Common use of Warranties on Delivery of Basket Amount Clause in Contracts

Warranties on Delivery of Basket Amount. Every Depositor, at the time it transfers to the Trust cash in the amount of the aggregate Basket Amount corresponding to any Baskets acquired by such Depositor at such time, shall be deemed thereby to represent and warrant that (i) such Depositor is duly authorized to make such delivery, and (ii) upon delivery to the Trust of the consideration comprising such aggregate Basket Amount, such cash will become Trust Property free and clear of any lien, pledge, encumbrance, right, charge or claim (other than the rights created by this Trust Agreement). All representations and warranties deemed to be made under this Section 3.3 shall survive the Delivery of a Basket Amount, Delivery or Surrender of Shares or termination of this Trust Agreement.

Warranties on Delivery of Basket Amount. Every Depositor, at the time it transfers to the Trust cash in the amount of the aggregate Basket Amount corresponding to any Baskets acquired by such Depositor at such time, shall be deemed thereby to represent and warrant that (i) such Depositor is duly authorized to make such delivery, and (ii) upon delivery to the Trust of the consideration comprising such aggregate Basket Amount, such cash will become Trust Property free and clear of any lien, pledge, encumbrance, right, charge or claim (other than the rights created by this Trust Agreement). All representations and warranties deemed to be made under this Section 3.3 shall survive the Delivery of a Basket Amount, Delivery or Surrender of Shares or termination of this Trust Agreement.