Auditing of Activities Clause in Contracts

Monitoring and Auditing of Activities. The Trustee shall have no obligation to monitor or supervise the activities of the Initial Depositor or the Underwriter. In no event shall the Trustee be liable for (i) any loss or damage resulting from the actions or omissions of the Initial Depositor or the Underwriter or loss or damage to the Gold Bullion while in the possession of, or in transit to or from, the Initial Depositor or any Authorized Participant or Other Broker-Dealer, (ii) the amount, validity or adequacy of insurance maintained by the Initial Depositor, (iii) any defect in Gold Bullion held by the Trust or at the Mint, (iv) any failure of Gold Bullion to conform to the requirements set forth in Section 5.1(a)(iii), (v) any failure of Gold Bullion to conform to a description thereof provided by the Initial Depositor to the Trustee or by the Trustee to an Authorized Participant or Other Broker-Dealer or (vi) any exercise of discretion permitted under this Agreement.

Monitoring and Auditing of Activities. The Trustee shall have no obligation to monitor or supervise the activities of the Initial Depositor or the UnderwriterPlacement Agent. In no event shall the Trustee be liable for (i) any loss or damage resulting from the actions or omissions of the Initial Depositor or the Underwriter Placement Agent or loss or damage to the Gold Bullion while in the possession of, or in transit to or from, the Initial Depositor or any Authorized Participant or Other Broker-DealerParticipant, (ii) the amount, validity or adequacy of insurance maintained by the Initial Depositor, (iii) any defect in Gold Bullion held by the Trust or at the Mint, (iv) any failure of Gold Bullion to conform to the requirements set forth in Section 5.1(a)(iii), (v) any failure of Gold Bullion to conform to a description thereof provided by the Initial Depositor to the Trustee or by the Trustee to an Authorized Participant or Other Broker-Dealer or (vi) any exercise of discretion permitted under this Agreement.