DATED NOVEMBER __, 2020

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INTERPRETATION

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2.

UNALLOCATED ACCOUNTS

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3.

DEPOSITS

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4.

WITHDRAWALS

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5.

INSTRUCTIONS

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CONFIDENTIALITY

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REPRESENTATIONS

10

8.

SANCTIONS

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9.

FEES AND EXPENSES

12

10.

SCOPE OF RESPONSIBILITY

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TERMINATION

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VALUE ADDED TAX

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NOTICES

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GENERAL

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GOVERNING LAW AND JURISDICTION

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JPMorgan Chase Bank , N.A., a company incorporated with limited liability as a National Banking Association, whose principal London Office  is at ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ (“we” or “us”); and

Wilshire wShares Enhanced Gold Trust, a Delaware statutory trust organized under the laws of the State of Delaware, whose principal office is at ▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ 10016, United States of America (“you” or the “Trust”).

INTERPRETATION

Definitions: In this Agreement:

the United Nations Security Council;

the European Union;

Her Majesty’s Treasury and the Office of Financial Sanctions Implementation of the United Kingdom; and

The Office of Foreign Assets Control of the Department of Treasury of the United States of America.

Headings: The headings in this Agreement do not affect its interpretation.

Singular and plural: References to the singular include the plural and vice versa.

UNALLOCATED ACCOUNTS

Opening Unallocated Accounts: We shall open and maintain one or more Unallocated Accounts in respect of a quantity of Precious Metal which cannot be allocated in a whole number of physical bars that are held under the Allocated Precious Metals Accounts Agreement, to hold Precious Metal to facilitate settlement of purchases and sales and any other Precious Metal which you ask us, and we agree, to hold for you on an unallocated basis on the terms of this Agreement.

Denomination of Unallocated Accounts: The Precious Metals recorded in Unallocated 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.

Reports: We will provide reports to you relating to deposits into and withdrawals from the Unallocated Accounts and the Account Balance on each Unallocated 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. Such reports will also be available to you daily by means of eBTS, however, the paper record will prevail.

Discrepancies: If a material error or discrepancy is noted by you on any report provided pursuant to Clause 2.3 above in relation to any activity or balances, you will promptly notify us in writing so that we may investigate and resolve any such material error or discrepancy as soon as practicable. For the purposes of this Clause 2.4 only, in the absence of evidence to the contrary, a report shall be deemed received by you on the day which is 2 Business Days after the date on which such report was sent by us to you in accordance with the terms of this Agreement.

Reversal of entries: We at all times reserve the right, without prior notice to you, to reverse any provisional or erroneous entries to an Unallocated Account with effect back- valued to the date upon which the final or correct entry (or no entry) should have been made (including, without limitation, where we have credited a deposit made pursuant to Clause 3.1(b) and on receipt by us of the Precious Metal we determine that it does not comply with the Rules or that it is not the weight required by the Rules for the amount of the relevant Precious Metal which you notified to us for deposit), but shall notify you in writing as soon as reasonably practicable of any such reversals.

Records: We will maintain adequate records identifying the Precious Metals as being credited to the Unallocated Account. Such records shall include, with respect to the Unallocated Account(s), journals or other records of original entry containing an itemised daily record in detail of all receipts and deliveries of Precious Metal.

DEPOSITS

Procedure: Deposits to the Unallocated Account shall be made to the extent necessary, in connection with instructions from authorised persons with respect to deposits to the Allocated Account, to the extent that such Precious Metal cannot be held by us under the Allocated Precious Metals Accounts Agreement and to hold Precious Metal to facilitate settlement of purchases and sales.  A deposit may be made (in the manner and accompanied by such documentation as we may require) by:

procuring a book-entry transfer: (i) to us by arranging that our account with a third party (as notified by us to you) in which we hold Precious Metal of the type which we have agreed to hold for you (and which has the same denomination as the Precious Metal to which your Unallocated Account relates) is credited with an amount of Precious Metal equal to the amount of Precious Metal to be recorded in your Unallocated Account; or (ii) to your Unallocated Account by you arranging that a third party for whom we maintain an account holding Precious Metal of the type which we have agreed to hold for you (and which has the same denomination as the Precious Metal to which your Unallocated Account relates) instructs us to debit from its account with us an amount of Precious Metal and to credit such amount to your Unallocated Account; or

the delivery of Precious Metal to us at our nominated vault premises detailed in the Schedule attached hereto, at your expense and risk. Any Precious Metal delivered to us (or to a third party holding to our order) must be in the form of bars which comply with the Rules (including the Rules relating to good delivery and fineness) or in such other form as may be agreed between us.

Notice requirements: Any notice relating to a deposit of Precious Metal must:

be in writing and be received by us no later than the time specified in the Schedule attached hereto (and if not received on a Business Day or received later will be deemed to be received on the next Business Day) unless otherwise agreed;

in the case of a deposit pursuant to Clause 3.1(a), specify the details of the account from which the Precious Metal will be transferred;

in the case of a deposit pursuant to Clause 3.1(b), specify the name of the person or carrier that will deliver the Precious Metal to us at the vault premises specified in the Schedule attached hereto and the manner in which the Precious Metal will be packed; and

in any case specify the amount (in the appropriate denomination) of the Precious Metal to be credited to the Unallocated Account, the Availability Date and any other information which we may from time to time require.

Timing: A deposit of Precious Metal will not be credited to an Unallocated Account until:

in the case of a deposit pursuant to Clause 3.1(a), an account of ours with any bank, broker or other firm has been credited with an amount equal to the amount of such deposit; and

in the case of a deposit pursuant to Clause 3.1(b), we have received the Precious Metal in accordance with Clauses 3.1 and 3.2, verified its compliance with the Rules and weighed it in accordance with LBMA practice to confirm that it is the weight required by the Rules for the amount of the relevant Precious Metal which you notified to us for deposit.

Right to refuse Precious Metal or amend procedure: We may refuse to accept Precious Metal, and amend the procedure in relation to the deposit of Precious Metal or impose such additional procedures in relation to the deposit of Precious Metal as we may from time to time consider appropriate to comply with the Rules. Any such amendment or additional procedures will be notified to you in accordance with Clause 13 of this Agreement, within a commercially reasonable amount of time before we amend our procedures, and in so doing we shall consider your needs to communicate any such change to Investors and others.  Any such refusal will be promptly notified to you in accordance with Clause 13 of this Agreement and will (unless otherwise specified) take effect immediately upon your receipt of such notification.

Allocation of Gold: We may, if applicable, at our option convert your entitlement in respect of an Unallocated Account into rights in respect of Precious Metals in an Allocated Account, and vice-versa, on the terms in the Schedule attached hereto. Unless otherwise notified by the Trustee in writing, the Custodian shall, at the end of each London Business Day, transfer any Gold then standing to the credit of the Unallocated Account to the Allocated Account. This may not result in a negative balance of the unallocated account unless for any rounded quantity of Precious Metal that may be debited to your Unallocated Account in connection with rounding up your Allocated Account balance to record the nearest whole number of bars under the Allocated Account agreement.

WITHDRAWALS

Release of Precious Metal: Withdrawals from the Unallocated Account and transfers to the Allocated Account shall be made to the extent necessary, in connection with instructions from Authorised Persons, to the extent that such Gold amounts to a whole number of physical bars and can be held by us under the Allocated Precious Metals Accounts Agreement, provided that such bars are not needed to facilitate settlement of Gold sales.  We will seek to minimise the amount of Gold held in the Unallocated Account by allocating, on each Business Day, bars of Gold to the Allocated Account in substitution for holdings of an equivalent denomination in the Unallocated Account such that no Gold is held in the Unallocated Account at the close of such Business Day.

Procedure: You may at any time notify us in writing of your intention to withdraw Precious Metal standing to the credit of an Unallocated Account. A withdrawal may be made (in the manner and accompanied by such documentation as we may require) by:

book-entry transfer by a debit by us of an amount of Precious Metals from your Unallocated Account and credit of such amount to an account maintained by us for another client, or instructing credit of such amount to the account specified by you and maintained by a third party; or

the collection of such Precious Metal from the vaults specified in the Schedule attached hereto at your expense and risk. Any Precious Metal made available to you will be in the form of bars which comply with the Rules (including the Rules relating to good delivery and fineness) or in such other form as may be agreed between us. We are entitled to select which bars are to be made available to you.

Notice requirements: Any notice relating to a withdrawal of Precious Metal must:

if it relates to a withdrawal pursuant to clause 4.2(a), be received by us no later than the time specified in the Schedule attached hereto (and if received later will be processed on the next Business Day) and specify the details of the account to which the Precious Metal is to be transferred;

if it relates to a withdrawal pursuant to clause 4.2(b), be received by us no later than the time specified in the Schedule attached hereto and specify the name of the person or carrier that will collect the Precious Metal from us; and

specify the amount (in the appropriate denomination) of the Precious Metal to be debited to the Unallocated Account, the Withdrawal Date and any other information which we may from time to time require.

Right to amend procedure: We may amend the procedure for the withdrawal of Precious Metal from an Unallocated Account or impose such additional procedures as we may from time to time consider appropriate to comply with the Rules. Any such amendments or additional procedures will be promptly notified to you, in accordance with Clause 13 of this Agreement, within a commercially reasonable amount of time before we amend our procedures, and in so doing we shall consider your needs to communicate any such change to Investors and others.

Collection or Delivery of Precious Metals: You accept liability for all costs of transportation and insurance (if any) in relation to the delivery of Precious Metal upon withdrawal once your designated carrier has taken physical delivery of the relevant Precious Metal.

Unless specifically agreed that sub-clause (b) below applies to a withdrawal, you must collect, or arrange for the collection of, Precious Metals being withdrawn from us at your expense and risk. We will advise you of the location from which the Precious Metals may be collected no later than 3 Business Days prior to the Withdrawal Date.

Where we have agreed with you that this sub-clause (b) applies, we shall arrange delivery of the Precious Metal to you, and shall arrange such delivery, including transportation, in accordance with our usual practices. Where specific requests are made by you regarding the method of delivery, we may (but shall have no obligation to) make reasonable efforts to comply with such requests. We shall in no circumstances have any obligation to effect any requested delivery, if in our reasonable opinion (i) such delivery would cause us or any of our agents to be in breach of the Rules or any applicable law, court order or regulation, or (ii) the costs incurred by us or our agents in making such delivery would be excessive, and we have not had satisfactory confirmation that you will reimburse us for such costs, or (iii) delivery is not reasonably practicable for any reason.

INSTRUCTIONS

Your representatives: We may assume that instructions have been properly authorised by you if they are given or purport to be given by a person who is, or purports to be, and is reasonably believed by us to be, a director, employee or other authorised person acting for you.

Instructions: All transfers into and out of the Unallocated Account(s) shall be made upon receipt of, and in accordance with, instructions given (or appearing to be given) by you to us. Such instructions may be given either: (i) through eBTS, accessible through the Website by you pursuant to the terms of the Website agreement, or (ii) by SWIFT transmission, by any method of transmission set forth in Clause 13.2 or by such other means (if any) as are specified in the Schedule or as we may agree from time to time. Unless otherwise agreed, any such instruction or communication shall be effective if given by written means. We may assume that any electronic instructions have been validly given on your behalf. We reserve the right to obtain further validation of any instructions.

AURUM: You acknowledge that instructions relating to a counterparty for whom we do not already provide settlement services will be forwarded by us to AURUM on your behalf. You acknowledge that AURUM is operated by a third party and that we cannot be responsible for any errors, omissions or malfunctions in the systems operated by AURUM. To the extent that AURUM is not available or suffering a malfunction, you agree that our obligations under this Agreement shall be postponed during such unavailability or such malfunction and until a reasonable period thereafter.

Amendments: Once given, instructions continue in full force and effect until they are cancelled or amended. Any such instructions shall be valid and binding only after actual receipt by us in accordance with Clause 13 of this Agreement.

Unclear or ambiguous instructions: If, in our opinion, any instructions are unclear or ambiguous, we will use reasonable endeavours (taking into account any relevant time constraints) to obtain clarification of those instructions from you but, failing that, we may in our absolute discretion and without any liability on our part, act upon what we believe in good faith such instructions to be or refuse to take any action or execute such instructions until any ambiguity or conflict has been resolved to our satisfaction.

Refusal to execute: We reserve the right to refuse to execute instructions if in our opinion they are or may be, or require action which is or may be, contrary to the Rules or any applicable law.

CONFIDENTIALITY

Disclosure to others: Subject to Clauses 6.2, 6.3 and 6.4, each Party shall respect the confidentiality of information acquired under this Agreement and neither will, without the consent of the other, disclose to any other person any information acquired under this Agreement.

Permitted disclosures: Each Party accepts that from time to time the other Party may be required by law, or a court order or similar process, or requested by a government department or agency, fiscal body or regulatory authority, to disclose information acquired under this Agreement. In addition, the disclosure of such information may be required by a Party's auditors, by its legal or other advisors or by a company which is in the same group of companies as a Party (e.g. a subsidiary, or holding company of a Party). In any such case, and to the extent permitted by applicable law, the disclosing Party will notify the person to whom the disclosure is made that the information disclosed is confidential and should not be disclosed to any third party.  Each Party irrevocably authorises the other to make such disclosures without further reference to such Party.

You acknowledge that, as a member of the London Precious Metal Clearing Limited, and that from time to time in carrying out our duties and obligations under this Agreement, it may be necessary for us to disclose to LPMCL and/or other clearing members, your account details and certain other information in order to act in accordance with your notices hereunder for the purposes of facilitating settlement. You acknowledge and accept that such disclosures may be made by us for the purposes set out in this Clause 6.3.

Notwithstanding Sections 6.1 and 6.2, we acknowledge and agree that (i) you may reference us and summarize the material terms of this Agreement in the Registration Statement and any other offering memorandum, prospectus or marketing documents related to an offering of the Shares by you to potential investors and (ii) you may disseminate information to Investors that is required to be provided to Investors pursuant to the terms of the Trust Agreement or the Registration Statement.

REPRESENTATIONS

Each Party represents and warrants to the other, on a continuing basis that:

it is duly constituted and validly existing under the laws of its jurisdiction of constitution;

it has all necessary authority, powers, consents, licences and authorisations and has taken all necessary action to enable it lawfully to enter into and perform its duties and obligations under this Agreement;

the persons entering into this Agreement on its behalf have been duly authorised to do so; and

this Agreement and the obligations created under it constitute its legal and valid obligations which are binding upon it and enforceable against it in accordance with the terms of this Agreement (subject to applicable principles of equity) and do not and will not violate the terms of the Rules, any applicable laws, or any order, charge or agreement by which it is bound.

In addition to (and without limitation of) the representations and warranties given by you in Clause 7.1, you represent and warrant to us, on a continuing basis, that:

you are the beneficial owner of the Precious Metal held by us hereunder, free and clear from any and all contingent or existing charges, pledges, mortgages, security interests, encumbrances, liens or other right or claim whatsoever permitted or created by you or any third party;

if you are holding any Precious Metal on behalf of a third party, you have full power and authority from your client to enter into and implement this Agreement in respect of such Precious Metal, and we are entitled to deal only with you as if you were the ultimate beneficial owner; and

neither the signing, delivery or performance of this Agreement, nor any instruction given hereunder, will contravene, constitute a default under, or cause to be exceeded, any of the following, namely:

any Rules, or any other law or agreement by which you, us or any relevant client for whom you hold Precious Metal are bound or affected; or

rights of any third parties in relation to you or the Precious Metal held hereunder.

SANCTIONS

In addition to (and without limitation of) the representations and warranties given by you in Clause 7.1 and Clause 7.2 above, you represent, warrant and undertake, on a continuing basis, that:

you are not a person or entity that is named on any Sanctions List or directly or indirectly targeted under any Sanctions;

you are not acting in violation of any applicable Sanctions;

you shall comply with all applicable laws, regulations, codes and sanctions relating to your operations, wherever conducted, and in particular relating to human rights, bribery, corruption, money-laundering, accounting and financial controls and anti-terrorism, including but not limited to the UK ▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇;

you have adequate risk management and compliance procedures in place and have taken necessary measures (including screening clients for sanctions, money laundering and anti-bribery and corruption) to ensure continued compliance with the Rules and with the ongoing requirements of any Sanctioning Body;

you have conducted adequate due diligence on any person that you direct we transfer Precious Metals to or from under the terms of this Agreement; and

you will not cause us to hold any Precious Metals that originate from financial crime or are being or have been used to facilitate the violation of any Sanctions.

You agree that neither any Precious Metals nor the proceeds of any Precious Metals will be used by you in any way to fund the activities or business of any person or entity in any country or territory subject to Sanctions or included in any Sanctions List. You further agree that we shall be under no obligation to comply with a notice of withdrawal delivered pursuant to Clause 4.1 where we have reasonable grounds to suspect that any such withdrawal may in any way be used to fund the activities or business of any person or entity in any country or territory subject to Sanctions or included in any Sanctions List.

If at any time you become aware of any breach by you of Clauses 8.1 or 8.2 above after the date of this Agreement and before the later of (i) termination of this Agreement and (ii) the date that all obligations under this Agreement are fully and finally discharged, you shall promptly notify us in writing with full details of such breach together with, promptly following any request from us to do so, any other information we may reasonably request in connection with such breach.

In the event that you breach any of Clauses 8.1 to 8.3 above, or if we have reasonable grounds to believe that you have breached any of Clauses 8.1 to 8.3 above, we shall have the right to terminate this Agreement forthwith upon written notice. In the event of termination of this Agreement pursuant to this Clause 8.4, you agree to indemnify us and hold us harmless against any and all losses, costs and liabilities incurred as a direct consequence of such termination

Nothing in this Agreement shall require a Party to take any action or to refrain from taking any action which may cause that Party any liability to or imposed by a Sanctioning Body.

FEES AND EXPENSES

Fees: You will pay us such fees as we from time to time agree with you as set out in the Schedule attached hereto. We reserve the right to amend the fee structure from time to time with your prior written consent. Details of changes to the charges (including transfer, clearing and storage charges) will be advised to you by us in writing no less than 30 days before becoming effective.

Expenses: You must pay us on demand all reasonable costs, charges and expenses (including any relevant taxes, duties and legal fees) incurred by us in connection with the performance of our duties and obligations under this Agreement or otherwise in connection with any Unallocated Account (including without limitation any delivery, collection or storage costs). You shall be liable for all taxes, assessments, duties and other governmental charges, including any interest or penalty with respect thereto (“Taxes”), with respect to any Unallocated Account maintained by us pursuant to this Agreement or any deposits or withdrawals related thereto. You shall indemnify us for the amount of any Tax that we are required under applicable laws (whether by assessment or otherwise) to pay in respect of each Unallocated Account or any deposits or withdrawals related thereto (including any payment of Tax required by reason of an earlier failure to withhold); [REDACTED]. 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 Unallocated 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. If the aggregate credit balance of the Unallocated 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.

Credit balances: No interest or other amount will be paid by us on any credit balance on an Unallocated Account unless otherwise agreed between us.

Debit balances: You are not entitled to overdraw an Unallocated Account except to the extent that we otherwise agree in writing. In the absence of our written agreement to an overdraft, we shall not be obliged to carry out any instruction from you where to do so would in our opinion cause any Unallocated Account to have a negative balance. Unless otherwise agreed, if for any reason an Unallocated Account is overdrawn, you will be required to pay us interest on the debit balance at the rate agreed between us or, if no such agreement exists, at such rate as we determine to be appropriate. The amount of the overdraft and any accrued interest will be repayable by you on our demand. Your obligation to pay interest to us will continue until the overdraft is repaid by you in full. This clause 9.4 does not apply in relation to any rounded quantity of Precious Metal that may be debited to your Unallocated Account in connection with rounding up your Allocated Account balance to record the nearest whole number of bars under the Allocated Account agreement.

Default interest: If you fail to pay us any amount when it is due, we reserve the right to charge [REDACTED] on any such unpaid amount. Interest will accrue on a daily basis, on a compound basis with monthly resets, and will be due and payable by you as a separate debt.

SCOPE OF RESPONSIBILITY

Exclusion of liability: We will adhere to the standards of a Reasonable and Prudent Custodian at all times in the performance of our duties under this Agreement, and we will only be responsible for any loss or damage suffered by you as a direct result of any negligence, fraud or wilful default on our part in the performance of our duties, and in which case our liability will not exceed the aggregate market value of the Account Balance at the time of such negligence, fraud or wilful default (calculating the value using the next available prices for Precious Metals of the same type and amount on the relevant London Precious Metals Markets following the occurrence of such negligence, fraud or wilful default). We shall not in any event be liable for any consequential loss, or loss of profit or goodwill whether or not resulting from any negligence, fraud or wilful default on our part.

No duty or obligation: We are under no duty or obligation to make or take any special arrangements or precautions beyond those required by the Rules.

Force majeure: We shall not be liable to you for any delay in performance, or for the non-performance of, any of our obligations under this Agreement by reason of any cause beyond our reasonable control. This includes any breakdown, malfunction or failure of, or in connection with, any communication, computer, transmission, clearing or settlement facilities, industrial action, acts and regulations of any governmental or supra national bodies or authorities, or the rules of any relevant regulatory or self-regulatory organisation.

Indemnity: You shall indemnify and keep us indemnified (on an after tax basis) on demand against all costs and expenses, damages, liabilities and losses which we may suffer or incur, directly or indirectly in connection with this Agreement except to the extent that such sums are due directly to our negligence, wilful default or fraud.

TERMINATION

Method:

You may terminate this Agreement (i) by giving not less than forty-five (45) Business Days written notice to us, or (ii) immediately by written notice to us in the event of (1) the presentation of a winding up order, bankruptcy or analogous event in relation to us, or (2) the occurrence of an event specified in Clause 8.4 of this Agreement.

We may terminate this Agreement (i) by giving not less than sixty (60) Business Days written notice to you, or (ii) immediately by written notice in the event of the presentation of a winding up order, bankruptcy or analogous event in relation to you.

Any notice given by you under Clause 11.1 must specify:

the date on which the termination will take effect (the “Termination Date”);

the person to whom each Account Balance is to be delivered;

whether the Precious Metal standing to the credit of each Unallocated Account is to be withdrawn pursuant to Clause 4.2(a) or Clause 4.2(b); and

all other necessary arrangements for the delivery of the Account Balance.

Redelivery arrangements: If you do not make arrangements acceptable to us for the transfer or repayment, as the case may be, of an amount of Precious Metal equal to the Account Balance, we may continue to maintain that Unallocated Account, in which case we will continue to charge the fees and expenses payable under Clause 9. If you have not made arrangements acceptable to us for the transfer or repayment of Precious Metal equal to each  Account Balance within 6 months of the Termination Date, we will be entitled to close each Unallocated Account and in place of delivery of Precious Metals, account to you for the value of the Account Balance on each such Unallocated Account (as at the date which is 6 months after the Termination Date, calculating the value using the next available prices for that date for Precious Metals of the same type and amount of the relevant London Precious Metals Markets), after deducting any amounts due to us under this Agreement.

Existing rights: Termination shall not affect rights and obligations then outstanding under this Agreement which shall continue to be governed by this Agreement until all obligations have been fully performed. [REDACTED]

eBTS: Effective the Termination Date the use of the Website will automatically be terminated and no further access to the Website will be permitted.

VALUE ADDED TAX

VAT exclusive: All sums payable under this Agreement by you to us shall be deemed to be exclusive of VAT.

Supplies: Where pursuant to or in connection with this Agreement, we make a supply to you for VAT purposes and VAT is or becomes chargeable on such supply, you shall on demand pay to us (in addition to any other consideration for such supply) a sum equal to the amount of such VAT and we shall on receipt of such payment provide you with an invoice or receipt in such form and within such period as may be prescribed by applicable law.

Deemed supplies: Where, pursuant to or in connection with this Agreement, we are deemed or treated by applicable law or the practice from time to time of the relevant fiscal authority to make a supply for VAT purposes to any person by virtue of our or any custodian for us relinquishing physical control of any Precious Metal, and VAT is or becomes chargeable on such supply, you shall on demand pay to us a sum equal to the amount of such VAT and we shall on receipt of such payment provide an invoice or receipt in such form and within such period as may be prescribed by applicable law to the person to which we are deemed or treated to make such supply.

Reimbursement: References to any fee, cost, expense, charge or other liability incurred by us and in respect of which we are to be reimbursed or indemnified by you under the terms of this Agreement shall include such part of such fee, cost, expense, charge or other liability as represents any VAT. We shall not seek reimbursement of any chargeable VAT incurred by you from the relevant tax authority. If the relevant tax authority does provide reimbursement to us for VAT incurred by you, we shall notify you within a reasonable time period after we become aware of such reimbursement.

NOTICES

Form: Any notice or other communication under or in connection with this Agreement may be given in writing or as otherwise specified in the Schedule.  References to writing includes an electronic transmission in a form permitted by Clause 13.2.

Method of transmission: Any notice or other communication shall be delivered personally or sent by first class post, pre-paid recorded delivery (or air mail if overseas), authenticated electronic transmission (including fax, email and SWIFT) or such other electronic transmission as the Parties may from time to time agree, to the Party due to receive the notice or communication, at its address, number or destination set out below, or to such other address, number or destination specified by that Party by written notice to the other:

Deemed receipt of notice: A notice or other communication under or in connection with this Agreement will be deemed received only if actually received or delivered.

Recording of calls: We may record telephone conversations without use of a warning tone. Such recordings will be our sole property and accepted by you as evidence of the orders or instructions given. In the event of inconsistency between the written notice and oral orders or instructions, the terms of the written notice shall prevail.

GENERAL

No advice: Our duties and obligations under this Agreement do not include providing you with investment advice. In asking us to open and maintain the Unallocated 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 Unallocated Account.

Rights and remedies: Our rights under this Agreement are in addition to, and independent of, any other rights which we may have at any time in relation to the Unallocated Accounts and any lien or other rights we may have to set-off, combine or consolidate any of your accounts.

Business Day: If an obligation of a Party would otherwise be due to be performed on a day which is not a Business Day in respect of the relevant Unallocated Account, such obligation shall be due to be performed on the next succeeding Business Day in respect of that Unallocated Account.

Assignment: This Agreement is for the benefit of and binding upon us both and our respective successors and assigns. You may not assign other than to a successor entity or to any entity under common control, which we have provided prior written consent of such assignment (not to be unreasonably withheld) and which has completed all required know-your-customer and other onboarding, transfer or encumber, or purport to assign, transfer or encumber, your right, title or interest in relation to any Unallocated Account or any right or obligation under this Agreement without our prior agreement in writing.

Amendments: Unless otherwise specified in this Agreement, any amendment to this Agreement must be agreed in writing and be signed by us both. Unless otherwise agreed, an amendment will not affect any legal rights or obligations which may already have arisen.

Partial invalidity: If any of the clauses (or part of a clause) of this Agreement becomes invalid or unenforceable in any way under the Rules or any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired.

Liability: Nothing in this Agreement shall exclude or limit any liability which cannot lawfully be excluded or limited (e.g. liability for personal injury or death caused by negligence).

Entire Agreement: This document represents the entire agreement, and supersedes any previous agreements between us relating to the subject matter of this Agreement.

Counterparts: This Agreement may be executed in any number of counterparts each of which when executed and delivered is an original, but all the counterparts together constitute the same agreement.

Liability of Sponsor. It is expressly understood and agreed by the Parties that:

this Agreement is executed and delivered on behalf of you by the Sponsor, not individually or personally, but solely as your Sponsor in the exercise of the powers and authority conferred and vested in it;

the representations, covenants, undertakings and agreements herein made by you are made and intended not as personal representations, undertakings and agreements by the Sponsor but are made and intended for the purpose of binding only you;

nothing herein contained shall be construed as creating any liability on the Sponsor, individually or personally, to perform any covenant of yours either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto; and

under no circumstances shall the Sponsor be personally liable for the payment of any your indebtedness or expenses or be liable for the breach or failure of any obligation, duty, representation, warranty or covenant made or undertaken by you under this Agreement or any other related document.

GOVERNING LAW AND JURISDICTION

Governing law: This Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law.

Jurisdiction: The English courts are to have non-exclusive jurisdiction to settle any disputes or claims (each a “Dispute”) which may arise out of or in connection with this Agreement, including any question regarding its existence, validity or termination, and accordingly any legal action or proceedings arising out of or in connection with this Agreement (“Proceedings”) may be brought in such courts. Each of the Parties hereto irrevocably submits to the non-exclusive jurisdiction of such courts and waives any objection to Proceedings in such courts whether on the grounds of venue or on the grounds that the Proceedings have been brought in an inconvenient forum.

Arbitration: Unless otherwise specified in the Schedule, Disputes may be referred to arbitration in accordance with the terms set out in the Schedule attached hereto.

Waiver of immunity: To the extent that you may in any jurisdiction claim for yourself or your assets any immunity from suit, judgement, enforcement or otherwise howsoever, you agree not to claim and irrevocably waive any such immunity to which you would otherwise be entitled (whether on grounds of sovereignty or otherwise) to the full extent permitted by the laws of such jurisdiction.

Third Party Rights: A person who is not a party to this Agreement has no right to enforce any term of this Agreement under the Contracts (Rights of Third Parties) ▇▇▇ ▇▇▇▇.

Service of process: If you are situated outside England and Wales, process by which any proceedings in England are begun may be served on you by being delivered to the address specified below. This does not affect our right to serve process in another manner permitted by law.

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