Common use of Refusal to Execute Clause in Contracts

Refusal to Execute. We reserve the right to refuse to execute instructions if (i) in our commercially reasonable opinion they are or may be contrary to the Rules or applicable law or (ii) with respect to instructions relating to the full withdrawal of the aggregate balance of Bullion standing to a Fund’s credit in the Fund’s Allocated Account and the Fund’s Unallocated Account, a negative balance is outstanding on the Fund’s Unallocated Account. Additionally, we shall in no circumstances have any obligation to act upon any instruction which in our commercially reasonable opinion would result in a negative balance on a Fund’s Allocated Account. Any such refusal or inaction will be promptly notified to the Trust.