Document:

exv4w1

Exhibit 4.1

Execution Copy

AMENDMENT NO. 3

dated as of June 1, 2011

to

Trust Indenture

of SPDR® GOLD TRUST

dated as of November 12, 2004

     This Amendment (this “Amendment”), dated as of June 1, 2011, is to the Trust Indenture
(the “Trust Indenture”), dated as of November 12, 2004, and as amended from time to time,
between World Gold Trust Services, LLC, as Sponsor (the “Sponsor”), and The Bank of New
York Mellon, as Trustee (the “Trustee”), establishing the SPDR® GOLD TRUST (the
“Trust”).

     WHEREAS, in order to allow the Custodian to allocate all Gold standing to the credit of the
Trust Unallocated Account to the Trust Allocated Account by the end of each Business Day, the
Sponsor and the Trustee wish to amend the Trust Indenture to authorize the Trustee, on behalf of
the Trust, to enter into an overdraft facility with the Custodian under which the Custodian will
make available to the Trust Unallocated Account up to 430 Fine Ounces of Gold for purposes of such
allocation and for certain other related purposes.

     WHEREAS, Section 10.01 of the Trust Indenture provides, in pertinent part, that the Sponsor
and the Trustee may amend the Trust Indenture “to cure any ambiguity or to correct or supplement
any provision hereof which may be defective or inconsistent or to make such other provisions in
regard to matters or questions arising hereunder as will not materially adversely affect the
interests of Beneficial Owners as determined in good faith by the Sponsor”; and

     WHEREAS, all conditions and requirements necessary to make this Amendment a valid instrument
that is legally binding on the parties hereto and on the Beneficial Owners have been satisfied.

     NOW, THEREFORE, the Sponsor and the Trustee agree as follows:

     1. The following new Section 8.01(x) is hereby added to the Trust Indenture immediately after
current Section 8.01(w):

     (x) The Trustee is authorized to, and shall when so directed
by the Sponsor, (i) enter into an overdraft facility with the
Custodian from time to time under which the Custodian will make
available to the Trust Unallocated Account up to 430 Fine Ounces
of Gold in order to allow the Custodian to transfer all Gold
standing to the credit of the Trust Unallocated Account (prior to
the use of the overdraft facility) to the Trust Allocated Account
by the

 

 

close of business on any Business Day; and (ii), on any
Business Day, permit the Custodian to repay itself the amount of
any overdraft from any positive balance of the Trust Unallocated
Account prior to the execution by the Custodian of any standing
instruction to allocate Gold to the Trust Allocated Account and to
immediately repay itself the full amount of any overdraft existing
at the time of the termination of the Unallocated Bullion Account
Agreement, unless the Sponsor, the Trustee and the Custodian shall
agree upon repayment by other means. The provision of any such
overdraft facility shall be without fee, cost or interest to the
Trust, and the Custodian shall have no right, charge, security
interest, lien or claim or right of set-off against the Gold held
in the Trust Allocated Account or standing to the credit of the
Trust in the Trust Unallocated Account as a result of the
provision of any such overdraft facility, unless, notwithstanding
anything else to the contrary in this Agreement, the Sponsor, the
Trustee and the Custodian otherwise agree.

     2. Except as modified by this Amendment, the Trust Indenture shall remain unmodified and in
full force and effect.

     3. Written notice of this amendment, in the form annexed, shall be distributed as provided in
Section 10.01(b) of the Trust Indenture.

     4. Capitalized terms used but not defined in this Amendment shall have the meanings assigned
to such terms in the Trust Indenture.

     5. This Amendment may be executed in any number of counterparts, each of which when executed
and delivered shall be deemed an original, but together shall constitute one and the same
amendment.

[Signature Page Follows]

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     IN WITNESS WHEREOF, the Sponsor and the Trustee have duly executed and delivered this
Amendment as of the date first above written.

	 	 	 	 	 
	 	World Gold Trust Services, LLC, as Sponsor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	The Bank of New York Mellon, as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to Amendment No. 3 to

Trust Indenture of SPDR® GOLD TRUST]

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SPDR® GOLD TRUST

Notice of Amendment of Trust Indenture

     The Trustee of the Trust has been authorized to, and, when directed by the Sponsor will, enter
into an overdraft facility with the Custodian under which the Custodian will make available to the
Trust’s unallocated account up to the maximum of 430 fine ounces of gold in order to allow the
Custodian to fully allocate all gold held in the Trust’s unallocated account to the Trust’s
allocated account by the close of business on each business day. The terms of the overdraft
facility permit the Custodian to repay itself the amount of any overdraft from any positive balance
of the Trust’s unallocated account prior to the Custodian’s execution of any standing instruction
to allocate gold to the Trust’s allocated account and to immediately repay itself the full amount
of any overdraft existing at the time of the termination of the Trust’s unallocated bullion account
agreement with the Custodian, unless the Sponsor, the Trustee and the Custodian agree upon
repayment by other means. The Trust shall not be charged any fee, cost or interest for the
provision of the overdraft facility, and the Custodian shall have no right, charge, security
interest, lien or claim or right of setoff against the gold held in the Trust’s allocated account
or credited to the Trust’s unallocated account as a result of the provision of the overdraft
facility unless otherwise agreed to by the Sponsor, the Trustee and the Custodian.

     This notice is provided as directed by the Trust Indenture. No action by owners of Shares is
required.

	 	 	 	 	 
	 	The Bank of New York Mellon

Trustee

 	 
	 	 	 
	 	 	 
	 	 	 
	 

-4-exv10w1

Exhibit 10.1

Execution Copy

1HSBC BANK USA, NATIONAL ASSOCIATION

and

The Bank of New York Mellon,

not in its individual capacity, but solely as

Trustee of the SPDR® Gold Trust

 

SPDR® Gold Trust

First Amended And Restated

Allocated Bullion Account Agreement

 

 

 

THIS AGREEMENT is made on as of June 1, 2011

BETWEEN

	(1)	 	HSBC BANK USA, NATIONAL ASSOCIATION, a national banking association organized under the
laws of the United States of America, whose principal place of business in England is at 8
Canada Square, London E14 5HQ (“we” or “us”); and

	(2)	 	The Bank of New York Mellon, not in its individual capacity, but solely as trustee (the
“Trustee”) of SPDR® Gold Trust (the “Trust”) as established pursuant to the Trust
Indenture (defined below) (“you”).

INTRODUCTION

Pursuant to that certain Allocated Bullion Account Agreement, dated November 12, 2004, as amended
by Amendment No. 1, dated November 5, 2005, Amendment No. 2, dated November 26, 2007, and Amendment
No. 3, dated May 20, 2008 (the “Original Agreement”), we agreed to open and maintain for you an
Allocated Account and to provide other services to you in connection with your Allocated Account.
You and we now wish to amend and restate the Original Agreement to incorporate into one document
the Original Agreement and the above amendments and to make further amendments. This Agreement now
sets out the terms under which we will provide those services to you and the arrangements which
will apply in connection with those services and your Allocated Account.

IT IS AGREED AS FOLLOWS

1. INTERPRETATION

	1.1	 	Definitions: In this Agreement:
	 
	 	 	“Account Balance” means, in relation to the Allocated Account, the specific Precious Metal
held by us for you as from time to time identified in, and recorded on, the Allocated
Account.
	 
	 	 	“Agreement” means this First Amended and Restated Allocated Bullion Account Agreement
between you and us, as the same may be amended from time to time.
	 
	 	 	“Allocated Account” means, in relation to Precious Metal, the account maintained by us in
your name recording the amount of, and identifying, the Bullion received and held by us for
you on an allocated basis pursuant to this Agreement.
	 
	 	 	“Availability Date” means the Business Day on which you wish us to credit to your Allocated
Account an amount of Bullion debited from your Unallocated Account.
	 
	 	 	“Bullion” means the Precious Metal held for you under this Agreement or standing to your
credit in your Unallocated Account, as the case may be.

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	 	 	“Business Day” means a day other than (i) a day on which the Exchange (as such term is
defined in the Trust Indenture) is closed for regular trading or (ii), if the transaction
involves the receipt or delivery of gold or confirmation thereof in the United Kingdom or in
some other jurisdiction, (a) a day on which banking institutions in the United Kingdom or in
such other jurisdiction, as the case may be, are authorized by law to close or a day on
which the London gold market is closed or (b) a day on which banking institutions in the
United Kingdom or in such other jurisdiction, as the case may be, are authorized to be open
for less than a full business day or the London gold market is open for trading for less
than a full business day and transaction procedures required to be executed or completed
before the close of the business day may not be so executed or completed.
	 
	 	 	“LBMA” means The London Bullion Market Association or its successors.
	 
	 	 	“London Precious Metals Market” means the London over-the-counter bullion market or such
other market for Precious Metal operating in London as may be agreed between you and us from
time to time.
	 
	 	 	“Participant” means a Participant as defined in the Trust Indenture.
	 
	 	 	“Participant Agreement” means that certain Participant Agreement in effect from time to time
between the Trustee, the Sponsor and each Participant, as those terms are defined in the
Trust Indenture.
	 
	 	 	“Participant Unallocated Account” means the Precious Metal account a Participant is required
by the Participant Agreement to have maintained by us for such Participant on an Unallocated
Basis.
	 
	 	 	“Point of Delivery” means such date and time that the recipient or its agent acknowledges in
written form its receipt of delivery of Precious Metal.
	 
	 	 	“Precious Metal” means gold.
	 
	 	 	“Rules” means the rules, regulations, practices and customs of the LBMA (including the rules
of the LBMA as to good delivery), the Financial Services Authority, the Bank of England and
such other regulatory authority or body applicable to the activities contemplated by this
Agreement, including the activities of any Sub-Custodian.
	 
	 	 	“Sponsor” means World Gold Trust Services, LLC.
	 
	 	 	“Sub-Custodian” means a sub-custodian, agent or depository (including an entity within our
corporate group) selected by us to perform any of our duties under this Agreement, including
the custody and safekeeping of Bullion.
	 
	 	 	“Third Party Unallocated Account” means a Precious Metal account maintained by us on an
Unallocated Basis in the name of a person other than you in your capacity as Trustee of the
Trust.

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	 	 	“Trust Indenture” means that certain Trust Indenture of SPDR® Gold Trust, dated
as of November 12, 2004, between World Gold Trust Services, LLC, as Sponsor, and The Bank of
New York Mellon, as Trustee, as amended and/or restated from time to time.
	 
	 	 	“Unallocated Account” means the account maintained by us in your name on an Unallocated
Basis pursuant to the Unallocated Bullion Account Agreement.
	 
	 	 	“Unallocated Basis” means, with respect to a Precious Metal account maintained with us, that
the person in whose name the account is held is entitled to delivery in accordance with the
Rules of an amount of Precious Metal equal to the amount of Precious Metal standing to the
credit of the person’s account but has no ownership interest in any Precious Metal that we
own or hold.
	 
	 	 	“Unallocated Bullion Account Agreement” means that certain First Amended and Restated
Unallocated Bullion Account Agreement between you and us dated as of the date of this
Agreement, as amended and/or restated from time to time.
	 
	 	 	“VAT” means value added tax as provided for in the Value Added Tax Act 1994 (as amended or
re-enacted from time to time) and legislation supplemental thereto and any other tax
(whether imposed in the United Kingdom in substitution thereof or in addition thereto or
elsewhere) of a similar fiscal nature.
	 
	 	 	“Withdrawal Date” means the Business Day on which you wish to withdraw Bullion from your
Allocated Account.

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

	1.3	 	Singular and plural; other usages:

(a) References to the singular include the plural and vice versa.

(b) “A or B” means “A or B or both.”

(c) “Including” means “including but not limited to.”

2.     ALLOCATED ACCOUNT

	2.1	 	Opening the Allocated Account: We shall open and maintain the Allocated Account for you
in respect of Bullion, and we shall hold the Bullion in the Allocated Account on an allocated
basis pursuant to this Agreement.

	2.2	 	Deposits and withdrawals: The Allocated Account shall evidence and record the holdings of
Bullion in, and the movements of Bullion into and out of, the Allocated Account.

	2.3	 	Denomination of the Allocated Account: The Precious Metal recorded in the Allocated
Account shall be denominated in fine ounces of gold to three decimal places.

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	2.4	 	Reports: For each Business Day, by no later than the following Business Day, we will
transmit to you by authenticated SWIFT message(s) information showing the movement of Bullion
into and out of your Allocated Account, and identifying separately each transaction and the
Business Day on which it occurred. In addition, we will provide you such information about the
movement of Bullion into and out of your Allocated Account on a same-day basis at such other
times and in such other form as you and we shall agree. In the case of any difference between
the information provided by authenticated SWIFT message and the information we provide you
pursuant to the immediately preceding sentence, the SWIFT message will be controlling, and we
shall not be liable for your or any third party’s reliance on the information we provide to
you by means other than SWIFT message. For each calendar month, we will provide you within a
reasonable time after the end of the month a statement of account for your Allocated Account,
accompanied by one or more weight lists in respect of the Bullion in your Allocated Account as
of the last Business Day of the calendar month, containing information sufficient to identify
each bar of Bullion held in your Allocated Account and the party having physical possession
thereof. We also will provide you additional weight lists in respect of the Bullion in your
Allocated Account from time to time upon your request, but only on the condition that you may
not request weight lists as a way to obtain them routinely on a more frequent basis than the
monthly basis on which we are undertaking to provide them.

	2.5	 	Reversal of entries: In order to maintain the accuracy of our books and records, but
without limiting our responsibilities or liability under this Agreement, we shall reverse or
amend any entries to your Allocated Account to correct errors that we discover or of which we
are notified with, if we deem it necessary, effect back-valued to the date upon which the
correct entry (or no entry) should have been made. Without limiting the foregoing, if Bullion
delivered to your Allocated Account upon withdrawal from your Unallocated Account is
determined to be of a fineness or weight different from the fineness or weight we have
reported to you, (i) we shall debit your Allocated Account and credit your Unallocated Account
with the requisite amount of Bullion if the determination reduces the total fine ounces of
Bullion that should have been credited to your Allocated Account, and (ii) we shall credit
your Allocated Account and debit your Unallocated Account with the requisite amount of Bullion
if the determination increases the total fine ounces of Bullion that should have been credited
to your Allocated Account.

	2.6	 	Access: Upon reasonable prior written notice, we will, during our normal business hours,
allow your or the Sponsor’s representatives, not more than twice during any calendar year, and
your independent public accountants, in connection with their audit of the financial
statements of the Trust, to visit our premises and examine the Bullion and such records
maintained by us in relation to your Allocated Account as they may reasonably require. Any
such visit shall be conducted over such number of Business Days as may be reasonably necessary
to complete the examination which is the purpose of such visit. You shall bear all costs
relating to such visits and exams, including any out of pocket or other costs we may incur in
connection therewith. Our providing of any such visits or exams is conditioned on the relevant
parties complying with all our security rules and procedures and undertaking to keep
confidential all information they obtain in

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	 	 	accordance with a form of confidentiality agreement we will provide. If at the time of any
visit none of the Bullion is at our premises, the relevant parties will not be permitted to
visit our vault. Any visits by your representatives pursuant to clause 2.6 of the
Unallocated Bullion Account Agreement shall be deemed to be a visit for purposes of this
clause 2.6. To the extent that our activities under this Agreement are relevant to the
preparation of the filings required of the Trust under the securities laws of the United
States, we will, to the extent permitted by applicable law, the Rules or applicable
regulatory authority, cooperate with you and the Sponsor and your and the Sponsor’s
representatives to provide such information concerning our activities as may be necessary
for such filings to be completed.
	 
	3.	 	TRANSFERS INTO THE ALLOCATED ACCOUNT

	3.1	 	Procedure: We shall receive transfers of Bullion into your Allocated Account only at
your instruction given pursuant to your Unallocated Bullion Account Agreement, by debiting
Bullion from your Unallocated Account and allocating such Bullion to your Allocated Account,
unless we otherwise agree in writing. For any instruction we have received to transfer
Bullion standing to your credit in your Unallocated Account to your Allocated Account pursuant
to clause 4.2(b) of the Unallocated Bullion Account Agreement, we shall allocate the amount of
Bullion indicated in such instruction as soon as practicable and by no later than 2:00 p.m.
(London time) on the date of allocation, provided that, if we are required to use one or more
Sub-Custodians for the allocation process, we shall use our best efforts to complete such
allocation by no later than 2:00 p.m. (London time) on the date of allocation. As of 2:00 p.m.
(London time) on the date of allocation, we shall send you an authenticated electronic message
(Swift MT199) notifying you of the status of the allocation process and including (i) the
amount of Bullion transferred to your Unallocated Account from each Participant’s Participant
Unallocated Account, separately stated; (ii) the amount of Bullion that has been transferred
into your Allocated Account from your Unallocated Account and (iii) the amount of Bullion, if
any, remaining in the your Unallocated Account. Notwithstanding the foregoing, when New York
is on daylight savings time and London is not on daylight savings time, the references to 2:00
p.m. (London time) in this clause 3.1 shall be deemed to be 1:00 p.m. (London time).
Notwithstanding anything else to the contrary and in the absence of manifest error, the
information contained in such authenticated electronic message shall represent our official
and conclusive records. Additionally, we shall send you promptly after the foregoing message
an e-mail (or other agreed upon form of communication) including a bar list for the Bullion
that has been allocated.
	 
	4.	 	TRANSFERS FROM THE ALLOCATED ACCOUNT

	4.1	 	Procedure and instructions: We will transfer Bullion from your Allocated Account to such
persons and at such times as specified in your instructions to us and not otherwise. Unless
you instruct us otherwise, we will transfer Bullion from your Allocated Account only by
debiting Bullion from your Allocated Account and crediting the Bullion to your Unallocated
Account. When you instruct us in accordance with clause 4.4, we will transfer Bullion from
your Allocated Account by debiting Bullion from your Allocated

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	 	 	Account and making such Bullion available for collection or delivery as provided in clause
4.4. All instructions to transfer Bullion from your Allocated Account must:

	 	(a)	 	in the normal course, be received by us no later than 9:00 a.m. (London
time) on (i) the day that is two Business Days prior to the Withdrawal Date or (ii), in
the case of a transfer of Bullion to your Unallocated Account in connection with a
redemption of Trust shares that has been held open one Business Day, on the Withdrawal
Date, unless we otherwise agree;

	 	(b)	 	specify (i) the minimum number of fine ounces of Bullion to be debited from
your Allocated Account and (ii), if you are identifying the Bullion to be debited, the
serial numbers of the Bullion to be debited; and

	 	(c)	 	provide any other information which we may from time to time require,
including, where applicable, the name of the person that will collect the Bullion from
us or, if applicable, to whom we are to deliver it, and the Withdrawal Date.

	4.2	 	Power to amend procedure: We may amend our procedure for the withdrawal of Bullion from
your Account Balance or impose additional procedures therefor upon your and the Sponsor’s
prior written consent, provided that we may make any such amendment or imposition without such
consent where such amendment or imposition is required by a change in the Rules or applicable
law. We will notify you within a commercially reasonable time before we amend our procedures
or impose additional ones in relation to the withdrawal of Bullion, and in doing so we will
consider your needs to communicate any such change to Participants and others.

	4.3	 	Specification of Bullion: Unless you instruct us as to the serial numbers of the Bullion
to be debited, we are entitled to select the Bullion to be debited from your Allocated
Account. When you instruct us to debit a minimum amount of Bullion from your Allocated Account
for credit to your Unallocated Account without specifying the serial numbers of the Bullion to
be debited, we will select the Bullion to be debited and will use commercially reasonable
efforts to select for deallocation the smallest amount of Bullion necessary to satisfy your
instruction. When you notify us of a debit of Bullion pursuant to clause 4.1 in the case of a
redemption of Trust shares that has been held open one Business Day, you may not specify the
serial numbers of the Bullion to be debited to your Allocated Account.

	4.4	 	Physical withdrawals of Bullion: Subject to clause 5.4, upon your instruction, we will
debit Bullion from your Allocated Account and make the Bullion available for collection by you
or, if separately agreed, for delivery by us, at your expense and risk. You and we agree
nevertheless that you expect to withdraw Bullion physically from your Allocated Account
(rather than by crediting it to your Unallocated Account) only in exceptional circumstances,
as for example when we are unable to transfer Precious Metal on an Unallocated Basis. In the
case of all physical withdrawals of Bullion from your Allocated Account, unless we agree to
undertake delivery, you must collect, or arrange for the collection of, the Bullion being
withdrawn from us, the Sub-Custodian or other party having physical possession thereof. We
will advise you of the location from which the

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	 	 	Bullion may be collected no later than one Business Day prior to the Withdrawal Date. When
we have agreed separately to deliver Bullion in connection with a physical withdrawal, we
shall make transportation and insurance arrangements on your behalf in accordance with our
usual practice unless we have agreed in writing to other arrangements, with which we shall
use commercially reasonable efforts to comply. Anything in this Agreement to the contrary
notwithstanding, and without limiting your right to withdraw Bullion physically, we shall
not be obliged to effect any requested delivery if, in our commercially reasonable opinion,
this would cause us or our agents to be in breach of the Rules or other applicable law,
court order or regulation, the costs incurred would be excessive or delivery is
impracticable for any reason. When pursuant to your instruction Bullion, including Bullion
allocated to the Allocated Account in connection with the overdraft facility provided for in
clause 4.7 of the Unallocated Bullion Account Agreement, is physically withdrawn from your
Allocated Account, all risk in and to the Bullion withdrawn shall pass at the Point of
Delivery to the person to whom or to or for whose account such Bullion is transferred,
delivered or collected. If you instruct us as to the serial number of one or more whole bars
of Bullion to be debited, the Bullion you specify will be made available for collection or
delivery as soon as reasonably practicable.
	 
	5.	 	INSTRUCTIONS

	5.1	 	Your representatives: We will act only on instructions given in accordance with this
clause 5.1 and clause 14 and will not otherwise act on instructions given by any person
claiming to have a beneficial interest in the Trust. You shall notify us promptly in writing
of the names of the people who are authorised to give instructions on your behalf. Until we
receive written notice to the contrary, we are entitled to assume that any of those people
have full and unrestricted power to give us instructions on your behalf. We are also entitled
to rely on any instructions which are from, or which purport to emanate from, any person who
appears to have such authority.

	5.2	 	Amendments: Once given, instructions continue in full force and effect until we receive
further instructions that they are cancelled, amended or superseded. We must receive an
instruction canceling, amending or superseding a prior instruction before the time the prior
instruction is acted upon. Any instructions shall have effect only after actual receipt by us
in accordance with clause 14 of this Agreement.

	5.3	 	Unclear or ambiguous instructions: If, in our commercially reasonable opinion, any
instructions are unclear or ambiguous, we shall use reasonable endeavours (taking into account
any relevant time constraints) to obtain clarification of those instructions 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.

	5.4	 	Refusal to execute: We reserve the right to refuse to execute instructions if (i) in our
commercially reasonable opinion they are or may be contrary to the Rules or applicable law or
(ii), with respect to instructions relating to the full withdrawal of the aggregate

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	 	 	balance of Bullion standing to your credit in your Allocated Account and your Unallocated
Account, a negative balance is outstanding on your Unallocated Account. Additionally, we
shall in no circumstances have any obligation to act upon any instruction which in our
commercially reasonable opinion would result in a negative balance on your Allocated
Account.
	 
	6.	 	CONFIDENTIALITY

	6.1	 	Disclosure to others: Subject to clause 6.2, we shall treat as confidential and will
not, without your consent, disclose to any other person any transaction or other information
we acquire about you or your business pursuant to this Agreement. Subject to clause 6.2, you
shall treat as confidential and will not, without our consent, disclose to any other person
any information that we provide to you about us or our business pursuant to this Agreement and
that we tell you, at or before the time we provide it, we are providing to you on a
confidential basis.

	6.2	 	Permitted disclosures: Each party accepts that from time to time the other party may be
required by law or the Rules, or by a court proceeding or similar process, or requested by or
required in connection with filings made with a government department or agency, fiscal body
or regulatory or self-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, by a company which is in the same group of companies
as a party (e.g., a subsidiary or holding company of a party) or by a Sub-Custodian. Subject
to the agreement of the party to which information is disclosed to maintain it in confidence
in accordance with clause 6.1, each party irrevocably authorises the other to make such
disclosures without further reference to such party.
	 
	7.	 	CUSTODY SERVICES

	7.1	 	Appointment: You hereby appoint us to act as custodian and bailee of the Bullion
comprising the Account Balance in accordance with this Agreement and any Rules and laws which
apply to us, and we hereby accept such appointment. Except as otherwise provided under this
Agreement, we do not undertake the responsibility of a trustee or any other duties in relation
to such Bullion not implied by the law of bailment.

	7.2	 	Segregation of Bullion: We will be responsible for the safekeeping of the Bullion on the
terms and conditions of this Agreement. We will segregate the Precious Metal comprising the
Account Balance in your Allocated Account from any Precious Metal which we own or which we
hold for others by making entries in our books and records to identify such Precious Metal as
being held for your Allocated Account, and we will require each Sub-Custodian to segregate the
Precious Metal held by them for us from any Precious Metal which they own or which they hold
for others by making entries in their books and records to identify such Precious Metal as
being held for us. It is understood that our undertaking to require each Sub-Custodian to
segregate Bullion from Precious Metal they own or hold for others reflects the current custody
practice in the London bullion market, and that accordingly we will be deemed to have
communicated that requirement prior to the execution of this Agreement by our participation in
that market.

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	 	 	Entries on our books and records to identify Bullion will refer to each bar of Bullion by
refiner, assay, serial number and gross and fine weight. Additionally, we will require each
Sub-Custodian to identify on its books and records each bar of Bullion held by them for us
by refiner, assay, serial number and gross and fine weight and to provide such information
to you upon request. Under current LBMA market practices, the weight lists provided to us
by our Sub-Custodians are expected to identify each bar of Bullion held for us by refiner,
assay, serial number and gross and fine weight and by any other marks required for the
identification of a bar of Bullion under the Rules.

	7.3	 	Ownership of Bullion: We will identify in our books and records that the Bullion belongs
solely to you.

	7.4	 	Location of Bullion: Unless otherwise agreed between you and us, the Bullion held for you
in your Allocated Account must be held by us at our London vault premises or, when Bullion has
been allocated in a vault other than our London vault premises, by or for any Sub-Custodian
employed by us as permitted by clause 8.1. We agree that we shall use commercially reasonable
efforts promptly to transport any Bullion held for you by or for a Sub-Custodian to our London
vault premises and such transport shall be at our cost and risk. We agree that all delivery
and packing shall be in accordance with the Rules and LBMA good market practices.

	7.5	 	Replacement of Bullion: Upon a determination by us that any Bullion credited to the
Allocated Account does not comply with the Rules, we shall as soon as practical replace such
Bullion with Bullion which complies with the Rules by (i) debiting the Allocated Account and
crediting the Unallocated Account with the requisite amount of Bullion to be replaced, (ii)
providing replacement Bullion which complies with the Rules and which is of an amount that
approximates the amount of Bullion to be replaced as closely as practical and (iii) debiting
the Unallocated Account and crediting the Allocated Account with the requisite amount of
replacement Bullion. We shall not start the foregoing replacement process on a particular
Business Day unless we are reasonably sure that such replacement process can be started and
completed in the same Business Day. We shall notify you by authenticated electronic
transmission (including tested telex and authenticate SWIFT) as soon as practical on the
Business Day (but no later than the end of business on such Business Day) when (i) we have
determined that Bullion credited to the Allocated Account does not comply with the Rules and
will be replaced and (ii) when replacement Bullion has been credited to the Allocated Account
in accordance with the above instructions.
	 
	8.	 	SUB-CUSTODIANS

	8.1	 	Sub-Custodians: We may appoint Sub-Custodians solely for the temporary custody and
safekeeping of Bullion until transported to our London vault premises as provided in clause
7.4, unless otherwise agreed between you and us with the consent of the Sponsor. The
Sub-Custodians we select may themselves select subcustodians to provide such temporary custody
and safekeeping of Bullion, but such subcustodians shall not by such selection or otherwise
be, or be considered to be, a Sub-Custodian as such term is used herein. We will use
reasonable care in selecting any Sub-Custodian. As of the date of

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	 	 	this Agreement, the Sub-Custodians that we use are: the Bank of England, The Bank of Nova
Scotia (ScotiaMocatta), Deustche Bank AG, JPMorgan Chase Bank, N.A., UBS AG and Barclays
Bank PLC. We will notify you if we select any additional Sub-Custodian, or stop using any
Sub-Custodian for such purpose. Your receipt of notice that we have selected a
Sub-Custodian (including those named in this clause 8.1) shall not be deemed to limit our
responsibility in selecting such Sub-Custodian. Not more frequently than annually, upon
your request, we shall confirm to you that from time to time we may hold Precious Metal for
our own account with one or more of each of the Sub-Custodians, provided that this
confirmation shall not constitute a representation by us regarding the solvency or
creditworthiness of any Sub-Custodian.

	8.2	 	Liability: Except for our obligation to make commercially reasonable efforts to obtain
delivery of Bullion from Sub-Custodians, we shall not be liable for any act or omission, or
for the solvency, of any Sub-Custodian unless the selection of that Sub-Custodian was made by
us negligently or in bad faith.
	 
	9.	 	REPRESENTATIONS

	9.1	 	Your representations: You represent and warrant to us that (such representations and
warranties being deemed to be repeated upon each occasion Bullion is credited to or debited
from your Allocated Account under this Agreement):

	 	(a)	 	you are duly constituted and validly existing under the laws of your
jurisdiction of constitution;

	 	(b)	 	you have all necessary authority, powers, consents, licences and
authorisations (which have not been revoked) and have taken all necessary action to
enable you lawfully to enter into and perform your duties and obligations under this
Agreement;

	 	(c)	 	the person entering into this Agreement on your behalf has been duly
authorised to do so; and

	 	(d)	 	this Agreement and the obligations created under it constitute your legal
and valid obligations which are binding upon you and enforceable against you in
accordance with their terms (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 you are bound.

	9.2	 	Our representations: We represent and warrant to you that (such representations and
warranties being deemed to be repeated upon each occasion Bullion is credited to or debited
from your Allocated Account under this Agreement):

	 	(a)	 	we are duly constituted and validly existing under the laws of our
jurisdiction of constitution;

	 	(b)	 	we have all necessary authority, powers, consents, licences and
authorisations (which have not been revoked) and have taken all necessary action to
enable us

-10-

 

	 	 	 	lawfully to enter into and perform our duties and obligations under this Agreement;

	 	(c)	 	the person entering into this Agreement on our behalf has been duly
authorised to do so; and

	 	(d)	 	this Agreement and the obligations created under it constitute our legal
and valid obligations which are binding upon us and enforceable against us in
accordance with their terms (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 we are bound.

	10.	 	FEES AND EXPENSES
	 
	10.1	 	Fees: For our services under this Agreement you shall pay us an annual fee equal to 0.10%
of the average daily aggregate value of the first 4.5 million ounces of Bullion held in the
Allocated Account and the Unallocated Account, and 0.06% of the average daily aggregate value
of the Bullion held in the Allocated Account and the Unallocated Account in excess of 4.5
million ounces. The Bullion held in the Allocated Account and the Unallocated Account shall be
determined based on our end of Business Day balances, and the value of the Bullion shall be
computed on the basis of the price of an ounce of gold as fixed by the five members of the
London gold fix at or about 3:00 p.m. London time (the “London P.M. Fix”), or if no London
P.M. Fix is made on such day, on the basis of the last prior London “fix” (A.M. or P.M.). Our
fee shall be paid in monthly installments in arrears.

	10.2	 	Expenses: You must pay us on demand all costs, charges and expenses (including any
relevant taxes charged to us, duties and reasonable legal fees but not including fees of
Sub-Custodians) incurred by us in connection with the performance of our duties and
obligations under this Agreement or otherwise in connection with the Bullion.

	10.3	 	Default interest: If you fail to pay us any amount when it is due, we reserve the right
to charge you interest (both before and after any judgement) on any such unpaid amount
calculated at a rate equal to 1% above the overnight London Interbank Offered Rate (LIBOR) for
the currency in which the amount is due. Interest will accrue on a daily basis and will be
due and payable by you as a separate debt.
	 
	11.	 	VALUE ADDED TAX

	11.1	 	VAT inclusive: All sums payable under this Agreement by you to us shall be deemed to be
inclusive of VAT.
	 
	12.	 	SCOPE OF RESPONSIBILITY

	12.1	 	Exclusion of liability: We will use reasonable care in the performance of our duties
under this Agreement and will only be responsible to you 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, in which case our liability will not exceed the aggregate

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	 	 	market value of the Account Balance at the time such negligence, fraud or wilful default is
discovered by us (such market value calculated using the nearest available morning or
afternoon London gold price fixed by the fixing members of the London Precious Metals Market
following the occurrence of such negligence, fraud or wilful deceit), provided that we
notify you promptly after we discover such negligence, fraud or wilful default. If we
credit Bullion to your Allocated Account that is not of the fine weight we have represented
to you, recovery by you, to the extent such recovery is otherwise allowed, shall not be
barred by your delay in asserting a claim because of the failure to discover such loss or
damage regardless of whether such loss or damage could or should have been discovered. We
shall not in any event be liable for any consequential loss, or loss of profit or goodwill.

	12.2	 	No duty or obligation: We are under no duty or obligation to make or take, or require any
Sub-Custodian to make or take, any special arrangements or precautions beyond those required
by the Rules or as specifically set forth in this Agreement.

	12.3	 	Insurance: We shall maintain insurance in regard to our business, including our bullion
and custody business, on such terms and conditions as we consider appropriate. We will
annually provide you with a copy of our certificate of insurance and, additionally, we will,
upon reasonable prior notice, allow our insurance to be reviewed by you and the Sponsor in
connection with any registration statement or amendment thereto under the United States
federal Securities Act of 1933, as amended, covering shares of the Trust. Any permission to
review our certificate of insurance or insurance is limited to the term of this Agreement and
is conditioned on the reviewing party executing a form of confidentiality agreement we will
provide, or if the confidentiality agreement is already in force, acknowledging that the
review is subject to it. The foregoing permission for the Sponsor to review our certificate of
insurance or insurance shall cease when the Sponsor ceases to serve the Trust as sponsor.

	12.4	 	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 act of God or war or terrorism, any breakdown,
malfunction or failure of, or in connection with, any transmission, clearing or settlement
facilities, communication or computer facilities, any transport, port, or airport disruption,
industrial action, acts and regulations and rules of any governmental or supra national bodies
or authorities or relevant regulatory or self-regulatory organisations or failure of any such
body, authority, or relevant regulatory or self-regulatory organisations to perform its
obligations for any reason.

	12.5	 	Indemnity: You shall, solely out of the assets of the Trust, indemnify and keep us, and
each of our directors, shareholders, officers, employees, agents, affiliates (as such term is
defined in Regulation S-X adopted by the United States Securities and Exchange Commission
under the United States federal Securities Act of 1933, as amended) and subsidiaries (us and
each such person a “Custodian Indemnified Person” for purposes of this clause 12.5)
indemnified (on an after tax basis) on demand against all costs and expenses, damages,
liabilities and losses which any such Custodian Indemnified Person may suffer or incur,
directly or indirectly, in connection with this Agreement except to

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	 	 	the extent that such sums are due directly to our negligence, wilful default or fraud or
that of such Custodian Indemnified Person.

	12.6	 	Third parties: You are our sole customer under this Agreement. Except with respect to
the Trust, which shall be considered a beneficiary of this entire Agreement, and the Sponsor,
which shall be a beneficiary (as applicable) of clauses 2.6, 4.2, 8.1 and 12.3, we do not owe
any duty or obligation or have any liability towards any person who is not a party to this
Agreement, and, other than the Sponsor and the Custodian Indemnified Persons, this Agreement
does not confer a benefit on any person who is not a party to it. The parties to this
Agreement do not intend that any term of this Agreement shall be enforceable by any person who
is not a party to it, except for the Sponsor and the Custodian Indemnified Persons, and do
intend that the Contracts (Rights of Third Parties) 1999 Act shall not apply to this
Agreement. Nothing in this paragraph is intended to limit the obligations hereunder of any
successor Trustee of the Trust or to limit the right of any successor Trustee of the Trust to
enforce our obligations hereunder.

	12.7	 	No Liens: We will not create any right, charge, security interest, lien or claim against
the Bullion, except those in our favor arising under this Agreement or the Unallocated Bullion
Account Agreement, and we will not loan, hypothecate, pledge or otherwise encumber any Bullion
except pursuant to your instructions.

	12.8	 	Other Activities: We and any of our affiliates may act as a Participant or own or hold
Precious Metal or shares issued by the Trust or both and may deal with them in any manner,
including acting as underwriter for the shares, with the same rights and powers as if we were
not a custodian and bailee hereunder.
	 
	13.	 	TERMINATION

	13.1	 	Method: This Agreement may be terminated by:

	 	(i)	 	either party by giving not less than 90 Business Days’ written notice to
the other party; or

	 	(ii)	 	either party immediately by written notice in the event such party has
determined in their commercially reasonable opinion the existence of the presentation
of a winding-up order, bankruptcy or analogous event in relation to the other party.

	 	 	Any such notice given by you must specify:

	 	(a)	 	the date on which the termination will take effect;

	 	(b)	 	the person to whom the Bullion is to be delivered; and

	 	(c)	 	all other necessary arrangements for the delivery of the Bullion to you or
to your order.

	13.2	 	Resignation of Trustee: In the event you resign or are discharged or removed as Trustee,
this Agreement will terminate 90 Business Days following your resignation, discharge or

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	 	 	removal unless a successor trustee to the Trust is appointed before the end of the 90
Business Day period or a full liquidation of the Trust is started during the 90 Business Day
period and you request us to continue this Agreement in effect until the liquidation is
completed. If a successor Trustee is appointed before the end of the 90 Business Day
period, the Custodian and the Trustee shall take such actions and execute such documents as
the successor Trustee and the outgoing Trustee may reasonably require for the purpose of
vesting in the successor Trustee the rights and obligations of the outgoing Trustee and
releasing the outgoing Trustee from its future obligations under this Agreement.

	13.3	 	Redelivery arrangements: Following any termination of this Agreement, if you do not make
arrangements acceptable to us for the redelivery of the Bullion, we may continue to store the
Bullion, in which case we will continue to charge the fees and expenses payable under clause
10. If you have not made arrangements acceptable to us for the redelivery of the Bullion
within 6 months of the date specified in the termination notice as the date on which the
termination will take effect, we will be entitled to sell the Bullion and account to you for
the proceeds after deducting any amounts due to us under this Agreement.

	13.4	 	Existing rights: Termination shall not affect rights and obligations then outstanding
under this Agreement, which rights and obligations shall continue to be governed by this
Agreement until all obligations have been fully performed.
	 
	14.	 	NOTICES

	14.1	 	Form: Subject to clause 14.5, any notice, notification, instruction or other communication
under or in connection with this Agreement shall be given in writing. References to writing
include electronic transmissions that are of the kind specified in clause 14.2.

	14.2	 	Method of transmission: Any notice, notification, instruction or other communication
required to be in writing may be delivered personally or sent by first class post, pre-paid
recorded delivery (or air mail if overseas), authenticated electronic transmission
(including tested telex and authenticated SWIFT) or such other electronic transmission as
the parties may from time to time agree to the party due to receive the notice,
notification, instruction, communication, at its address, number or destination set out in
this Agreement or another address, number or destination specified by that party by written
notice to the other.

	14.3	 	Deemed receipt on notice: A notice, notification, instruction or other communication under
or in connection with this Agreement will be deemed received only if actually received or
delivered.

	14.4	 	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 that are permitted to be given orally under this Agreement.

	14.5	 	Instructions Relating to Bullion: All notices, notifications, instructions and other
communications relating to the movement of Bullion in relation to your Allocated

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	 	 	Account shall be by way of authenticated electronic transmission (including tested telex and
authenticated SWIFT), and shall be addressed to:

Precious Metals Operations

HSBC Bank USA, National Association

8 Canada Square

London E14 5HQ

Tested Telex: 889217 RNB

SWIFT: BLIC GB2L

15.  GENERAL

	15.1	 	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 Allocated Account, you do so in
reliance of your own judgment, and we shall not owe to you any duty to exercise any judgment
on your behalf as to the merits or suitability of any deposits into, or withdrawals from,
your Allocated Account.

	15.2	 	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 Account Balance, except
that we will not have any right to set-off against any account we maintain or property that
we hold for you under this Agreement any claim or amount that we may have against you or
that may be owing to us other than pursuant to this Agreement, no matter how that claim or
amount arose.

	15.3	 	Assignment: This Agreement is for the benefit of and binding upon you and us and our
respective successors, including any successor trustees and assigns. Except as otherwise
provided herein, this Agreement may not be assigned by either party without the written
consent of the other party, except that this clause shall not restrict our power to merge or
consolidate with any party, or to dispose of all or part of our custody business.

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

	15.5	 	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.

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

	15.7	 	Joint and several liability: If there is more than one of you, your responsibilities under
this Agreement apply to each of you individually as well as jointly.

	15.8	 	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.

	15.9	 	Business Days: If any obligation of either you or us falls due to be performed on a day
which is not a Business Day in respect of the Allocated Account in question, then the

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	 	 	relevant obligations shall be performed on the next succeeding Business Day applicable to
such account.
	 
	15.10	 	Processing of account entries: Except for physical withdrawals as to which transfer of
ownership is determined at the Point of Delivery, records of (i) all deposits to and
withdrawals from the Allocated Account and all debits and credits to the Unallocated Account
which, pursuant to instructions given in accordance with this Agreement and the Unallocated
Bullion Account Agreement, occur on a Business Day and (ii) all end of Business Day account
balances in the Allocated Account and the Unallocated Account are prepared overnight as at
the close of our business (usually 4:00 p.m. London time) on that Business Day. For
avoidance of doubt, the foregoing sentence is illustrated by the following examples, which
are not intended to create any separate obligations on our part:

	 	 	Reports of a transfer of Precious Metal from a Third Party Unallocated Account for
credit to your Unallocated Account on a Business Day and a debit of Bullion from your
Unallocated Account for credit to your Allocated Account on that Business Day pursuant
to the standing instruction contained in the Unallocated Bullion Account Agreement and
of the balances in your Allocated Account and your Unallocated Account for that
Business Day shall be prepared overnight as at the close of our business on that
Business Day.

	 	 	Reports of a transfer of Bullion which we debit from your Allocated Account for credit
to your Unallocated Account on a Business Day and a transfer of Bullion which we debit
from your Unallocated Account for credit to a Third Party Unallocated Account on that
Business Day and of the balances in your Allocated Account and Unallocated Account for
that Business Day shall be prepared overnight as at the close of our business on that
Business Day.

	 	 	When you instruct us to debit Bullion from your Allocated Account for credit to your
Unallocated Account and direct us to execute such instruction on the same Business Day as
and in connection with one or more instructions that you give to us to debit Bullion from
your Unallocated Account, we will use commercially reasonable efforts to execute the
instructions in a manner that minimizes the time the Bullion to be debited from your
Allocated Account stands to your credit in your Unallocated Account, save that we shall not
be responsible for any delay caused by late, incorrect or garbled instructions or
information from you or any third party.
	 
	15.11	 	Maintenance of this Agreement: Concurrently with this Agreement, we and you are entering
into the Unallocated Bullion Account Agreement. That agreement shall remain in effect as
long as this Agreement remains in effect, and if that agreement is terminated, this
Agreement terminates with immediate effect.
	 
	15.12	 	Prior Agreements: The Agreement supersedes and replaces any prior existing agreement between
you and us relating to the same subject matter.
	 
	15.13	 	Cooperation: During the term of this Agreement, we and you will cooperate with each
other and make available to each other upon reasonable request any
information or documents necessary to insure that each of our respective books and records are accurate and
current.

-16-

 

	16.	 	GOVERNING LAW AND JURISDICTION
	 
	16.1	 	Governing law: This Agreement and any issues or disputes arising out of or in connection
with it (whether such disputes are contractual or non-contractual in nature, such as claims
in tort, for breach of statute or regulation or otherwise) are governed by, and will be
construed in accordance with, English law.

	16.2	 	Jurisdiction: We both agree that the courts of the State of New York, in the United States
of America, and the United States federal court located in the Borough of Manhattan in such
state are to have jurisdiction to settle any disputes or claims which may arise out of or in
connection with this Agreement and, for these purposes we both irrevocably submit to the
non-exclusive jurisdiction of such courts, waive any claim of forum non conveniens and any
objections to the laying of venue, and further waive any personal service.

	16.3	 	Waiver of immunity: To the extent that you may in any jurisdiction claim for yourself or
your assets any immunity from suit, judgment, 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.
	 
	16.4	 	Service of process: Process by which any proceedings are begun may be served by being delivered to
the addresses specified below. This does not affect the right of either of us to serve
process in another manner permitted by law.

	 	 	 

	Our address for service of process:

	 	Your address for service of process
	 
	 	 
	HSBC Bank USA, National Association,

	 	BNY Mellon
	London Branch

	 	1 Canada Square
	8 Canada Square

	 	London, E14 5AL, United Kingdom
	London, E14 5HQ, United Kingdom

	 	Attention: Mr. Anthony Ross Whitehill
	Attention: Precious Metals Department
	 	 
	                    Legal Department

	 	with copies to:
	 
	 	 
	 

	 	The Bank of New York Mellon 

2 Hanson Place
	 

	 	Brooklyn, New York 11217
	 

	 	Attention: ADR Administration
	 
	 	 
	 

	 	and
	 
	 	 
	 

	 	The Bank of New York Mellon
	 

	 	One Wall Street
	 

	 	New York, New York 10286
	 

	 	Attention: Andrew Pfeifer, Vice President

[Remainder of page intentionally left blank]

-17-

 

EXECUTED by the parties as follows

Signed on behalf of

HSBC BANK USA, NATIONAL ASSOCIATION

by

Signature:                                                                    
          

                  Name:

                  Title:

Signed on behalf of

The Bank of New York Mellon,

not in its individual capacity, but solely as

Trustee of the SPDR® Gold Trust,

by

Signature:                                                                    
          

                  Name:

                  Title:

Signature Page

SPDR® Gold Trust

First Amended and Restated

Allocated Bullion Account Agreement

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