Common use of Ownership of Gold Clause in Contracts

Ownership of Gold. The Custodian will identify in its books that the Gold belongs to the applicable Fund. The Custodian shall ensure that the Gold belonging to a Fund shall at all times be free and clear of all liens and encumbrances and shall not be subject to any right, charge, security interest, lien or claim of any kind, whether arising by operation of law or otherwise, in favor of the Custodian, any sub-custodian or any creditor of any of them or any other person. The Custodian shall not loan, hypothecate, pledge or otherwise encumber any Gold held in a Fund Unallocated Account absent the Trust’s written instructions to the contrary.

Ownership of Gold. The Custodian will identify in its books that the Gold belongs to the applicable FundTrustee (on trust for the Shareholders). The Custodian shall ensure that the Gold belonging to a Fund the Trustee (on trust for the Shareholders) shall at all times be free and clear of all liens and encumbrances and shall not be subject to any right, charge, security interest, lien or claim of any kind, whether arising by operation of law or otherwise, in favor of the Custodian, any sub-custodian or any creditor of any of them or any other person. The Custodian shall not loan, hypothecate, pledge or otherwise encumber any Gold held in a Fund Trust Unallocated Account absent the TrustTrustee’s written instructions to the contrary.