Common use of Precious Metals Clause in Contracts

Precious Metals. The Fund shall, with respect to precious metal deposits, instruct the Custodian to enter into a written agreement to direct the Delegate to hold such precious metals on an allocated or on an unallocated basis in accordance with the terms of this Delegation Agreement. Accordingly, the Custodian shall enter into a written agreement to direct the Delegate to be responsible for exercising reasonable care in the administration of such accounts, and to the extent that the Fund has appointed the Custodian to direct the Delegate to act as foreign custody manager pursuant to the provisions of Rule 17f-5, the Custodian shall direct the Delegate to comply with its responsibilities thereunder. Allocated Precious Metal(s) shall mean any and all gold, silver, platinum or palladium and any other metals maintained in any account with an Eligible Foreign Custodian or its agents in the name of the Custodian or its Delegate for the Fund. Unallocated Precious Metal(s) shall mean any and all gold, silver, platinum or palladium and any other metals maintained in any account with an Eligible Foreign Custodian or its agents in the name of the Custodian or the Delegate for its customers generally.

Precious Metals. The Each Fund shall, with respect to precious metal deposits, instruct the Custodian to enter into a written agreement to direct the Delegate to hold such precious metals on an allocated or on an unallocated basis in accordance with the terms of this Delegation Agreement. Accordingly, the Custodian shall enter into a written agreement to direct the Delegate to be responsible for exercising reasonable care in the administration of such accounts, and to the extent that the Fund has appointed the Custodian to direct the Delegate to act as foreign custody manager pursuant to the provisions of Rule 17f-5, the Custodian shall direct the Delegate to comply with its responsibilities thereunder. Allocated Precious Metal(s) shall mean any and all gold, silver, platinum or palladium and any other metals maintained in any account with an Eligible Foreign Custodian or its agents in the name of the Custodian or its Delegate for the Fund. Unallocated Precious Metal(s) shall mean any and all gold, silver, platinum or palladium and any other metals maintained in any account with an Eligible Foreign Custodian or its agents in the name of the Custodian or the Delegate for its customers generally.