Common use of Representations and Warranties of Custodian Clause in Contracts

Representations and Warranties of Custodian. Custodian hereby represents and warrants that, as of the date of this Agreement and as of any date on which Gold is credited to, debited from, or substituted in, the Account: (a) it is a bank, duly organized under the laws of its country of organization as set forth above, and it is regulated as such by that country's government or an agency thereof; (b) it has and shall maintain during the term of this Agreement at least the minimum amount of capital required to be an approved depository in respect of gold futures traded on COMEX; (c) this Agreement has been duly authorized, executed and delivered on its behalf and constitutes the legal, valid and binding obligation of Custodian; (d) the execution, delivery and performance of this Agreement by Custodian do not and will not violate any applicable law or regulation and do not require the consent of any governmental or other regulatory body except for such consents and approvals as have been obtained, which are identified on Schedule A hereto and which are in full force and effect; and (e) Gold substituted by it for other Gold previously held in the Account meets part (1) of the definition of "Gold" in this Agreement and has a fine weight at least equal to the fine weight of the Gold for which it was substituted.

Representations and Warranties of Custodian. Custodian hereby represents and warrants that, as of the date of this Agreement and as of any date on which Gold is credited to, debited from, or substituted in, the Account: (a) it is a bank, duly organized under the laws of its country of organization as set forth above, and it is regulated as such by that country's ’s government or an agency thereof; (b) it has and shall maintain during the term of this Agreement at least the minimum amount of capital required to be an approved depository in respect of gold futures traded on COMEX; (c) this Agreement has been duly authorized, executed and delivered on its behalf and constitutes the legal, valid and binding obligation of Custodian; (d) the execution, delivery and performance of this Agreement by Custodian do not and will not violate any applicable law or regulation and do not require the consent of any governmental or other regulatory body except for such consents and approvals as have been obtained, which are identified on Schedule A hereto and which are in full force and effect; and (e) Gold substituted by it for other Gold previously held in the Account meets part (1) of the definition of "“Gold" ” in this Agreement and has a fine weight at least equal to the fine weight of the Gold for which it was substituted.