Certain Laws Uses in Broker-Dealer Status Clause

Broker-Dealer Status from Form of Authorized Participant Agreement

Broker-Dealer Status. The Authorized Participant represents and warrants that, unless Section 3.03 hereof is applicable to it, it is (i) registered as a broker-dealer under the 1934 Act, or is exempt from being, or otherwise is not required to be, so registered, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good standing with FINRA, or is exempt from being, or otherwise is not required to be, a member of FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S. federal laws (including, without limitation, the prospectus delivery requirements of Section 5 of the 1933 Act), the laws of any state or other jurisdiction, and the rules and regulations promulgated thereunder (including, without limitation, all applicable rules of the Securities and Exchange Commission), to the extent such laws and regulations are applicable to the Authorized Participant's transactions in Shares, and with the Constitution, By-Laws and Conduct Rules of FINRA applicable to its activities as an Authorized Participant, and that it will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold.

Broker-Dealer Status from Form of Authorized Participant Agreement

Broker-Dealer Status. The Authorized Participant represents and warrants that, unless Section 3.03 hereof is applicable to it, it is (i) registered as a broker-dealer under the 1934 Act, or is exempt from being, or otherwise is not required to be, so registered, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good standing with FINRA, or is exempt from being, or otherwise is not required to be, a member of FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S. federal laws (including, without limitation, the prospectus delivery requirements of Section 5 of the 1933 Act), the laws of any state or other jurisdiction, and the rules and regulations promulgated thereunder (including, without limitation, all applicable rules of the Securities and Exchange Commission), to the extent such laws and regulations are applicable to the Authorized Participant's transactions in Shares, and with the Constitution, By-Laws and Conduct Rules of FINRA applicable to its activities as an Authorized Participant, and that it will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold.

Broker-Dealer Status from Form of Authorized Participant Agreement

Broker-Dealer Status. The Authorized Participant represents and warrants that, unless Section 3.03 hereof is applicable to it, it is (i) registered as a broker-dealer under the 1934 Act, or is exempt from being, or otherwise is not required to be, so registered, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good standing with FINRA, or is exempt from being, or otherwise is not required to be, a member of FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S. federal laws (including, without limitation, the prospectus delivery requirements of Section 5 of the 1933 Act), the laws of any state or other jurisdiction, and the rules and regulations promulgated thereunder (including, without limitation, all applicable rules of the Securities and Exchange Commission), to the extent such laws and regulations are applicable to the Authorized Participant's transactions in Shares, and with the Constitution, By-Laws and Conduct Rules of FINRA applicable to its activities as an Authorized Participant, and that it will not offer or sell Shares in any state or jurisdiction where they may not lawfully be offered and/or sold.

Broker-Dealer Status from Authorized Participant Agreement

FIRST AMENDED AND RESTATED STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the Standard Terms) agreed to as of September 27, 2010 by and between The Bank of New York Mellon, a New York banking corporation (the Trustee), and ETF Securities USA LLC, a Delaware limited liability company (the Sponsor).

Broker-Dealer Status. The Authorized Participant represents and warrants that, if required under U.S. law, it is (i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good standing with FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S. federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, to the extent such laws and regulations are applicable to the Authorized Participants transactions in Shares, and with the FINRA By-Laws and Conduct Rules of the NASD (or with comparable FINRA Conduct Rules, if such NASD Conduct Rules are subsequently repealed, rescinded, or are otherwise replaced by FINRA Conduct Rules) to the extent the foregoing relates to the Authorized Participants transactions in, and activities with respect to, Shares, and that it will not

Broker-Dealer Status from Authorized Participant Agreement

FIRST AMENDED AND RESTATED STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the Standard Terms) agreed to as of September 27, 2010 by and between The Bank of New York Mellon, a New York banking corporation (the Trustee), and ETF Securities USA LLC, a Delaware limited liability company (the Sponsor).

Broker-Dealer Status. The Authorized Participant represents and warrants that, if required under U.S. law, it is (i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good standing with FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S. federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, to the extent such laws and regulations are applicable to the Authorized Participants transactions in Shares, and with the FINRA By-Laws and Conduct Rules of the NASD (or with comparable FINRA Conduct Rules, if such NASD Conduct Rules are subsequently repealed, rescinded, or are otherwise replaced by FINRA Conduct Rules) to the extent the foregoing relates to the Authorized Participants transactions in, and activities with respect to, Shares, and that it will not

Broker-Dealer Status from Authorized Participant Agreement

FIRST AMENDED AND RESTATED STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the Standard Terms) agreed to as of September 27, 2010 by and between The Bank of New York Mellon, a New York banking corporation (the Trustee), and ETF Securities USA LLC, a Delaware limited liability company (the Sponsor).

Broker-Dealer Status. The Authorized Participant represents and warrants that, if required under U.S. law, it is (i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good standing with FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S. federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, to the extent such laws and regulations are applicable to the Authorized Participants transactions in Shares, and with the FINRA By-Laws and Conduct Rules of the NASD (or with comparable FINRA Conduct Rules, if such NASD Conduct Rules are subsequently repealed, rescinded, or are otherwise replaced by FINRA Conduct Rules) to the extent the foregoing relates to the Authorized Participants transactions in, and activities with respect to, Shares, and that it will not

Broker-Dealer Status from Authorized Participant Agreement

FIRST AMENDED AND RESTATED STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the Standard Terms) agreed to as of September 27, 2010 by and between The Bank of New York Mellon, a New York banking corporation (the Trustee), and ETF Securities USA LLC, a Delaware limited liability company (the Sponsor).

Broker-Dealer Status. The Authorized Participant represents and warrants that, if required under U.S. law, it is (i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good standing with FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S. federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, to the extent such laws and regulations are applicable to the Authorized Participants transactions in Shares, and with the FINRA By-Laws and Conduct Rules of the NASD (or with comparable FINRA Conduct Rules, if such NASD Conduct Rules are subsequently repealed, rescinded, or are otherwise replaced by FINRA Conduct Rules) to the extent the foregoing relates to the Authorized Participants transactions in, and activities with respect to, Shares, and that it will not

Broker-Dealer Status from Authorized Participant Agreement

FIRST AMENDED AND RESTATED STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the Standard Terms) agreed to as of September 27, 2010 by and between The Bank of New York Mellon, a New York banking corporation (the Trustee), and ETF Securities USA LLC, a Delaware limited liability company (the Sponsor).

Broker-Dealer Status. The Authorized Participant represents and warrants that, if required under U.S. law, it is (i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good standing with FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S. federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, to the extent such laws and regulations are applicable to the Authorized Participants transactions in Shares, and with the FINRA By-Laws and Conduct Rules of the NASD (or with comparable FINRA Conduct Rules, if such NASD Conduct Rules are subsequently repealed, rescinded, or are otherwise replaced by FINRA Conduct Rules) to the extent the foregoing relates to the Authorized Participants transactions in, and activities with respect to, Shares, and that it will not

Broker-Dealer Status from Authorized Participant Agreement

FIRST AMENDED AND RESTATED STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the Standard Terms) agreed to as of September 27, 2010 by and between The Bank of New York Mellon, a New York banking corporation (the Trustee), and ETF Securities USA LLC, a Delaware limited liability company (the Sponsor).

Broker-Dealer Status. The Authorized Participant represents and warrants that, if required under U.S. law, it is (i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good standing with FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S. federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, to the extent such laws and regulations are applicable to the Authorized Participants transactions in Shares, and with the FINRA By-Laws and Conduct Rules of the NASD (or with comparable FINRA Conduct Rules, if such NASD Conduct Rules are subsequently repealed, rescinded, or are otherwise replaced by FINRA Conduct Rules) to the extent the foregoing relates to the Authorized Participants transactions in, and activities with respect to, Shares, and that it will not

Broker-Dealer Status from Authorized Participant Agreement

FIRST AMENDED AND RESTATED STANDARD TERMS FOR AUTHORIZED PARTICIPANT AGREEMENTS (the Standard Terms) agreed to as of September 27, 2010 by and between The Bank of New York Mellon, a New York banking corporation (the Trustee), and ETF Securities USA LLC, a Delaware limited liability company (the Sponsor).

Broker-Dealer Status. The Authorized Participant represents and warrants that, if required under U.S. law, it is (i) registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (ii) qualified to act as a broker or dealer in the states or other jurisdictions where it transacts business to the extent so required by applicable law, and (iii) a member in good standing with FINRA. The Authorized Participant agrees that it will maintain such registrations, qualifications, and membership in good standing and in full force and effect throughout the term of the Authorized Participant Agreement. The Authorized Participant further agrees to comply with all applicable U.S. federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, to the extent such laws and regulations are applicable to the Authorized Participants transactions in Shares, and with the FINRA By-Laws and Conduct Rules of the NASD (or with comparable FINRA Conduct Rules, if such NASD Conduct Rules are subsequently repealed, rescinded, or are otherwise replaced by FINRA Conduct Rules) to the extent the foregoing relates to the Authorized Participants transactions in, and activities with respect to, Shares, and that it will not