Common use of Terms and Conditions of Designating a Representative Clause in Contracts

Terms and Conditions of Designating a Representative. The Depositor understands that the Custodian may permit, but shall not be required to accept, the appointment by the Depositor of a designated representative ("Representative") on the Custodial Account by completing a Representative Designation form acceptable to the Custodian. The Depositor understands that if the Depositor appoints a Representative, such Representative cannot be an individual or firm in which the Depositor’s Custodial Account has invested or has an interest. The Depositor understands that it is the Depositor’s responsibility to ensure that the Representative is independent of, and in no way connected with the investments held in the Depositor’s Custodial Account and/or is not a “Disqualified Person,” as defined in section 4975 of the Internal Revenue Code. The Custodian shall not be responsible for determining the relationship between the Depositor’s Representative and the Custodial Account. It is the Depositor’s responsibility to communicate all trade and/or investment instructions to the Depositor’s Representative and all instructions received by the Custodian from the Depositor’s Representative (including Representative's agents, employees and/or broker dealer) shall be assumed by Custodian to have been authorized by the Depositor. The Depositor understands that the Depositor may change or remove a Representative at any time by communicating in writing to the Custodian the Depositor’s desire to remove such Representative. The Depositor understands that all instructions received from the Depositor’s Representative, prior to receipt by the Custodian of the Depositor’s written request for the removal of the then designated Representative are deemed authorized by the Depositor and will be executed by Custodian. Custodian has no responsibility to make and has made no investigation or recommendation with respect to the Depositor’s Representative and will not compensate any Representative, except as specifically instructed by the Depositor. The Depositor understands and agrees that such Representative is not in any way an agent, employee, representative, or affiliate of the Custodian. The Depositor acknowledges and agrees that the Custodian shall not be responsible for, nor bound by any representations, warranties, statements, or agreements made by any such Representative beyond the terms and provisions contained in this Agreement. The Depositor further understands that the Custodian has not made and will not make any recommendation or investigation with respect to the Depositor’s Representative. Furthermore, the Custodian shall not compensate any of the Depositor’s Designated Representative, or any other financial representative, broker, advisor, or issuer in any manner. The Depositor agrees to indemnify and hold harmless, the Custodian for any loss arising from and/or related to the appointment by the Depositor of any Representative and/or which may result from any action or inaction it takes in accordance with any written instructions received from the Depositor’s Representative on behalf of the Depositor’s Account.