SCOPE OF TRUSTEE'S DUTIES. Subject to the terms and conditions of this Agreement, the Trustee is hereby authorized to and shall perform only the following services for the Trust as its Trustee: (1) enter into the Custody Agreements with the Initial Custodian; (2) receive from Participants and process properly submitted Purchase Orders, as described in Section 2.03(a); (3) in connection with Purchase Orders, (i) receive Cash Deposits from Participants, (ii) notify the Custodian to expect to receive a transfer into the Trust Unallocated Account of the Gold that a Participant has instructed the Custodian to deliver to the Trust Unallocated Account, (iii) instruct the Custodian to allocate and transfer allocated gold from the Trust Unallocated Account to the Trust Allocated Account, and (iv) receive reports relating to the Custody Accounts from the Custodian indicating, among other things, that the Custodian has received Gold from Participants for the credit of the Trust and has allocated such Gold to the Trust Allocated Account, as described in Section 2.03(a)(iv), 3.02(d) and as provided in the Custody Agreements under which such Gold is received; (4) in connection with Purchase Orders, deliver Creation Baskets to the Depository for the account of the Participant placing a Purchase Order for which the Trustee has received the Participant's Cash Deposit, if any, and (through the Custodian) the Participant's Creation Basket Gold Deposit Amount (the Cash Deposit and the Creation Basket Gold Deposit Amount together constituting the "Creation Basket Deposit"), as described in Section 2.03(b); (5) receive from Participants and process properly submitted Redemption Orders, as described in Section 5.02, or as may from time to time be permitted by Section 5.03; (6) in connection with Redemption Orders, instruct the Custodian to transfer Gold (i) from the Trust Allocated Account to the Trust Unallocated Account and (ii) from the Trust Unallocated Account to the Participant Unallocated Account of the redeeming Participant, as described in Section 5.02; (7) in connection with Redemption Orders, receive from the redeeming Participant through the Depository, and thereupon cancel, Equity Gold Shares corresponding to the Redemption Baskets to be redeemed, or as may from time to time be permitted by Section 5.03; (8) on behalf of the Trust, enter into Custody Agreements as provided in Section 3.02(a) and (d), monitor the performance of the Custodian (as described in Section 3.02(c)) and enforce each Custody Agreement, as described in Section 3.02(b), and give the instructions to a Custodian provided in Sections 3.02(e) and (g); (9) determine on each Business Day (i) the Creation Basket Gold Deposit Amount, as described in Sections 2.03 and 2.05, (ii) the valuation of Gold owned or to be received by the Trust, as described in Article IV, (iii) the Adjusted Net Asset Value and Net Asset Value of the Trust and the Net Asset Value per Equity Gold Share, as described in Section 5.01; (10) establish and maintain (i) the Cash Account as described in Sections 3.03 and 3.05 and (ii) a Reserve Account, as described in Section 3.04; provide or arrange for custody of the Trust's assets other than cash and Gold; and record the ownership of the Trust's assets as provided in Section 3.02(f) (11) accrue and pay charges of the Trust as described in Section 3.05, and sell Gold to raise cash to pay such charges pursuant to Sections 3.05(d);
Appears in 1 contract
Samples: Trust Indenture (Equity Gold Trust)
SCOPE OF TRUSTEE'S DUTIES. Subject to the terms and conditions of this Agreement, the Trustee is hereby authorized to and shall perform only the following services for the Trust as its Trustee:
(1) enter into the Custody Agreements with the Initial Custodian;
(2) receive from Participants and process properly submitted Purchase Orders, as described in Section 2.03(a);
(3) in connection with Purchase Orders, (i) receive Cash Deposits defined in Section 2.03(c)) from Participants, (ii) notify the Custodian to expect to receive a transfer into the Trust Unallocated Account of the Gold that a Participant has instructed the Custodian to deliver to the Trust Unallocated Account, (iii) instruct the Custodian to allocate and transfer allocated gold from the Trust Unallocated Account to the Trust Allocated Account, and (iv) receive reports relating to the Custody Accounts from the Custodian indicating, among other things, that the Custodian has received Gold from Participants for the credit of the Trust and has allocated such Gold to the Trust Allocated Account, as described in Section 2.03(a)(iv2.03(a)(iii), 3.02(d) and as provided in the Custody Agreements under which such Gold is received;
(4) in connection with Purchase Orders, deliver Creation Baskets to the Depository for the account of the Participant placing a Purchase Order for which the Trustee has received the Participant's Cash Deposit, if any, and (through the Custodian) the Participant's Creation Basket Gold Deposit Amount (the Cash Deposit and the Creation Basket Gold Deposit Amount together constituting the "Creation Basket Deposit"), as described in Section 2.03(b);
(5) receive from Participants and process properly submitted Redemption Orders, as described in Section 5.02, or as may from time to time be permitted by Section 5.03;
(6) in connection with Redemption Orders, instruct the Custodian to transfer Gold (i) from the Trust Allocated Account to the Trust Unallocated Account and (ii) from the Trust Unallocated Account to the Participant Unallocated Account of the redeeming Participant, as described in Section 5.02;
(7) in connection with Redemption Orders, receive from the redeeming Participant through the Depository, and thereupon cancel, Equity Gold Shares corresponding to the Redemption Baskets to be redeemed, or as may from time to time be permitted by Section 5.03;
(8) on behalf of the Trust, enter into Custody Agreements as provided in Section 3.02(a) and (d), monitor the performance of the Custodian (as described in Section 3.02(c)) and enforce each Custody Agreement, as described in Section 3.02(b3.02(c), and give the instructions to a Custodian provided in Sections 3.02(e) and (g);
(9) determine on each Business Day (i) the Creation Basket Gold Deposit Amount, as described in Sections 2.03 and 2.05, (ii) the valuation of Gold owned or to be received by the Trust, as described in Article IV, (iii) the Adjusted Net Asset Value and Net Asset Value of the Trust and the Net Asset Value per Equity Gold Share, as described in Section 5.01;
(10) establish and maintain (i) the Cash Account as described in Sections 3.03 and 3.05 and (ii) a Reserve Account, as described in Section 3.04; provide or arrange for custody of the Trust's assets other than cash and Gold; and record the ownership of the Trust's assets as provided in Section 3.02(f)
(11) accrue and pay charges of the Trust as described in Section 3.05, and sell Gold to raise cash to pay such charges pursuant to Sections Section 3.05(d);
(12) distribute to the Beneficial Owners any excess cash in the Cash Account, as described in Section 3.05(e);
(13) sell Gold as authorized or directed pursuant to Section 3.07;
(14) notify the Sponsor of notices received and take actions as provided in Section 3.09;
(15) interact with the Depository as provided in Section 3.10 or as otherwise required hereunder;
(16) keep proper books of record and account of all transactions of the Trustee under this Agreement, as described in Section 8.02(a), maintain a copy of this Agreement available for inspection as provided in Section 8.03, and furnish to DTC Participants after the end of each Fiscal Year, an annual report and other information, as described in Section 3.06;
(17) take the actions authorized under Sections 7.03 and 8.01(s) in the circumstances described therein affecting the Sponsor's continued performance under this Agreement;
(18) arrange for the annual audit of the accounts of the Trust and prepare or cause to be prepared tax and other regulatory filings as provided in Section 8.02;
(19) communicate as described in Section 3.10 with Beneficial Owners as may from time to time be required in connection with the administration of the Trust;
(20) terminate the Trust in accordance with Article IX, as described therein;
(21) discharge its duties under the Participant Agreement and any Custody Agreement; and
(22) undertake such actions, in the Trustee's discretion, as the Trustee shall deem necessary or desirable to protect the Trust and the rights and interest of the Beneficial Owners in accordance with this Agreement.
Appears in 1 contract
Samples: Trust Indenture (Equity Gold Trust)
SCOPE OF TRUSTEE'S DUTIES. Subject to the terms and conditions of this Agreement, the Trustee is hereby authorized to and shall perform only the following services for the Trust as its TrusteeTrustee specified in this Agreement, which services shall include the following:
(1) enter into the Custody Agreements with the Initial CustodianCustodian and discharge its duties thereunder;
(2) enter into a Participant Agreement with each Participant and discharge its responsibilities thereunder;
(3) receive from Participants and process properly submitted Purchase Orders, as described in Section 2.03(a);
(34) in connection with Purchase Orders, (i) receive Cash Deposits defined in Section 2.03(c)) from Participants, (ii) notify the Custodian to expect to receive a transfer into the Trust Unallocated Account of the Gold that a Participant has instructed the Custodian to deliver to the Trust Unallocated Account, (iii) instruct the Custodian to allocate and transfer allocated gold from the Trust Unallocated Account to the Trust Allocated Account, and (iv) receive reports relating to the Custody Accounts from the Custodian indicating, among other things, that the Custodian has received Gold from Participants for the credit of the Trust and has allocated such Gold to the Trust Allocated Account, as described in Section 2.03(a)(iv2.03(a)(iii), 3.02(d) and as provided in the Custody Agreements under which such Gold is received;
(45) in connection with Purchase Orders, deliver Creation Baskets to the Depository for the account of the Participant placing a Purchase Order for which the Trustee has received the Participant's Cash Deposit, if any, and (through the Custodian) the Participant's Creation Basket Gold Deposit Amount (the Cash Deposit and the Creation Basket Gold Deposit Amount together constituting the "Creation Basket Deposit"), as described in Section 2.03(b);
(56) receive from Participants and process properly submitted Redemption Orders, as described in Section 5.02, or as may from time to time be permitted by Section 5.03;
(67) in connection with Redemption Orders, instruct the Custodian to transfer Gold (i) from the Trust Allocated Account to the Trust Unallocated Account and (ii) from the Trust Unallocated Account to the Participant Unallocated Account of the redeeming Participant, as described in Section 5.02;
(7) 8) in connection with Redemption Orders, receive from the redeeming Participant through the Depository, and thereupon cancel, Equity streetTRACKS(R) Gold Shares corresponding to the Redemption Baskets to be redeemed, or as may from time to time be permitted by Section 5.03;
(8) 9) on behalf of the Trust, enter into Custody Agreements as provided in Section 3.02(a) and (d), monitor the performance of the Custodian (as described in Section 3.02(c)) and enforce each Custody Agreement, as described in Section 3.02(b3.02(c), and give the instructions to a Custodian provided in Sections 3.02(e) and (g);
(910) determine on each Business Day (i) the Creation Basket Gold Deposit Amount, as described in Sections 2.03 and 2.05, (ii) the valuation of Gold owned or to be received by the Trust, as described in Article IV, (iii) the Adjusted Net Asset Value and Net Asset Value of the Trust and the Net Asset Value per Equity streetTRACKS(R) Gold Share, as described in Section 5.01;
(1011) establish and maintain (i) the Cash Account as described in Sections 3.03 and 3.05 and (ii) a Reserve Account, as described in Section 3.04; provide or arrange for custody of the Trust's assets other than cash and Gold; and record the ownership of the Trust's assets as provided in Section 3.02(f)
(1112) accrue and pay charges of the Trust as described in Section 3.05, and sell Gold to raise cash to pay such charges pursuant to Sections Section 3.05(d);
(13) distribute to the Beneficial Owners any excess cash in the Cash Account, as described in Section 3.05(e);
(14) sell Gold as authorized or directed pursuant to Section 3.07;
(15) notify the Sponsor of notices received and take actions as provided in Section 3.09;
(16) interact with the Depository as provided in Section 3.10 or as otherwise required hereunder;
(17) keep proper books of record and account of all transactions of the Trustee under this Agreement, as described in Section 8.02(a), maintain a copy of this Agreement available for inspection as provided in Section 8.03, and furnish to DTC Participants after the end of each Fiscal Year, an annual report and other information, as described in Section 3.06;
(18) take the actions authorized under Sections 7.03 and 8.01(s) in the circumstances described therein affecting the Sponsor's continued performance under this Agreement;
(19) arrange for the annual audit of the accounts of the Trust and prepare or cause to be prepared tax and other regulatory filings as provided in Section 8.02;
(20) communicate as described in Section 3.10 with Beneficial Owners as may from time to time be required in connection with the administration of the Trust;
(21) terminate the Trust in accordance with Article IX, as described therein;
(22) enter into and discharge its duties under the Reimbursement Agreements identified in Section 10.05; and
(23) undertake such actions, in the Trustee's discretion, as the Trustee shall deem necessary or desirable to protect the Trust and the rights and interest of the Beneficial Owners in accordance with this Agreement.
Appears in 1 contract
SCOPE OF TRUSTEE'S DUTIES. Subject to the terms and conditions of this Agreement, the Trustee is hereby authorized to and shall perform only the following services for the Trust as its Trustee:
(1) enter into the Custody Agreements with the Initial Custodian;
(2) receive from Participants and process properly submitted Purchase Orders, as described in Section 2.03(a);
(3) in connection with Purchase Orders, (i) receive Cash Deposits defined in Section 2.03(c)) from Participants, (ii) notify the Custodian to expect to receive a transfer into the Trust Unallocated Account of the Gold that a Participant has instructed the Custodian to deliver to the Trust Unallocated Account, (iii) instruct the Custodian to allocate and transfer allocated gold from the Trust Unallocated Account to the Trust Allocated Account, and (iv) receive reports relating to the Custody Accounts from the Custodian indicating, among other things, that the Custodian has received Gold from Participants for the credit of the Trust and has allocated such Gold to the Trust Allocated Account, as described in Section 2.03(a)(iv2.03(a)(iii), 3.02(d) and as provided in the Custody Agreements under which such Gold is received;
(4) in connection with Purchase Orders, deliver Creation Baskets to the Depository for the account of the Participant placing a Purchase Order for which the Trustee has received the Participant's Cash Deposit, if any, and (through the Custodian) the Participant's Creation Basket Gold Deposit Amount (the Cash Deposit and the Creation Basket Gold Deposit Amount together constituting the "Creation Basket Deposit"), as described in Section 2.03(b);
(5) receive from Participants and process properly submitted Redemption Orders, as described in Section 5.02, or as may from time to time be permitted by Section 5.03;
(6) in connection with Redemption Orders, instruct the Custodian to transfer Gold (i) from the Trust Allocated Account to the Trust Unallocated Account and (ii) from the Trust Unallocated Account to the Participant Unallocated Account of the redeeming Participant, as described in Section 5.02;
(7) in connection with Redemption Orders, receive from the redeeming Participant through the Depository, and thereupon cancel, Equity streetTRACKS(R) Gold Shares corresponding to the Redemption Baskets to be redeemed, or as may from time to time be permitted by Section 5.03;
(8) on behalf of the Trust, enter into Custody Agreements as provided in Section 3.02(a) and (d), monitor the performance of the Custodian (as described in Section 3.02(c)) and enforce each Custody Agreement, as described in Section 3.02(b3.02(c), and give the instructions to a Custodian provided in Sections 3.02(e) and (g);
(9) determine on each Business Day (i) the Creation Basket Gold Deposit Amount, as described in Sections 2.03 and 2.05, (ii) the valuation of Gold owned or to be received by the Trust, as described in Article IV, (iii) the Adjusted Net Asset Value and Net Asset Value of the Trust and the Net Asset Value per Equity streetTRACKS(R) Gold Share, as described in Section 5.01;
(10) establish and maintain (i) the Cash Account as described in Sections 3.03 and 3.05 and (ii) a Reserve Account, as described in Section 3.04; provide or arrange for custody of the Trust's assets other than cash and Gold; and record the ownership of the Trust's assets as provided in Section 3.02(f)
(11) accrue and pay charges of the Trust as described in Section 3.05, and sell Gold to raise cash to pay such charges pursuant to Sections Section 3.05(d);
(12) distribute to the Beneficial Owners any excess cash in the Cash Account, as described in Section 3.05(e);
(13) sell Gold as authorized or directed pursuant to Section 3.07;
(14) notify the Sponsor of notices received and take actions as provided in Section 3.09;
(15) interact with the Depository as provided in Section 3.10 or as otherwise required hereunder;
(16) keep proper books of record and account of all transactions of the Trustee under this Agreement, as described in Section 8.02(a), maintain a copy of this Agreement available for inspection as provided in Section 8.03, and furnish to DTC Participants after the end of each Fiscal Year, an annual report and other information, as described in Section 3.06;
(17) take the actions authorized under Sections 7.03 and 8.01(s) in the circumstances described therein affecting the Sponsor's continued performance under this Agreement;
(18) arrange for the annual audit of the accounts of the Trust and prepare or cause to be prepared tax and other regulatory filings as provided in Section 8.02;
(19) communicate as described in Section 3.10 with Beneficial Owners as may from time to time be required in connection with the administration of the Trust;
(20) terminate the Trust in accordance with Article IX, as described therein;
(21) discharge its duties under the Participant Agreement and any Custody Agreement; and
(22) undertake such actions, in the Trustee's discretion, as the Trustee shall deem necessary or desirable to protect the Trust and the rights and interest of the Beneficial Owners in accordance with this Agreement.
Appears in 1 contract
Samples: Trust Indenture (Equity Gold Trust)
SCOPE OF TRUSTEE'S DUTIES. Subject to the terms and conditions of this Agreement, the Trustee is hereby authorized to and shall perform only the following services for the Trust as its Trustee:
(1) enter into the Custody Agreements with the Initial Custodian;
(2) receive from Participants and process properly submitted Purchase Orders, as described in Section 2.03(a);
(3) in connection with Purchase Orders, (i) receive Cash Deposits from Participants, (ii) notify the Custodian to expect to receive a transfer into the Trust Unallocated Account of the Gold that a Participant has instructed the Custodian to deliver to the Trust Unallocated Account, (iii) instruct the Custodian to allocate and transfer allocated gold from the Trust Unallocated Account to the Trust Allocated Account, and (iv) receive reports relating to the Custody Accounts from the Custodian indicating, among other things, that the Custodian has received receipt of Gold from Participants for the credit of the Trust and has allocated such Gold to the Trust Allocated Account, as described in Section 2.03(a)(iv), 3.02(d) and as provided in the Custody Agreements under which such Gold is received;
(4) in connection with Purchase Orders, deliver Creation Baskets to the Depository for the account of the Participant placing a Purchase Order for which the Trustee has received the Participant's Cash Deposit, if any, and (through the Custodian) the Participant's Creation Basket Gold Deposit Amount (the Cash Deposit and the Creation Basket Gold Deposit Amount together constituting the "Creation Basket Deposit"), as described in Section 2.03(b);
(5) receive from Participants and process properly submitted Redemption Orders, as described in Section 5.02, or as may from time to time be permitted by Section 5.03;
(6) in connection with Redemption Orders, instruct the Custodian to transfer Gold (i) from the Trust Allocated Account to the Trust Unallocated Account and (ii) from the Trust Unallocated Account to the Participant Unallocated Account of the redeeming Participant, as described in Section 5.02;
(7) in connection with Redemption Orders, receive from the redeeming Participant through the Depository, and thereupon cancel, Equity Gold Shares corresponding to the Redemption Baskets to be redeemed, or as may from time to time be permitted by Section 5.03;
(8) on behalf of the Trust, enter into Custody Agreements as provided in Section 3.02(a) and (d), monitor the performance of the Custodian (as described in Section 3.02(c)) and enforce each Custody Custodian Agreement, as described in Section 3.02(b), and give the instructions to a Custodian provided in Sections 3.02(e) and (g);
(9) determine on each Business Day (i) the Creation Basket Gold Deposit Amount, as described in Sections 2.03 and 2.05, (ii) the valuation of Gold owned or to be received by the Trust, as described in Article IV, (iii) the Adjusted Net Asset Value and Net Asset Value of the Trust and the Net Asset Value per Equity Gold Share, as described in Section 5.01;
(10) establish and maintain (i) the Cash Account as described in Sections 3.03 and 3.05 and (ii) a Reserve Account, as described in Section 3.04; provide or arrange for custody of the Trust's assets other than cash and Gold; and record the ownership of the Trust's assets as provided in Section 3.02(f)
(11) accrue and pay charges of the Trust as described in Section 3.05, and sell Gold to raise cash to pay such charges pursuant to Sections 3.05(d);
(12) distribute to the Beneficial Owners any excess cash in the Cash Account, as described in Section 3.05(e);
(13) sell Gold as authorized or directed pursuant to Section 3.07;
(14) notify the Sponsor of notices received and take actions as provided in Section 3.09;
(15) interact with the Depository as provided in Section 3.10 or as otherwise required hereunder;
(16) keep proper books of record and account of all transactions of the Trustee under this Agreement, as described in Section 8.02(a), maintain a copy of this Agreement available for inspection as provided in Section 8.03, and furnish to Participants after the end of each fiscal year, an annual report and other information, as described in Section 3.06;
(17) take the actions authorized under Sections 7.03 and 8.01(s) in the circumstances described therein affecting the Sponsor's continued performance under this Agreement;
(18) arrange for the annual audit of the accounts of the Trust and prepare or cause to be prepared tax and other regulatory filings as provided in Section 8.02;
(19) communicate with Beneficial Owners as may from time to time be required in connection with the administration of the Trust;
(20) terminate the Trust in accordance with Article IX, as described therein;
(21) discharge its duties under the Participant Agreement and any Custody Agreement; and
(22) undertake such actions, in the Trustee's discretion, as the Trustee shall deem necessary to protect the Trust and the rights and interest of the Beneficial Owners in accordance with this Agreement.
Appears in 1 contract
Samples: Trust Indenture (Equity Gold Trust)
