Common use of Participant Unallocated Account Clause in Contracts

Participant Unallocated Account. The liability of the Participant’s Custodian with respect to any such loss or damage will be governed (i) if the Custodian is HSBC, by the terms of the Participant Unallocated Bullion Account Agreement entered into between the Participant’s Custodian and the Authorized Participant and (ii) if the Custodian is JPM, by the terms of the Clearing Bank Unallocated Account Agreement. The Authorized Participant acknowledges that it is an unsecured creditor of the Participant’s Custodian with respect to the Gold held in the Authorized Participant’s Participant Unallocated Account and that such Gold is at risk in the event of the Participant’s Custodian’s insolvency.

Participant Unallocated Account. The liability of the Participant’s Custodian with respect to any such loss or damage will be governed (i) if the Custodian is HSBC, by the terms of the Participant Unallocated Bullion Account Agreement entered into between the Participant’s Custodian and the Authorized Participant and (ii) if the Custodian is JPM, by the terms of the Clearing Bank Unallocated Account Agreement. .. The Authorized Participant acknowledges that it is an unsecured creditor of the Participant’s Custodian with respect to the Gold held in the Authorized Participant’s Participant Unallocated Account and that such Gold is at risk in the event of the Participant’s Custodian’s insolvency.