Common use of Provisions in Conflict with Law or Regulations Clause in Contracts

Provisions in Conflict with Law or Regulations. (a) The provisions of this Trust Agreement are severable, and if the Sponsor determines, with the advice of counsel, that any of such provisions are in conflict with any other applicable laws and regulations, the conflicting provision(s) shall be deemed never to have constituted a part of the Trust Agreement; provided, however, that such determination shall not affect any of the remaining provisions of the Trust Agreement or render invalid any action taken or omitted prior to such determination.

Provisions in Conflict with Law or Regulations. (a) The provisions of this Trust Agreement are severable, and if the Sponsor determinesshall determine, with the advice of counsel, that any of such provisions are is in conflict with any the Code, the Delaware Act or with other applicable laws and regulations, the conflicting provision(s) provision shall be deemed never to have constituted a part of the this Trust Agreement; provided, however, that such determination shall not affect any of the remaining provisions of the this Trust Agreement or render invalid or improper any action taken or omitted prior to such determination.

Provisions in Conflict with Law or Regulations. (a) The provisions of this Trust Agreement are severable, and if the Sponsor Managing Owner determines, with the advice of counsel, that any of such provisions are in conflict with any other applicable laws and regulations, the conflicting provision(s) shall be deemed never to have constituted a part of the Trust Agreement; provided, however, that such determination shall not affect any of the remaining provisions of the Trust Agreement or render invalid any action taken or omitted prior to such determination.