Common use of Appointment of Depository Clause in Contracts

Appointment of Depository. Section 1.1. The Depositor hereby appoints the Depository as custodian of the metals described in each Safekeeping Advice (the “Precious Metals”) which the Depository will issue from time to time in accordance with Section 2.2 hereof during the term of this Agreement. Section 1.2. The Depository hereby accepts appointment as such custodian of the Precious Metals and agrees to perform its duties in respect thereof pursuant to the provisions of this Agreement. In this regard, Depository represents that it is, and will continue to be, a bank having the qualifications required by section 17(f) of the 1940 Act to serve as a custodian to a registered investment company.

Appointment of Depository. Section 1.1. The Depositor hereby appoints the Depository as custodian of the metals described in each Safekeeping Advice (the “"Precious Metals”") which the Depository will issue from time to time in accordance with Section 2.2 hereof during the term of this Agreement. Section 1.2. The Depository hereby accepts appointment as such custodian of the Precious Metals and agrees to perform its duties in respect thereof pursuant to the provisions of this Agreement. In this regard, Depository represents that it is, and will continue to be, a bank having the qualifications required by section 17(f) of the 1940 Act to serve as a custodian to a registered investment company.