Common use of Supplies of Gold Clause in Contracts

Supplies of Gold. Notwithstanding clause 13.1, where, pursuant to or in connection with this Agreement: (i) you instruct us in writing to remove any Gold from the black box; and (ii) we, or any Sub-Custodian for us, are required to account to Customs for any VAT in respect of such removal, you shall pay to us a sum equal to the amount of such VAT, such payment to be made within 5 Business Days of receipt by you of a valid VAT invoice (or a copy of such invoice where the original of the same has been issued to the person to whom you instructed us to deliver the relevant Gold). (b) you or any other person makes a supply to us for VAT purposes and VAT is or becomes chargeable on such supply, we shall, within 5 Business Days of receipt of a valid VAT invoice in respect of such supply, pay to you a sum equal to the amount of such VAT, save to the extent that we (acting reasonably and in good faith) are not entitled to credit or repayment in respect of such VAT from Customs. In this clause 13.2 the terms "remove" (and any derivation thereof) and "black box" to be construed in accordance with the HMRC Agreement.

Supplies of Gold. Notwithstanding clause 13.114.1, where, pursuant to or in connection with this Agreement: (i) you instruct us in writing to remove any Gold from the black box; and (ii) we, or any Sub-Custodian for us, are required to account to Customs for any VAT in respect of such removal, you shall pay to us a sum equal to the amount of such VAT, such payment to be made within 5 Business Days of receipt by you of a valid VAT invoice (or a copy of such invoice where the original of the same has been issued to the person to whom you instructed us to deliver the relevant Gold). (b) you or any other person makes a supply to us for VAT purposes and VAT is or becomes chargeable on such supply, we shall, within 5 Business Days of receipt of a valid VAT invoice in respect of such supply, pay to you a sum equal to the amount of such VAT, save to the extent that we (acting reasonably and in good faith) are not entitled to credit or repayment in respect of such VAT from Customs. In this clause 13.2 14.2 the terms "remove" (and any derivation thereof) and "black box" to be construed in accordance with the HMRC Agreement.

Supplies of Gold. Notwithstanding clause 13.1, where, pursuant to or in connection with this Agreement: (i) you instruct us in writing to remove any Gold from the black box; and (ii) we, or any Sub-Custodian for us, are required to account to Customs for any VAT in respect of such removal, you shall pay to us a sum equal to the amount of such VAT, such payment to be made within 5 Business Days of receipt by you of a valid VAT invoice (or a copy of such invoice where the original of the same has been issued to the person to whom you instructed us to deliver the relevant Gold). (b) you or any other person makes a supply to us for VAT purposes and VAT is or becomes chargeable on such supply, we shall, within 5 Business Days of receipt of a valid VAT invoice in respect of such supply, pay to you a sum equal to the amount of such VAT, save to the extent that we (acting reasonably and in good faith) are not entitled to credit or repayment in respect of such VAT from Customs. In this clause 13.2 the terms "“remove" ” (and any derivation thereof) and "“black box" ” to be construed in accordance with the HMRC Agreement.

Supplies of Gold. Notwithstanding clause 13.1, where, pursuant to or in connection with this Agreement: (i) you instruct us in writing to remove any Gold from the black box; and (ii) we, or any Sub-Custodian for us, are required to account to Customs for any VAT in respect of such removal, you shall pay to us a sum equal to the amount of such VAT, such payment to be made within 5 Business Days of receipt by you of a valid VAT invoice (or a copy of such invoice where the original of the same has been issued to the person to whom you instructed us to deliver the relevant Gold). (b) you or any other person makes a supply to us for VAT purposes and VAT is or becomes chargeable on such supply, we shall, within 5 Business Days of receipt of a valid VAT invoice in respect of such supply, pay to you a sum equal to the amount of such VAT, save to the extent that we (acting reasonably and in good faith) are not entitled to credit or repayment in respect of such VAT from Customs. In this clause 13.2 the terms "“remove" ” (and any derivation thereof) and "“black box" ” to be construed in accordance with the HMRC Agreement.. Table of Contents