Allocated Accounts definition
Examples of Allocated Accounts in a sentence
In the event that we are required under applicable law to pay any Tax on your behalf, we are hereby authorised, without prior notice to you, to debit from the credit balance of any or all of the Allocated Accounts an amount equal to the quotient of (x) the principal amount of the relevant Tax payable by us, divided by (y) the Spot Rate.
We shall open and maintain one or more Allocated Accounts in respect of each Precious Metal which you ask us, and we agree, to hold for you on an allocated basis on the terms of this Agreement.
All transfers into and out of the Allocated Account(s) shall be made upon receipt of, and in accordance with, instructions given (or appearing to be given) by you to us.
In asking us to open and maintain the Allocated Accounts, you do so in reliance upon your own judgement and we shall not owe to you any duty to exercise any judgement on your behalf as to the merits or suitability of any deposits into, or withdrawals from, an Allocated Account.
We will provide reports to you relating to deposits into and withdrawals from the Allocated Accounts and the Account Balance on each Allocated Account in such form and with such frequency as required (but not less than annually), and containing such information, as may be agreed between us, or as otherwise specified in the Schedule.
We, as a member of London Precious Metal Clearing Limited ("LPMCL"), have agreed to open and maintain for you Allocated Accounts (as defined below) and to provide other services to you in connection with such Allocated Accounts.
The Custodian has agreed to open and maintain an Allocated Account for each series of the Trust listed on Schedule A hereto (each, a “Fund” and collectively, the “Funds”) and to provide other services to the Funds in connection with the Allocated Accounts.
If the aggregate credit balance of the Allocated Accounts is not sufficient to pay such Tax, we will notify you of an additional amount of cash required and you shall directly deposit such additional amount of cash (in the appropriate currency) to an account specified by us on or before the first Business Day following the date on which our notice to you that such amount is required becomes effective in accordance with this Agreement.
If the aggregate credit balance of the Allocated Accounts is not sufficient to pay such Tax, we will notify you of an additional amount of cash required and you shall directly deposit such additional amount of cash (in the appropriate currency) to an account specified by us promptly following the date on which our notice to you that such amount is required becomes effective in accordance with this Agreement.
The Precious Metals recorded in Allocated Accounts shall be denominated: in the case of gold, in fine ▇▇▇▇ ounces of gold (to three decimal places); in the case of silver, in ▇▇▇▇ ounces of silver (to at least one decimal place); and, in the case of any other metal, in such denomination as is provided for in the Rules or if there is no such provision, such denomination as may be agreed between us.