Common use of Risk and Liability Clause in Contracts

Risk and Liability. (a) Except as otherwise provided in the Agreement, the Mint shall bear all risks of loss, destruction and/or damage to Precious Metals delivered to the Mint’s Facility for storage under the Agreement from the time said Precious Metals have been taken into the Mint’s possession and control, whether through physical delivery or through a Transfer of Allocated Storage. Should the Mint discover a discrepancy during the verification process pursuant to Sub-Clause 4(g) between: (i) the weight in xxxx ounces of the Precious Metals as determined by the Mint; and (ii) the information stated in the Initial Notice, the Mint’s liability under the Agreement shall be immediately adjusted to the weight in xxxx ounces of the Precious Metals as determined by the Mint, upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable for Precious Metals that were not actually delivered to the Mint’s Facility or taken into the Mint’s possession and control. The Mint’s liability shall terminate in respect of any portion of the Precious Metals upon the termination of the Agreement, whether or not the Precious Metals remain in the Mint’s Facility, upon transfer of the Precious Metals under a Transfer of Allocated Storage, as requested by the Customer, or upon remittance to the Customer’s carrier or representative in the event of a Withdrawal or in the event of the return of the Precious Metals pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c). (b) The Customer shall ensure that Precious Metals sent to the Mint’s Facility are packaged in accordance with the custom of the trade so that the Precious Metals are not reasonably susceptible to damage. (c) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b) where the loss and/or destruction is discovered by the Customer, in the event of loss and/or destruction of Precious Metals (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a), the Mint will either, in its discretion: (i) replace the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy; (ii) compensate the Customer for the monetary value of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing on the first (1st) trading day following the discovery of said loss and/or destruction: the gold P.M. price expressed in U.S. dollars as published by the LBMA (or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably); or (iii) replace a portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing on the first (1st) trading day following the discovery of said loss and/or destruction: in the case of gold, the gold P.M. price expressed in U.S. dollars as published by the LBMA (or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably). (d) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b) where the damage is discovered by the Customer, in the event of damage to Precious Metals for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a), the Mint will restore the portion of damaged Precious Metals to at least as good as state as it was prior to being so damaged. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious Metals; upon replacement of and/or compensation for lost and/or destroyed Precious Metals and/or upon restoration of damaged Precious Metals, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s insurers.

Risk and Liability. (a) Except as otherwise provided in the Agreement, the Mint shall bear all risks of loss, destruction and/or damage to Precious Metals delivered to the Mint’s 's Facility (or to be delivered to the Mint's Facility in the event the Mint arranges for the transportation of Precious Metals to the Mint's Facility) for storage under the Agreement (i) when the Customer arranges for the transportation of the Precious Metals to the Mint's Premises, from the time said Precious Metals have been taken into the Mint’s 's possession and control, as applicable, whether through physical delivery or through a Transfer of Allocated Storage; or (ii) when the Mint arranges for the transportation of the Precious Metals to the Mint's Facility, from the time the Mint's designated carrier signs a receipt therefor after the Precious Metals have been loaded on the collecting vehicle. Should the Mint discover a discrepancy during the verification process at the Mint's Facility pursuant to Sub-Clause 4(g4(i) between: (i) the weight in xxxx txxx ounces of the Precious Metals as determined by the Mint; and (ii) the information stated in the Initial Notice, the Mint’s 's liability under the Agreement shall be immediately adjusted to the weight in xxxx txxx ounces of the Precious Metals as determined by the Mint, Mint upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable for Precious Metals that which were not actually delivered to the Mint’s Facility or taken into the Mint’s 's possession and control. , whether through physical delivery or through a Transfer of Allocated Storage, and in the event the Mint arranges for the transportation of the Precious Metals to the Mint's Facility, for Precious Metals that was not actually taken into the Mint's designated carrier's possession and control. (b) The Mint’s 's liability shall terminate in respect of any portion of the Precious Metals Metals: (i) upon the termination of the Agreement, whether or not the Precious Metals remain in the Mint’s 's Facility, ; (ii) upon transfer of the Precious Metals under a Transfer of Allocated Storage, as requested by the Customer, ; or (iii) upon remittance the transfer of possession to the Customer’s 's carrier or representative in the event of a Withdrawal or in the event of the return of the Precious Metals pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c). (b) The Customer shall ensure that Precious Metals sent to the Mint’s Facility are packaged in accordance with the custom of the trade so that the Precious Metals are not reasonably susceptible to damageAgreement. (c) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b) where the loss and/or destruction is discovered by the Customer, in the event of loss and/or destruction of Precious Metals (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a), the Mint will either, in its discretion: (i) replace the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy; (ii) compensate the Customer for the monetary value of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing price on the first (1st) trading day following the discovery by the Mint of said loss and/or destructiondestruction if first discovered by the Mint, or, if first discovered by the Customer, the first (1st) trading day following the date the relevant Notice of Loss was given to the Mint : (i) in the case of gold, the gold P.M. price expressed in U.S. dollars as published by the LBMA (or or, should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably); or (iii) replace a portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing price on the first (1st) trading day following the discovery by the Mint of said loss and/or destructiondestruction if first discovered by the Mint, or, if first discovered by the Customer, the first (1st) trading day following the date the relevant Notice of Loss was given to the Mint: (i) in the case of gold, the gold P.M. price expressed in U.S. dollars as published by the LBMA (or or, should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably). (d) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b) where the damage is discovered by the Customer, in the event of damage to Precious Metals for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a), the Mint will restore the portion of damaged Precious Metals to at least as good as state as it was prior to being so damaged, including its form, purity and weight in fine ounces. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious Metals; upon replacement of and/or compensation for lost and/or destroyed Precious Metals and/or upon restoration of damaged Precious Metals, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s 's insurers.

Risk and Liability. (a) Except as otherwise provided in the Agreement, the Mint shall bear all risks of loss, destruction and/or damage to Precious Metals delivered to the Mint’s 's Facility (or to be delivered to the Mint's Facility in the event the Mint arranges for the transportation of Precious Metals to the Mint's Facility) for storage under the Agreement (i) when the Customer arranges for the transportation of the Precious Metals to the Mint's Premises, from the time said Precious Metals have been taken into the Mint’s 's or the Sub-Custodian's possession and control, as applicable, whether through physical delivery or through a Transfer of Allocated Storage; or (ii) when the Mint arranges for the transportation of the Precious Metals to the Mint's Facility, from the time the Mint's designated carrier signs a receipt therefor after the Precious Metals have been loaded on the collecting vehicle. Should the Mint or the Sub-Custodian, as applicable, discover a discrepancy during the verification process at the Mint's Facility pursuant to Sub-Clause 4(g4(i) between: (i) the weight in xxxx txxx ounces of the Precious Metals as determined by the Mint; and (ii) the information stated in the Initial Notice, the Mint’s 's liability under the Agreement shall be immediately adjusted to the weight in xxxx txxx ounces of the Precious Metals as determined by the MintMint or the Sub-Custodian, as applicable, upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable for Precious Metals that which were not actually delivered to the Mint’s Facility or taken into the Mint’s 's possession and control. , whether through physical delivery or through a Transfer of Allocated Storage, and in the event the Mint arranges for the transportation of the Precious Metals to the Mint's Facility, for Precious Metals that was not actually taken into the Mint's designated carrier's possession and control. (b) The Mint’s 's liability shall terminate in respect of any portion of the Precious Metals Metals: (i) upon the termination of the Agreement, whether or not the Precious Metals remain in the Mint’s 's Facility, ; (ii) upon transfer of the Precious Metals under a Transfer of Allocated Storage, as requested by the Customer, ; or (iii) upon remittance the transfer of possession to the Customer’s 's carrier or representative in the event of a Withdrawal or in the event of the return of the Precious Metals pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c). (b) The Customer shall ensure that Precious Metals sent to the Mint’s Facility are packaged in accordance with the custom of the trade so that the Precious Metals are not reasonably susceptible to damageAgreement. (c) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b12(b) where the loss and/or destruction is discovered by the Customer, in the event of loss and/or destruction of Precious Metals (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a11(a), the Mint will either, in its discretion: (i) replace the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy; (ii) compensate the Customer for the monetary value of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing price on the first (1st) trading day following the discovery by the Mint of said loss and/or destructiondestruction if first discovered by the Mint, or, if first discovered by the Customer, the first (1st) trading day following the date the relevant Notice of Loss was given to the Mint : (i) in the gold P.M. case of silver, the silver price expressed in U.S. dollars as published by the LBMA (or or, should the LBMA cease to publish the price of goldsilver, any other gold silver spot rate selected by the Mint acting reasonably); or (iii) replace a portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing price on the first (1st) trading day following the discovery by the Mint of said loss and/or destructiondestruction if first discovered by the Mint, or, if first discovered by the Customer, the first (1st) trading day following the date the relevant Notice of Loss was given to the Mint: (i) in the case of goldsilver, the gold P.M. silver price expressed in U.S. dollars as published by the LBMA (or or, should the LBMA cease to publish the price of goldsilver, any other gold silver spot rate selected by the Mint acting reasonably). (d) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b12(b) where the damage is discovered by the Customer, in the event of damage to Precious Metals for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a11(a), the Mint will restore the portion of damaged Precious Metals to at least as good as state as it was prior to being so damaged, including its form, purity and weight in fine ounces. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious Metals; upon replacement of and/or compensation for lost and/or destroyed Precious Metals and/or upon restoration of damaged Precious Metals, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s 's insurers.

Risk and Liability. (a) Except as otherwise provided in the Agreement, the Mint shall bear all risks of loss, destruction and/or physical loss or damage to Precious Metals Property delivered to the Mint’s Facility for storage under the Agreement from the time time: (i) said Precious Metals have Property has been taken into the Mint’s or, as applicable, the Sub-Custodian’s, possession and control, whether through physical delivery or through a Transfer of Allocated Storage. Should the Mint discover a discrepancy during the verification process pursuant to Sub-Clause 4(g) between: (i) the weight in xxxx ounces of the Precious Metals as determined by the Mint; and (ii) the information stated in the Initial Notice, the Mint’s liability under the Agreement shall be immediately adjusted Mint has issued to the weight in xxxx ounces Customer a Receipt of the Precious Metals as determined by the Mint, upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable Deposit for Precious Metals that were not actually delivered to the Mint’s Facility or taken into the Mint’s possession and controlsaid Property. The Mint’s liability shall terminate in respect of any portion of the Precious Metals Property upon the earliest to occur of: (a) the expiration or termination of the Agreement, whether or not the Precious Metals remain Property remains in the Mint’s Facility, upon ; (b) the transfer of the Precious Metals Property under a Transfer of Allocated Storage, as requested by the Customer, ; or upon (c) remittance of Property to the Customer’s carrier or representative in the event of a Withdrawal or in the event of the return of the Precious Metals pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c)Withdrawal. (b) The Customer shall ensure that Precious Metals Property sent to the Mint’s Facility are is packaged in accordance with the custom of the trade so that the Precious Metals are Property is not reasonably susceptible to damage. (c) Conditional upon the Customer giving a written notice in the Mint a Notice of Loss time and manner described in accordance with Sub-Clause 11(b) where the loss and/or destruction is discovered by the Customer15 herein, in the event of physical loss and/or or destruction of Precious Metals Property (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which the Mint bears the risks of loss, physical loss or destruction or damage as provided in Sub-Clause 10(a14(a), the Mint will either, in its discretion: : (i) replace the lost and/or or destroyed Precious Metals Property as soon as practicable following receipt from the Customer of the written notice in the time and manner described in Clause 15 herein, based on the advised weight and advised assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy; ; or (ii) compensate the Customer for the monetary value of the lost and/or or destroyed Precious Metals Property within fifteen (15) calendar days following receipt of proof of loss by a loss adjuster, based on the advised weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, Notice and the market value of the lost and/or or destroyed Precious Metals Property, using the following applicable fixing Platinum Fixing of the LPPM on the first (1st) trading day Business Day following the discovery receipt of said written notice from the Customer identifying said loss and/or or destruction: the gold P.M. price expressed in U.S. dollars as published by the LBMA (; or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably); or (iii) replace a portion of the lost and/or or destroyed Precious Metals Property as soon as practicable following receipt from the Customer of the written notice in the time and manner described in Clause 15 herein, based on the advised weight and advised assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or or destroyed Precious Metals Property within fifteen (15) calendar days following receipt of proof of loss by a loss adjuster, based on the advised weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, Notice and the market value of the lost and/or destroyed Precious Metals Property, using the following applicable fixing Platinum Fixing of the LPPM on the first (1st) trading day Business Day following the discovery receipt of said written notice from the Customer identifying said loss and/or or destruction: in the case of gold, the gold P.M. price expressed in U.S. dollars as published by the LBMA (or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably). (d) Conditional upon the Customer giving a written notice in the Mint a Notice of Loss time and manner described in accordance with Sub-Clause 11(b) where the damage is discovered by the Customer15 herein, in the event of physical damage to Precious Metals Property for which the Mint bears the risks of loss, destruction physical loss or damage as provided in Sub-Clause 10(a14(a), the Mint will restore the portion of damaged Precious Metals Property to at least as good as state as it was prior set forth in the Initial Notice delivered under Sub-Clause 7(i), or if any revised Initial Notice has been delivered, pursuant to being so damagedSub-Clause 7(j) as set out in such revised Initial Notice. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals Property as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious MetalsProperty; upon replacement of and/or compensation for lost and/or destroyed Precious Metals Property and/or upon restoration of damaged Precious MetalsProperty, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s insurers. (f) The Mint shall provide the Customer with not less than 30 calendar days written notice of any cancellation or termination of any afforded insurance coverage of the Property, whether provided by the Mint and/or the Sub-Custodian.

Risk and Liability. (a) Except as otherwise provided in the Agreement, the Mint shall bear all risks of loss, destruction and/or damage to Precious Metals delivered to the Mint’s Facility for storage under the Agreement from the time said Precious Metals have been taken into the Mint’s or the Sub-Custodian’s possession and control, as applicable, whether through physical delivery or through a Transfer of Allocated Storage. Should the Mint or the Sub-Custodian, as applicable, discover a discrepancy during the verification process pursuant to Sub-Clause 4(g) between: (i) the weight in xxxx ounces and/or bar numbers of the Precious Metals as determined by the MintMint or the Sub-Custodian, as applicable; and (ii) the information stated in the Initial Notice, the Mint’s liability under the Agreement shall be immediately adjusted to the weight in xxxx ounces of the Precious Metals as determined by the MintMint or the Sub- Custodian, as applicable, upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable for Precious Metals that were not actually delivered to the Mint’s Facility or taken into the Mint’s possession and control. The Mint’s liability shall terminate in respect of any portion of the Precious Metals upon the termination of the Agreement, whether or not the Precious Metals remain in the Mint’s Facility, upon transfer of the Precious Metals under a Transfer of Allocated Storage, as requested by the Customer, or upon remittance to the Customer’s carrier or representative in the event of a Withdrawal or in the event of the return of the Precious Metals pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c)the Agreement. (b) The Customer shall ensure that Precious Metals sent to the Mint’s Facility are packaged in accordance with the custom of the trade so that the Precious Metals are not reasonably susceptible to damage. (c) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b12(b) where the loss and/or destruction is discovered by the Customer, in the event of loss and/or destruction of Precious Metals (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a11(a), the Mint will either, in its discretion: (i) replace the lost and/or destroyed Precious Metals as soon as practicable following receipt of Notice of Loss, based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy; ; (ii) compensate the Customer for the monetary value of the lost and/or destroyed Precious Metals within fifteen (15) calendar days following the date the relevant Notice of Loss is given, based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable silver fixing of the LBMA expressed in U.S. dollars on the first (1st) trading day following the discovery of said loss and/or destruction: the gold P.M. price expressed in U.S. dollars as published by the LBMA (or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably); or (iii) replace a portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing on the first (1st) trading day following the discovery of said loss and/or destruction: in the case of gold, the gold P.M. price expressed in U.S. dollars as published by the LBMA (or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably). (d) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b) where the damage is discovered by the Customer, in the event of damage to Precious Metals for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a), the Mint will restore the portion of damaged Precious Metals to at least as good as state as it was prior to being so damaged. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious Metals; upon replacement of and/or compensation for lost and/or destroyed Precious Metals and/or upon restoration of damaged Precious Metals, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s insurers.

Risk and Liability. (a) Except as otherwise provided The Mint shall take good care, custody and control of the Property in its possession pursuant to the Agreement, the Mint terms of this Agreement and shall bear all risks risk of loss, destruction and/or physical loss or damage to Precious Metals delivered to the Mint’s Facility for storage under the Agreement thereto from the time said Precious Metals have the Property has been received by the Mint in accordance with the terms and conditions set forth in the present Agreement and has been taken into the Mint’s possession and control, whether through physical delivery or through a Transfer of Allocated Storage. Should the Mint discover a discrepancy during the verification process pursuant to Sub-Clause 4(g) between: (i) the weight in xxxx ounces of the Precious Metals as determined by the Mint; and (ii) the information stated in the Initial Notice, the Mint’s liability under the Agreement shall be immediately adjusted to the weight in xxxx ounces of the Precious Metals as determined by the Mint, upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable for Precious Metals that were not actually delivered to the Mint’s Facility or taken into the Mint’s possession and control. The Mint’s liability shall terminate in respect of any portion of the Precious Metals Property upon the termination of the Agreement, whether or not the Precious Metals remain Property remains in the Mint’s Facilitypossession and control, upon transfer of the Precious Metals under Property via a Transfer of Allocated Storage, as requested by the Customer, or upon remittance to an armoured carrier designated by the Customer’s carrier or representative Customer in the event of a Withdrawal or in the event of the return of the Precious Metals pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c)Withdrawal. (b) The Customer shall ensure that Precious Metals sent cause the Property to be received by the Mint’s Facility are Mint to be packaged in accordance with the custom of the trade so that the Precious Metals are Property is not reasonably susceptible to damagedamage during the Mint’s performance of this Agreement. (c) Conditional upon the Customer giving a written notice in the Mint a Notice of Loss time and manner described in accordance with Sub-Clause 11(b) where the loss and/or destruction is discovered by the CustomerSection 10 herein, in the event of physical loss and/or or destruction of Precious Metals (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which while Property is in the Mint bears Mint’s possession and control during the risks term of loss, destruction this Agreement or damage as provided in Sub-Clause 10(a)any renewal(s) thereof, the Mint will either, in at its discretion: option, (i) replace the lost and/or or destroyed Precious Metals Property within five (5) Business Days from the date the Mint becomes aware of said loss or destruction, based on the advised weight and advised assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy; ; or (ii) compensate the Customer for the monetary value of the lost and/or or destroyed Precious Metals Property within five (5) Business Days from the date the Mint becomes aware of said loss or destruction, based on the advised weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, Notice and the market value of the lost and/or destroyed Precious Metals Property, using the following applicable fixing on first available Gold PM Fixing of the first (1st) trading day following LBMA from the discovery date the Mint becomes aware of said loss and/or or destruction: the gold P.M. price expressed in U.S. dollars as published by the LBMA (or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably); or (iii) replace a portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing on the first (1st) trading day following the discovery of said loss and/or destruction: in the case of gold, the gold P.M. price expressed in U.S. dollars as published by the LBMA (or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably). (d) Conditional upon the Customer giving a written notice in the Mint a Notice of Loss time and manner described in accordance with Sub-Clause 11(b) where the damage is discovered by the CustomerSection 10 herein, in the event of physical damage to Precious Metals for which Property while Property is in the Mint bears Mint’s possession and control during the risks term of loss, destruction this Agreement or damage as provided in Sub-Clause 10(a)any renewal(s) thereof, the Mint will restore the portion of damaged Precious Metals Property to at least as good as state as it was prior to being so damageddamaged within five (5) Business Days from the date the Mint becomes aware of said damage. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals Property as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious MetalsProperty; upon replacement of and/or compensation for lost and/or destroyed Precious Metals Property and/or upon restoration of damaged Precious MetalsProperty, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s insurers. (f) The Mint shall provide the Customer with not less than 30 days’ written notice of any cancellation or termination of the Mint’s insurance coverage of the Property while in the Mint’s possession.

Risk and Liability. (a) Except as otherwise provided in the Agreement, the Mint shall bear all risks of loss, destruction and/or physical loss or damage to Precious Metals Property delivered to the Mint’s Facility for storage under the Agreement from the time time: (i) said Precious Metals have Property has been taken into the Mint’s or, as applicable, the Sub-Custodian’s, possession and control, whether through physical delivery or through a Transfer of Allocated Storage. Should the Mint discover a discrepancy during the verification process pursuant to Sub-Clause 4(g) between: (i) the weight in xxxx ounces of the Precious Metals as determined by the Mint; and (ii) the information stated in the Initial Notice, the Mint’s liability under the Agreement shall be immediately adjusted Mint has issued to the weight in xxxx ounces Customer a Receipt of the Precious Metals as determined by the Mint, upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable Deposit for Precious Metals that were not actually delivered to the Mint’s Facility or taken into the Mint’s possession and controlsaid Property. The Mint’s liability shall terminate in respect of any portion of the Precious Metals Property upon the earliest to occur of: (a) the expiration or termination of the Agreement, whether or not the Precious Metals remain Property remains in the Mint’s Facility, upon ; (b) the transfer of the Precious Metals Property under a Transfer of Allocated Storage, as requested by the Customer, ; or upon (c) remittance of Property to the Customer’s carrier or representative in the event of a Withdrawal or in the event of the return of the Precious Metals pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c)Withdrawal. (b) The Customer shall ensure that Precious Metals Property sent to the Mint’s Facility are is packaged in accordance with the custom of the trade so that the Precious Metals are Property is not reasonably susceptible to damage. (c) Conditional upon the Customer giving a written notice in the Mint a Notice of Loss time and manner described in accordance with Sub-Clause 11(b) where the loss and/or destruction is discovered by the Customer15 herein, in the event of physical loss and/or or destruction of Precious Metals Property (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which the Mint bears the risks of loss, physical loss or destruction or damage as provided in Sub-Clause 10(a14(a), the Mint will either, in its discretion: : (i) replace the lost and/or or destroyed Precious Metals Property as soon as practicable following receipt from the Customer of the written notice in the time and manner described in Clause 15 herein, based on the advised weight and advised assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy; ; or (ii) compensate the Customer for the monetary value of the lost and/or or destroyed Precious Metals Property within fifteen (15) calendar days following receipt of proof of loss by a loss adjuster, based on the advised weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, Notice and the market value of the lost and/or or destroyed Precious Metals Property, using the following applicable fixing Palladium Fixing of the LPPM on the first (1st) trading day Business Day following the discovery receipt of said written notice from the Customer identifying said loss and/or or destruction: the gold P.M. price expressed in U.S. dollars as published by the LBMA (; or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably); or (iii) replace a portion of the lost and/or or destroyed Precious Metals Property as soon as practicable following receipt from the Customer of the written notice in the time and manner described in Clause 15 herein, based on the advised weight and advised assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or or destroyed Precious Metals Property within fifteen (15) calendar days following receipt of proof of loss by a loss adjuster, based on the advised weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, Notice and the market value of the lost and/or destroyed Precious Metals Property, using the following applicable fixing Palladium Fixing of the LPPM on the first (1st) trading day Business Day following the discovery receipt of said written notice from the Customer identifying said loss and/or or destruction: in the case of gold, the gold P.M. price expressed in U.S. dollars as published by the LBMA (or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably). (d) Conditional upon the Customer giving a written notice in the Mint a Notice of Loss time and manner described in accordance with Sub-Clause 11(b) where the damage is discovered by the Customer15 herein, in the event of physical damage to Precious Metals Property for which the Mint bears the risks of loss, destruction physical loss or damage as provided in Sub-Clause 10(a14(a), the Mint will restore the portion of damaged Precious Metals Property to at least as good as state as it was prior set forth in the Initial Notice delivered under Sub-Clause 7(i), or if any revised Initial Notice has been delivered, pursuant to being so damagedSub-Clause 7(j) as set out in such revised Initial Notice. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals Property as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious MetalsProperty; upon replacement of and/or compensation for lost and/or destroyed Precious Metals Property and/or upon restoration of damaged Precious MetalsProperty, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s insurers. (f) The Mint shall provide the Customer with not less than 30 calendar days written notice of any cancellation or termination of any afforded insurance coverage of the Property, whether provided by the Mint and/or the Sub-Custodian.

Risk and Liability. (a) Except as otherwise provided in the Agreement, the Mint shall bear all risks of loss, destruction and/or damage to Precious Metals delivered to the Mint’s 's Facility (or to be delivered to the Mint's Facility in the event the Mint arranges for the transportation of Precious Metals to the Mint's Facility) for storage under the Agreement (i) when the Customer arranges for the transportation of the Precious Metals to the Mint's Premises, from the time said Precious Metals have been taken into the Mint’s 's or the Sub-Custodian's possession and control, as applicable, whether through physical delivery or through a Transfer of Allocated Storage; or (ii) when the Mint arranges for the transportation of the Precious Metals to the Mint's Facility, from the time the Mint's designated carrier signs a receipt therefor after the Precious Metals have been loaded on the collecting vehicle. Should the Mint or the Sub-Custodian, as applicable, discover a discrepancy during the verification process at the Mint's Facility pursuant to Sub-Clause 4(g4(h) between: (i) the weight in xxxx txxx ounces of the Precious Metals as determined by the Mint; and (ii) the information stated in the Initial Notice, the Mint’s 's liability under the Agreement shall be immediately adjusted to the weight in xxxx txxx ounces of the Precious Metals as determined by the MintMint or the Sub-Custodian, as applicable, upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable for Precious Metals that which were not actually delivered to the Mint’s Facility or taken into the Mint’s 's possession and control. , whether through physical delivery or through a Transfer of Allocated Storage, and in the event the Mint arranges for the transportation of the Precious Metals to the Mint's Facility, for Precious Metals that was not actually taken into the Mint's designated carrier's possession and control. (b) The Mint’s 's liability shall terminate in respect of any portion of the Precious Metals Metals: (i) upon the termination of the Agreement, whether or not the Precious Metals remain in the Mint’s 's Facility, ; (ii) upon transfer of the Precious Metals under a Transfer of Allocated Storage, as requested by the Customer, ; or (iii) upon remittance the transfer of possession to the Customer’s 's carrier or representative in the event of a Withdrawal or in the event of the return of the Precious Metals pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c). (b) The Customer shall ensure that Precious Metals sent to the Mint’s Facility are packaged in accordance with the custom of the trade so that the Precious Metals are not reasonably susceptible to damageAgreement. (c) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b12(b) where the loss and/or destruction is discovered by the Customer, in the event of loss and/or destruction of Precious Metals (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a11(a), the Mint will either, in its discretion: (i) replace the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy; (ii) compensate the Customer for the monetary value of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing price on the first (1st) trading day following the discovery by the Mint of said loss and/or destructiondestruction if first discovered by the Mint, or, if first discovered by the Customer, the first (1st) trading day following the date the relevant Notice of Loss was given to the Mint : (i) in the gold case of palladium, the palladium P.M. price expressed in U.S. dollars as published by the LBMA (or or, should the LBMA cease to publish the price of goldpalladium, any other gold palladium spot rate selected by the Mint acting reasonably); or (iii) replace a portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing price on the first (1st) trading day following the discovery by the Mint of said loss and/or destructiondestruction if first discovered by the Mint, or, if first discovered by the Customer, the first (1st) trading day following the date the relevant Notice of Loss was given to the Mint: (i) in the case of goldofpalladium, the gold palladium P.M. price expressed in U.S. dollars as published by the LBMA (or or, should the LBMA cease to publish the price of goldpalladium, any other gold palladium spot rate selected by the Mint acting reasonably). (d) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b12(b) where the damage is discovered by the Customer, in the event of damage to Precious Metals for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a11(a), the Mint will restore the portion of damaged Precious Metals to at least as good as state as it was prior to being so damaged, including its form, purity and weight in fine ounces. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious Metals; upon replacement of and/or compensation for lost and/or destroyed Precious Metals and/or upon restoration of damaged Precious Metals, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s 's insurers.

Risk and Liability. (a) Except as otherwise provided in the Agreement, the Mint shall bear all risks of loss, destruction and/or damage to Precious Metals delivered to the Mint’s 's Facility (or to be delivered to the Mint's Facility in the event the Mint arranges for the transportation of Precious Metals to the Mint's Facility) for storage under the Agreement (i) when the Customer arranges for the transportation of the Precious Metals to the Mint's Premises, from the time said Precious Metals have been taken into the Mint’s 's or the Sub-Custodian's possession and control, as applicable, whether through physical delivery or through a Transfer of Allocated Storage; or (ii) when the Mint arranges for the transportation of the Precious Metals to the Mint's Facility, from the time the Mint's designated carrier signs a receipt therefor after the Precious Metals have been loaded on the collecting vehicle. Should the Mint or the Sub-Custodian, as applicable, discover a discrepancy during the verification process at the Mint's Facility pursuant to Sub-Clause 4(g4(h) between: (i) the weight in xxxx ounces of the Precious Metals as determined by the Mint; and (ii) the information stated in the Initial Notice, the Mint’s 's liability under the Agreement shall be immediately adjusted to the weight in xxxx ounces of the Precious Metals as determined by the MintMint or the Sub-Custodian, as applicable, upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable for Precious Metals that which were not actually delivered to the Mint’s Facility or taken into the Mint’s 's possession and control. , whether through physical delivery or through a Transfer of Allocated Storage, and in the event the Mint arranges for the transportation of the Precious Metals to the Mint's Facility, for Precious Metals that was not actually taken into the Mint's designated carrier's possession and control. (b) The Mint’s 's liability shall terminate in respect of any portion of the Precious Metals Metals: (i) upon the termination of the Agreement, whether or not the Precious Metals remain in the Mint’s 's Facility, ; (ii) upon transfer of the Precious Metals under a Transfer of Allocated Storage, as requested by the Customer, ; or (iii) upon remittance the transfer of possession to the Customer’s 's carrier or representative in the event of a Withdrawal or in the event of the return of the Precious Metals pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c). (b) The Customer shall ensure that Precious Metals sent to the Mint’s Facility are packaged in accordance with the custom of the trade so that the Precious Metals are not reasonably susceptible to damageAgreement. (c) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b12(b) where the loss and/or destruction is discovered by the Customer, in the event of loss and/or destruction of Precious Metals (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a11(a), the Mint will either, in its discretion: (i) replace the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy; (ii) compensate the Customer for the monetary value of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing price on the first (1st) trading day following the discovery by the Mint of said loss and/or destructiondestruction if first discovered by the Mint, or, if first discovered by the Customer, the first (1st) trading day following the date the relevant Notice of Loss was given to the Mint : (i) in the gold case of palladium, the platinum P.M. price expressed in U.S. dollars as published by the LBMA (or or, should the LBMA cease to publish the price of goldplatinum, any other gold platinum spot rate selected by the Mint acting reasonably); or (iii) replace a portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s 's Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing price on the first (1st) trading day following the discovery by the Mint of said loss and/or destructiondestruction if first discovered by the Mint, or, if first discovered by the Customer, the first (1st) trading day following the date the relevant Notice of Loss was given to the Mint: (i) in the case of goldofplatinum, the gold platinum P.M. price expressed in U.S. dollars as published by the LBMA (or or, should the LBMA cease to publish the price of goldplatinum, any other gold platinum spot rate selected by the Mint acting reasonably). (d) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b12(b) where the damage is discovered by the Customer, in the event of damage to Precious Metals for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a11(a), the Mint will restore the portion of damaged Precious Metals to at least as good as state as it was prior to being so damaged, including its form, purity and weight in fine ounces. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious Metals; upon replacement of and/or compensation for lost and/or destroyed Precious Metals and/or upon restoration of damaged Precious Metals, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s 's insurers.

Risk and Liability. (a) Except as otherwise provided in the Agreement, the Mint shall bear all risks of loss, destruction and/or damage to Precious Metals Property delivered to the Mint’s Facility for storage under the Agreement from the time said Precious Metals have Property has been taken into the Mint’s possession and control, whether through physical delivery or through a Transfer of Allocated Storage. Should the Mint discover a discrepancy during the verification process pursuant to Sub-Clause 4(g5(f) between: (i) the weight in xxxx ounces of the Precious Metals Property as determined by the Mint; and (ii) the information stated in the Initial Notice, the Mint’s liability under the Agreement shall be immediately adjusted to the weight in xxxx ounces of the Precious Metals Property as determined by the Mint, Mint upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable for Precious Metals Property that were was not actually delivered to the Mint’s Facility or taken into the Mint’s possession and control. The Mint’s liability shall terminate in respect of any portion of the Precious Metals Property upon the expiration or termination of the Agreement, whether or not the Precious Metals remain Property remains in the Mint’s Facility, upon transfer of the Precious Metals Property under a Transfer of Allocated Storage, as requested by the Customer, or upon remittance to the Customer’s carrier or representative in the event of a Withdrawal or in the event of the return of the Precious Metals Property pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c5(h). (b) The Customer shall ensure that Precious Metals Property sent to the Mint’s Facility are is packaged in accordance with the custom of the trade so that the Precious Metals are Property is not reasonably susceptible to damage. (c) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b12(b) where the loss and/or destruction is discovered by the Customer, in the event of loss and/or destruction of Precious Metals Property (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a11(a), the Mint will either, in its discretion: (i) replace the lost and/or destroyed Precious Metals Property based on the advised weight and advised assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy; (ii) compensate the Customer for the monetary value of the lost and/or destroyed Precious Metals Property based on the advised weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, Notice and the market value of the lost and/or destroyed Precious Metals Property, using the following applicable gold p.m. fixing of the LBMA expressed in U.S. dollars on the first (1st) trading day Business Day following the discovery receipt of a Notice of Loss from either party identifying said loss and/or destruction: the gold P.M. price expressed destruction as provided in U.S. dollars as published by the LBMA (or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably)Clause 12 herein; or (iii) replace a portion of the lost and/or destroyed Precious Metals Property based on the advised weight and advised assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or destroyed Precious Metals Property based on the advised weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, Notice and the market value of the lost and/or destroyed Precious Metals Property using the following applicable gold p.m. fixing of the LBMA expressed in U.S. dollars on the first (1st) trading day Business Day following the discovery receipt of a Notice of Loss from either party identifying said loss and/or destruction: destruction as provided in Clause 12 herein. Notwithstanding the case foregoing, should the Customer’s Initial Notice be superseded by a Mint’s Notice of goldDiscrepancy pursuant to Sub-Clause 11(a), the gold P.M. price expressed in U.S. dollars as published by latter notice shall be used to assess the LBMA (or should weight and characteristics of the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonablyProperty under this Sub- Clause11(c). (d) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b12(b) where the damage is discovered by the Customer, in the event of damage to Precious Metals Property for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a11(a), the Mint will restore the portion of damaged Precious Metals Property to at least as good as state as it was prior to being so damaged. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals Property as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious MetalsProperty; upon replacement of and/or compensation for lost and/or destroyed Precious Metals Property and/or upon restoration of damaged Precious MetalsProperty, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s insurers.

Risk and Liability. (a) Except as otherwise provided in the this Agreement, the Mint shall bear all risks of loss, destruction and/or physical loss or damage to Precious Metals delivered Property sent to the Mint’s Facility for storage under the this Agreement from the time time: (i) said Precious Metals have Property has been taken into the Mint’s possession and control, whether through physical delivery or through a Transfer of Allocated Storage. Should Storage (including any Property in the possession and control of any Sub-Custodian, whether or not the Mint discover a discrepancy during is the verification process pursuant to Sub-Clause 4(g) between: (i) the weight in xxxx ounces owner or tenant of the Precious Metals as determined by the Mintfacility at which such Property is located); and (ii) the information stated in the Initial Notice, the Mint’s liability under the Agreement shall be immediately adjusted Mint has issued to the weight in xxxx ounces Customer a Receipt of the Precious Metals as determined by the Mint, upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable Deposit for Precious Metals that were not actually delivered to the Mint’s Facility or taken into the Mint’s possession and controlsaid Property. The Mint’s liability shall terminate in respect of any portion of the Precious Metals Property upon the expiration or termination of the Agreement, whether or not the Precious Metals remain Property remains in the Mint’s Facility, upon transfer of the Precious Metals Property under a Transfer of Allocated Storage, as requested by the Customer, or upon remittance to the Customer’s carrier or representative in the event of a Withdrawal or in the event of the return of the Precious Metals pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c)Withdrawal. (b) The Customer shall ensure that Precious Metals Property sent to the Mint’s Facility are is packaged in accordance with the custom of the trade so that the Precious Metals are Property is not reasonably susceptible to damage. (c) Conditional upon the Customer giving a written notice in the Mint a Notice of Loss time and manner described in accordance with Sub-Clause 11(b) where the loss and/or destruction is discovered by the Customer11 herein, in the event of physical loss and/or or destruction of Precious Metals Property (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which the Mint bears the risks of loss, destruction physical loss or damage as provided in Sub-Clause clause 10(a), the Mint will within five (5) Business Days from which the Mint becomes aware and confirms such physical loss or damage either, in at its discretion: option: (i) replace the lost and/or or destroyed Precious Metals Property based on the advised weight and advised assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy; ; or (ii) compensate the Customer for the monetary value of the lost and/or or destroyed Precious Metals Property based on the advised weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, Notice and the market value of the lost and/or destroyed Precious Metals Property, using the following applicable fixing Silver Fixing of the LBMA on the first (1st) trading day Business Day following receipt of written notice from the discovery of Customer identifying said loss and/or or destruction: the gold P.M. price expressed in U.S. dollars as published by the LBMA (or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably); or (iii) replace a portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing on the first (1st) trading day following the discovery of said loss and/or destruction: in the case of gold, the gold P.M. price expressed in U.S. dollars as published by the LBMA (or should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably). (d) Conditional upon the Customer giving a written notice in the Mint a Notice of Loss time and manner described in accordance with Sub-Clause 11(b) where the damage is discovered by the Customer11 herein, in the event of physical damage to Precious Metals Property for which the Mint bears the risks of loss, destruction physical loss or damage as provided in Sub-Clause clause 10(a), the Mint will restore the portion of damaged Precious Metals Property to at least as good as state as it was prior to being so damaged. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals Property as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious MetalsProperty; upon replacement of and/or compensation for lost and/or destroyed Precious Metals Property and/or upon restoration of damaged Precious MetalsProperty, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s insurers. (f) The Mint shall endeavour to provide the Customer with not less than 30 days’ written notice of any cancellation or termination of any afforded insurance coverage of the Property, whether provided by the Mint and/or the Sub-Custodian. .

Risk and Liability. (a) Except as otherwise provided in the Agreement, the Mint shall bear all risks of loss, destruction and/or damage to Precious Metals delivered to the Mint’s Facility (or to be delivered to the Mint’s Facility in the event the Mint arranges for the transportation of Precious Metals to the Mint’s Facility) for storage under the Agreement (i) when the Customer arranges for the transportation of the Precious Metals to the Mint’s Premises, from the time said Precious Metals have been taken into the Mint’s or the Sub-Custodian’s possession and control, as applicable, whether through physical delivery or through a Transfer of Allocated Storage; or (ii) when the Mint arranges for the transportation of the Precious Metals to the Mint’s Facility, from the time the Mint’s designated carrier signs a receipt therefor after the Precious Metals have been loaded on the collecting vehicle. Should the Mint or the Sub-Custodian, as applicable, discover a discrepancy during the verification process at the Mint’s Facility pursuant to Sub-Clause 4(g4(h) between: (i) the weight in xxxx ounces of the Precious Metals as determined by the Mint; and (ii) the information stated in the Initial Notice, the Mint’s liability under the Agreement shall be immediately adjusted to the weight in xxxx ounces of the Precious Metals as determined by the MintMint or the Sub-Custodian, as applicable, upon the issuance by the Mint of a Notice of Discrepancy. In no event shall the Mint be liable for Precious Metals that which were not actually delivered to the Mint’s Facility or taken into the Mint’s possession and control. , whether through physical delivery or through a Transfer of Allocated Storage, and in the event the Mint arranges for the transportation of the Precious Metals to the Mint’s Facility, for Precious Metals that was not actually taken into the Mint’s designated carrier’s possession and control. (b) The Mint’s liability shall terminate in respect of any portion of the Precious Metals Metals: (i) upon the termination of the Agreement, whether or not the Precious Metals remain in the Mint’s Facility, ; (ii) upon transfer of the Precious Metals under a Transfer of Allocated Storage, as requested by the Customer, ; or (iii) upon remittance the transfer of possession to the Customer’s carrier or representative in the event of a Withdrawal or in the event of the return of the Precious Metals pursuant to Sub-Clause 4(f), Sub-Clause 4(i) or Sub-Clause 14(c). (b) The Customer shall ensure that Precious Metals sent to the Mint’s Facility are packaged in accordance with the custom of the trade so that the Precious Metals are not reasonably susceptible to damageAgreement. (c) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b12(b) where the loss and/or destruction is discovered by the Customer, in the event of loss and/or destruction of Precious Metals (whether through fraud, theft, negligence or otherwise and regardless of culpability by the Mint) for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a11(a), the Mint will either, in its discretion: (i) replace the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy; (ii) compensate the Customer for the monetary value of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing price on the first (1st) trading day following the discovery by the Mint of said loss and/or destructiondestruction if first discovered by the Mint, or, if first discovered by the Customer, the first (1st) trading day following the date the relevant Notice of Loss was given to the Mint : (i) in the case of gold, the gold P.M. price expressed in U.S. dollars as published by the LBMA (or or, should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably); and (ii) in the case of silver, the silver price expressed in U.S. dollars as published by the LBMA (or, should the LBMA cease to publish the price of silver, any other silver spot rate selected by the Mint acting reasonably); or (iii) replace a portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and compensate the Customer for the monetary value of the remaining portion of the lost and/or destroyed Precious Metals based on the weight and assay characteristics provided in the Customer’s Initial Notice, as adjusted pursuant to Sub-Clause 10(a11(a) in the event of a discrepancy, and the market value of the lost and/or destroyed Precious Metals using the following applicable fixing price on the first (1st) trading day following the discovery by the Mint of said loss and/or destructiondestruction if first discovered by the Mint, or, if first discovered by the Customer, the first (1st) trading day following the date the relevant Notice of Loss was given to the Mint: (i) in the case of gold, the gold P.M. price expressed in U.S. dollars as published by the LBMA (or or, should the LBMA cease to publish the price of gold, any other gold spot rate selected by the Mint acting reasonably); and (ii) in the case of silver, the silver price expressed in U.S. dollars as published by the LBMA (or, should the LBMA cease to publish the price of silver, any other silver spot rate selected by the Mint acting reasonably). (d) Conditional upon the Customer giving the Mint a Notice of Loss in accordance with Sub-Clause 11(b12(b) where the damage is discovered by the Customer, in the event of damage to Precious Metals for which the Mint bears the risks of loss, destruction or damage as provided in Sub-Clause 10(a11(a), the Mint will restore the portion of damaged Precious Metals to at least as good as state as it was prior to being so damaged, including its form, purity and weight in fine ounces. (e) Upon replacement of and/or monetary compensation for the lost and/or destroyed Precious Metals as provided for above, the Customer hereby agrees to and does hereby assign to the Mint all of its right, title and interest in said lost and/or destroyed Precious Metals; upon replacement of and/or compensation for lost and/or destroyed Precious Metals and/or upon restoration of damaged Precious Metals, the Customer hereby agrees to and does hereby assign to the Mint all of its rights of recovery against third parties that are the subject of a claim and/or against whom a claim can be instituted, and to execute any documents as may be reasonably necessary to perfect such assignment upon request by the Mint or the Mint’s insurers.