Common use of RESPONSIBILITIES OF CUSTODIAN AND SUBCUSTODIANS Clause in Contracts

RESPONSIBILITIES OF CUSTODIAN AND SUBCUSTODIANS. 1. Custodian shall receive, hold and keep the Precious Metals at a secure facility maintained by a Subcustodian which shall be identified to Customer from time to time (the “Secure Facility”). 2. Custodian shall be responsible for the safekeeping of the Precious Metals in the form and condition in which they are delivered to its Subcustodian acting as its warehouseman. Custodian shall cause the Subcustodian to keep the Precious Metals held for Customer hereunder separately identified and segregated and to maintain records identifying the Precious Metals belonging to Customer. 3. Custodian shall provide Customer with reporting by a means agreed between the parties detailing Precious Metals received, delivered and held at the Subcustodian. Customer agrees that it shall promptly review all such statements and shall advise Custodian of any error, omission or inaccuracy therein within a commercially reasonable time. 4. Custodian shall cause the Subcustodian it designates to take delivery of Precious Metals from Customer and to acknowledge receipt from Customer of the Precious Metals. The Subcustodian may, at its option, record certain specifications indicated on the Precious Metals. It is understood and agreed that neither Custodian nor its Subcustodians are responsible for the authenticity of markings on or for the weight, fineness or contents of any of the Precious Metals, delivered to them by Customer or a third party for the account of Customer. 5. Custodian shall maintain insurance protection covering the Custodian’s duties and activities hereunder in such amounts and insuring against such risks as Custodian deems reasonable and appropriate under the circumstances. Subcustodians may maintain such insurance in regard to their business on such terms as they consider appropriate, but the Custodian shall have no liability for the terms or sufficiency of the insurance maintained by any Subcustodian or for the failure of any Subcustodian to maintain insurance.

RESPONSIBILITIES OF CUSTODIAN AND SUBCUSTODIANS. 1. The Custodian shall receive, hold and keep the Precious Metals at a secure facility maintained by a Subcustodian which shall be identified to Customer the Client from time to time (the “Secure Facility”). 2. The Custodian shall be responsible for the safekeeping of the Precious Metals in the form and condition in which they are delivered to its Subcustodian acting as its warehouseman. The Custodian shall cause the Subcustodian to keep the Precious Metals held for Customer the Client hereunder separately identified and segregated and to maintain records identifying the Precious Metals belonging to Customerthe Client. 3. The Custodian shall provide Customer the Client with reporting by a means agreed between the parties detailing the Precious Metals received, delivered and held at the a Subcustodian. Customer The Client agrees that it shall promptly review all such statements and shall advise the Custodian of any error, omission or inaccuracy therein therein. Unless the Client delivers a written notice of any such error, omission or inaccuracy to the Custodian within five business days after receipt of such statement by the Client, such statement shall be deemed to be conclusive and binding on the Client. With respect to any Losses incurred by Client as a commercially result of the acts or failures to act by a Subcustodian acting as warehouseman hereunder, Custodian shall take all reasonable timeand appropriate actions to recover such Losses and Custodian’s liability shall be limited to the amount recovered net of Custodian’s reasonable costs and expenses. Except as expressly provided herein, with respect to any Losses incurred by the Client as the result of the acts or the failures to act by the Subcustodian, the Custodian shall be fully responsible as provided hereunder as if it had performed the acts or failure to act itself except to the extent any such Losses are due to (i) the fraud of such Subcustodian and the Custodian exercised reasonable care in the selection and monitoring of such Subcustodian or (ii) the insolvency or bankruptcy of such Subcustodian and the Custodian exercised reasonable care in the selection and monitoring of such Subcustodian. 4. The Custodian shall cause the Subcustodian it designates to take delivery of the Precious Metals from Customer and the Client to acknowledge receipt from Customer the Client of the Precious Metals. The Subcustodian may, at its option, shall record certain specifications indicated on the Precious MetalsMetals and Custodian shall maintain a record of such specifications. It is understood and agreed that neither the Custodian nor its Subcustodians are responsible for the authenticity of markings on or for the weight, fineness or contents of any of the Precious Metals, delivered to them by Customer the Client or a third party for the account of Customerthe Client. 5. The Custodian shall maintain insurance protection, and shall require the Subcustodian to maintain insurance protection (provided the Custodian is not responsible for and does not guarantee the insurance protection maintained by a Subcustodian), covering the Custodian’s duties and activities hereunder in such amounts and insuring against such risks as the Custodian deems reasonable and appropriate under the circumstances; provided however, that the insurance coverage shall be in an amount that is at least the amount of the Precious Metals held in custody under this Supplement. Subcustodians may maintain such insurance in regard to their business on such terms as they consider appropriateUpon request, but the Custodian shall have no liability for the terms or sufficiency provide Client with proof of the insurance maintained required by any Subcustodian or for the failure of any Subcustodian to maintain insurancethis section.