Document:

Exhibit

Exhibit 10.1

FIRST AMENDMENT TO
AMENDED AND RESTATED LOAN SALE AND SERVICING AGREEMENT

THIS FIRST AMENDMENT TO AMENDED AND RESTATED LOAN SALE AND SERVICING AGREEMENT (this “First Amendment”), dated as of September 30, 2015 (the “Effective Date”), is entered into by and among DRI Quorum 2010 LLC, a Delaware limited liability company, as Seller (the “Seller”), Quorum Federal Credit Union, a federally chartered credit union, as Buyer (the “Buyer”), Diamond Resorts Financial Services, Inc., a Nevada corporation, as Servicer (the “Servicer”), and Wells Fargo Bank, National Association, a national banking association, as Back-Up Servicer (the “Back-Up Servicer”).

RECITALS

WHEREAS, the Buyer and the Seller have previously entered into that certain Loan Sale and Servicing Agreement, dated as of April 30, 2010, as amended by that certain Amended and Restated Loan Sale and Servicing Agreement, dated as of December 31, 2012 (as may be amended, supplemented or restated from time to time, the “Amended and Restated Loan Sale and Servicing Agreement”). 

WHEREAS, the parties hereto desire to modify the Amended and Restated Loan Sale and Servicing Agreement as set forth in this First Amendment.

WHEREAS, capitalized terms used herein not otherwise defined herein shall have the meanings ascribed to such terms in the Amended and Restated Loan Sale and Servicing Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

1.Section 1 to the Amended and Restated Loan Sale and Servicing Agreement is hereby amended to substitute and add, as applicable, the following defined terms:

“Affiliate” means any Person: (i) which directly or indirectly controls, or is controlled by, or is under common control with the affiliated Person; (ii) which directly or indirectly beneficially owns or holds ten percent (10%) or more of the voting securities of the affiliated Person; or (iii) for which ten percent (10%) or more of the voting securities of which is directly or indirectly beneficially owned or held by the affiliated Person.  The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

“Authoritative Copy” means a document, utilizing the electronic signature services of DocuSign that becomes part of an Electronic Timeshare Loan File which is unique, identifiable and has no watermark or other marking that would indicate that it is a “copy” or “duplicate” or not an original or not an “authoritative copy”.

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“Buyer Purchase Price Percentage” shall mean, as of any date of determination and with respect to any Sale Date Loan Pool, the percentage as set forth in, as applicable, the related Buyer Purchase Confirmation or the Buyer Commitment Purchase Confirmation. 

“Commitment Period” shall mean the period commencing on the Effective Date and continuing until December 31, 2017.  The Buyer may, in its sole discretion, extend the term of the Commitment Period for additional periods by written notice to the Seller. The Seller shall provide such documentation and information reasonably requested by the Buyer to evaluate in connection with the determination to grant an extension of the Commitment Period. 

“Cumulative Default Level” shall mean, as of any date of determination, (i) the sum of the Loan Balances of all Defaulted Timeshare Loans since the Closing Date divided by (ii) the sum of the Loan Balances of all Timeshare Loans in all Sale Date Loan Pools since the Closing Date (expressed as a percentage).

“Default Level” for any Due Period is equal to the sum of the Loan Balances of all Timeshare Loans that meet the definition of “Defaulted Timeshare Loan” herein divided by the Aggregate Loan Balance of all Timeshare Loans calculated as of the first day of such Due Period (expressed as a percentage).

“Defaulted Timeshare Loan” means any Timeshare Loan sold to the Buyer for which any of the earliest following events may have occurred:  (i) any scheduled payment or part thereof has been delinquent more than 180 days from its original due date as of the last day of the related Due Period, (ii) the Servicer has actual knowledge of a bankruptcy event that has occurred with respect to the related Obligor or has initiated cancellation, foreclosure or similar proceedings with respect to the related Points or has received the related deed or assignment in lieu of foreclosure, or (iii) provided that a scheduled payment or portion thereof for such Timeshare Loan is at least one day delinquent, the Servicer has determined that such Timeshare Loan should be written off in accordance with the Collection Policy.

“Delinquency Level” for any Due Period is equal to the sum of the Loan Balances of the Timeshare Portfolio that are more than 60 days but less than 181 days delinquent divided by the Aggregate Loan Balance of all Timeshare Loans calculated as of the last day of such Due Period (expressed as a percentage).

“Deliver” means (x) with respect to a Tangible Timeshare Loan File, to deliver physical possession of such Tangible Timeshare Loan File via reputable overnight delivery service and (y) with respect to an Electronic Timeshare Loan File, to direct the transfer of such Electronic Timeshare Loan File from the vault partition of the Seller to the Warehouse Vault Partition.  The terms “Delivery” and “Delivered” shall have corollary meanings.

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“DocuSign” means DocuSign Inc., a Washington corporation.

“DocuSign System” means the electronic signature services and the accompanying technology system comprised of proprietary and third party software, hardware, network communications equipment, lines and services, computer servers, data centers, support and maintenance services, security devices and other related technology materials of DocuSign that assists in electronic contracting in the timeshare industry.

“Electronic Obligor Note” means an Obligor Note which was created electronically using the DocuSign System and stored using the eOriginal System in a manner in which: (1) a single Authoritative Copy of the Obligor Note exists which is unique, identifiable and, except as otherwise provided in subparagraphs (4), (5) and (6) below, unalterable; (2) the Authoritative Copy is maintained in clean format and is held in a vault partition managed by the Custodian that identifies Buyer as the secured party of the Obligor Note; (3) the Authoritative Copy is communicated to and maintained by the Custodian, as the designated custodian of the Indenture Trustee; (4) copies or revisions that add or change an identified assignee of the Authoritative Copy can be made only with the participation of the Custodian, as the designated custodian of the Buyer; (5) each copy of the Authoritative Copy and any copy of a copy is readily identifiable as a copy that is not the Authoritative Copy; and (6) any revision of the Authoritative Copy is readily identifiable as an authorized or unauthorized revision.

“Electronic Timeshare Loan File” means a Timeshare Loan File, the contents of  which were created electronically using the DocuSign System.

“eOriginal” means eOriginal, Inc., a Delaware corporation.

“eOriginal System” means the electronic vaulting and management services and accompanying technology system comprised of proprietary and third party software, hardware, network communications equipment, lines and services, computer servers, data centers, support and maintenance services, security devices and other related technology materials of eOriginal that enable electronic contract vaulting in the timeshare industry.

“Expiration of Rescission Period” shall mean the end of the statutory period under applicable jurisdiction permitting the Obligor’s cancelation of the purchase of a vacation ownership interest.

“Holdings” means Diamond Resorts International Inc., a Delaware corporation and successor in interest to Diamond Resorts Parent, LLC.

“Initial Servicer” means Diamond Resorts Financial Services, Inc.

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“Minimum Committed Amount” shall mean, during the Commitment Period, the amount of one hundred million dollars ($100,000,000.00). 

“Pre-Funding Conditions” shall mean (a) passage of the applicable rescission period without a rescission occurring, (b) satisfaction by the Seller of all prior liens of record, (c) completion of the loan servicing setup process customarily performed, (d) confirmation by the Buyer that the applicable Obligors are members of Buyer, (e) confirmation by the Buyer that the Seller accurately applied the Buyer’s underwriting criteria with respect to the timeshare loans, and (f) transmittal to appropriate recording office of documents required to be recorded, if any.

“Required Legend” means a legend applied by the eOriginal System to every page of a document within an Electronic Timeshare Loan File, which shall read as follows: “DRI Quorum 2010 LLC, with Quorum Federal Credit Union as the Buyer and secured party through its designated custodian, Wells Fargo Bank, National Association.”

“Sale Date” shall mean the date on which the funding of a Sale by the Buyer occurs. 

“Settlement and Funding Notice” shall mean the notice provided by the Seller to the Buyer, in the form of Exhibit K attached hereto and incorporated herein, confirming the Pre-Funding Conditions have been satisfied and establishing the proposed Sale Date.

“Tangible Obligor Note” means an Obligor Note which was created in paper format.

“Tangible Timeshare Loan File” means a Timeshare Loan File, the contents of which were created in paper format.

“Target Net Investment Amount” shall mean as of any Distribution Date with respect to the Aggregate Sale Date Loan Pool, the product of (a) the Target Net Investment Percentage and (b) the Aggregate Loan Balance of all Performing Loans.

“Target Net Investment Percentage” shall mean as of any Distribution Date and with respect to any Sale Date Loan Pool, (a) prior to the occurrence of a Timeshare Portfolio Performance Event, the percentage as set forth in, as applicable, the related Buyer Purchase Confirmation or the Buyer Commitment Purchase Confirmation or (b) on or after the occurrence of a Timeshare Portfolio Performance Event, the lesser of (1) the percentage as set forth in, as applicable, the related Buyer Purchase Confirmation or the Buyer Commitment Purchase Confirmation and (2) the ratio of (i) the Net Investment Amount as of the beginning of the Due Period for such Sale Date Loan Pool to (ii) the Aggregate Loan Balance as of the beginning of the Due Period of such Sale Date Loan Pool. Both amounts in (b)(2)(i) and (b)(2)(ii) as of the earlier to occur of (x) the Distribution Date immediately prior to such date of 

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determination or (y) the most recent Distribution Date, if any, upon which a Timeshare Portfolio Performance Event was cured, such ratio expressed as a percentage.

“Timeshare Portfolio Performance Event” shall have occurred if, as of any date of determination for the Aggregate Sale Date Loan Pool, (a) the average of the Delinquency Levels for the three (3) immediately preceding Due Periods is greater than the percentage specified in the Buyer Commitment Purchase Confirmation or the Buyer Purchase Confirmation, as applicable, related to all Sale Date Loan Pools, or (b) the average of the Default Levels for the three (3) immediately preceding Due Periods is greater than the percentage specified in the Buyer Commitment Purchase Confirmation or the Buyer Purchase Confirmation, as applicable, related to all Sale Date Loan Pools, or (c) the Cumulative Default Level is greater than the percentage set forth in the Buyer Commitment Purchase Confirmation or the Buyer Purchase Confirmation, as applicable, related to all Sale Date Loan Pools. 

“Undertaking Parties” means Diamond Resorts Corporation, Diamond Resorts Holdings, LLC and Holdings.

“Warehouse Vault Partition” means the segregated partition of the eOriginal System maintained by the Custodian in the name of the Seller.

The definition of “Schedule of Timeshare Loans” shall be amended by adding the following item to the end thereof: “12. Electronic Timeshare Loan File/Tangible Timeshare Loan File”.

The definition of “Timeshare Loan File” shall be amended by adding the following at the end thereof: “For purposes of this definition, the term “original” shall include an “Authoritative Copy”.

2.Sections 3(a), (b), (c), (d) and (e) of the Amended and Restated Loan Sale and Servicing Agreement are hereby deleted in their entirety and replaced with the following:

(a)     General Process.  During the Purchase Period, and subject to the terms and conditions of this Agreement, the Seller shall deliver to the Buyer a written assignment in substantially the form of Exhibit E attached hereto (a “Sale Notice”) no later than six (6) calendar days after the Expiration of Rescission Period related to such timeshare loans. An electronic file detailing each Timeshare Loan the Seller is intending to sell to the Buyer shall be delivered by the Seller to the Buyer with the Sale Notice.  The Buyer may act without liability upon the basis of written notice believed by the Buyer in good faith to be from the Seller (or from any Authorized Officer thereof designated in writing by the Seller to the Buyer).  The Buyer shall be entitled to rely conclusively on any Authorized Officer’s authority to request a Sale on behalf of the Seller until the Buyer receives written notice to the contrary.  The Buyer shall acknowledge the Sale Notice by returning a signed copy to the 

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Seller.  The Buyer shall have no duty to verify the authenticity of the signature appearing on any written Sale Notice. 
 
(b)     Commitment Period.  During the Commitment Period, the Buyer shall be obligated to purchase Eligible Timeshare Loans from the Seller such that the Buyer’s Net Investment Amount never exceeds the Minimum Committed Amount subject only to (i) the Seller offering through a Sale Notice to the Buyer Eligible Timeshare Loans with aggregate Loan Balances in a sufficient amount during the Commitment Period not to exceed the Minimum Committed Amount, (ii) satisfaction of the Pre-Funding Conditions, (iii) the monthly and annual limitations set forth in section 3(g), and (iv) there being no occurrence and continuance of an Event of Default or a Timeshare Portfolio Performance Event. No later than the month following the Sale Notice, the Seller shall deliver to the Buyer a list of Timeshare Loans ready for funding along with the Settlement and Funding Notice. The Buyer shall issue a commitment purchase confirmation with such terms as are contained in the form of Exhibit F-1 attached hereto and incorporated herein by this reference, together with such percentage rates, fees and default levels as shall be agreed to by the Buyer and Seller as of the Effective Date (a “Buyer Commitment Purchase Confirmation”) by 5:00 p.m. (New York City time) on the third (3rd) Business Day from the date of the Settlement and Funding Notice. The Buyer Commitment Purchase Confirmation shall note any Timeshare Loans that do not constitute an Eligible Timeshare Loan and shall establish a Sale Date no later than two (2) Business Days from the date of the Buyer Commitment Purchase Confirmation.  The Buyer shall deposit the Initial Purchase Price Installment in immediately available funds, no later than 12:00 p.m. (New York City time) on the related Sale Date, to the account designated by the Seller.

Notwithstanding the foregoing, the obligation of the Buyer to purchase Eligible Timeshare Loans during the Commitment Period as set forth in this Section 3(b) is subject to applicable laws, regulations and guidelines or directives of the National Credit Union Association (“NCUA”), as modified from time to time (“NCUA Regulations”); provided, however, that the Buyer (i) represents and warrants to the Seller that, as of the Closing Date, there are no NCUA Regulations that in any way affect or limit the Buyer’s obligation to purchase Eligible Timeshare Loans pursuant to this Section 3(b) or any related Conveyed Timeshare Property from the Seller and (ii) covenants and agrees to deliver written notice to the Seller not less than ninety (90) days prior to the effectiveness of any NCUA Regulations that could reasonably be expected to affect or limit the Buyer’s obligation to purchase Eligible Timeshare Loans pursuant to this Section 3(b) or any related Conveyed Timeshare Property from the Seller.

(c)     After the Commitment Period.  After the expiration of the Commitment Period, if the Seller delivers a Sale Notice to the Buyer and if the Buyer intends to enter into such Sale with the Seller upon such terms, then the Buyer shall confirm, by signing and returning such Sale Notice to the Seller within one Business Day.  

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During the month following the date of the Sale Notice, the Seller shall deliver to the Buyer the Settlement and Funding Notice.  The Buyer shall issue a purchase confirmation in substantially the form in Exhibit F-2 attached hereto (a “Buyer Purchase Confirmation”) by 5:00 p.m. (New York City time) on the third (3rd) Business Day from the date of the Settlement and Funding Notice.  The Buyer Purchase Confirmation shall specify items including the following (w) the Buyer Purchase Price Percentage, (x) the Initial Purchase Price Installment for such Sale Date Loan Pool, (y) the Program Fee Rate, and (z) any fees and expenses payable by the Seller to the Buyer. The Buyer Commitment Purchase Confirmation shall note any Timeshare Loans that do not constitute an Eligible Timeshare Loan and shall establish a Sale Date no later than two (2) Business Days from the date of the Buyer Commitment Purchase Confirmation.  If the Seller decides to reject any Buyer Purchase Confirmation, it must provide notice to the Buyer no later than 5:00 p.m. (New York City time) on the Business Day immediately following the date of the Buyer Commitment Purchase Confirmation. The Buyer shall deposit the Initial Purchase Price Installment in immediately available funds, no later than 12:00 p.m. (New York City time) on the related Sale Date, to the account designated by the Seller.

(d)    Program Fee Rate.  The Program Fee Rate applicable during the six (6) month period following the Effective Date shall be as agreed to by the Buyer and Seller. The Buyer shall provide ninety (90) days' prior written notice of any change in the Program Fee Rate.

(e)    Buyer Purchase Price Percentage.  For all Sale Date Loan Pools purchased by the Buyer from the Seller during the first six (6) months of the Commitment Period, the Buyer Purchase Price Percentage shall be as agreed to by the Buyer and Seller.  For all Sale Date Loan Pools purchased after the first six (6) months of the Commitment Period, the Buyer Purchase Price Percentage may be reviewed and adjusted as the Buyer deems appropriate; provided, that the Buyer shall provide the Seller ninety (90) days’ prior written notice of any change in the Buyer Purchase Price Percentage.  All determinations of the Buyer Purchase Price Percentage shall be based upon historical portfolio performance and other relevant information.

3.Section 3(g) is hereby added as follows:

(g)    Limit on Monthly and Annual Purchase Obligations.  Notwithstanding the Minimum Committed Amount, Buyer shall not be obligated to purchase any Eligible Timeshare Loans such that the aggregate Initial Purchase Price Installment exceeds (i) twenty-two million five  hundred thousand dollars ($22,500,000.00) within any thirty (30) day period and (ii) fifty-four million dollars ($54,000,000.00) within any one (1) year period.  Purchase obligations specified herein are subject to applicable laws, regulations and guidelines or directives of the National Credit Union Administration, as may be modified from time to time.

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4.Section 5(a)(viii) is deleted in its entirety and replaced with the following:

(viii)    No Material Adverse Effect.  Since the end of Holdings’ most recent, audited fiscal year, there has been no Material Adverse Effect with respect to any Diamond Resorts Party.

5.Section (ff) of Schedule 1 is deleted in its entirety and replaced with the following:

(ff)     the percentage of Timeshare Loans where the Obligor is not a resident of the United States, Canada, Puerto Rico, the U.S. Virgin Islands, U.S. military bases, Australia, New Zealand, Japan or China does not exceed two percent (2%) of the aggregate balance of Timeshare Loans in the Aggregate Sale Date Loan Pool;

6.The Amended and Restated Custodial Agreement dated as of the date hereof and attached hereto as Exhibit A replaces the Custodial Agreement dated as of April 30, 2010.

7.The Sale Notice attached hereto as Exhibit E replaces the existing Sale Notice appearing as Exhibit E to the Amended and Restated Loan Sale and Servicing Agreement.

8.Exhibits F-1, F-2 and K to the Amended and Restated Loan Sale and Servicing Agreement are deleted in their entirety and replaced by Exhibits F-1, F-2 and K attached hereto.

9.In each place that the term “Diamond Resorts Parent, LLC” is found, the defined term “Holdings” or “Diamond Resorts International, Inc.” shall be substituted in its place and stead, as the context may require.

10.Notwithstanding any terms in the Amended and Restated Loan Sale and Servicing Agreement to the contrary, the parties agree to modify the purchase and funding process as described in this First Amendment in order to more fully reflect the intent of the Buyer and to comply with the directives and requirements of the NCUA.

11.In the event of any conflict among the terms of the Amended and Restated Loan Sale and Servicing Agreement and the other Transaction Documents as modified by this First Amendment, the terms of the Amended and Restated Loan Sale and Servicing Agreement as modified by this First Amendment shall govern and control.  All terms and provisions of the Transaction Documents corresponding to terms and provisions of the Amended and Restated Loan Sale and Servicing Agreement prior to the date of this First Amendment shall be deemed modified in accordance with the terms of this First Amendment.
 
12.Except as specifically set forth herein, this First Amendment shall not modify, alter, change, or affect any of the other terms or conditions of the Amended and Restated Loan Sale and Servicing Agreement.  All capitalized terms herein shall have the meaning given to them in the Amended and Restated Loan Sale and Servicing Agreement, unless otherwise provided herein.

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(Signature Page Follows)
    

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IN WITNESS WHEREOF, the parties hereto have executed this First Amendment as of the date set forth above.

	
		
	THE BUYER:
	QUORUM FEDERAL CREDIT UNION

By:        /s/ Bruno Sementilli_________ 
Name:   Bruno Sementilli,  
Title:     President and CEO

	THE SELLER:
	DRI QUORUM 2010 LLC 

By:        /s/ Lillian Luu_____________ 
Name:   Lillian Luu  
Title:     Treasurer

	THE SERVICER:
	DIAMOND RESORTS FINANCIAL SERVICES, INC.

By:        /s/ David Womer___________ 
Name:   David Womer  
Title:     President 

	THE BACK-UP SERVICER:
	WELLS FARGO BANK, N.A.

By:        /s/ Sue Larson_____________ 
Name:   Sue Larson 
Title:     Vice President 

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Execution

EXHIBIT A

AMENDED AND RESTATED CUSTODIAL AGREEMENT

(see pages immediately following)

AMENDED AND RESTATED
CUSTODIAL AGREEMENT
This Amended and Restated Custodial Agreement (this “Custodial Agreement”), dated as of September 30, 2015, amends and restates that certain Custodial Agreement dated as of April 30, 2010, entered into by and among Wells Fargo Bank, National Association, as custodian (in such capacity, the “Custodian”), DRI Quorum 2010 LLC, a Delaware limited liability company, as seller (the “Seller”), Quorum Federal Credit Union, as buyer (the “Buyer”) and Diamond Resorts Financial Services, Inc. as servicer (in such capacity, the “Servicer”).
R E C I T A L S
WHEREAS, pursuant to that certain Loan Sale and Servicing Agreement, dated as of April 30, 2010, as amended by that certain Amended and Restated Loan Sale and Servicing Agreement dated as of December 31, 2012, as further amended by that certain First Amendment to the Amended and Restated Loan Sale and Servicing Agreement dated as of the date hereof (as may be amended from time to time, the “Sale Agreement”), by and between the Seller, the Buyer, the Servicer and Wells Fargo Bank, National Association, as the back-up servicer, the Buyer has been and shall continue to acquire Timeshare Loans from time to time;
WHEREAS, the Seller shall Deliver or cause to be Delivered the Timeshare Loan Files related to each Timeshare Loan to the Custodian in accordance with the Sale Agreement, to be held on behalf of and for the benefit of the Buyer; and
WHEREAS, the Buyer desires that the Custodian hold the Timeshare Loan Files and other related documents as the custodian for, and bailee of, the Buyer in accordance with the terms and conditions of this Custodial Agreement. 
Capitalized terms used but not defined herein shall have the meanings specified in the Sale Agreement.  For purposes of this Custodial Agreement, in the context of “control” of an Electronic Timeshare Loan File (or any documents a part thereof), a party has “control” of such Electronic Timeshare Loan File (or document a part thereof) if it would have control as described in Section 9-105 of the UCC with respect to control of electronic chattel paper; provided, that it is agreed and understood by the Seller and the Buyer (and the Seller and the Buyer hereby direct Custodian to agree) that no record comprising any Electronic Timeshare Loan File constitutes “electronic chattel paper”.
NOW THEREFORE, in consideration of the mutual promises and covenants hereinafter set forth, the parties hereto agree as follows:
ARTICLE I
CUSTODY OF TIMESHARE LOANS
Section 1.1.    Custodian to Act as Agent; Delivery of Timeshare Loan Files.
(a)    Appointment.  Wells Fargo Bank, National Association has been and continues to be appointed as the Custodian with respect to the Timeshare Loan Files related to the Timeshare 

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Loans.  The Custodian has and continues to accept such appointment and (i) has agreed to maintain and hold all Tangible Timeshare Loan Files received by it for the exclusive benefit of the Buyer and (ii) has agreed to maintain and have control of all Electronic Timeshare Loan Files received by it for the exclusive benefit of the Buyer.  With respect to such Timeshare Loan Files, the Custodian agrees to act in accordance with and at the direction of this Custodial Agreement or in accordance with any directions of the Buyer.  Except as specifically set forth herein, under no circumstances shall the Custodian (i) Deliver any Timeshare Loan Files to any other Person, or (ii) take any directions with respect to any Timeshare Loan Files from any other Person, without the express prior written consent of the Buyer.
(b)    Delivery.   At least three (3) Business Days prior to each Sale Date and at least (2) Business Days prior to each Transfer Date (each, a “Delivery Date”), the Buyer shall cause to be Delivered to the Custodian by 9:00 a.m. (Central Time) (i) a Schedule of Timeshare Loans, identifying the Timeshare Loan Files related to the Timeshare Loans related to such Sale Date or such Transfer Date, in electronic format, and (ii) each of the items described in the definition of “Timeshare Loan Files”.
(c)    Custodian’s Review of Timeshare Loans; Certification.  
(i)    Not later than 11:00 a.m. (EPT) on the Business Day prior to each Sale Date and each Transfer Date (as to Delivery of up to 500 Timeshare Loan Files; otherwise within a time period agreed upon by the Custodian, the Buyer and the Servicer), the Custodian shall certify to the Buyer, the Servicer and the Seller, that (i) all documents required to be Delivered to it pursuant to this Custodial Agreement are in the Custodian’s possession or control, as applicable, (ii) such documents appear regular on their face and relate to the appropriate Timeshare Loans and none of the Timeshare Loan Files contains evidence of any current claims, liens, security interests or encumbrances (other than the Lien of the Sale Agreement) and is not being held by or maintained by the Custodian for any other party, and (iii) based only on the Custodian’s examination of the Timeshare Loan Files; the Timeshare Loan Files for each of the related Timeshare Loans and shall deliver to the Buyer (with a copy to the Servicer and the Seller) the following:
(A)    a Trust Receipt in the form attached hereto as Exhibit A;
(B)    an on-hand report relating to the Timeshare Loans listed on the related Schedule of Timeshare Loans; 
(C)    the related Material Exception Report, if any.
(ii)     In making the certifications set forth in the Trust Receipt, the Custodian may rely conclusively on the Schedule of Timeshare Loans and the documents constituting the Timeshare Loan Files, and the Custodian shall have no obligation to independently verify the correctness of such Schedule of Timeshare Loans or any Timeshare Loan File.  
(iii)    In the event the Custodian shall obtain actual knowledge that any Timeshare Loan is defective on its face for a reason set forth on Annex A attached hereto (a “Material Exception”), the Custodian shall notify the Servicer, the Seller and the Buyer of such Material Exception in the applicable periodic report of the Material Exceptions applicable 

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to the Timeshare Loans (a “Material Exception Report”).  The Material Exception Report will also include deficiencies identified by the Custodian in accordance with the Trust Receipt, provided, however, a Material Exception shall only be defined to include those reasons set forth on Annex A. 
(iv)    To assist the Custodian’s obligations set forth in this Section 1.1(c), the Servicer shall prepare and deliver to Custodian a checklist of documents in a form mutually acceptable to the Servicer, the Seller and the Buyer.
(d)    Custodial Loan Transmission.  The Custodian shall provide a weekly  Inventory Report and Material Exception Report electronically to the Buyer and the Servicer.  
Section 1.2.    Duties with Respect to Timeshare Loans.
(a)    (i)      Prior to the occurrence and continuation of any Servicer Event of Default, the Servicer shall have the right to obtain documents from Tangible Timeshare Loan Files from the Custodian for servicing related purposes and to correct errors and omissions in the documents; provided that the aggregate of the Loan Balances of the related Timeshare Loans released to the Servicer shall not at any time exceed 5% of the Aggregate Loan Balance (which limit the Servicer shall be obligated to monitor and identify on each Request).  The Custodian agrees to Deliver such documents to the Servicer by no later than three (3) Business Days after receipt from the Servicer of a request for release of Tangible Timeshare Loan Files as set forth in Exhibit B hereto (a “Request”) executed by the Servicer and delivered to the Custodian and the Buyer.
(ii)    The Servicer covenants and agrees to return all Tangible Timeshare Loan Files to the Custodian within twenty (20) days after transmittal thereby from the Custodian to the Servicer; provided that if the Servicer shall require a Tangible Timeshare Loan File for a period longer than twenty (20) days, the Servicer may, subject to three (3) days’ prior written notice to the Buyer (which notice must be specific as to the reason therefor), have a one-time extension of five (5) days.
(iii)    Notwithstanding clause (ii) above, if the Servicer shall have delivered an Officer’s Certificate to the Custodian and the Buyer in form and substance satisfactory to the Buyer that a Timeshare Loan is in the process of foreclosure and it is necessary for the Servicer to Deliver the related Tangible Timeshare Loan Files to an attorney-at-law to complete the foreclosure process, the Servicer may deliver such Tangible Timeshare Loan Files to such attorney-at-law so long as such attorney-at-law (A) is an Acceptable Attorney and (B) delivers an Attorney’s Bailee Letter in connection with such Tangible Timeshare Loan Files.  An “Acceptable Attorney” is an attorney-at-law for whom the Buyer has not notified the Servicer is unacceptable.  An “Attorney’s Bailee Letter” means a bailee letter in a form acceptable to the Buyer pursuant to which the related Acceptable Attorney (1) acknowledges receipt of each document included therein, (2) confirms that such Acceptable Attorney is holding such documents in trust and as bailee of the Buyer, for return as soon as possible, (3) agrees to return such Tangible Timeshare Loan Files within seven (7) Business Days following receipt thereof by such Acceptable Attorney; provided that if the 

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jurisdiction requires a period longer than seven (7) Business Days to complete the foreclosure process, the related Acceptable Attorney may, after written notice to the Buyer, hold such Tangible Timeshare Loan Files for such longer period, not to exceed fifteen (15) Business Days, and (4) agrees that no later than three (3) Business Days prior to the foreclosure of any Timeshare Loan, it shall notify the Buyer and the Custodian in writing of the scheduled date of the foreclosure of the related Timeshare Loan (the “Scheduled Foreclosure Date”) or within one (1) Business Day, of any subsequent changes to the Scheduled Foreclosure Date.
(iv)    During such time that any documents are in the possession of the Servicer pursuant to this Section 1.2(a), the Servicer shall hold such documents in trust for, as bailee for, and for the benefit of the Buyer and shall deliver such documents to the Custodian, as may be requested by the Buyer at any time, within two (2) Business Days after such request.
(v)    After receipt of a Request and prior to the delivery of the Tangible Timeshare Loan Files set forth in a Request, the Buyer may notify the Custodian that no Tangible Timeshare Loan Files will be released to the Servicer without the express written consent of the Buyer.  Upon Custodian’s receipt from the Buyer of any written notice, whether or not there has been a Servicer Event of Default, that the Servicer may no longer provide such instructions, the Custodian shall no longer take any instructions by the Servicer and shall only take instructions by the Buyer as set forth in Section 1.3(b). Upon receipt of such notice from the Buyer, the Custodian shall, within three (3) Business Days of a Request by the Servicer, but only upon written approval by the Buyer, release or cause to be released such Timeshare Loans and the related Tangible Timeshare Loan Files as set forth in the Request to the Servicer without recourse to the Custodian.
(vi)    If any Tangible Timeshare Loan Files are not held in accordance with the terms of this Custodial Agreement, the related Timeshare Loan shall be deemed to be a Defective Timeshare Loan.
(b)    Notwithstanding any provision of this Custodial Agreement to the contrary, the Custodian shall not give notice of a Material Exception because any document included in a Timeshare Loan File is in a language other than English, provided that (i) the Servicer has furnished to the Custodian a certified English translation of such document (the “Certified Translated Document”) reasonably satisfactory to the Custodian and (ii) provided a certification to the Custodian (which may be by electronic means), and a copy of such certification to the Buyer, that such Certified Translated Document is identical to the foreign language template document (the “Foreign Language Template”) attached to the Certified Translated Document.  The Custodian shall be entitled to rely upon such Certified Translated Document and related Foreign Language Template in determining whether any Material Exception exists with respect to the related Timeshare Loan File.  Based upon the related Certified Translated Document, the Custodian shall review a document in a language other than English in accordance with the terms and conditions of this Custodial Agreement.
To assist in the foregoing provisions of this Section 1.2(b), the Servicer shall at all times during the term of this Custodial Agreement, maintain a current listing in a chart format that identifies 

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the Certified Translated Documents and related Foreign Language Templates, and periodically provide the Custodian and the Buyer with such chart whenever it is revised.  At such time as a document in a language other than English is delivered to the Custodian, the Servicer shall identify by reference to such chart to which Foreign Language Template such document corresponds.
Section 1.3.    Release of Timeshare Loans and Related Custodial Documents.
(a)    Unless the Custodian receives written notice from the Buyer that there has been a Servicer Event of Default which has not been cured as specified in the Sale Agreement, the Servicer may, from time to time and pursuant to a Request, request the Custodian to Deliver related Tangible Timeshare Loan Files to the Servicer due to payment in full on any Timeshare Loan, due to servicing requirements as described in Section 1.2(a), or for any other reason authorized under the Sale Agreement; provided, that upon Custodian’s receipt from the Buyer of any written notice, whether or not there has been a Servicer Event of Default, that the Servicer may no longer provide such instructions on the Buyer’s behalf, the Custodian shall no longer take any instructions by the Servicer and shall only take instructions by the Buyer as set forth in Section 1.3(b).  Upon receipt of such notice from the Buyer, the Custodian shall, within three (3) Business Days of a Request by the Servicer, but only upon written approval by the Buyer, release or cause to be released such Timeshare Loans and the related Tangible Timeshare Loan Files as set forth in the Request to the Servicer without recourse to the Custodian.
(b)    The Buyer may request the Custodian in writing to Deliver any Timeshare Loan Files to the Seller, or the Servicer upon the satisfaction by the Seller of the requirements set forth in the Sale Agreement relating to repurchased or substituted Timeshare Loans, or for any other reason authorized under the Sale Agreement.  Upon receipt of such request, the Custodian shall, within three (3) Business Days of such receipt, Deliver the related Timeshare Loan Files to the Seller (or an assignee thereof) as directed by the Buyer, without recourse to the Custodian.
ARTICLE II
CONCERNING THE CUSTODIAN
Section 2.1.    Representations and Warranties of Custodian.
(a)    The Custodian (i) is duly organized, validly existing and in good standing under the laws of the United States of America and (ii) has full corporate power and authority to conduct its business and affairs and to perform its obligations under this Custodial Agreement.
(b)    The Custodian does not control, is not controlled by, nor is under common control with, the Seller, the Buyer, the Servicer, or any of their respective Affiliates.
(c)    This Custodial Agreement, when executed and delivered by the Custodian, shall constitute the valid, legal and binding obligation of the Custodian, enforceable against the Custodian in accordance with its terms, except as the enforcement thereof may be limited by applicable receivership or similar debtor relief laws and that certain equitable remedies may not be available regardless of whether enforcement is sought in equity or at law.

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(d)    By execution of this Custodial Agreement, the Custodian represents, warrants and covenants that it does not currently hold, and during the existence of this Custodial Agreement shall not hold, any adverse interest, by way of security or otherwise, in any Timeshare Loan, and hereby waives and releases any such interest that it may have in any Timeshare Loan as of the date hereof.  Notwithstanding any other provisions of this Custodial Agreement and without limiting the generality of the foregoing, the Custodian shall not, at any time exercise or seek to enforce any claim, right or remedy, including any statutory or common law rights of set-off, if any, that the Custodian may otherwise have against all or any part of a Timeshare Loan File, a Timeshare Loan, the Seller, the Buyer, the Servicer, or any proceeds of the foregoing.
(e)    The Custodian represents and warrants that (i) no consent or authorization of, filing with, or other act by or in respect of, any arbitrator or Governmental Authority and no consent of any other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Custodial Agreement and (ii) there is no litigation pending or, to the Custodian’s knowledge, threatened, which if determined adversely to Custodian, would adversely affect the execution, delivery or enforceability of this Custodial Agreement, or any of the duties or obligations of the Custodian hereunder.
(f)    In respect of other transactions involving the Seller, or any of its Affiliates, where the Custodian acts as custodian, the Custodian is (i) in possession or control of all loan files required by the related custodial agreements and (ii) is in compliance with such custodial agreements.
(g)    The Custodian represents and warrants as of the date hereof and as of each Transfer Date, that the Custodian has a license to use the eOriginal System and exclusive access to the Warehouse Vault Partition and the terms thereof are sufficient to permit the Custodian to perform its duties and obligations hereunder.
(h)    The Custodian represents and warrants as of the date hereof and as of each Transfer Date, that no Seller or any affiliate of Seller has any right of access to the Warehouse Vault Partition.
Section 2.2.    Duties of Custodian.
(a)    The Custodian shall use reasonable care, in accordance with the standard customs adhered to by prudent institutions that act as custodians in the performance of its obligations hereunder; provided, however, that the foregoing and nothing contained herein or otherwise shall be construed to impose upon the Custodian any obligations or duties that are not otherwise specifically set forth in this Custodial Agreement or applicable law.
(b)    The Custodian shall maintain continuous custody of all physical items Delivered to it in secure fire-resistant facilities located in the State of Minnesota.  All Tangible Timeshare Loan Files will be physically separated from the files relating to other receivables for which the Custodian holds on behalf of itself or others.  Upon two (2) Business Days prior written request, the Custodian shall provide access to the Tangible Timeshare Loan Files to the Buyer and their related representatives.  The Timeshare Loan Files will initially be kept at MAC N9401-011, 1055 10th Avenue SE, Minneapolis, MN 55414 and the Custodian will provide at least 30 days’ prior written notice to the Servicer and the Buyer before such location is changed.

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(c)    The Custodian shall maintain each Electronic Timeshare Loan File such that (i) the watermark on the Authoritative Copy of any document contained therein shall read “View of Authoritative Copy”, (ii) a watermark on any copy of the Authoritative Copy thereof or a copy of any document contained therein shall read “View of Non-Authoritative Copy”, and (iii) the Required Legend is placed on each perceivable rendering of each document contained therein.  The Custodian shall cause the Warehouse Vault Partition to reflect the name of the Seller.
(d)    The Custodian shall appoint only its own personnel (or personnel of its subcontractors) as authorized users of the Warehouse Vault Partition and the Electronic Timeshare Loan Files contained therein and shall not otherwise permit any Person to have access thereto other than any personnel of eOriginal in connection with providing technical support.
(e)    The Custodian shall not transfer or export any Electronic Timeshare Loan File except in accordance with the terms hereof and shall not destroy any Electronic Timeshare Loan File.
(f)    The Custodian shall, at its own expense, maintain at all times during the existence of this Custodial Agreement, and keep in full force and effect (a) fidelity insurance, (b) theft of document insurance, (c) forgery insurance, and (d) insurance covering the risk of errors and omissions.  All such insurance shall be in amounts, with standard coverage and subject to deductibles, as are customary for insurance typically maintained by banks or other institutions that act as custodians in similar transactions.  Upon written request, the Custodian shall provide an Officer’s Certificate stating that such policy is in full force and effect.
(g)    Upon written request from the Buyer, the Custodian shall provide copies of Timeshare Loan Files to the Buyer at the Servicer’s expense (as such expenses are calculated pursuant to Section 3.2 hereof).
(h)    Except as expressly provided for herein, the Custodian shall not deliver physical possession of, or otherwise transfer, assign, pledge, mortgage, convey or dispose of any Timeshare Loan Files in its possession or under its control to any other Person.
(i)    With respect to any Timeshare Loan File, the Custodian shall only act as Custodian for one party.  
(j)    Upon written request from the Buyer, the Custodian shall initiate the Export (defined below) process and deliver to the Buyer copies of reports produced by the eOriginal System that set forth, in reasonable detail, the history, including, without limitation, the original electronic execution as well as the previous alterations, modification or amendments and the conversion to tangible chattel paper of any such Approved Exported Timeshare Loan File.  The Custodian shall then confirm that it has in its possession a physical Timeshare Loan File for each Timeshare Loan File which was converted into an Approved Exported Timeshare Loan File and confirm the same to the Buyer in writing, and maintain possession of such Approved Exported Timeshare Loan File in accordance with the terms of this Agreement or, if the Buyer shall so instruct the Custodian in writing, deliver such Approved Exported Timeshare Loan File as directed by the Buyer.  The reasonable and documented fees, costs and expenses related to such Exporting of the Electronic Timeshare Loan Files shall be the obligation of the Initial Servicer.  For purposes of this paragraph: 

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(i) “Export” with respect to a Timeshare Loan File, shall mean the Custodian has decommissioned the related Electronic Timeshare Loan File and the Authoritative Copies of the related documents contained therein are printed out pursuant to a “Paper Out”TM within the meaning specified in eOriginal’s System and (ii) “Approved Exported Timeshare Loan File” shall mean an Electronic Timeshare Loan File which has been Exported by the Custodian such that the related Electronic Timeshare Loan File is destroyed and the Authoritative Copies of the related documents contained therein are printed out and held by the Custodian pursuant to this Agreement, together with the document history report prepared by eOriginal related to such Timeshare Loan File.
Section 2.3.    Merger or Consolidation of Custodian.  Any Person into which the Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any Person succeeding to the business of the Custodian, shall automatically without further action or notice to any person, be the successor of Custodian hereunder, and notice thereof shall be provided by the Custodian to the Servicer, the Buyer and the Seller.
Section 2.4.    Limitation of Liability.  The duties and obligations of the Custodian shall be determined solely by the express provisions of this Custodial Agreement.  The Custodian shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Custodial Agreement or as set forth in a written amendment to this Custodial Agreement executed by the parties hereto or their successors and assigns.  Except as set forth in Section 2.6 hereof, the Custodian neither shall assign, transfer, pledge or grant a security interest in any of its rights, obligations, benefits or privileges hereunder, nor shall the Custodian delegate or appoint any other Person to perform or carry out any of its duties, responsibilities or obligations under this Custodial Agreement.  Except as set forth in Section 2.6 hereof, any act or instrument purporting to effect any such assignment, transfer, pledge, grant, delegation or appointment shall be void.  Subject to Section 2.4(h) hereof, no representations, warranties, covenants (other than those expressly made by the Custodian in this Custodial Agreement) or obligations of Custodian shall be implied with respect to this Custodial Agreement or the Custodian’s services hereunder.  Without limiting the generality of the foregoing, the Custodian:
(a)    shall have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed in writing by the parties hereto and shall use the same degree of care and skill as is reasonably expected of prudent financial institutions acting in comparable capacities and with due care in performance of its duties hereunder;
(b)    shall be regarded as making no representations and having no responsibilities (except as expressly set forth herein) as to the validity, sufficiency, value, genuineness, ownership or transferability of any certificates or Timeshare Loans represented thereby, and shall not be required to and shall not make any representations as to the validity, value, perfectibility or genuineness of any Timeshare Loans;
(c)    shall not be required to expend or risk its funds or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of its rights or powers, if the Custodian believes that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it;

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(d)    may rely on and shall be protected in acting upon any certificate, instrument, opinion, notice, letter, telegram, facsimile or other document, or any security, delivered to it and which in good faith it believes to be genuine and which has been signed by the proper party or parties.  The Custodian may rely conclusively on and shall be protected in acting upon the written instructions of any (i) Responsible Officer of the Buyer, (ii) designated officer of the Servicer having such authority identified on Exhibit C attached hereto or (iii) such other persons as may be designated in writing by the Buyer to the Custodian from time to time;
(e)    may consult with the Custodian’s in-house counsel or any other counsel nationally recognized in the area of commercial transactions and reasonably acceptable to the Custodian with regard to legal questions arising out of or in connection with this Custodial Agreement, and, provided the Custodian exercises reasonable judgment, the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Custodian in reasonable reliance, in good faith and in accordance therewith;
(f)    shall not be liable for any error of judgment made in good faith, or for any act done or step taken or omitted by it, in good faith, or for any mistakes of fact or law, or for anything which it may do or refrain from doing in connection herewith, except in the case of its willful misconduct, negligent performance or omission, or bad faith;
(g)    undertakes to perform only such duties and obligations as are specifically set forth in this Custodial Agreement.  Neither the Custodian nor any of its officers, directors, employees or agents shall be liable, directly or indirectly, for any damages or expenses arising out of the services performed under this Custodial Agreement other than damages which result from the negligence or willful misconduct of it or them.  In no event will the Custodian or any of its officers, directors, employees or agents be liable for any consequential, indirect, punitive or special damages;
(h)    may execute any of the rights, privileges or powers hereunder or perform any duties hereunder either directly or through agents or attorneys, provided, however, that the execution of such rights, privileges or powers by any such agents or attorneys shall not diminish, or relieve the Custodian for, responsibility therefor to the same degree as if the Custodian itself had executed such rights, privileges or powers;
(i)    shall have no responsibility or duty with respect to any Timeshare Loan Files while not in its possession or under its control;
(j)    shall not be responsible for preparing or filing any reports or returns relating to federal, state or local income taxes with respect to this Custodial Agreement, other than for the Custodian’s compensation or for reimbursement of expenses hereunder;
(k)    shall have no duty to qualify to do business in any jurisdiction other than (i) any jurisdiction where any Timeshare Loan File is or may be held by the Custodian from time to time hereunder, and (ii) any jurisdiction where its ownership of property or conduct of business requires such qualification and where failure to qualify could have a material adverse effect on the ability of the Custodian to perform its duties hereunder;

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(l)    shall not be imputed with any knowledge of, or information possessed by, the Buyer, and vice versa;
(m)    in the event that (i) any of the parties to this Custodial Agreement shall be served by a third party with any type of levy, attachment, writ or court order with respect to any Timeshare Loan File or any document included within a Timeshare Loan File or (ii) a third party, shall institute any court proceeding by which any Timeshare Loan File or a document included within a Timeshare Loan File shall be required to be delivered otherwise than in accordance with the provisions of this Custodial Agreement, the party receiving such service shall promptly deliver or cause to be delivered to the other parties to this Custodial Agreement copies of all court papers, orders, documents and other materials concerning such proceedings. The Custodian shall, to the extent permitted by law and applicable judicial orders, if any, continue to hold and maintain all the Timeshare Loan Files that are the subject of such proceedings pending a final, nonappealable order of a court of competent jurisdiction permitting or directing disposition thereof. Upon final determination of such court, the Custodian shall dispose of such Timeshare Loan File or any document included within such Timeshare Loan File as directed in writing by the Buyer, which shall give a direction consistent with such court determination. Expenses and fees (including, without limitation, attorney’s fees and expenses) of the Custodian incurred as result of such proceedings shall be paid by the Servicer out of the Receivables; 
(n)    shall not be responsible or liable for delays or failures in performance resulting from acts beyond its control. Such acts shall include acts of God, strikes, lockouts, riots, acts of war or terrorism, epidemics, governmental or regulatory actions, fire, communication line failures, computer viruses, power failures or earthquakes (each a “Force Majeure Event”), including the inability of the Custodian to access the Electronic Timeshare Loan Files due to any Force Majeure Event;
(o)    shall not be responsible for the acts or omissions of the Buyer, the Servicer, eOriginal, DocuSign or any other Person.  The parties acknowledge and agree that in making statements herein regarding “control” of the Electronic Timeshare Loan Files, the Custodian is relying on (and shall be entitled to rely upon) representations and covenants from eOriginal regarding the eOriginal System and the various criteria constituting “control”; 
(p)    may act in reliance upon any written communication of the Buyer concerning the Delivery, possession or control of the Electronic Timeshare Loan Files pursuant to this Agreement; and
(q)    shall not be responsible for any Electronic Timeshare Loan Files in the Warehouse Vault Partition, or for any obligations related thereto (including, but not limited to, reporting related to such Electronic Collateral), under this Agreement after its access to the Warehouse Vault Partition is terminated.
The provisions of this Section 2.4 shall survive the resignation or removal of the Custodian and the termination or assignment of this Custodial Agreement.

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Section 2.5.    Indemnification.
The Initial Servicer shall indemnify and hold the Custodian harmless from and against all liabilities, damages, losses, fees (including reasonable attorneys’ fees and expenses) penalties, actions, judgments, suits, and costs and expenses incurred by the Custodian as a result of any legal proceedings or in defending against any action or claim relating to the performance of its duties hereunder, unless such liabilities, damages, losses, fees, penalties, actions, judgments, suits, costs and expenses shall arise from the Custodian’s negligence or willful misconduct.  The Custodian’s rights to indemnification shall survive the resignation or removal of the Custodian and the termination or assignment of this Custodial Agreement.  Such indemnification shall include, but not be limited to, liabilities, obligations, losses, damages, penalties, actions, judgments, suits, payments, costs or expenses relating to or arising out of (i) the conduct by Seller or any affiliate thereof and any Obligor of any transaction by electronic means, (ii) the creation, generation, communication or transfer of Electronic Timeshare Loan Files by electronic means, (iii) the utilization by Seller or any affiliate thereof of the web portal, eOriginal System or software of eOriginal, (iv) the failure of the eOriginal System to create and maintain a single Authoritative Copy of any document in any Electronic Timeshare Loan File or to otherwise conform with the eOriginal System description, except due to a modification made by or at the direction of the Custodian not in compliance with the terms of this Agreement or not at the direction of the Buyer, or (v) the negligence, or fraudulent or willful misconduct, of eOriginal in connection with the Electronic Timeshare Loan Files.
In the event that the Custodian fails to produce an Obligor Note or any document related to the Timeshare Loan File that was in its possession pursuant to this Custodial Agreement within two (2) Business Days after a written request therefor by the Servicer or the Buyer, in accordance with the terms and conditions hereof, provided that (i) the Custodian previously delivered to the Buyer (with a copy to the Seller and the Servicer) a Trust Receipt, an Inventory Report and a Material Exception Report which did not list the failure of a Timeshare Loan File to include such document as a Material Exception; (ii) such document is not outstanding pursuant to a Request; and (iii) such document was held by the Custodian on behalf of the Buyer, as applicable (a “Custodial Delivery Failure”), then the Custodian shall (a) with respect to any missing Obligor Note, promptly deliver to the Buyer, the Seller and the Servicer, upon request, a Lost Note Affidavit and (b) with respect to any missing document related to a Timeshare Loan, including, but not limited to a missing Obligor Note, indemnify the Buyer, the Seller and the Servicer in accordance with the succeeding paragraph of this Section 2.5.  In the event that such original Obligor Note is subsequently found and delivered to the related party, such party shall promptly return the Lost Note Affidavit to the Custodian.
The Custodian agrees to indemnify and hold the Buyer, the Seller and the Servicer and their respective designees harmless against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs or out-of-pocket expenses, including reasonable attorneys’ fees, that may be imposed on, incurred by, or asserted against it or them in any way relating to arising out of a Custodial Delivery Failure or a material breach by the Custodian in its performance of its duties hereunder which was the result of the Custodian’s negligence, bad faith or willful misconduct. In no event shall the Custodian or its officers, directors, employees and other agents be held liable for any special, direct, indirect or consequential damages resulting from any action taken or omitted 

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to be taken by it or them hereunder or in connection herewith, even if advised of the possibility of such damages.
The Initial Servicer agrees to indemnify and hold the Buyer, the Seller, the Custodian and their respective designees harmless against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs or out-of-pocket expenses, including reasonable attorneys’ fees, that may be imposed on, incurred by, or asserted against it or them in any way relating to arising out of (i) the conduct by Seller or any affiliate thereof and any Obligor of any transaction by electronic means, (ii) the creation, generation, communication or transfer of Electronic Timeshare Loan Files by electronic means, (iii) the utilization by Seller or any affiliate thereof of the web portal, eOriginal System or software of eOriginal, (iv) the failure of the eOriginal System to create and maintain a single Authoritative Copy of any document in any Electronic Timeshare Loan File or to otherwise conform with the eOriginal System description, except due to a modification made by or at the direction of the Custodian not in compliance with the terms of this Agreement or not at the direction of the Buyer, or (v) the negligence, or fraudulent or willful misconduct, of eOriginal or the breach of any obligation of eOriginal in connection with the Electronic Timeshare Loan Files.
Section 2.6.    Resignation by the Custodian; Successor Custodian.
(a)    The Custodian may at any time resign and terminate its obligations under this Custodial Agreement upon at least sixty (60) days’ prior written notice to the Servicer, the Buyer and the Seller. Such resignation shall not be effective until a successor custodian acceptable to the Buyer shall have assumed the duties of Custodian hereunder. The Custodian shall maintain physical possession of the Tangible Timeshare Loan Files and control of the Electronic Timeshare Loan Files until the due appointment of a successor custodian and the orderly transfer of the Timeshare Loan Files to such successor custodian.  Promptly after receipt of notice of the Custodian’s resignation, the Servicer, with the written consent of the Buyer (or, so long as a Servicer Event of Default has occurred and is continuing, the Buyer), shall appoint, by written instrument, a successor custodian. If the Servicer fails to appoint a successor within thirty (30) days of such notice of resignation, the Custodian may petition a court of competent jurisdiction to appoint a successor custodian.
(b)    The Buyer may at any time terminate the obligations of the Custodian under this Custodial Agreement immediately for a material breach of its obligations hereunder or upon at least sixty (60) days’ prior written notice to the Custodian. The Servicer shall not terminate obligations of the Custodian under this Custodial Agreement without the prior written consent of the Buyer. If the Buyer fails to appoint a successor within thirty (30) days of such notice of termination, the Custodian may petition a court of competent jurisdiction to appoint a successor custodian. All costs and expenses (including attorneys’ fees and expenses) incurred by the Custodian relating to any such petition to appoint a successor custodian shall be paid by the Buyer.
(c)    Upon its termination or resignation, the Custodian will take such actions as the Buyer may direct in a commercially reasonable manner and including any such actions as are necessary to best facilitate the transition of the performance of the Custodian’s activities to the successor Custodian. The Custodian, at the expense of the Buyer, shall provide reasonable assistance to the successor custodian to assume and perform the duties of the Custodian hereunder (including, without 

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limitation, the prompt delivery of possession and/or control of all Timeshare Loan Files to the successor custodian or such other directions by the Buyer at such time).
ARTICLE III
MISCELLANEOUS PROVISIONS
Section 3.1.    Notices.  Any request, demand, authorization, direction, notice, consent, waiver or other documents provided or permitted by this Custodial Agreement to be made upon, given or furnished to, or filed with any party hereto shall be sufficient for every purpose hereunder if in writing and delivered by facsimile transmission or mailed, first-class postage prepaid and addressed to the appropriate address below, or to such other addresses or telephone numbers as either party may advise the other party by notice:
(a)    to the Servicer at Diamond Resorts Financial Services, Inc., 10600 West Charleston Boulevard, Las Vegas, Nevada 89135, Attention: David L. Womer, President, Facsimile Number: (702) 804-8632, Telephone Number: (702) 823-7350, with copies to Diamond Resorts Corporation, 10600 West Charleston Boulevard, Las Vegas, Nevada 89135, Attention: General Counsel, Facsimile Number: (702) 765-8610, Telephone Number: (702) 823-7560;
(b)    to the Seller at DRI Quorum 2010 LLC, 10600 West Charleston Boulevard, Las Vegas, Nevada 89135, Attention: General Counsel, Facsimile Number: (702) 765-8610, Telephone Number: (702) 823-7560;
(c)    to the Buyer at Quorum Federal Credit Union, 2 Manhattanville Road, Purchase, NY 10577, Attention: Bruno Sementilli, CEO, Facsimile Number: (914) 641-3898, Telephone Number: (914) 641-3739; and
(d)    to the Custodian at Wells Fargo Bank, National Association, MAC N9401-011, 1055 10th Avenue SE, Minneapolis, MN 55414, Attention: Corporate Trust Services – Asset-Backed Securities Vault, Facsimile Number: (612) 667-1080, Telephone Number: (612) 667-8058.

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Section 3.2.    Compensation.  The Servicer shall pay from the Receivables pursuant to Section 8(b) of the Sale Agreement, compensation to the Custodian for its services hereunder as set forth on Exhibit D, hereto. The provisions of this Section 3.2 shall survive the resignation or removal of the Custodian and the termination or assignment of this Custodial Agreement.
Section 3.3.    Amendments.  No modification or amendment of or supplement to this Custodial  Agreement shall be valid or effective unless the same is in writing and signed by the Custodian and the Buyer and, so long as no Event of Default has occurred and is continuing under the Sale Agreement, the Servicer.
Section 3.4.    Governing Law.  This Custodial Agreement shall be deemed a contract made under the laws of the State of New York and shall be construed and enforced in accordance with and governed by the laws of the State of New York.
Section 3.5.    Counterparts.  This Custodial Agreement may be executed in any number of counterparts, and by the different parties hereto on the same or separate counterparts, each of which counterparts, when so executed and delivered shall be deemed to be an original instrument and all of the counterparts, taken together, shall constitute one and the same agreement.
Section 3.6.    Severability of Provisions.  If any one or more of the covenants, agreements, provisions or terms of this Custodial Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Custodial Agreement and shall in no way affect the validity or enforceability of the other provisions of this Custodial Agreement.
Section 3.7.    Communication.  The parties agree that an Electronic Timeshare Loan File shall be “communicated” to the Custodian upon the transfer of the Authoritative Copy of such Electronic Timeshare Loan File to the Warehouse Vault Partition and acceptance of the Custodian of such Authoritative Copy into the Warehouse Vault Partition, and the Custodian shall thereafter maintain such Electronic Timeshare Loan File in the Warehouse Vault Partition on behalf of the Buyer.  The Custodian shall maintain the Warehouse Vault Partition so that the eOriginal System will place the Required Legend on each page of any perceivable copy of a document in the related Electronic Timeshare Loan File.  The Custodian shall not make any changes to the owner of record of the Warehouse Vault Partition or to the legend which appears on documents in the Electronic Timeshare Loan Files without the prior written consent of the Buyer.
[Signatures on Following Pages]

25

IN WITNESS WHEREOF, the parties hereto have executed this Custodial Agreement as of the date first set forth above.
	
	
	DRI QUORUM 2010 LLC, a Delaware limited liability company, as Seller

By:                                                                         
        Name:   Lillian Luu
Title:   Treasurer

	 

	
	
	DIAMOND RESORTS FINANCIAL SERVICES, INC., a Nevada corporation, as Servicer

By:                                                                          
       Name:   David Womer
       Title:   President

	 

IN WITNESS WHEREOF, the parties hereto have executed this Custodial Agreement as of the date first set forth above.
	
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Custodian

By:                                                                          
        Name:
        Title:

IN WITNESS WHEREOF, the parties hereto have executed this Custodial Agreement as of the date first set forth above.
	
	
	QUORUM FEDERAL CREDIT UNION, a federally charted credit union, as Buyer

By:                                                                          
        Name:
        Title:

Execution

EXHIBIT E

SALE NOTICE

Date:             

This Sale Notice is pursuant to the Amended and Restated Loan Sale and Servicing Agreement dated as of December 31, 2012, by and among  DRI Quorum 2010 LLC, a Delaware limited liability company (“Seller”), Quorum Federal Credit Union, a federally chartered credit union (“Buyer”), Diamond Resorts Financial Services, Inc., a Nevada corporation (“Servicer”), and Wells Fargo Bank, National Association, a national banking association, (“Back-Up Servicer”) (as the same may be amended from time to time, the “Agreement”).  Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Agreement. 

The Seller intends to sell to the Buyer the Timeshare Loans described in the electronic file which shall contain the information and be in the form attached hereto and shall be delivered to the Buyer with this Sale Notice.  Such Timeshare Loans were underwritten in accordance with the Buyer’s underwriting criteria, constitute Eligible Timeshare Loans, were Originated with the intention and expectation that Buyer will purchase the same, and are from Obligors who have executed and delivered an application for membership in the Buyer and will become members of the Buyer prior to Buyer purchasing the same. 

This Sale Notice constitutes a conditional assignment of the Timeshare Loans to the Buyer subject to the fulfillment of the Pre-Funding Conditions, all conditions required to be satisfied on the Sale Date having been satisfied. 

If a Timeshare Loan does not fully satisfy the Pre-Funding Conditions and does not constitute an Eligible Timeshare Loan, the Buyer shall not purchase such Timeshare Loan and the Seller may sell such Timeshare Loan free of any claims by the Buyer.

(Signature Page Follows)

E-1

Execution

DRI QUORUM 2010 LLC

By:     __________________________
Name:     __________________________
Title:     __________________________
Address:     __________________________
Attention:     ________________
Telephone: ________________
Facsimile:    ________________

Acknowledged by:

QUORUM FEDERAL CREDIT UNION, as Buyer

By: _______________________________________
Name:     Bruno Sementilli
Title:    President/CEO
Address:    2500 Westchester Ave., Suite 411
Purchase, NY 10577
Attention:  President/CEO

E-2

Execution

Attachment to Exhibit E

            
	
						
	Developer
	Loan Number
	Borrower Name
	Loan Origination Date
	Loan Balance
	End of Rescission Period Date

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 

E-3

Execution

Exhibit F-1

BUYER COMMITMENT PURCHASE CONFIRMATION

Date: ____________

Buyer agrees to purchase Sale Date Timeshare Loan Pool Number __________________ on the terms and conditions set forth in the certain Amended and Restated Loan Sale and Servicing Agreement by and among DRI Quorum 2010 LLC, as Seller, Quorum Federal Credit Union, as Buyer, Diamond Resorts Financial Services, Inc., as Servicer, and Wells Fargo Bank, National Association, as Back-Up Servicer, dated December 31, 2012 (the “Agreement”) as supplemented below:

		
	A.
	Aggregate principal balance of the Sale Date Loan Pool:  $_________________

		
	B.
	Buyer Purchase Price Percentage:  ________ percent (____%)

		
	C.
	Initial Purchase Price Installment:  $_________________ [calculated in accordance with H below]

		
	D.
	Program Fee Rate:  ________ percent (____%).

		
	E.
	Target Net Investment Percentage:  _______ percent (_____%)

		
	F.
	Loan Purchase Fee:  $______ [insert amount equal to the product of (i)  _____% and (ii) the outstanding principal loan balance of the related Sale Date Loan Pool times the Buyer Purchase Price Percentage] 

		
	G.
	Timeshare Portfolio Performance Event levels:

		
	(i)
	Delinquency Level:  ________% [rolling three month average monthly Delinquency Level] 

		
	(ii)
	Default Level:  _________ % [rolling three month average monthly Default Level]

		
	(iii)
	Cumulative Default Level:  ________%

		
	H.
	The Initial Purchase Price Installment has been calculated as follows:

		
	(i)
	The product of the aggregate principal balance of the Sale Date Loan Pool and the Buyer Purchase Price Percentage:  $______________

Less

		
	(ii)
	Loan Purchase Fee:  $____________

The electronic file detailing each Timeshare Loan is hereby delivered to Seller with this purchase confirmation.

F-1 - 1

Buyer has rejected the following loans for the undernoted reasons:

This Buyer Commitment Purchase Confirmation is provided under the provisions of Section 3 of the Agreement.  Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Agreement.

QUORUM FEDERAL CREDIT UNION, as Buyer

By: ______________________________________
Name:     Bruno Sementilli
Title:     President
Address:     2500 Westchester Ave., Suite 411
Purchase, NY 10577
Attention:     President/CEO
Telephone:    914-641-3739
Facsimile:     914-641-3777

DRI QUORUM 2010 LLC, as Seller

By: ______________________________________
Name:     Lillian Luu
Title:     Treasurer
Address:     10600 West Charleston Boulevard
Las Vegas, NV 89135
Attention:     General Counsel
Telephone:     702-823-7560
Facsimile:     702-765-8610

F-1 - 2

Execution

Exhibit F-2

Buyer Purchase Confirmation

Date:  _______________

Buyer agrees to purchase Sale Date Timeshare Loan Pool Number __________________ on the terms and conditions set forth in the Amended and Restated Loan Sale and Servicing Agreement by and among DRI Quorum 2010 LLC, as Seller, Quorum Federal Credit Union, as Buyer, Diamond Resorts Financial Services, Inc., as Servicer, and Wells Fargo Bank, National Association, as Back-Up Servicer, dated December 31, 2012 (the “Agreement”) as supplemented below:

		
	A.
	Aggregate principal balance of the Sale Date Loan Pool:  $_____________________

		
	B.
	Buyer Purchase Price Percentage:  ___________ percent (_____%)

		
	C.
	Initial Purchase Price Installment:  $_________________ [calculated in accordance with H below]

		
	D.
	Program Fee Rate:  ______________ percent (____%).

		
	E.
	Target Net Investment Percentage:  _______ percent (_____%)

		
	F.
	Program Fee Rate:  ________ percent (____% )

		
	G.
	Loan Purchase Fee:  $______ [insert amount equal to the product of (i) _____% and (ii) the outstanding principal loan balance of the related Sale Date Loan Pool times the Buyer Purchase Price Percentage] 

		
	H.
	Timeshare Portfolio Performance Event levels:

		
	(i)
	Delinquency Level:  _________ percent (_____%) [rolling three month average monthly Delinquency Level] 

		
	(ii)
	Default Level:  _________ percent (_____%) [rolling three month average monthly Default Level

		
	(iii)
	Cumulative Default Level:  _________ percent (_______%)

The Initial Purchase Price Installment has been calculated as follows:

		
	(i)
	The product of the adjusted aggregate principal balance of the Sale Date Loan Pool and the Buyer Purchase Price Percentage:  $_____________

Less

		
	(ii)
	Loan Purchase Fee:  ____________

F-2 - 1

The electronic file detailing each Timeshare Loan is hereby delivered to Seller with this purchase confirmation adjusted by deleting all Timeshare Loans rejected by Buyer.

Buyer has rejected the following loans for the undernoted reasons:

This Buyer Purchase Confirmation is provided under the provisions of Section 3 of the Agreement and unless the Buyer has received the undernoted notice rejecting this confirmation by 5 PM (New York City Time) on the business day prior to the sale date the transaction will close on the Sale Date.

QUORUM FEDERAL CREDIT UNION, as Buyer

By: ____________________________________
Name:     Bruno Sementilli
Title:     President
Address:     2500 Westchester Ave., Suite 411
Purchase, NY 10577
Attention:     President/CEO
Telephone:     914-641-3739
Facsimile:     914-641-3777

PURCHASE CONFIRMATION REJECTED THIS ____ DAY OF _________________.

DRI QUORUM 2010 LLC, as Seller

By: _____________________________
Name:     Lillian Luu
Title:     Treasurer
Address:     10600 West Charleston Boulevard
Las Vegas, NV 89135
Attention:     General Counsel
Telephone:     702-823-7560
Facsimile:     702-765-8610

F-2 - 2

Execution

EXHIBIT K

SETTLEMENT AND FUNDING NOTICE

Date:             

This Settlement and Funding Notice is pursuant to the Amended and Restated Loan Sale and Servicing Agreement dated as of December 31, 2012, by and among DRI Quorum 2010 LLC, a Delaware limited liability company (“Seller”), Quorum Federal Credit Union, a federally chartered credit union (“Buyer”), Diamond Resorts Financial Services, Inc., a Nevada corporation (“Servicer”), and Wells Fargo Bank, National Association, a national banking association (“Back-Up Servicer”) (as amended from time to time, the “Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Agreement. 

The Seller hereby confirms that the Pre-Funding Conditions have been satisfied with respect to the Timeshare Loans described on the attached Exhibit A.  The Seller proposes to sell to the Buyer the Timeshare Loans on Exhibit A and further described below.

Proposed Sale Date:                

Aggregate principal balance of Sale Date Loan Pool:     $            

Number of Timeshare Loans in Sale Date Loan Pool:                 

Range of balances of Timeshare Loans:     $        to $        

Range of seasoning of Timeshare Loans:             months to         months

Aggregate balance of Timeshare Loans in the Sale     $            
Date Loan Pool to non-U.S, domiciled Borrowers: 

Aggregate balance of Timeshare Loans in the Sale     $            
Date Loan Pool secured by a right-to-use vacation 
ownership interest with a finite use:

Aggregate balance of Timeshare Loans in the Sale     $            
Date Loan Pool secured by a vacation ownership 
interest that limits use to less frequently than each year:

Aggregate balance of Timeshare Loans in the Sale    $             
Date Loan Pool that are Eligible In-Transit Loans:

Sale Date Loan Pool Number:                 

K - 1

Unless a Buyer’s purchase confirmation is received by the Seller before 12:00 p.m. one business day prior to the Sale Date, this offer of sale will expire.

DRI QUORUM 2010 LLC
 

By:                         
Name:                         
Title:                         
Address:                     
Attention:             
Telephone:             
Facsimile:  ______________

K - 2Exhibit 10.7

ETF
Master Agreement

 

This ETF Master Agreement (the “Master
Agreement”) is entered into as of this 1ST day of October, 2013 (the “Effective Date”)
between:

 

		(I)	S&P Opco, LLC, a Delaware limited liability company with
offices at 55 Water Street, New York, New York 10041, USA (“S&P”), and

 

		(II)	The entity described in the Schedule hereto (“LICENSEE”).

 

WHEREAS:

 

		(A)	S&P or its licensors compiles, calculates, maintains and owns
(and/or licenses from others) certain rights in and to the S&P Indices (as defined herein) and to the proprietary data contained
therein; and

 

		(B)	S&P uses in commerce and asserts trade name and trademark rights
to the S&P Marks (as defined herein) which are associated with the S&P Indices (and/or licenses from others certain rights
in and to the S&P Marks); and

 

		(C)	S&P has the right to use the designations “Dow Jones”
and “DJ” pursuant to a Trademark License Agreement (the “Trademark License Agreement”) dated March
18, 2010 with Dow Jones & Company, Inc. (“Dow Jones”) (such rights being hereinafter individually and collectively
referred to as the "Dow Jones Marks") and, subject to the Trademark License Agreement, S&P uses in commerce
and has trade name, trademark and/or service mark rights to the names identifying certain S&P Indices and such other trademarks
and/or service marks identified in the ETF License (defined below); and

 

		(D)	LICENSEE wishes to use each S&P Index to create one or more ETFs
(as defined herein) that are sponsored, advised and/or managed by LICENSEE or a Permitted Sublicensee (“LICENSEE ETF”),
each of which is designed to perform in a manner which Tracks (as defined below) a specific S&P Index; and 

 

		(E)	LICENSEE wishes to use the S&P Marks in connection with the identification
and marketing of the LICENSEE ETFs and in connection with making disclosures about the LICENSEE ETFs under applicable laws, rules
and regulations in order to indicate that S&P is the source of the S&P Indices; and

 

		(F)	LICENSEE wishes to obtain, and S&P wishes to grant, a license
(or licenses) to so use the S&P Indices and the S&P Marks pursuant to the terms and conditions hereinafter set forth.

 

NOW,
THEREFORE, the Parties hereby agree as follows:

 

		1.	Definitions & Interpretation.

 

		1.1.	The following words, terms and phrases shall, where used in this
Master Agreement and each ETF License hereunder, have the meanings ascribed to them below save where the context otherwise expressly
requires:-

 

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		1.1.1.	“Affiliate” of an entity is any other entity (including,
but not limited to, a partnership or joint venture) that directly or indirectly (i) controls; (ii) is controlled
by; or (iii) is under common control with such person or entity. For purposes of this definition and the definition of “Change
in Control”, “control” means the ownership, directly or indirectly, of more than fifty percent (50%) of the voting
securities or equity ownership interests of an entity.

 

		1.1.2.	“Change in Control” means (i) the acquisition
of control of LICENSEE directly or indirectly by a party that was not an Affiliate of LICENSEE prior to such transaction; (ii)
the merger or consolidation of LICENSEE directly or indirectly into or with a party that was not an Affiliate of LICENSEE prior
to such transaction; or (iii) the sale of LICENSEE or substantially all of its assets directly or indirectly to a third
party.

 

		1.1.3.	“Commencement Date” means the start date of the
term of each ETF License entered into hereunder, as set forth therein.

 

		1.1.4.	“Designated OSM” (if any) means the first Organized
Securities Market on which the Parties agree that LICENSEE will List a LICENSEE ETF which Tracks a particular S&P Index, as
described in Paragraph J2.

 

		1.1.5.	“Dow Jones Marks” shall have the meaning set forth
in the Whereas clause (C);

 

		1.1.6.	“ETF” means an open ended pooled investment vehicle,
unit trust, investment company or other collective or commingled investment vehicle that has the following characteristics: (i)
it issues, sells and redeems blocks of shares, units or other interests, which blocks are sometimes referred to as “creation
units”; (ii) the shares, units or similar interests thereof are Listed on an Organized Securities Market; and
(iii) the investment objective and configuration of the investment vehicle is either (x) an algorithmic investment vehicle
which issues and maintains an equal numbers of up shares and down shares where an increase in an underlying index will increase
the entitlements over the investment vehicle to the up shares, and where a decrease in an underlying index will increase the entitlements
over the investment vehicle to the down shares (respectively, the “Up Shares” and “Down Shares”) and where
the basket of securities and/or other financial instruments is limited to cash, short-dated U.S. Treasuries and other cash equivalents,
or (y) an investment vehicle which at all times owns a basket of securities and/or other financial instruments, such as futures,
options, forward contracts and other derivative contracts in an attempt to Track the performance of the securities represented
by a single underlying index (the “Underlying Index”). As used herein, the term "ETF" excludes, without
limitation, ETNs, indexed warrants, indexed debt instruments, options, futures contracts or other derivative contracts based on
the value of ETF Shares or on an Underlying Index, or other securities or index-linked contracts that are traded on Organized Securities
Markets but that are not defined herein.

 

		1.1.7.	“ETF License” means each sequentially numbered
discrete contract document (substantially following the form of S&P’s then current version thereof) entered into by the
Parties from time to time hereunder and pursuant to which one or more Licenses for specific S&P Indices and S&P Marks may
be granted to LICENSEE. The current version of the ETF License is attached hereto as Exhibit A.

 

		1.1.8.	“ETF Share” means any of a single share (where
only one share class is present), an Up Share, a Down Share, or other unit representing a proportionate interest in the assets
of an ETF, which interest is not divided into smaller fractions.

 

		1.1.9.	“ETF Type” means the type or class of a particular
LICENSEE ETF, as described in Paragraph E2.

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		1.1.10.	“ETN” means a note or similar instrument (whether
secured or unsecured) which does not conform with the definition of ETF as defined herein and is issued by an underwriting bank
or other third party that: (i) Tracks the performance of a specific Underlying Index; (ii)
is listed and/or traded on any Organized Securities Market; (iii) may or may not provide for interest or other payments
prior to maturity; and (iv) may be redeemed at the option of the holder thereof at a value based on or derived from, at
the time of redemption, the performance of such Underlying Index. 

 

		1.1.11.	“Exclusivity Period” (if any) is defined in Paragraph
G.

 

		1.1.12.	“Informational Materials” is defined in Section
11.1.

 

		1.1.13.	“Initial Term” means the period after the Commencement
Date defined in Paragraph H1.

 

		1.1.14.	“Launch Date” means, with respect to a particular
S&P Index, the date on which LICENSEE ETF Shares for the first LICENSEE ETF Tracking such S&P Index are first Listed on
an Organized Securities Market. 

 

		1.1.15.	“License Fees” is defined in Section
5.1 and Paragraph I.

 

		1.1.16.	“License” is defined in Section
2.1.

 

		1.1.17.	“LICENSEE ETF” is defined in the preamble to this
Master Agreement and in Paragraphs E1 and E2. 

 

		1.1.18.	“LICENSEE ETF Share” means an ETF Share of a LICENSEE
ETF.

 

		1.1.19.	“Listed” means, with respect to particular ETF
Shares and a particular Organized Securities Market, that (i) the ETF Shares are offered, traded, listed, purchased, sold,
crossed, or exchanged through the medium or with the assistance of such Organized Securities Market; and (ii) all required
regulatory approvals have been obtained with respect thereto. “List” and “Listing” have a
commensurate meaning.

 

		1.1.20.	“Organized Securities Market” means any broker-dealer,
automated quotation system of a registered securities association, exchange, or other entity or organization located in any part
of the world (a) that (i) is subject to regulation as an exchange under applicable laws, rules or regulations of
its jurisdiction; or (ii) acts in an exchange-like capacity, with or without a recognized status or formal exemptive or
no-action relief from the competent government or regulatory authority in its jurisdiction, by virtue of it, as principal or agent,
acting on a regular basis as an intermediary between buyers and sellers, or constituting, maintaining or providing a market place
or facilities for bringing together buyers and sellers or for otherwise performing the functions commonly provided by an exchange;
and (b) through the medium of which or with the assistance of which Financial Instruments are offered, traded, listed, purchased,
sold, crossed, or exchanged. For the purposes of this definition, “Financial Instruments” means commodities,
securities, and derivatives of all types, including, without limitation, stocks and other equity instruments, bonds and other debt
instruments, commodities and futures, forwards, swaps, and options that derive their value from bonds, equities, commodities or
indices thereof. 

 

		1.1.21.	“Paragraph” means the relevant paragraph of each
ETF License entered into under the provisions of this Master Agreement.

 

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		1.1.22.	“Party” refers individually to either S&P
or LICENSEE and “Parties” refers collectively to S&P and LICENSEE.

 

		1.1.23.	“Permitted Sublicensees” is defined in Section
3.1.

 

		1.1.24.	“Quarter” means each calendar quarter of three
(3) months ending on the last day of each of December, March, June and September.

 

		1.1.25.	“Renewal Term” means the consecutive periods of
time (after expiry of the Initial Term) defined in Paragraph H2.

 

		1.1.26.	“S&P Indices” (individually, an “S&P
Index”) means each of the one or more indices (owned by S&P and/or its Third Party Licensors, as applicable) listed
in Paragraph D.

 

		1.1.27.	“S&P Index Sub-Components” means each of the
sectors, industries, peer groups or classes of asset defined by S&P or its Third Party Licensors and which may in aggregate
comprise an S&P Index.

 

		1.1.28.	“S&P Marks” means the marks (owned by S&P
and/or its Third Party Licensors, as applicable) (which may include, without limitation, the Dow Jones Marks) set forth in Paragraph
K.

 

		1.1.29.	“Section” means the relevant section of this Master
Agreement.

 

		1.1.30.	“Target Launch Date” is defined in Section
8.1 and Paragraph J1.

 

		1.1.31.	“Term” is defined in Section
7.1.

 

		1.1.32.	“Territory” is defined in Paragraph
F.

 

		1.1.33.	“Third Party Licensors” means those one or more
third parties (if any) whose indices and/or marks (and the intellectual property therein) S&P has obtained a license to use
and to license to others (including, in certain cases, the S&P Indices and/or S&P Marks) including, without limitation
Affiliates of S&P, such as Dow Jones Opco, LLC, and Dow Jones.

 

		1.1.34.	“Total Expenses” means, with respect to any ETF,
the total fees and expenses paid for by such ETF, net of waivers and rebates granted to its shareholders.

 

		1.1.35.	“Track” (or “Tracking”) means,
with respect to either an ETF or an ETN, that the performance (and therefore the value) of such ETF or ETN is linked or connected
to the performance of a particular Underlying Index, according to the ETF Type specified in Paragraph
E2 of the relevant ETF License.

 

		1.2.	Colored text is used purely for ease of reference and shall have
no impact on the interpretation of this Master Agreement.

 

		2.	Grant of License.

 

		2.1.	Subject to the terms and conditions of this Master Agreement and
the relevant ETF License, S&P hereby grants to LICENSEE a limited, non-transferable and non-exclusive (except as expressly
stated in Paragraph G) license during the Term to do the following in the Territory (the
“License”):

 

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		2.1.1.	to use each S&P Index and the corresponding S&P Marks in
the Territory to establish, organize, structure, sponsor, and manage a LICENSEE ETF; and 

 

		2.1.2.	to List each such LICENSEE ETF on an Organized Securities Market
in the Territory, subject to Section 4; and

 

		2.1.3.	to use the relevant S&P Marks in the Territory as part of the
name of each such LICENSEE ETF (as such name is approved by S&P in accordance with Section 11.1.3);
and 

 

		2.1.4.	to use the relevant S&P Marks in connection with the offer, sale,
distribution, marketing and promotion of each such LICENSEE ETF in the Territory for the sole purpose of identifying S&P (and
its Third Party Licensors, if relevant) as the source of the underlying S&P Index; and

 

		2.1.5.	to use the underlying S&P Index and the corresponding S&P
Marks in connection with making such disclosure in the Territory about each such LICENSEE ETF as LICENSEE reasonably deems necessary
or desirable under any applicable laws, rules or regulations or provisions of this Master Agreement, but only to the extent necessary
to indicate S&P (and its Third Party Licensors, if relevant) as the source of the underlying S&P Index. 

 

		2.2.	The License shall be entirely non-exclusive, except as otherwise
expressly stated in Paragraph G of any ETF License.

 

		2.3.	The number of indices and/or marks included in the respective definitions
of S&P Indices and/or the S&P Marks, and subject to the License, may be revised upon mutual written agreement by the Parties,
and such changes shall be reflected by written amendment to the applicable ETF License(s) or the execution of one or more new ETF
Licenses by S&P and LICENSEE.

 

		2.4.	No rights to use the S&P Indices or the S&P Marks are granted
under this Master Agreement or any ETF License other than the License rights specifically described and expressly granted in any
ETF License entered into hereunder. Rights to trade, or to license third parties to trade, any securities or financial instruments
based on or linked to ETF Shares shall at all times be granted (or not granted) at the sole discretion of S&P. 

 

		2.5.	Except for the License specifically provided herein, neither this
Master Agreement nor any ETF License shall transfer to LICENSEE any right to, or interest in, the S&P Indices or the S&P
Marks. It is expressly understood that S&P retains the right to license the S&P Indices and the S&P Marks for any uses,
including, but not limited to, uses of the S&P Indices and the S&P Marks in connection with products derived from an ETF.
It is further expressly understood that neither this Master Agreement nor any ETF License conveys any rights to, or interest in,
any other S&P index or mark or any other property of S&P and/or its Third Party Licensors.

 

		2.6.	S&P shall inform LICENSEE of any change in any of the S&P
Marks. In such event LICENSEE will have 60 days from receipt of such written notice to change the name of the LICENSEE ETF, update
all Informational Materials and comply with such other reasonable requirements of S&P in connection therewith. Should LICENSEE
fail to so do within such 60 day period, S&P shall have the right to terminate the relevant ETF License(s) upon written notice
to LICENSEE.

 

		2.7.	For the avoidance of doubt, no License granted to LICENSEE under
any ETF License and this Master Agreement shall include any right or license to create, establish, organize, structure, sponsor,
manage and/or List discrete ETFs which Track any one or more of the S&P Index Sub-Components of any S&P Index.

 

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		2.8.	From time to time on or after the Effective Date, LICENSEE and S&P
may agree to enter into one or more ETF Licenses, pursuant to which LICENSEE shall obtain the right to use the S&P Indices
and/or S&P Marks set forth therein in accordance with the terms and conditions of this Master Agreement and such ETF License.
LICENSEE shall not have the right to use, or allow any Permitted Sublicensees to use, any of the S&P Indices and/or S&P
Marks unless LICENSEE enters into an ETF License as set forth herein. The use of any S&P Indices and/or any S&P Marks with
respect to a particular LICENSEE ETF is subject to additional terms, conditions and restrictions as set forth in the ETF License
for such LICENSEE ETF. Upon execution by LICENSEE and S&P, each ETF License shall constitute a separate agreement and, except
for any provisions herein that are specifically excluded or modified in such ETF License, shall incorporate therein the terms and
conditions of this Master Agreement. In the event of any conflict, ambiguity or consistency between the terms of this Master Agreement
and the terms of any ETF License, the terms of the ETF License shall prevail with respect to that ETF License only. Except as may
be expressly agreed to in writing by an authorized representative of each Party, any modifications contained in any ETF License
shall not modify this Master Agreement with respect to any other ETF License.

 

		3.	Sublicenses. 

 

		3.1.	LICENSEE is entitled to sublicense the rights granted to it to use
the S&P Indices and the S&P Marks pursuant to the relevant ETF License to the following entities (the “Permitted
Sublicensees”): 

 

		3.1.1.	any Affiliate of LICENSEE, provided, however, that: (A) such
Affiliate shall not have the further power to sublicense to third parties any rights to use the S&P Indices or the S&P
Marks (other than to the relevant LICENSEE ETF(s)); and (B) such sublicense shall be in writing and shall by its terms immediately
terminate if (i) this Master Agreement (or the relevant ETF License) expires or terminates, or (ii) such Permitted
Sublicensee ceases to be an Affiliate of LICENSEE; and

 

		3.1.2.	the LICENSEE ETF(s), provided, however, that: (A) the LICENSEE
ETF(s) shall not have the further power to sublicense to third parties any rights to use the S&P Indices or the S&P Marks;
and (B) such sublicense shall be in writing and shall by its terms immediately terminate if (i) this Master Agreement
(or the relevant ETF License) expires or terminates, or (ii) LICENSEE or the applicable Affiliate of LICENSEE ceases to
exercise investment discretion over the such LICENSEE ETF in its capacity as manager, investment adviser, trustee, or other comparable
capacity.

 

		3.2.	Each sublicense entered into pursuant to Section
3.1 (each, a “Sublicense Agreement”) shall:

 

		3.2.1.	include all relevant terms and conditions of the relevant ETF License
and this Master Agreement (including, without limitation, the provisions relating to the restrictions on and scope of the License
provided herein, proprietary rights, use of the S&P Marks, warranties, disclaimers, limitations of liability, indemnification,
confidential information and audit) or terms and conditions substantially identical thereto; and

 

		3.2.2.	provide that: (A) each of S&P and the relevant Third Party
Licensors (if any) is an intended third party beneficiary of the provisions of such Sublicense Agreement (including, without limitation,
the provisions described in the foregoing Section 3.2.1; and (B) each of S&P
and such Third Party Licensor(s) is entitled to rely on such provisions, and enforce such Sublicense Agreement, to the same extent
as LICENSEE; and

 

		3.2.3.	provide that upon the expiration or effective date of termination
thereof, the Permitted Sublicensee’s right to use the relevant S&P Indices and S&P Marks shall immediately terminate.

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		3.3.	LICENSEE shall remain obligated as a principal (as distinguished
from being obligated as a surety) under the terms of this Master Agreement and each ETF License with respect to any actions taken
by any Permitted Sublicensee or by any Affiliate of LICENSEE or any LICENSEE ETF in connection with this Master Agreement, any
ETF License and/or any Sublicense Agreement. Failure by LICENSEE to comply with the provisions of this Section
3 shall be deemed a material breach of this Master Agreement. 

 

		3.4.	LICENSEE shall give prompt written notice to S&P of the expiration
or termination of any Sublicense Agreement, and shall give S&P at least three (3) months advance written notice of any such
expiration or termination, provided that if termination with less than three (3) months notice is necessary to prevent infringement
of any S&P Marks, LICENSEE shall give S&P such advance written notice as is reasonably practicable under the circumstances.

 

		4.	Listing of LICENSEE ETFs.

 

		4.1.	LICENSEE acknowledges and agrees that, as a condition to LICENSEE’s
engagement of an Organized Securities Market to serve as the primary listing exchange for any LICENSEE ETF, S&P may (but is
not obliged to) require that such Organized Securities Market first enter into a commercially reasonable written license agreement
with S&P pursuant to which S&P shall grant to such Organized Securities Market appropriate rights to use the relevant S&P
Marks and/or S&P Indices. 

 

		4.2.	LICENSEE shall not cause any LICENSEE ETF Shares to be Listed on
an Organized Securities Market in the absence of such a license agreement, if required by S&P pursuant to Section
4.1, between S&P and such Organized Securities Market, and the Parties shall use commercially reasonable
efforts to cooperate to obtain any such agreement.

 

		4.3.	Further, LICENSEE acknowledges that S&P requires Organized Securities
Markets to use their best efforts to protect the goodwill and reputation of S&P and of the S&P Marks and S&P Indices
in connection with their Listing of ETFs based on any S&P Index. Material breach of this obligation by any Organized Securities
Market may result in termination of its license from S&P.

 

		5.	License and Other Fees.

 

		5.1.	License Fees. In consideration for the rights granted under
this Master Agreement and any ETF License entered into hereunder, including the License, LICENSEE shall pay S&P the license
fees set forth in Paragraph I (“License Fees”).

 

		5.2.	All License Fees due to S&P under this Master Agreement and any
ETF License entered into hereunder (a) are exclusive of any sales and/or value added taxes and delivery costs, which shall
be the responsibility of LICENSEE, (b) are non-refundable, and (c) unless otherwise set forth in Paragraph
I, are payable in US Dollars.

 

		5.3.	If any of the License Fees are subject to withholding taxes by a
country other than the country of tax residence of S&P (“Home Country”), LICENSEE shall provide to S&P
an original receipt from the tax authorities of such foreign country evidencing the amount of tax withheld. Such receipt shall
be furnished at the time such fee is paid to S&P or as soon thereafter as is practicable. If S&P is denied a foreign tax
credit due to the failure of LICENSEE to provide satisfactory evidence of the amount withheld, LICENSEE shall pay to S&P an
amount sufficient to compensate, on an after tax basis, for the credit denied. If a tax treaty exists between the Home Country
and the foreign country that is subjecting the fees to withholding taxes, S&P hereby elects to apply the withholding rate applicable
under such tax treaty. If LICENSEE requires a special certificate from S&P to make the election,

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LICENSEE will notify S&P and
the certificate will be provided by S&P at the time of execution of this Master Agreement.

 

		5.4.	S&P shall have the right to modify the license fees payable under
the ETF License at the start of each Renewal Term by providing LICENSEE sixty (60) days written notice of such modification. Further,
S&P shall also have the right to pass on any additional charges from any securities exchanges or other sources related to LICENSEE’s
use of the S&P Indices hereunder; provided, however, S&P has provided at least sixty (60) days’ prior written notice
of any such charges, except when S&P may not be able to do so if a charge is imposed by a securities exchange or other
source without giving S&P sufficient time to notify LICENSEE in advance, in which case S&P shall provide as much notice
as is commercially practicable under the circumstances with respect to such securities exchange or other source charge. If LICENSEE
objects to such license fee modification and/or pass through of additional charges from a securities exchange or other source,
LICENSEE shall have the right to terminate this Agreement without penalty by providing S&P written notice of termination within
thirty (30) days of receipt of notification of the modification (time being of the essence in such respect) such notice to be effective
within one hundred and eighty (180) days after it is served.

 

		6.	Audit.

 

		6.1.	LICENSEE shall at all times during the Term and for so long as any
LICENSEE ETFs are outstanding and continuing for a period of thirty-six (36) months thereafter (“Audit Period”),
maintain full and accurate records (in accordance with standard generally-accepted accounting practices) of all matters relating
to the use of the S&P Indices and S&P Marks by LICENSEE and/or any Permitted Sublicensee and the calculation of the License
Fees due to S&P under this Master Agreement and any ETF License entered into hereunder (“Records”) for the
most recent thirty-six (36) months.

 

		6.2.	During the Audit Period, S&P shall have the right, during normal
business hours and upon reasonable written notice to LICENSEE or the applicable Permitted Sublicensee, to audit at LICENSEE’s
premises identified in Paragraph B or such Permitted Sublicensee’s premises (or such
other premises as may be agreed by S&P) on a confidential basis the relevant Records to the extent reasonably necessary to
(i) determine that any and all License Fees payable to S&P shall have been accurately determined in accordance with
this Master Agreement and the relevant ETF License and (ii) audit the manner and usage of the S&P Indices and S&P
Marks, in each case to confirm that such usage has been in accordance with this Master Agreement and the relevant ETF License and
that all applicable restrictions on use have been observed. The number of physical audits at LICENSEE’s premises is limited
to four (4) per year.

 

		6.3.	S&P’s costs to conduct such audit shall be borne by S&P,
except that LICENSEE shall bear such cost if the audit discloses that LICENSEE has underpaid S&P by five percent (5%) or more
for the period being audited. LICENSEE shall immediately reimburse S&P for any underpayment discovered by such audit.

 

		7.	Term and Termination.

 

		7.1.	Term. This Master License shall commence on the Effective
Date and shall continue in effect thereafter for as long as any ETF License entered into pursuant to this Master License remains
in effect. The term of each ETF License shall commence on the Commencement Date specified therein and shall continue for the Initial
Term, unless earlier terminated as provided in this Master Agreement or such ETF License. After the Initial Term expires, each
ETF License shall renew automatically for consecutive Renewal Terms, unless either Party provides written notice to the other Party
of its intent not to renew at least ninety (90) days prior to the end of the Initial Term or (if later) the then current Renewal
Term, or unless earlier terminated as provided in this Master Agreement or such ETF License.

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The period of time during which each
ETF License remains in effect is referred to herein as the “Term”. In addition, each ETF License shall terminate
automatically upon the termination of the License (including, without limitation, pursuant to this Section
7 or Section 8) with respect to the S&P Indices and S&P Marks licensed
thereunder.

 

		7.2.	Termination for Breach. If either Party breaches a material
term or condition of this Master Agreement and/or any ETF License or commits persistent breaches of this Master Agreement and/or
any ETF License (including, without limitation, persistent minor breaches of which the other Party has complained in writing within
a reasonable time after learning thereof), the other Party may terminate the relevant ETF License by giving at least thirty (30)
days prior written notice thereof; provided, however, that such termination shall not take effect if the breaching Party corrects
such breach and serves written notice upon the other Party of such corrective action prior to the effective date of termination.
Termination pursuant to this Section 7.2 will not impair any other rights or remedies of
a Party pursuant to applicable law. 

 

		7.3.	Termination by LICENSEE. LICENSEE may terminate any ETF License,
as it relates to one or more LICENSEE ETFs and the corresponding S&P Indices and S&P Marks, upon at least sixty (60) days
(or upon such lesser period of time if required pursuant to a court order or any applicable law or regulatory requirements) prior
written notice to S&P if: (i) legislation or regulations are adopted or any regulatory or self-regulatory agency issues
an interpretation that, in LICENSEE’s reasonable judgment, materially impairs LICENSEE's ability to market and/or promote
such LICENSEE ETF(s) under such ETF License in all jurisdictions of the Territory; or (ii) any material litigation or regulatory
proceeding regarding such LICENSEE ETF(s) is threatened or commenced against LICENSEE, and LICENSEE reasonably believes that such
litigation or proceeding would have a material and adverse effect upon its ability to market and/or promote such LICENSEE ETF(s)
under such ETF License; or (iii) LICENSEE elects to terminate the public offering or other distribution of such LICENSEE
ETF(s) under such ETF License for any reason.

 

		7.4.	Termination by S&P. In addition to its rights to terminate
pursuant to Section 8, S&P may terminate any ETF License, as it relates to one or more
S&P Indices and/or S&P Marks and the corresponding LICENSEE ETFs: (i) upon at least ninety (90) days (or upon such
lesser period of time if required pursuant to a court order or any applicable law or regulatory requirements) prior written notice
to LICENSEE if legislation or regulations are adopted or any regulatory or self-regulatory agency issues an interpretation or changes
or withdraws any authorizations and/or registrations that, in S&P’s reasonable judgment, materially impairs S&P’s
ability to license and provide such S&P Indices and/or S&P Marks under such ETF License and/or that requires S&P to
obtain a Consent (as described in Section 16.5); or (ii) any litigation or proceeding
is threatened or commenced, and S&P reasonably believes that such litigation or proceeding would have a material and adverse
effect upon such S&P Marks and/or S&P Indices or upon the ability of S&P to perform under this Master Agreement and/or
such ETF License; or (iii) upon written notice to LICENSEE if the actions or failures to act of LICENSEE and/or any Permitted
Sublicensees have caused or threaten imminently to cause material damage or harm to S&P’s reputation or goodwill, provided
that such notice will describe in reasonable detail the nature of the offending action or inaction; or (iv) upon written
notice to LICENSEE in the event of a Change in Control; or (v) upon at least ninety (90) days (or upon such lesser period
of time if required pursuant to a court order or any applicable law or regulatory requirements) prior written notice to LICENSEE
in the event of any termination of S&P’s right to license the S&P Indices and/or S&P Marks of any Third Party
Licensor (it being understood that S&P’s ability to provide such ninety (90) day notice is subject to S&P receiving
sufficient advance notice from the applicable Third Party Licensor of any pending termination of such right). 

 

		7.5.	LICENSEE Obligations Upon Termination. Upon any expiration
or termination of any ETF License, LICENSEE shall immediately cease all use of the S&P Indices and S&P Marks previously

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licensed thereunder and affected by
such expiration or termination. At S&P’s request, an authorized officer of LICENSEE shall certify to S&P in writing
that it has fully complied with this requirement.

 

		7.6.	Payment Obligations Upon Termination. In the event of any
expiration or termination of any ETF License, LICENSEE shall pay to S&P any and all unpaid License Fees and other amounts due
under this Master Agreement and such ETF License. The License Fee amounts to be paid in the final calendar year of the Term of
any ETF License shall be computed by prorating the amount of the License Fees on the basis of the number of elapsed days in the
then-current year, up through and including the date of such expiration or termination. 

 

		7.7.	Survival. The following Sections shall survive any expiration
or termination of any ETF License:  (i) Sections 3.2, 5 (but only with respect to
any fees accrued during the Term that remain unpaid), 7.5, 7.6, 7.7, 7.8, 12.1, 12.3, 12.4, 13.1,
13.3, 14, 18, 19 and 21 shall survive in perpetuity; (ii) Section 6 shall
survive for the duration of the Audit Period as provided in such Section; and (iii) Section
15 shall survive for five (5) years after disclosure by either Party to the other of the last item of Confidential Information
under such ETF License and/or this Master Agreement. All other rights and obligations under this Master Agreement (including, without
limitation, the License) and each ETF License shall terminate in respect of such ETF License as of the effective date of expiration
or termination thereof.

 

		7.8.	Consequences of Termination. Termination of any ETF License
shall not affect the continued subsistence of any other ETF License in effect at the time of such termination. Termination of any
ETF License by either Party shall not act as a waiver of any breach of such ETF License and/or this Master Agreement and shall
not act as a release of either Party from any liability for breach of such Party’s obligations under such ETF License and/or
this Master Agreement. Neither Party shall be liable to the other for damages of any kind solely as a result of terminating any
ETF License in accordance with the terms set forth in this Master Agreement and/or such ETF License. Termination of any ETF License
by either Party shall be without prejudice to any other right or remedy of such Party under such ETF License, this Master Agreement
and/or applicable law.

 

		8.	Launch Obligations.

 

		8.1.	LICENSEE (or the applicable Permitted Sublicensee) shall use commercial
reasonable efforts to launch, and have Listed, at least one (1) LICENSEE ETF for each S&P Index on an Organized Securities
Market located in the Territory, by the applicable launch date set forth in Paragraph J1
(“Target Launch Date”). Such Listing shall be on the Designated OSM (if such is designated in the ETF License
at Paragraph J2).

 

		8.2.	Promptly upon the addition of any new index to the definition of
“S&P Indices” in an ETF License pursuant to Section 2.3, the Parties shall
either (i) update and amend Paragraph J1 of the applicable ETF License
with the agreed-upon Target Launch Date in respect of each such new index or (ii) enter into a new or additional
ETF License in such regard.

 

		8.3.	If LICENSEE fails to the meet the relevant Target Launch Date for
any S&P Indices, then S&P has the option, exercisable in its sole discretion, of immediately terminating the License (under
the relevant ETF License) by written notice served upon LICENSEE at any time thereafter and before such launch and Listing actually
occurs and thus of terminating the relevant ETF License with respect to such S&P Indices.

 

		9.	Discontinuation of the S&P Indices.

 

		9.1.	S&P shall have the right, in its sole discretion, to discontinue
the publication of any or all of the S&P Indices (such discontinued indices, individually, a “Discontinued Index”
and collectively, the

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“Discontinued Indices”)
and, in such event, to offer a replacement or substitute index therefor (each such index, individually, a “Substitute
Index” and collectively, the “Substitute Indices”). S&P shall have the right, in its sole discretion,
to terminate the relevant ETF License in whole or in part (as applicable) with respect to any Discontinued Index if S&P does
not offer a Substitute Index therefor.

 

		9.2.	In the event that S&P intends to discontinue any of the S&P
Indices, S&P shall give LICENSEE at least ninety (90) days’ prior written notice of such discontinuation, which notice
(“Discontinuation Notice”) shall specify whether a Substitute Index will be made available. LICENSEE shall have
the option, within sixty (60) days after receiving such Discontinuation Notice from S&P, to notify S&P in writing whether
it intends to use the Substitute Index, if any, under the terms of the relevant ETF License. 

 

		9.3.	In the event that LICENSEE does not exercise such option or no Substitute
Index is made available, the relevant ETF License shall terminate as of the date specified in the Discontinuation Notice (or other
notice from S&P), provided that in the case of partial termination, such ETF License shall terminate solely with respect to
the Discontinued Indices. Notwithstanding the foregoing provisions of this Section 9, in
the event the discontinuation of publication of any S&P Index is a result of a determination made by the applicable Third Party
Licensor, S&P shall only be required to provide LICENSEE with notice of such discontinuation to the extent that S&P receives
the relevant notice from such Third Party Licensor. 

 

 

 

		10.	Certain S&P Obligations.

 

		10.1.	In no event shall S&P be obligated to (i) engage in any
marketing or promotional activities in connection with the LICENSEE ETFs, or (ii) make any representation or statement to
investors or prospective investors in connection with the promotion by LICENSEE of the LICENSEE ETFs.

 

		10.2.	S&P will use commercially reasonable efforts to safeguard the
confidentiality of all impending changes in the components or method of computation of any of the S&P Indices until such changes
are publicly disseminated, and will require the same of any agent with whom it has contracted for computation thereof.

 

		10.3.	S&P shall provide LICENSEE with access to certain underlying
data (which data is compiled, calculated and owned by S&P) in connection with the S&P Indices (“Index Data”),
subject to the terms of a separate data subscription agreement by and between S&P and LICENSEE (“Data Subscription
Agreement”). Notwithstanding anything to the contrary in the Data Subscription Agreement: (a) LICENSEE may only
use the Index Data during the Term for its internal purposes solely to the extent necessary in order for LICENSEE to exercise the
License rights granted under Section 2.1 and the relevant ETF License and not for any other
purposes or in connection with any other funds or products other than the relevant LICENSEE ETF; and (b) LICENSEE may disseminate
the Index Data corresponding to a particular LICENSEE ETF only (i) as required by applicable law or regulation, (ii)
to permit market makers in the LICENSEE ETF to create or redeem LICENSEE ETF Shares in the course of their duties as market makers,
and (iii) to the pricing agent who provides intraday indicative pricing on the LICENSEE ETF’s market value. In addition,
in the event LICENSEE is required, pursuant to rules or regulations of the United States Securities & Exchange Commission or
a Listed Organized Securities Market, to provide Index Data to any other party that is not included in the immediately preceding
sentence, LICENSEE shall provide S&P with prior written notice of the requirement and any additional information S&P may
reasonably require in order to make a decision as to whether LICENSEE may disseminate the Index Data to such other party and if
so, the terms that should apply to any such dissemination. S&P agrees to permit any addition dissemination as required,

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pursuant to rules or regulations
of the United States Securities & Exchange Commission or a Listed Organized Securities Market unless S&P deems, in its
sole discretion that such dissemination presents a material, adverse effect on its Index Data business.

 

		11.	Certain LICENSEE Obligations. 

 

		11.1.	Informational Materials and Quality Control.

 

		11.1.1.	LICENSEE shall submit to S&P for its review and approval all
informational materials pertaining to and to be used in connection with the LICENSEE ETFs, including, where applicable, all prospectuses,
registration statements, advertisements, brochures and promotional and any other similar informational materials (including documents
required to be filed with governmental and regulatory agencies) that in any way use or refer to S&P, the S&P Indices and/or
the S&P Marks (the “Informational Materials”). “Informational Materials” will not include general
references to the LICENSEE ETFs in materials that refer to various products sponsored or advised by LICENSEE or which are otherwise
not specifically related to or created for the LICENSEE ETFs. 

 

		11.1.2.	S&P's approval shall be required with respect to the use of and
description of S&P, the S&P Marks and the S&P Indices. S&P shall notify LICENSEE, by email and/or facsimile transmission
in accordance with Section 21.7, of its approval or disapproval of any Informational Materials
within five (5) days (excluding Saturday, Sunday and national holidays in the Territory or the United States) following receipt
thereof from LICENSEE. Any disapproval shall state S&P's reasons therefor. Any failure by S&P to respond within such five
(5) day period shall be deemed to constitute a waiver of S&P's right to review such Informational Materials. Requests to review
Informational Materials shall be addressed to the person(s) specified in Paragraph L, at
the address specified therein. Once particular Informational Materials have been affirmatively approved by S&P, subsequent
identical or substantially similar Informational Materials that do not alter the use or description of S&P, the S&P Marks,
the S&P Indices or any required disclaimers need not be submitted for further review and approval by S&P.

Without limiting any obligations or
restrictions set forth herein and/or in any ETF License with respect to the use of the S&P Marks, LICENSEE shall ensure that
its use and/or publication of Informational Materials featuring any S&P Marks will be of a quality consistent with then current
uses by LICENSEE of its own trademarks and will be advertised, promoted and provided in accordance with such standard.

 

		11.1.3.	The name of the LICENSEE ETF(s) shall be as set forth in the applicable
ETF License at Paragraph E1. If additional indices are included in the definition of “S&P
Indices” per Section 2.3, the name of the LICENSEE ETF(s) corresponding to such additional
indices shall be set forth in the amended or new ETF License described in Section 2.3.
LICENSEE shall submit to S&P for its review and approval all proposed changes to the names of any LICENSEE ETFs.

 

		11.2.	Resignation As Adviser. LICENSEE shall give S&P prior
written notice, and in any event shall use commercially reasonable efforts to give S&P at least six (6) months prior written
notice, of LICENSEE’s (or, if applicable, the relevant Permitted Sublicensee’s) resignation or termination as investment
adviser, manager, or trustee of any LICENSEE ETFs.

 

		11.3.	Promotional Efforts. LICENSEE shall use its commercially reasonable
efforts to promote, market and sell, or arrange for the promotion, marketing and sale of, the LICENSEE ETFs and to protect the
goodwill and reputation of S&P in connection with its use of the S&P Indices and the S&P Marks. LICENSEE shall not
represent or allow it to be represented by act or omission or otherwise that S&P sponsors, endorses, sells or promotes the
LICENSEE ETFs and/or provides advice in relation thereto.

 

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		11.4.	Compliance with Laws. LICENSEE shall perform its obligations
as investment adviser, manager or trustee of all LICENSEE ETFs in accordance with all applicable laws, rules and regulations. LICENSEE
shall in such performance not do or omit to do any act, matter or thing that may or will place S&P in any capacity in breach
of any applicable laws, rules and/or regulations.

 

		11.5.	LICENSEE shall use the following notice when referring to the S&P
Indices or the S&P Marks in any Informational Material or a translation in the language of the concerned documentation:

 

“The "[Index]"
is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and [Third Party Licensor], and has
been licensed for use by [LICENSEE]. Standard & Poor’s® and S&P® are registered trademarks of Standard
& Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark
Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes
by [LICENSEE]. [Third Party Licensor’s Trademark(s)] are trademarks of the [Third Party Licensor] and
have been licensed for use by SPDJI and [LICENSEE]. [LICENSEE ETF] is not sponsored, endorsed, sold or promoted by
SPDJI, Dow Jones, S&P, their respective affiliates, or [Third Party Licensor] and none of such parties make any representation
regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions
of the [Index].”

 

or such similar language as may be
approved in advance in writing by S&P, it being understood that (i) such notice need only refer to the specific S&P
Marks referred to in the Informational Material; (ii) such notice may need to include additional S&P Marks, where relevant;
and (iii) that such notice may need to account for S&P’s obligations to its Third Party Licensors.

 

		12.	Ownership and Protection of the S&P Marks.

 

		12.1.	LICENSEE acknowledges and agrees that the S&P Marks, and all
rights, registrations and entitlements thereto, together with all applications, renewals, extensions and other filings relating
thereto, are and will remain the exclusive property of S&P (or its Third Party Licensors as the case may be), and that all
goodwill that attaches to the S&P Marks as a result of the use of such marks will redound to the exclusive benefit of S&P
(or its Third Party Licensors as the case may be).

 

		12.2.	During the Term, S&P will use commercially reasonable efforts
to maintain in full force and effect the existing registrations of the S&P Marks (if any) already registered in the Territory,
other than S&P Marks licensed to S&P by Third Party Licensors. LICENSEE will reasonably cooperate with S&P (at S&P’s
expense) in the maintenance of such registrations and will take such actions and execute such instruments as S&P may from time
to time reasonably request toward such end. Other than in respect of S&P Marks licensed to S&P by Third Party Licensors,
S&P shall at its own expense and sole discretion exercise S&P’s common law and/or statutory rights against infringement
of the S&P Marks, copyrights and other proprietary rights.

 

		12.3.	The use of the S&P Marks pursuant to the License shall be in
accordance with any relevant trademark usage guidelines that S&P may communicate to LICENSEE from time to time in writing or
by email or facsimile.

 

		12.4.	LICENSEE shall use its commercially reasonable efforts to protect
the goodwill and reputation of S&P, the Third Party Licensors (if any), the S&P Indices and the S&P Marks in connection
with its use of the S&P Indices and the S&P Marks under this Master Agreement and each ETF License and otherwise in connection
with its performance under this Master Agreement and each ETF License. At no time during or after the Term shall LICENSEE do or
cause to be done any act or thing disparaging, disputing, attacking, challenging, impairing, diluting, or in any way tending to
harm the reputation or goodwill associated with S&P, the S&P Indices, or the S&P Marks.

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		12.5.	Other than as expressly permitted by the License granted to LICENSEE
under the relevant ETF License and this Master Agreement: (i) LICENSEE shall keep the S&P Marks separate and distinct
and not alter, modify, or commingle the S&P Marks or any part or parts thereof with LICENSEE’s or any third party marks
without the prior written approval of S&P; and (ii) LICENSEE shall not use, or permit to be used, any trademark that
contains any S&P Mark or is confusingly similar to or likely to cause confusion with any S&P Mark.

 

		12.6.	If at any time S&P reasonably determines that LICENSEE is not
using the S&P Indices or the S&P Marks in accordance with the terms of this Master Agreement and/or any ETF License, S&P
will give written notice to LICENSEE thereof. Upon receipt of such notice, LICENSEE will promptly take steps to be certain that
its usage of the S&P Indices and the S&P Marks complies with this Master Agreement and such ETF License. 

 

		12.7.	Except as otherwise expressly provided in an ETF License, LICENSEE
shall not use any S&P Mark or portion thereof as part of or the whole of a company name or trade name.

 

		12.8.	LICENSEE shall not use any S&P Mark in a way that implies S&P’s,
its Third Party Licensors’ (including, without limitation, Dow Jones) or their respective affiliates’ sponsorship,
endorsement, promotion or sale of the ETFs. By way of example, without limitation, and without limiting any rights of S&P set
forth herein, if an S&P Mark is included in the name of an ETF, LICENSEE shall clearly identify itself as the sponsor, promoter
and/or seller of such ETF, as applicable, in the name of such ETF and the use of the S&P Marks in the Informational Materials
with respect to the ETF shall display the S&P Marks no more prominently than LICENSEE’s marks. Further, and without limiting
any rights of S&P set forth herein, if one or more of the S&P Marks is included in the name of an ETF, such name shall
include the name of the relevant Underlying Index (or a mutually agreed abbreviation thereof) together with LICENSEE’s own
mark preceding (and at least as prominent as) the S&P Mark.

		12.9.	LICENSEE shall not use the S&P Marks in a logo or stylized format
in connection with the ETFs.

		13.	Infringement of Rights; Information Materials.

 

		13.1.	If LICENSEE learns of an infringement of S&P’s intellectual
property rights in the S&P Indices or the S&P Marks, or of any use by any person or entity of a trademark, service mark,
or trade name confusingly similar to the S&P Marks, LICENSEE agrees to notify S&P promptly in writing.

 

		13.2.	LICENSEE shall, within a commercially reasonable period of time,
not to exceed sixty (60) days (or upon such lesser period of time if required pursuant to a court order or any legal, contractual
or regulatory requirements), cease use of the S&P Indices and/or S&P Marks (as applicable) upon notice from S&P to
LICENSEE that, in the good faith opinion of S&P, such use of such S&P Indices or S&P Marks might result in any potential
trademark infringement or other liability to a third party.

 

		13.3.	S&P shall retain all rights to bring all actions and proceedings
in connection with any infringement, misuse or unauthorized use of the S&P Marks or S&P Indices at its sole discretion;
provided, however, that S&P shall have no obligation to initiate litigation or any other legal proceedings to prevent any of
the foregoing. If S&P decides to enforce the S&P Marks or S&P Indices against an unauthorized user, all costs incurred
and recoveries made shall be for the account of S&P, and LICENSEE shall render to S&P full and prompt cooperation (at S&P’s
expense) in connection with any such enforcement.

 

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		14.	Proprietary Rights.

 

		14.1.	LICENSEE acknowledges that (i) each of the S&P Indices
is selected, coordinated, arranged and prepared by S&P (and/or its Third Party Licensors, as applicable) through the application
of methods and standards of judgment used and developed through the expenditure of considerable work, time and money by S&P,
(ii) each of the S&P Indices and the S&P Marks is the exclusive property of S&P (and/or its Third Party Licensors,
as applicable), and that S&P (and/or its Third Party Licensors, as applicable) has and shall retain all proprietary rights
therein, and (iii) each S&P Index and its compilation and composition and changes therein are in the control and discretion
of S&P (and/or its Third Party Licensors, as applicable).

 

		14.2.	LICENSEE admits the validity of S&P’s intellectual property
rights in the S&P Indices and the S&P Marks and agrees that any and all goodwill, rights, titles or interests that might
be acquired as a result of the use of the S&P Indices and/or the S&P Marks shall inure to the sole benefit of S&P (and/or
its Third Party Licensors, as applicable). If LICENSEE obtains any rights, titles or interests in or to any of the S&P Indices
or the S&P Marks in the Territory or in any other jurisdiction, LICENSEE hereby assigns all such rights, titles and interests
to S&P and shall execute upon request any additional documents required to effectuate such assignments.

 

		14.3.	S&P reserves all rights with respect to the S&P Indices and
the S&P Marks and any and all other property of S&P, except those rights to the S&P Indices and the S&P Marks expressly
licensed to LICENSEE pursuant to the License under the relevant ETF License and this Master Agreement.

 

		14.4.	LICENSEE acknowledges and agrees that, as against LICENSEE, S&P
has, and at all times during and after the Term shall retain, sole editorial control of the S&P Indices and the compilation
and composition thereof, and that S&P is free to modify the S&P Indices or change the S&P Marks or the name or branding
of the S&P Indices at any time in its sole discretion.

 

		15.	Confidentiality.

 

		15.1.	Each Party shall treat as confidential and shall not disclose or
transmit to any third party documents or other written materials that are marked as “Confidential and Proprietary”
by the providing Party or in respect of which the receiving Party has received from the disclosing Party specific written notice
of its proprietary and confidential nature or which the receiving Party should reasonably understand to be of a proprietary and
confidential nature (“Confidential Information”). The preceding sentence notwithstanding, a Party may divulge
Confidential Information to such Party’s employees, attorneys, accountants, service providers, agents and other professional
advisers of such Party and its Third Party Licensors, in each case provided the disclosee has a need to know such information and
agrees in writing to be bound by confidentiality restrictions which are at least as protective as the provisions set forth in this
Section 15. 

 

		15.2.	Confidential Information shall not include (i) any information
that is available to the public or to the receiving Party from sources other than the providing Party (provided that such source
is not subject to a confidentiality agreement with regard to such information) or (ii) any information that is independently
developed by the receiving Party without use of or reference to information from the providing Party. Notwithstanding the foregoing
either Party may reveal Confidential Information to any regulatory agency or court of competent jurisdiction if such information
to be disclosed is (a) approved in writing by the other Party for disclosure or (b) required by law, regulatory agency
or court order to be disclosed by such Party provided, if permitted by law, that prior written notice of such required disclosure
is given to the other Party and provided further that such Party shall cooperate with the other Party to limit the extent of such
disclosure.

 

		15.3.	Each party acknowledges and agrees that a breach of Section 15 may
cause the other party irreparable injury and damage and that monetary damages may be an inadequate remedy and that the non-

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breaching party shall be entitled
to seek preliminary and permanent injunctive relief to preserve such confidentiality or limit improper disclosure of such Confidential
Information, but nothing herein shall preclude the non-breaching party from pursuing any other action or remedy for any breach
or threated breach of this Agreement which may be available to such non-breaching party at law or in equity.

 

		16.	Representations and Warranties.

 

		16.1.	On the Effective Date and repeated upon the Commencement Date of
each ETF License, each Party represents and warrants to the other that (i) it is a corporation (or a division thereof) duly
incorporated, or an entity (or a division thereof) duly organized, under the laws of the jurisdiction where it is incorporated
or organized, is validly existing and in good standing under the laws of such jurisdiction, and has and will have at all times
during the Term all requisite power and authority, corporate or otherwise, to perform its obligations under this Master Agreement
and each ETF License entered into hereunder; (ii) the execution and delivery of this Master Agreement and each ETF License
entered into hereunder has been approved by all necessary corporate action; and (iii) this Master Agreement and each ETF
License entered into hereunder is enforceable against such Party in accordance with its terms, except as limited by bankruptcy
and other laws of general application relating to insolvency or the protection of creditors’ rights.

 

		16.2.	On the Effective Date and repeated upon the Commencement Date of
each ETF License, each Party represents and warrants to the other that, on the relevant date, the execution, delivery and performance
by such Party of this Master Agreement and each ETF License entered into hereunder will not (i) conflict with or result
in a breach of or constitute a default under or result in the termination of any contract, agreement or other instrument to which
such Party is a party or by which it is bound or to which any of its assets are subject, or result in the creation of any lien
or encumbrance upon any of said Party’s assets, or impair the ability of the Parties to perform their obligations under the
Agreement; or (ii) conflict with, violate or result in a breach of or constitute a default under any judgment, order, decree,
law, rule, regulation or other restriction of any court, government or governmental agency to which such Party is subject.

 

		16.3.	S&P represents and warrants that it has the right to grant the
License granted to LICENSEE pursuant to any ETF License entered into hereunder or, prior to any applicable Target Launch Date will
have, the right to grant such License to LICENSEE pursuant to such ETF License. 

 

		16.4.	LICENSEE represents and warrants to S&P
that LICENSEE and the ETFs are in compliance, and shall continue to comply, with all applicable laws, rules and regulations, including,
but not limited to, the banking, commodities and securities laws of the U.S. and all jurisdictions within the Territory, in connection
with the creation, offering, Listing, issuance, sale, marketing and promotion of the LICENSEE ETFs or otherwise in connection with
its performance under this Master Agreement and each ETF License entered into hereunder. LICENSEE represents and warrants to S&P
that its use of the S&P Indices and related data licensed hereunder will not violate any agreement applicable to the LICENSEE
or violate any applicable laws, rules or regulations, including without limitation, securities, commodities, and banking laws.

 

		16.5.	Notwithstanding 16.2, it is acknowledged and accepted by LICENSEE
that S&P does not, except in certain countries, possess any license, registration, consent or authorization required by statute
or regulation (“Consent”) from any state or public regulator or financial services supervisor or authority anywhere
in the world (“Regulator”) for S&P to be entitled or permitted to lawfully provide financial and/or investment
advice, to promote or advertise financial and/or investment products or services and/or to facilitate transactions in securities
or investments in respect of or connected to the S&P Indices.

 

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		16.6.	It is acknowledged and accepted by LICENSEE that S&P may decline
to seek or obtain further or broader Consents in countries other than those Consents which it already possesses and maintains (and
which may not be pertinent or adequate in respect of the use of or reference to the S&P Marks and/or S&P Indices by or
within the terms of an ETF).

 

		16.7.	LICENSEE represents and warrants to S&P that LICENSEE shall not
(and shall ensure that its Permitted Sublicensees shall not) do or omit to do any act matter or thing (whether or not otherwise
permitted by the rights granted pursuant to any ETF License and/or this Master Agreement) to create, launch or list an ETF under
any ETF License and/or this Master Agreement (a) whereby S&P (or any Affiliate of S&P) is required to obtain a Consent
or (b) where LICENSEE has or should have a reasonable expectation that S&P (or any Affiliate of S&P) would be required
(either immediately or in the foreseeable future, meaning not less than 12 months thereafter) to obtain a Consent. Where laws and
or regulations change to require S&P to obtain one or more such Consents, the provisions of Section
7.4 shall apply.

 

		17.	Disclaimers.

 

		17.1.	LICENSEE agrees to be bound itself by and further to include all
of the following disclaimers and limitations in all Informational Materials relating to each LICENSEE ETF or a translation in the
language of the concerned documentation and upon request to furnish a copy thereof to S&P:

 

“The "[Index]"
is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and [Third Party Licensor], and has
been licensed for use by [LICENSEE]. Standard & Poor’s® and S&P® are registered trademarks of Standard
& Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark
Holdings LLC (“Dow Jones”). [Third Party Licensor’s Trademark] is a trademark of [Third Party Licensor].
The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by [LICENSEE].
 [LICENSEE ETF] is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective
affiliates (collectively, “S&P Dow Jones Indices”) or [Third Party Licensor]. Neither S&P Dow Jones
Indices nor [Third Party Licensor] make any representation or warranty, express or implied, to the owners of the [LICENSEE
ETF] or any member of the public regarding the advisability of investing in securities generally or in [LICENSEE ETF]
particularly or the ability of the [Index] to track general market performance. S&P Dow Jones Indices and [Third
Party Licensor] only relationship to [LICENSEE] with respect to the [Index] is the licensing of the Index and
certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The [Index] is determined,
composed and calculated by S&P Dow Jones Indices or [Third Party Licensor] without regard to [LICENSEE] or the
[LICENSEE ETF]. S&P Dow Jones Indices and [Third Party Licensor] have no obligation to take the needs of [LICENSEE]
or the owners of [LICENSEE ETF] into consideration in determining, composing or calculating the [Index]. Neither
S&P Dow Jones Indices nor [Third Party Licensor] are responsible for and have not participated in the determination
of the prices, and amount of [LICENSEE ETF] or the timing of the issuance or sale of [LICENSEE ETF] or in the determination
or calculation of the equation by which [LICENSEE ETF] is to be converted into cash, surrendered or redeemed, as the case
may be. S&P Dow Jones Indices and [Third Party Licensor] have no obligation or liability
in connection with the administration, marketing or trading of [LICENSEE ETF]. There is no assurance that investment products
based on the [Index] will accurately track index performance or provide positive investment returns.  S&P Dow Jones
Indices LLC is not an

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investment advisor.  Inclusion
of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is
it considered to be investment advice.

 

NEITHER S&P DOW JONES INDICES
NOR [THIRD PARTY LICENSOR] GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE [INDEX] OR
ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC
COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES AND [THIRD PARTY LICENSOR] SHALL NOT BE SUBJECT TO ANY DAMAGES
OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES AND [THIRD PARTY LICENSOR] MAKES NO
EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR
USE OR AS TO RESULTS TO BE OBTAINED BY [LICENSEE], OWNERS OF THE [LICENSEE ETF], OR ANY OTHER PERSON OR ENTITY FROM
THE USE OF THE [INDEX] OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER
SHALL S&P DOW JONES INDICES OR [THIRD PARTY LICENSOR] BE LIABLE FOR ANY INDIRECT, SPECIAL,
INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL,
EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE
ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND [LICENSEE], OTHER
THAN THE LICENSORS OF S&P DOW JONES INDICES.”

 

		17.2.	Any changes in the foregoing disclaimers and limitations must be
approved in advance in writing by an authorized officer of S&P.

 

		17.3.	Use of any trademarks by LICENSEE in connection with the LICENSEE
ETFs (including in the name of the LICENSEE ETFs), which are not the S&P Marks is at LICENSEE's sole risk.

 

		18.	Indemnification.

 

		18.1.	LICENSEE shall defend, indemnify and hold harmless S&P, its Third-Party
Licensors, their respective Affiliates, and their respective officers, directors, employees and agents (each, a “S&P
Indemnified Party”) against any and all judgments, damages, costs, losses, expenses or liabilities of any kind (including,
but not limited to, reasonable attorneys' and experts' fees) resulting from any claim, action or proceeding (a “Claim”)
that (1) is instituted by or on behalf of an Organized Securities Market on which a LICENSEE ETF is Listed; or (2) arises
out of or relates to (i) any LICENSEE ETFs, or (ii) any breach or alleged breach by LICENSEE, any Affiliate of LICENSEE
and/or any Permitted Sublicensee of its obligations, representations and/or warranties under this Master Agreement, any ETF License
and/or any Sublicense Agreement, or (iii) any act or omission of LICENSEE, any Affiliate of LICENSEE and/or any Permitted
Sublicensee, or (iv) any violation or alleged violation of applicable laws (including, but not limited to, banking, commodities,
and securities laws) arising out of or in connection with the creation, offering, listing, issuance, sale, marketing, promotion
and/or operation of any LICENSEE ETFs; provided, however, that such obligation to indemnify will be conditioned upon

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(I) the S&P Indemnified
Party notifying LICENSEE in writing promptly upon learning of any such Claim (but only to the extent such failure adversely affects
the defense of such Claim in a material manner); (II) the S&P Indemnified Party granting LICENSEE reasonable control
of defense and/or settlement of such Claim; and (III) the S&P Indemnified Party reasonably cooperating with LICENSEE,
at LICENSEE’s expense, in the defense thereof. The foregoing notwithstanding, LICENSEE shall not be obligated to indemnify
any S&P Indemnified Party with respect to Claims to the extent arising out of (A) a breach by S&P of its representations
or warranties under Section 16; or (B) S&P’s gross negligence or willful
misconduct. LICENSEE shall periodically reimburse each applicable S&P Indemnified Party for its reasonable indemnifiable expenses
incurred under this Section 18.1. Each applicable S&P Indemnified Party shall have
the right (but not the obligation), at its own expense, to participate in the defense of any Claim against which it is indemnified
hereunder; provided, however, it shall have no right to control the defense, consent to judgment, or agree to settle any such Claim
without the written consent of LICENSEE without waiving the indemnity hereunder. LICENSEE, in the defense of any Claim, except
with the written consent of each applicable S&P Indemnified Party, shall not consent to entry of any judgment or enter into
any settlement which either (i) does not include, as an unconditional term, the grant by the claimant to each applicable
S&P Indemnified Party of a release of all liabilities in respect of such Claim or (ii) otherwise adversely affects the
rights of any applicable S&P Indemnified Party.

 

		18.2.	S&P shall defend, indemnify and hold harmless LICENSEE, its Affiliates
and their respective officers, directors, employees and agents (each, a “LICENSEE Indemnified Party”) against
any and all judgments, damages, costs, losses, expenses or liabilities of any kind (including, but not limited to, reasonable attorneys'
and experts' fees) resulting from any Claim that arises out of or relates to any breach or alleged breach by S&P of its representations
or warranties under Section 16 and/or any ETF License; provided, however, that such
obligation to indemnify will be conditioned upon (I) the LICENSEE Indemnified Party notifying S&P in writing promptly
upon learning of any such Claim (but only to the extent such failure adversely affects the defense of such Claim in a material
manner); (II) the LICENSEE Indemnified Party granting S&P control of its defense and/or settlement; and (III)
the LICENSEE Indemnified Party reasonably cooperating with S&P, at S&P’s expense, in the defense thereof. The foregoing
notwithstanding, S&P shall not be obligated to indemnify any LICENSEE Indemnified Party with respect to Claims to the extent
arising out of (A) a breach by LICENSEE, any Affiliate of LICENSEE and/or any Permitted Sublicensee of its obligations,
representations and/or warranties under this Master Agreement, any ETF License and/or any Sublicense Agreement; or (B) the
gross negligence or willful misconduct of LICENSEE, any Affiliate of LICENSEE and/or any Permitted Sublicensee. S&P shall periodically
reimburse each applicable LICENSEE Indemnified Party for its reasonable indemnifiable expenses incurred under this Section
18.2. Each applicable LICENSEE Indemnified Party shall have the right (but not the obligation), at its own expense,
to participate in the defense of any Claim against which it is indemnified hereunder; provided, however, it shall have no right
to control the defense, consent to judgment, or agree to settle any such Claim without the written consent of S&P without waiving
the indemnity hereunder. S&P, in the defense of any Claim, except with the written consent of each applicable LICENSEE Indemnified
Party, shall not consent to entry of any judgment or enter into any settlement which either (i) does not include, as an
unconditional term, the grant by the claimant to each applicable LICENSEE Indemnified Party of a release of all liabilities in
respect of such Claim or (ii) otherwise adversely affects the rights of any applicable LICENSEE Indemnified Party.

 

		19.	Limitation of Liability. IN NO EVENT SHALL EITHER S&P,
ITS THIRD PARTY LICENSORS OR THEIR RESPECTIVE AFFILIATES OR LICENSEE HAVE ANY LIABILITY FOR SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL
DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOST PROFITS) HOWSOEVER ARISING OUT OF OR IN CONNECTION WITH ANY ETF LICENSE, EVEN IF NOTIFIED
OF THE POSSIBILITY OF SUCH DAMAGES, EXCEPT WITH RESPECT TO: (A) THE OBLIGATIONS SET FORTH UNDER SECTIONS
15 AND 18, OR (B) ANY

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BREACH BY LICENSEE OR ANY PERMITTED
SUBLICENSEE OF THE LICENSE GRANTED UNDER ANY ETF LICENSE AND THIS MASTER AGREEMENT. WITHOUT DIMINISHING ANY DISCLAIMERS AND LIMITATIONS
SET FORTH HEREIN, IN NO EVENT SHALL THE CUMULATIVE LIABILITY OF S&P, ITS THIRD PARTY LICENSORS AND THEIR RESPECTIVE AFFILIATES
TO LICENSEE OR ANY THIRD PARTY UNDER OR IN CONNECTION WITH ANY ETF LICENSE EXCEED THE LICENSE FEES ACTUALLY PAID TO S&P BY
LICENSEE UNDER THAT ETF LICENSE DURING THE PRECEDING TWELVE (12) MONTH PERIOD.

 

		20.	Force Majeure.

 

		20.1.	Neither S&P nor LICENSEE shall bear responsibility or liability
for any losses arising out of any delay in or interruptions of their respective performance of their obligations under this Master
Agreement and/or any ETF License due to any act of God, act of governmental authority, act of the public enemy or due to war, the
outbreak or escalation of hostilities (including acts of terrorism), riot, fire, flood, civil commotion, insurrection, labor difficulty,
including without limitation, any strike, or other work stoppage or slow down, severe or adverse weather conditions, communications
line failure, or other similar cause beyond the reasonable control of the Party so affected but not due to such Party’s negligence
(“Force Majeure Event”).

 

		20.2.	Any Party that is subject to a Force Majeure Event shall not be in
breach of this Master Agreement and/or any ETF License provided that: (a) it promptly notifies the other Party in writing
of the nature and extent of such Force Majeure Event causing its delay or interruption in performance; and (b) it could
not have avoided the effect of the Force Majeure Event by taking precautions which, having regard to all the matters known to it
before the Force Majeure Event, it ought reasonably to have taken, but did not; and (c) it has used all endeavors to mitigate
the effect of the Force Majeure Event, to carry out its obligations under any ETF License and/or this Master Agreement in any way
that is reasonably practicable and to resume the performance of its obligations as soon as reasonably practicable. 

 

		20.3.	If the Force Majeure Event continues for more than thirty (30) days,
the other Party shall have the right to terminate the relevant ETF License upon written notice to such Party.

 

		21.	Other Matters.

 

		21.1.	Change in Control. If there is a Change in Control, LICENSEE
shall so inform S&P in writing setting forth the details of such Change in Control promptly upon such Change in Control or
if, permitted by law or applicable regulations, at least forty-five (45) days prior to such Change in Control. S&P may at its
option, after receipt of such notice, require LICENSEE to renegotiate any terms of this Master Agreement and/or any ETF License(s)
for the remainder of the then-current Term of each or any ETF License entered into under this Master Agreement. Further in the
event of such Change in Control, S&P’s written consent to an assignment (by operation of law or otherwise) or transfer
of this Master Agreement and/or any ETF License to such third party shall be required, and any attempt to so assign or transfer
this Master Agreement and/or any ETF License without such written consent shall be null and void.

 

		21.2.	Assignment; No Third Party Beneficiaries. This Master Agreement
and each ETF License is solely and exclusively between the Parties and shall not be assigned or transferred by either Party, without
the prior written consent of the other Party, and any attempt to so assign or transfer this Master Agreement or any ETF License
without such written consent shall be null and void. The foregoing notwithstanding, S&P may assign its rights and duties under
this Master Agreement and/or any ETF License to an Affiliate, without obtaining such consent. This Master Agreement and/or any
ETF License (and any related agreement or arrangement between the Parties) is solely and exclusively for the benefit of the Parties
and their respective successors, and nothing in this Master Agreement or any

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ETF License (or any related agreement
or arrangement between the Parties), express or implied, is intended to or shall confer on any other person or entity, any rights,
benefits, or remedies of any nature whatsoever under or by reason of this Master Agreement or any ETF License (or any such related
agreement or arrangement between the Parties). Despite the provisions of this Section 21.2,
Third Party Licensors shall be entitled to enforce the provisions of this Master Agreement and any ETF License against LICENSEE
to the extent that such provisions benefit such Third Party Licensor.

 

		21.3.	Governing Law. This Master Agreement and all ETF Licenses
hereunder shall be deemed to have been made in the United States of America, in the State of New York and shall be governed by,
and construed, interpreted and enforced in accordance with, the laws of the United States of America and the State of New York,
without reference to principles of conflicts of laws thereof. Any action or proceeding arising under or relating to this Master
Agreement and/or any ETF License shall be instituted in a federal or state court of competent jurisdiction in the State and County
of New York. LICENSEE and S&P hereby consent to submit to the exclusive jurisdiction of such courts and waive any objection
to the propriety or convenience of venue therein. Service of process with respect to any such action or proceeding may be made
upon either Party by registered or certified mail, postage prepaid, to such Party or the attorney for such Party at its address
as provided in Section 21.7.

 

		21.4.	Entire Agreement. This Master Agreement (together with each
ETF License entered into hereunder) constitutes the entire agreement of the Parties with respect to its subject matter and may
be amended or modified only by a writing signed by duly authorized officers of both Parties. This Master Agreement, together with
each ETF License entered into hereunder, supersedes all previous agreements between the Parties with respect to the subject matter
of this Master Agreement and/or each such ETF License. There are no oral or written collateral representations, agreements, or
understandings except as provided herein. 

 

		21.5.	Waiver, Modification and Amendment. No waiver, modification,
or amendment of any of the terms and conditions of this Master Agreement (or any ETF License hereunder) shall be valid or binding
unless set forth in a written instrument signed by duly authorized officers of both Parties. The delay or failure by either Party
to insist, in any one or more instances, upon strict performance of any of the terms or conditions of this Master Agreement (or
any ETF License hereunder) or to exercise any right or privilege herein conferred shall not be construed as a waiver of any such
term, condition, right, or privilege, but the same shall continue in full force and effect.

 

		21.6.	Continuing Obligations of the Parties. No breach, default
or threatened breach of this Master Agreement (and/or any ETF License entered into hereunder) by either Party shall relieve the
other Party of its obligations or liabilities under this Master Agreement and/or such ETF License with respect to the protection
of the property or proprietary nature of any property which is the subject of this Master Agreement and/or such ETF License.

 

		21.7.	Notice. Except as set forth in Section
11.1 hereof with respect to Informational Materials, all notices and other communications under this Master Agreement
and/or any ETF License shall be (i) in writing, (ii) delivered by hand, by registered or certified mail, return receipt
requested, or by facsimile transmission to the address or facsimile number set forth below or such address or facsimile number
as either Party shall specify by a written notice to the other and (iii) deemed given upon receipt.

 

Notice to S&P:

S&P Opco, LLC

c/o S&P Dow Jones Indices LLC

55 Water Street

New York, New York 10041

Attention: Robert A. Shakotko, Managing
Director

    	Page 21 of 28

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Fax # (212) 438-3523

 

With a copy to:

 

The McGraw-Hill Companies, Inc.

1221 Avenue of the Americas

New York, NY 10020

Attention: Kenneth Vittor, General
Counsel

Fax # (212) 512-4827

 

Notice to LICENESEE shall be
served at the address stated in Paragraph C.

 

		21.8.	Independent Contractors. The Parties are independent contractors.
Nothing herein shall be construed to place the Parties in the relationship of partners or joint venturers, and neither Party shall
acquire any power, other than as specifically and expressly provided in this Master Agreement or the relevant ETF License, to bind
the other in any manner whatsoever with respect to third parties.

 

		21.9.	Severability. If any part of this Master Agreement and/or
any ETF License is held by a court of competent jurisdiction to be invalid or unenforceable, that part will be enforced to the
maximum extent permitted by law, and the remainder of this Master Agreement and such ETF License will remain in full force.

 

		21.10.	Headings. Headings used in this Master Agreement are for references
purposes only and shall be deemed a part of this Master Agreement.

 

		21.11.	Counterparts. This Master Agreement and/or any ETF License
may be executed in counterparts, each of which shall be deemed an original but both of which, when taken together, shall constitute
one and the same instrument.

 

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IN WITNESS WHEREOF, the Parties have caused
this Master Agreement to be executed as of the Effective Date.

 

	Accushares Management LLC	S&P OPCO, LLC
	Signature: 	/s/ Forrest G. Gilman	Signature: 	/s/ Bo Chung
	 	 	 	 
	Name:	Forrest G. Gilman	Name:	Bo Chung
	 	(Please print)	 	(Please print)
	Title:	CFO	Title:	Managing Director
	 	(Please print)	 	(Please print)
	Date: 	10/2/2013	Date:	November 5, 2013
	 	(Please print)	 	(Please print)
	 	 
	Signature: 	 	Signature:	/s/ Alexander Matturri
	 	 	 	 
	Name:	 	Name:	Alexander Matturri
	 	(Please print)	 	(Please print)
	Title:	 	Title:	Chief Executive Officer
	 	(Please print)	 	(Please print)
	Date: 	 	Date:	November 5, 2013
	 	(Please print)	 	(Please print)

 

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Schedule

 

 

 

 

 

 

	Full Company Name:	Accushares Management LLC
	Company Number:	 
	Country of Incorporation:	 
	Registered Address:	253 Turtle Back Road  New Canaan, CT  06840-2624
	Address for Service:	 
	Contact Name:	Forrest Gilman
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail :	forrest.gilman@accushares.com

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EXHIBIT A - FORM OF ETF LICENSE

 

THIS ETF License is entered into
as of the ____ day of ____________________ 20___ (the “Commencement Date”) by & between:

 

		(I)	S&P OPCO, LLC, a Delaware USA limited liability company,
having a place of business at 55 Water Street, New York, N.Y. 10041 USA (“S&P”); and

 

		(II)	The Party identified in Paragraph A
hereto (“LICENSEE”)

 

WHEREAS

 

		(A)	S&P is Party to a subsisting written agreement of ___ day of __________ 20___

			with ______________________________________________________________________________

			(“Master Agreement”); and

 

		(B)	S&P is willing to enter into an ETF License governed thereby and as defined thereunder for
the LICENSEE to create and market a LICENSEE ETF.

 

IT IS
AGREED THAT:-

 

		1.	This is an ETF License under and governed by the Master Agreement
and incorporates Paragraphs A to M hereto.

 

		2.	All words terms or phrases defined in the Master Agreement have the
same meaning where used in this ETF License.

 

		3.	This ETF License shall not vary the meaning or effect of the Master
Agreement, save insofar as such meaning or effect pertains to this ETF License alone.

 

		4.	In determining the meaning or effect of this ETF License the provisions
of this ETF License shall prevail over those of the Master Agreement.

 

		5.	This ETF License is a discrete contract entirely severable from all
other ETF Licenses entered into under the Master Agreement.

 

		6.	This ETF License entitles the LICENSEE to create and launch one or
more LICENSEE ETFs described in it at any time and from time to time during its existence.

 

		7.	In advance of the first listing of any new ETF hereunder the LICENSEE
shall inform S&P providing a term sheet in such regard to provide all then available information necessary for S&P to determine
(a) that the new LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the Fees anticipated
to be payable to S&P in such regard under Paragraph I below.

 

		8.	The LICENSEE shall after the first listing of a LICENSEE ETF provide
as soon as possible all further information (or an updated final prospectus) to S&P to provide all then available information
necessary for S&P to determine (a) that the LICENSEE ETF complies with this ETF License and the Master Agreement and
(b) the License Fees actually and correctly payable to S&P in such regard under Paragraph
I below.

 

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IN WITNESS WHEREOF, the Parties have caused
this ETF License to be executed as of the Commencement Date.

 

	 	S&P OPCO, LLC
	Signature: 	 	Signature: 	 
	 	 	 	 
	Name:	 	Name:	 
	 	(Please print)	 	(Please print)
	Title:	 	Title:	 
	 	(Please print)	 	(Please print)
	Date: 	 	Date:	 
	 	(Please print)	 	(Please print)
	 	 	 	 
	Signature: 	 	Signature: 	 
	 	 	 	 
	Name:	 	Name:	 
	 	(Please print)	 	(Please print)
	Title:	 	Title:	 
	 	(Please print)	 	(Please print)
	Date: 	 	Date: 	 
	 	(Please print)	 	(Please print)

 

			

			

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Paragraph
A - “LICENSEE”

	Full Company Name	 
	Company Number	 
	Country of Incorporation	 
	Registered Address	 
	Address for Service	 
	Contact Name	 
	Contact Telephone	 
	Contact Fax	 
	Contact E-Mail	 

 

Paragraph
B – LICENSEE Audit Address

	Building Name/Number	 
	Street	 
	City	 
	State	 
	Country	 
	Contact Name	 
	Contact Telephone	 
	Contact Fax	 
	Contact E-Mail	 

 

Paragraph C – LICENSEE Notice Address

	Building Name/Number	 
	Street	 
	City	 
	State	 
	Country	 
	Contact Name	 
	Contact Telephone	 
	Contact Fax	 
	Contact E-Mail	 

 

Paragraph D – S&P Indices

________________________________________________________________

________________________________________________________________

Are the S&P Indices standard (Yes/No) or
custom (Yes/No)

If custom, agreed methodology to be attached
hereto

 

Paragraph E1

LICENSEE ETF Name(s)

________________________________________________________________

________________________________________________________________

 

Paragraph E2 - ETF Type

By relation to the S&P Index

	A.	Replicating	(meaning Beta = 1)	(Yes/No)
	B.	Leveraged	(meaning Beta >1.25)	(Yes/No)
	C.	Inverse/Shorting	(meaning Beta < Zero)	(Yes/No)
	D.	Restricted	(meaning Beta ≥ Zero and ≤ 1.25)	(Yes/No)

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Where “Beta” means the percentage
point change in the value of an ETF that is intended or targeted to arise from, or be caused by, a one percentage point change
in the Underlying Index, as set out in the investment objectives of the prospectus or other disclosure documents of such ETF.

 

Paragraph F – Territory

United States of America – unless otherwise
stated below

________________________________________________________________

 

Paragraph G – Exclusivity

Unless otherwise stated below this ETF license
is entirely non exclusive

________________________________________________________________

________________________________________________________________

________________________________________________________________

________________________________________________________________

 

Paragraph H – Term

H1 – Initial Term – Five (5) Years

H2 – Renewal Term – Three (3) years

Save as otherwise stated below

________________________________________________________________

 

Paragraph I – License Fee

 

________________________________________________________________

 

Paragraph J1 – Target Launch Date

 

________________________________________________________________

 

Paragraph J2 – Designated OSM

 

________________________________________________________________

 

Paragraph K – S&P Marks

 

________________________________________________________________

 

Paragraph L – Informational Materials
– Notice Address

	Building Name/Number	 
	Street	 
	City	 
	State	 
	Country	 
	Contact Name	 
	Contact Telephone	 
	Contact Fax	 
	Contact E-Mail	 

 

Paragraph
M – Third Party Licensor

Is there
a Third Party Licensor? (Yes/No)

If “Yes”,
are there flow- through obligations? (Yes/No)

If “Yes”
describe below:

    	Page 28 of 28

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ETF License Number 1

to ETF Master Agreement dated 1st of
October, 2013

THIS ETF License is entered into as
of this 1st day of October, 2013 (the “Commencement Date”) by & between:

 

		(I)	S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices
LLC), a Delaware limited liability company with offices at 55 Water Street, New York, New York 10041, USA (“S&P”),
and

 

		(II)	The Party identified in Paragraph A
hereto (“LICENSEE”)

 

WHEREAS

 

		A.	S&P is Party to a subsisting written agreement of 1st day of October 2013 with Accushares
Management LLC (“Master Agreement”); and

 

		B.	S&P is willing to enter into an ETF License governed thereby and as defined thereunder for
the LICENSEE to create and market a LICENSEE ETF.

 

IT IS AGREED THAT:-

 

		1.	This is an ETF License under and governed by the Master Agreement
and incorporates Paragraphs A to M hereto.

 

		2.	All words terms or phrases defined in the Master Agreement have the
same meaning where used in this ETF License.

 

		3.	This ETF License shall not vary the meaning or effect of the Master
Agreement, save insofar as such meaning or effect pertains to this ETF License alone.

 

		4.	In determining the meaning or effect of this ETF License the provisions
of this ETF License shall prevail over those of the Master Agreement.

 

		5.	This ETF License is a discrete contract entirely severable from all
other ETF Licenses entered into under the Master Agreement.

 

		6.	This ETF License entitles the LICENSEE to create and launch one or
more LICENSEE ETFs described in it at any time and from time to time during its existence.

 

		7.	In advance of the first listing of any new ETF hereunder the LICENSEE
shall inform S&P providing a term sheet in such regard to provide all then available information necessary for S&P to determine
(a) that the new LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the Fees anticipated
to be payable to S&P in such regard under Paragraph I below.

 

		8.	The LICENSEE shall after the first listing of a LICENSEE ETF provide
as soon as possible all further information (or an updated final prospectus) to S&P to provide all then available information
necessary for S&P to determine (a) that the LICENSEE ETF complies with this ETF License and the Master Agreement and
(b) the License Fees actually and correctly payable to S&P in such regard under Paragraph
I below.

    	Page 1 of 7

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		9.	Section 11.5 of the Agreement is hereby amended by deleting it in its entirety and replacing it
with the following: “LICENSEE shall use the following notice when referring to the S&P
Indices or the S&P Marks in any Informational Material or a translation in the language of the concerned documentation:

“The Index is a product
of The Chicago Board Options Exchange Incorporated (“CBOE”) which is licensed by S&P Dow Jones Indices LLC (“SPDJI”)
to [Licensee] in connection with the [ETF Name]. Standard & Poor’s® and S&P® are registered
trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark
of Dow Jones Trademark Holdings LLC (“Dow Jones”); “VIX” is a trademark of the Chicago Board Options Exchange,
Incorporated (“CBOE”); and, these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes
by [Licensee]. [Licensee ETF] is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective
affiliates or their third party licensors (including CBOE) and none of such parties make any representation
regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions
of the [Index].”

Licensee may use other language as
may be approved in advance by S&P, it being understood that (i) such notice need only
refer to the specific S&P Marks referred to in the Informational Material; (ii) such notice may need to include additional
S&P Marks, where relevant; and (iii) that such notice may need to account for S&P’s obligations to its Third Party
Licensors.”

 

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IN WITNESS WHEREOF, the Parties have caused
this ETF License to be executed as of the Commencement Date.

 

	Accushares Management LLC	S&P OPCO, LLC
	Signature: 	/s/ Forrest G. Gilman	Signature: 	/s/ Bo Chung
	 	 	 	 
	Name:	Forrest G. Gilman	Name:	Bo Chung
	 	(Please print)	 	(Please print)
	Title:	CFO	Title:	Managing Director
	 	(Please print)	 	(Please print)
	Date: 	10/2/2013	Date:	November 5, 2013
	 	(Please print)	 	(Please print)
	 	 	 	 
	 	
             

         

	Signature: 	 	Signature: 	/s/ Alexander Matturri
	 	 	 	 
	Name:	 	Name:	Alexander Matturri
	 	(Please print)	 	(Please print)
	Title:	 	Title:	Chief Executive Officer
	 	(Please print)	 	(Please print)
	Date: 	 	Date: 	November 5, 2013
	 	(Please print)	 	(Please print)

 

 

 

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Paragraph
A - “LICENSEE”

 

	Full Company Name:	Accushares Management LLC
	Company Number: 	 
	Country of Incorporation:	 
	Registered Address:	253 Turtle Back Road  New Canaan, CT  06840-2624
	Address for Service:	 
	Contact Name:	Forrest Gilman
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	forrest.gilman@accushares.com

 

Paragraph
B – LICENSEE Audit Address

 

	Building Name/Number:	 
	Street: 	 
	City:	 
	State:	 
	Country:	 
	Contact Name:	 
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	 

 

Paragraph C – LICENSEE Notice Address

 

	Building Name/Number:	 
	Street: 	 
	City:	 
	State:	 
	Country:	 
	Contact Name:	 
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	 

 

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Paragraph D – S&P Indices

 

CBOE Volatility Index (Spot VIX version)

 

Are the S&P
Indices standard (Yes [X] /No [_]) or custom (Yes
[_] /No [_])

If custom, agreed methodology to be attached
hereto

 

Paragraph E1

LICENSEE ETF Name(s)

 

______________________________

 

Paragraph E2 - ETF Type

As set forth in the Definition of ETF in
the Agreement, the ETF includes two types of ETF Shares: Up Shares and Down Shares. The Up Shares Replicate the S&P Index as
set forth below and the Down Shares Inverse the S&P Index as defined below.

By relation to the S&P Index

	A.	Replicating	(meaning Beta = 1)	(Yes [X] /No [_])
	B.	Leveraged	(meaning Beta >1.25)	(Yes [_] /No [X])
	C.	Inverse/Shorting	(meaning Beta < Zero)	(Yes [X] /No [_])
	D.	Restricted	(meaning Beta ≥ Zero and ≤ 1.25)	(Yes [_] /No [X])

Where “Beta” means
the percentage point change in the value of an ETF that is intended or targeted to arise from, or be caused by, a one percentage
point change in the Underlying Index, as set out in the investment objectives of the prospectus or other disclosure documents of
such ETF.

 

Paragraph F – Territory

 

[***Redacted]

 

Paragraph G – Exclusivity

 

Notwithstanding anything the contrary, S&P shall not license
any third party to use the S&P Index to launch an ETF during the initial [***Redacted] of this ETF License.

 

Paragraph H – Term

 

H1 – Initial Term – [***Redacted]

H2 – Renewal Term – [***Redacted]

 

Paragraph I – License Fee

 

		1.	The Licensee Fee shall be:

[***Redacted]

 

		2.	The License Fee shall be payable on a quarterly basis,
within thirty (30) days after the end of each Quarter in which they are incurred. Each Licensee Fee payment shall be accompanied
by a statement setting forth the basis for its calculation (with figures accurate to each Quarter ending day) within thirty (30)
days after each such Quarter ending day in respect of the LICENSEE ETF launched under this ETF License.

 

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		3.	In the event that LICENSEE fails to pay the full amount
of the License Fee corresponding to any Quarter within such thirty (30) day period, the License Fee for such Quarter shall be
increased by an increment of [***Redacted] for each thirty (30) day period that such License Fee has not been paid in full.

 

		4.	LICENSEE's failure to pay any License Fee amounts due
hereunder within thirty (30) days after the end of the applicable Quarter shall be a breach of a material term of this ETF License
and the Master Agreement.

 

		5.	The parties agree that the terms upon which the License
Fees are calculated is "Confidential Information" for purposes of Section 15 of the Master Agreement.

 

		6.	The License Fees are non-refundable, except in the case
of overpayment as agreed to by the Parties, and payable in U.S. Dollars.

 

Paragraph J1 – Target Launch Date

 

______________________________

 

Paragraph J2 – Designated OSM

 

______________________________

 

Paragraph K – S&P Marks

 

S&P®

Standard & Poor’s®

VIX

CBOE Volatility Index

CBOE

 

 

Paragraph L – S&P Contact(s)
for Informational Materials & Notice Address

 

	Building Name/Number:	S&P Dow Jones Indices, LLC
	Street: 	55 Water Street, 27th Floor
	City:	New York
	State:	NY
	Country:	USA
	Contact Name:	Blake Franchi
	Contact Telephone:	212.438.1772
	Contact Fax:	212.438.3522
	Contact E-Mail:	blake.franchi@spdji.com

 

Paragraph M – Third Party Licensor

Is
there a Third Party Licensor? (Yes [X] /No [_])

    	Page 6 of 7

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If
“Yes”, are there flow- through obligations? (Yes [_] /No [_])

If “Yes” describe below: Chicago
Board of Options Exchange, Incorporated, owner of the CBOE Volatility Index and the following trademarks: VIX, CBOE Volatility
Index, CBOE.

 

Licensee agrees that Chicago Board Options Exchange, Incorporated,
may enforce its rights against Licensee as an intended third party beneficiary of the Agreement and this ETF License No.1, even
though such licensor is not a party to the Agreement and this ETF License No.1.

 

    	Page 7 of 7

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ETF License Number 2

to ETF Master Agreement dated 1st of
October, 2013

THIS ETF License is entered into as
of this 1st day of October, 2013 (the “Commencement Date”) by & between:

 

		(I)	S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices
LLC), a Delaware limited liability company with offices at 55 Water Street, New York, New York 10041, USA (“S&P”),
and

 

		(II)	The Party identified in Paragraph A
hereto (“LICENSEE”)

 

WHEREAS

 

	A.		S&P is Party to a subsisting written agreement of 1st day of October 2013 with Accushares
Management LLC (“Master Agreement”); and

 

		B.	S&P is willing to enter into an ETF License governed thereby and as defined thereunder for
the LICENSEE to create and market a LICENSEE ETF.

 

IT IS AGREED THAT:-

 

		1.	This is an ETF License under and governed by the Master Agreement
and incorporates Paragraphs A to M hereto.

 

		2.	All words terms or phrases defined in the Master Agreement have the
same meaning where used in this ETF License.

 

		3.	This ETF License shall not vary the meaning or effect of the Master
Agreement, save insofar as such meaning or effect pertains to this ETF License alone.

 

		4.	In determining the meaning or effect of this ETF License the provisions
of this ETF License shall prevail over those of the Master Agreement.

 

		5.	This ETF License is a discrete contract entirely severable from all
other ETF Licenses entered into under the Master Agreement.

 

		6.	This ETF License entitles the LICENSEE to create and launch one or
more LICENSEE ETFs described in it at any time and from time to time during its existence.

 

		7.	In advance of the first listing of any new ETF hereunder the LICENSEE
shall inform S&P providing a term sheet in such regard to provide all then available information necessary for S&P to determine
(a) that the new LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the Fees anticipated
to be payable to S&P in such regard under Paragraph I below.

 

The LICENSEE shall after the first
listing of a LICENSEE ETF provide as soon as possible all further information (or an updated final prospectus) to S&P to provide
all then available information necessary for S&P to determine (a) that the LICENSEE ETF complies with this ETF License
and the Master Agreement and (b) the License Fees actually and correctly payable to S&P in such regard under Paragraph
I below.

    	Page 1 of 6

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IN WITNESS WHEREOF, the Parties have caused
this ETF License to be executed as of the Commencement Date.

 

	Accushares Management LLC	S&P OPCO, LLC
	Signature: 	/s/ Forrest G. Gilman	Signature: 	/s/ Bo Chung
	 	 	 	 
	Name:	Forrest G. Gilman	Name:	Bo Chung
	 	(Please print)	 	(Please print)
	Title:	CFO	Title:	Managing Director
	 	(Please print)	 	(Please print)
	Date: 	10/2/2013	Date:	November 5, 2013
	 	(Please print)	 	(Please print)
	 	 	 	 
	 	
         

         

	Signature: 	 	Signature: 	/s/ Alexander Matturri
	 	 	 	 
	Name:	 	Name:	Alexander Matturri
	 	(Please print)	 	(Please print)
	Title:	 	Title:	Chief Executive Officer
	 	(Please print)	 	(Please print)
	Date: 	 	Date: 	November 5, 2013
	 	(Please print)	 	(Please print)

 

 

 

 

 

			

			

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Paragraph
A - “LICENSEE”

 

	Full Company Name:	Accushares Management LLC
	Company Number: 	 
	Country of Incorporation:	 
	Registered Address:	253 Turtle Back Road  New Canaan, CT  06840-2624
	Address for Service:	 
	Contact Name:	Forrest Gilman
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	forrest.gilman@accushares.com

 

Paragraph
B – LICENSEE Audit Address

 

	Building Name/Number:	 
	Street: 	 
	City:	 
	State:	 
	Country:	 
	Contact Name:	 
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	 

 

Paragraph C – LICENSEE Notice Address

 

	Building Name/Number:	 
	Street: 	 
	City:	 
	State:	 
	Country:	 
	Contact Name:	 
	Contact Telephone:	 
	Contact Fax:	 
	Contact E-Mail:	 

 

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Paragraph D – S&P Indices

S&P GSCI Spot

S&P GSCI Crude Oil Spot

S&P GSCI Brent Crude Oil Spot

S&P GSCI Natural Gas

S&P GSCI Industrial Metals Spot

S&P GSCI Agriculture and Livestock
Spot

 

 

Are the S&P
Indices standard (Yes [X] /No [_]) or custom (Yes
[_] /No [_])

If custom, agreed methodology to be attached
hereto

 

Paragraph E1

LICENSEE ETF Name(s)

 

____________________________

____________________________

____________________________

____________________________

____________________________

____________________________

 

 

Paragraph E2 - ETF Type

As set forth in the Definition of ETF in
the Agreement, the ETF includes two types of ETF Shares: Up Shares and Down Shares. The Up Shares Replicate the S&P Index as
set forth below and the Down Shares Inverse the S&P Index as defined below.

By relation to the S&P Index

	A.	Replicating	(meaning Beta = 1)	(Yes [X] /No [_])
	B.	Leveraged	(meaning Beta >1.25)	(Yes [_] /No [X])
	C.	Inverse/Shorting	(meaning Beta < Zero)	(Yes [X] /No [_])
	D.	Restricted	(meaning Beta ≥ Zero and ≤ 1.25)	(Yes [_] /No [X])

Where “Beta” means
the percentage point change in the value of an ETF that is intended or targeted to arise from, or be caused by, a one percentage
point change in the Underlying Index, as set out in the investment objectives of the prospectus or other disclosure documents of
such ETF.

 

Paragraph F – Territory

 

[***Redacted]

 

Paragraph G – Exclusivity

 

Notwithstanding anything the contrary, S&P shall not license
any third party to use the S&P Index to launch an ETF during the initial [***Redacted] of this ETF License.

 

Paragraph H – Term

 

H1 – Initial Term – [***Redacted]

H2 – Renewal Term – [***Redacted]

 

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Paragraph I – License Fee

 

	The Licensee Fee shall be the LICENSEE ETFs:

[***Redacted]

 

	The License Fee shall be payable on a quarterly basis, within thirty
(30) days after the end of each Quarter in which they are incurred. Each Licensee Fee payment shall be accompanied by a statement
setting forth the basis for its calculation (with figures accurate to each Quarter ending day) within thirty (30) days after each
such Quarter ending day in respect of the LICENSEE ETF launched under this ETF License.

 

	In the event that LICENSEE fails to pay the full amount of the License
Fee corresponding to any Quarter within such thirty (30) day period, the License Fee for such Quarter shall be increased by an
increment of [***Redacted] for each thirty (30) day period that such License Fee has not been paid in full.

 

	LICENSEE's failure to pay any License Fee amounts due hereunder within
thirty (30) days after the end of the applicable Quarter shall be a breach of a material term of this ETF License and the Master
Agreement.

 

	The parties agree that the terms upon which the License Fees are calculated
is "Confidential Information" for purposes of Section 15 of the Master Agreement.

 

	The License Fees are non-refundable, except in the case of overpayment
as agreed to by the Parties, and payable in U.S. Dollars.

 

Paragraph J1 – Target Launch Date

 

____________________________

 

Paragraph J2 – Designated OSM

 

________________________________

 

Paragraph K – S&P Marks

 

S&P®

Standard & Poor’s®

S&P GSCI®

 

 

Paragraph L – S&P Contact(s)
for Informational Materials & Notice Address

 

	Building Name/Number:	S&P Dow Jones Indices, LLC
	Street: 	55 Water Street, 27th Floor
	City:	New York
	State:	NY
	Country:	USA

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	Contact Name:	Blake Franchi
	Contact Telephone:	212.438.1772
	Contact Fax:	212.438.3522
	Contact E-Mail:	blake.franchi@spdji.com

 

Paragraph M – Third Party Licensor

Is
there a Third Party Licensor? (Yes [_]/No [_])

If
“Yes”, are there flow- through obligations? (Yes [_] /No [_])

If “Yes”
describe below:

 

 

 

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ASSIGNMENT AND ASSUMPTION AGREEMENT

THIS ASSIGNMENT
AND ASSUMPTION AGREEMENT (this “Assignment”) is made and entered into as of the 16th day of December, 2013,
by and between aCCUSHARES MANAGEMENT LLC,
a Delaware limited liability company (“Assignor”) and ACCUSHARES
INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (“Assignee”), and acknowledged and
consented to by S&P Opco, LLC,
a Delaware limited liability company (“S&P”).

R E C I T A L S:

WHEREAS, Assignor
and S&P have entered into that certain ETF Master Agreement (the “Master Agreement”), and ETF License Number
1 and ETF License Number 2 thereto (each, an “ETF License”), each entered into as of October 1, 2013 between
Assignor and S&P (the Master Agreement and each ETF License, collectively, the “Index License Agreement”);
and

WHEREAS, Assignor
wishes to transfer and assign to Assignee all of Assignor’s rights, title, interest and powers in, to and under the Index
License Agreement, and Assignee wishes to accept such assignment and to assume any and all of Assignor’s duties, obligations,
liabilities and responsibilities under the Index License Agreement.

W I T N E S S E T H:

NOW, THEREFORE,
in consideration of the terms and conditions hereinafter set forth, the sufficiency of which consideration is hereby acknowledged,
the parties hereto agree as follows:

1.                 
Assignment. Assignor hereby transfers and assigns to Assignee all of Assignor’s rights, title, interest and
powers in, to and under the Index License Agreement.

2.                 
Acceptance and Assumption. Assignee hereby accepts the foregoing assignment by Assignor, assumes all of the duties,
obligations, liabilities and responsibilities of Assignor under the Index License Agreement and agrees to be bound by all of the
terms of the Index License Agreement.

3.                 
Release. Assignor is hereby released from all of its duties, obligations and responsibilities under the Index License
Agreement and, notwithstanding any provision thereof, following such release Assignor shall have no liability to any natural person,
partnership, limited liability company, trust (including a statutory trust), corporation, association or other entity under the
Index License Agreement, all such liability having been hereby assumed by Assignee.

4.                 
S&P Consent. S&P hereby acknowledges and consents to the foregoing assignment and release in accordance with
Section 21.2 of the Master Agreement.

5.                 
Counterparts. This Assignment may be executed in one or more facsimile or original counterparts, each of which when
executed and delivered shall be deemed an original and all of which together shall constitute one and the same instrument.

[Signature Page Follows]

    
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IN WITNESS WHEREOF,
the parties have caused this Assignment and Assumption Agreement to be executed by their respective duly authorized officers as
of the date and year first set forth above.

ASSIGNOR:

aCCUSHARES
MANAGEMENT LLC

By:  /s/ Forrest G. Gilman                                     

Name: Forrest G. Gilman

Title: Vice President, Chief Financial Officer and Treasurer

ASSIGNEE:

ACCUSHARES
INVESTMENT MANAGEMENT, llc

By: /s/ Forrest G. Gilman                                      

Name: Forrest G. Gilman

Title: Vice President, Chief Financial Officer and Treasurer

RECEIPT
OF THE FOREGOING 

ASSIGNMENT AND ASSUMPTION 

AGREEMENT IS HEREBY 

ACKNOWLEDGED AND CONSENT 

THERETO IS HEREBY PROVIDED:

S&P Opco,
llc

By:  /s/ Bo Chung                             

Name:  Bo Chung                            

Title:  Managing Director                  

    
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AMENDMENT TO ETF LICENSE NUMBER 1 &
ETF LICENSE NUMBER 2

 

This AMENDMENT (the “Amendment”),
entered into as of the 1st day of January, 2014 (the “Amendment Effective Date”), to the ETF License
Number 1 and ETF License Number 2, each entered into by and between AccuShares Management LLC and S&P Opco, LLC with a Commencement
Date of October 1, 2013, and each as assigned by AccuShares Management LLC to AccuShares Investment Management, LLC on December
16, 2013 (each individually an “ETF License” and collectively the “ETF Licenses”), is by
and between Accushares Investment Management, LLC, having a place of business at 1 Bridge Plaza North, Suite 468, Fort Lee, NJ
07024 (“LICENSEE”) and S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC), a Delaware limited liability
company, having a place of business at 55 Water Street, New York, NY 10041 (“S&P”). S&P and LICENSEE shall
be collectively known as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, the Parties
have entered into the ETF Licenses pursuant to the ETF Master Agreement with an Effective Date of October 1, 2013 between the Parties
(the “Master Agreement”); and,

 

WHEREAS, the ETF
Licenses incorporate the terms and conditions of the Master Agreement (collectively, the “Prior Agreement”); and,

 

WHEREAS, instead
of engaging a third party pricing agent to provide intraday indicative pricing for the LICENSEE ETFs as contemplated under Section
10.3 of the Master Agreement, LICENSEE is desirous to engage S&P in the calculation of the indicative optimized portfolio value
for each of the LICENSEE ETFs according to LICENSEE’s methodology (each an “IOPV” and collectively the “IOPVs”);
and,

 

WHEREAS, S&P
is desirous to calculate such IOPVs in exchange for the payment by LICENSEE of the fees set forth under this Amendment; and,

 

WHEREAS, the Parties
wish to amend the Prior Agreement as set forth below;

 

NOW, THEREFORE,
S&P and LICENSEE agree as follows:

 

1.        Capitalized terms used but not defined
herein shall have the meanings ascribed thereto in the Prior Agreement.

 

2.        The Term of this Amendment commences
on the Amendment Effective Date and shall continue in effect until the end of the Initial Term of each ETF License (the “Amendment
Initial Term”) and, following the Amendment Initial Term, shall automatically renew for successive [***Redacted] terms
(each a “Renewal Term”) (the Initial Term and Renewal Term(s), together the “Term”) unless
either party notifies the other in writing of its decision not to extend the term of this Amendment at least ninety (90) days prior
to the expiration of the Term then in effect.

 

3.        This Amendment shall automatically terminate
with respect to any LICENSEE ETF(s) in the event of a termination of the License(s) for the S&P Index or respective S&P
Indices tracked by such LICENSEE ETF(s),

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and S&P’s only liability under this
Amendment in the event of any such termination shall be a refund of any unused, prepaid fees under this Amendment.

 

4.        S&P shall calculate an IOPV for each
class of shares (each, a “Class”) of each LICENSEE ETF under the Prior Agreement according to the specifications
set forth in the attached and incorporated Appendix 1 (“Calculation Services”). LICENSEE shall be responsible for ensuring
that component data necessary to calculate the next business day’s IOPVs in possession of the custodian for the LICENSEE
ETFs (currently State Street Bank and Trust Company (“State Street”)) shall be provided to S&P at the close of
the previous business day. The component data shall be sent to S&P via email to an address provided by S&P. LICENSEE expressly
agrees and acknowledges that S&P will provide the IOPVs to those third party vendor(s) of S&P’s choice who have established
connections to S&P’s or its service facilitator’s computer facility allowing S&P to feed such real-time data
to such third party vendor(s) (“Real-time Vendor(s)”), and S&P shall make commercially reasonable efforts to ensure
that the IOPVs are further disseminated to and published on Reuters. In connection thereto, LICENSEE agrees and acknowledges that
S&P shall have no duty or obligation to control the Real-time Vendor(s)’ or their distributors’ use of the IOPVs
beyond the point of S&P’s or its service facilitator’s computer facility, including, without limitation, any Real-time
Vendor’s further distribution of the IOPVs to additional vendors beyond Reuters within its distribution network. LICENSEE
agrees and acknowledges that certain third party vendors charge S&P to distribute data on their platform and that such charges
may be passed through to LICENSEE if S&P distributes the IOPVs via such vendor at LICENSEE’s written direction. All distribution
and re-distribution of the IOPVs by Real-time Vendors and their distributors shall be subject to the terms and conditions of this
Amendment and the Prior Agreement, including, without limitation, Section 5 of this Amendment below and Section 18.1 of the Master
Agreement, as amended by this Amendment.

 

5.        LICENSEE expressly agrees that it shall
be bound by the following disclaimer and limitation of liability:

 

S&P, ITS AFFILIATES AND ALL OF THEIR THIRD-PARTY
LICENSORS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE OR USE, AS TO THE IOPVS INCLUDING CALCULATION OF THE IOPVS OR THE RESULTS OBTAINED BY THEIR
USE OR THE PERFORMANCE THEREOF. NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD-PARTY LICENSORS GUARANTEES THE ADEQUACY, ACCURACY,
TIMELINESS OR COMPLETENESS OF THE IOPVS OR ANY COMPONENT THEREOF, INCLUDING ANY UNDERLYING DATA USED TO CALCULATE THE IOPVS, OR
ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS), WITH RESPECT
THERETO. S&P, ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS,
OMISSIONS, INTERRUPTIONS OR DELAYS IN S&P’S CALCULATION OR DISSEMINATION OF THE IOPVS. THE IOPVS ARE PROVIDED ON AN “AS
IS” BASIS AND LICENSEE’S USE OF THE IOPVS ARE AT LICENSEE’S OWN RISK.

 

NOTWITHSTANDING ANYTHING TO THE CONTRARY IN
THIS AMENDMENT OR THE PRIOR AGREEMENT, IN NO EVENT WHATSOEVER SHALL S&P, ITS AFFILIATES OR THEIR THIRD-PARTY LICENSORS BE LIABLE
FOR ANY CLAIMS RELATING TO THE CALCULATION SERVICES FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING
BUT NOT LIMITED TO, LOSS OF PROFITS OR LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN

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ADVISED OF THE POSSIBILITY OF SUCH DAMAGES,
WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE. S&P, ITS AFFILIATES AND THEIR THIRD-PARTY
LICENSORS SHALL NOT BE LIABLE FOR ANY CLAIMS RELATING TO THE CALCULATION SERVICES AGAINST LICENSEE (OR ANY THIRD PARTY) BY THIRD
PARTIES.

 

In addition, as it relates to S&P only
and for purposes of the Calculation Services only, all references to the “ETF License” under Section 19 of the Master
Agreement shall be amended to include the Calculation Services.

 

6.        For purposes of this Amendment, Section
18.1 of the Master Agreement shall be amended to add the following as an additional subsection (v) to Section 2 thereof: “(v)
the IOPVs”.

 

7.        In consideration of the Calculation Services,
LICENSEE shall pay to S&P an annual fee of (a) [***Redacted] for the Initial Term and (b) [***Redacted] for each Renewal Term
(each such fee, an “Annual Calc Fee”). An Annual Calc Fee shall be due as of the Amendment Effective Date and each
anniversary thereof. All Fees shall be payable within thirty (30) days of the date of the applicable S&P invoice.

 

8.        In the event of any conflict between
the terms and conditions of this Amendment and the terms and conditions of the Prior Agreement, the terms and conditions of this
Amendment shall prevail.

 

9.        Except as expressly modified hereby,
all other provisions in the Prior Agreement shall continue in full force and effect.

 

IN WITNESS WHEREOF, the Parties have caused
this Amendment to be executed as of the date first set forth above.

 

AccuShares Investment Management, LLCS&P
Opco, LLC

 

 

	AccuShares Investment Management, LLC	 	S&P Opco, LLC
	 	 	 	 	 
	 	 	 	 	 
	BY:	/s/ Forrest G. Gilman	 	BY:	/s/ Bo Chung
	 	    (Signature)	 	 	    (Signature)
	 	 	 	 	 
	NAME:	Forrest G. Gilman 	 	NAME:	Bo Chung 
	 	(Print Name)	 	 	(Print Name)
	 	 	 	 	 
	 	Vice President,	 	 	 
	TITLE:	Chief Financial Officer and Treasurer 	 	TITLE:	Managing Director 
	 	 	 	 	 
	DATE:	January 1, 2014 	 	DATE:	January 1, 2014 

 

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Appendix 1

 

Specifications

 

 

Description of the LICENSEE ETFs

 

Each LICENSEE ETF tracks its underlying S&P
Index’s changes without the need to hold any securities, commodities, futures or other financial instruments relating to
its underlying S&P Index or the assets referenced by the underlying S&P Index. Instead, each LICENSEE ETF is expressly
limited to holding only: cash; bills, bonds and notes issued and guaranteed by the United States Treasury with remaining maturities
of three months or less (“eligible Treasuries”); and over-night repurchase agreements collateralized by United States
Treasury securities (“eligible repos”, and together with the cash and eligible Treasuries, “Eligible Assets”).

 

Unlike other exchange traded products, each
LICENSEE ETF will engage principally in cash distributions and potentially paired share distributions to deliver to shareholders
the economic exposure to the LICENSEE ETF’s underlying S&P Index. Each LICENSEE ETF will issue its shares in offsetting
pairs, where one constituent of the pair is positively linked to the LICENSEE ETF’s underlying S&P Index (“Up Shares”)
and the other constituent is negatively linked to the LICENSEE ETF’s underlying S&P Index (“Down Shares”).
Therefore, each LICENSEE ETF will only issue, distribute, maintain and redeem equal quantities of Up and Down Shares at all times.
Once issued and before any redemption, Up Shares and Down Shares will trade separately without restriction on the NASDAQ OMX

 

The custodian will daily determine the liquidation
value of a LICENSEE ETF attributable to each of its Classes (“Class Value”), which liquidation value is based on the
value of the LICENSEE ETF’s Eligible Assets attributable to such Class, (a) plus any accrued income or gains or losses on
such assets attributable to such Class (“Investment Income”), (b) less all fees, expenses and taxes attributable to
such Class not otherwise assumed by the Licensee ETF’s sponsor (the “Sponsor”), where such income and gains after
deduction of such fees, expenses and taxes is referred to as the Class’ “Net Investment Income.” Investment Income
with respect to a Class will be adjusted during any creation or redemption order settlement period for any increases or decreases
in value of a LICENSEE ETF’s assets attributable to such Class resulting from such order. The Net Investment Income and Investment
Income can be positive or negative.

 

At the inception of operations of each LICENSEE
ETF, the Sponsor will establish the level at which each Class of the LICENSEE ETF will participate in the LICENSEE ETF’s
underlying S&P Index. Thereafter, the custodian will daily allocate among each LICENSEE ETF’s Up Shares and Down Shares
their respective Class Values where the Class Value for each Class of a LICENSEE ETF is shared equally among the outstanding shares
of such Class. This daily allocation of Class Values results in the “Class Value per Share” for each Up Share and each
Down Share of the LICENSEE ETF. Most important for the calculation of a LICENSEE ETF’s Class Values per Share – one
for the Up Shares and one for the Down Shares – is the determination of the Class Value of each Class of a LICENSEE ETF,
which is based on changes in the level of the underlying S&P Index from the previous calculation date and, in the case of the
AccuShares Spot CBOE VIX Fund (the “VIX Fund”), the VIX Fund Daily Amount (as defined in the Amended and Restated Trust
Agreement by AccuShares Management LLC, as sponsor, and Wilmington Trust, N.A., as trustee, as assigned by AccuShares Management
LLC to LICENSEE on December 16, 2013, and as amended from time to time (the “Trust Agreement”)). Consequently, the
Class Value per Share of a Class of a LICENSEE ETF is such Class’ allocation per share of the LICENSEE ETF’s liquidation
value reflecting changes in the LICENSEE ETF’s underlying S&P Index in accordance with the linkage – positive or
negative – such Class has to the underlying S&P Index and, in the case of the VIX Fund, the VIX Fund Daily Amount. Class
Values and Class Values per Share will be posted to the Sponsor’s website (www.AccuShares.com).

 

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IOPV Description 

The following language is a description of
what will be disclosed to investors regarding IOPV calculations:

The IOPV-UP is an indicator of the value of
an Up Share’s Class Value per Share at the time the IOPV-UP is disseminated. The IOPV-UP is calculated and disseminated every
15 seconds throughout the business day. The IOPV-UP is generally calculated using the prior business day’s closing Class
Value per Share of an Up Share as a base and updating throughout the business day based on changes in either the value of the underlying
S&P Index or the value of an equivalent front-futures contract price if S&P and its Affiliates have failed to publish such
S&P Index value. The IOPV-UP of each LICENSEE ETF on any given day will not include any accrual of that day’s Net Investment
Income and, in the case of the VIX Fund, that day’s VIX Fund Daily Amount.

The IOPV-DOWN is an indicator of the value
of a Down Share’s Class Value per Share at the time the IOPV-DOWN is disseminated. The IOPV-DOWN is calculated and disseminated
every 15 seconds throughout the business day. The IOPV-DOWN is generally calculated using the prior business day’s closing
Class Value per Share of a Down Share as a base and updating throughout the business day based on changes in either the value of
the underlying S&P Index or the value of an equivalent front-futures contract price if S&P and its Affiliates have failed
to publish such S&P Index value. The IOPV-DOWN of each LICENSEE ETF on any given day will not include any accrual of that day’s
Net Investment Income and, in the case of the VIX Fund, that day’s VIX Fund Daily Amount.

 

Calculation Methodology

For purposes of this section only, capitalized
terms used but not defined in this Amendment or in the Prior Agreement shall have the meanings ascribed thereto in the Trust Agreement.
The Class Value per Share of each Class of each LICENSEE ETF shall be calculated in accordance with the following formulas:

(i)          The Class Value per Share for the Up
Shares of each LICENSEE ETF, other than the VIX Fund, at any time is determined as follows:

UPt = UPt-1 + UPSIFt x (UILt – UILt-1)
+ UPNIAt

(ii)         The Class Value per Share for the AccuShares
Spot CBOE VIX Up Shares will be determined at any time as follows:

UPt = UPt-1 + UPSIFt x (UILt – UILt-1)
+ UPNIAt – DAt

(iii)        The Class Value per Share for the
Down Shares of each LICENSEE ETF, other than the VIX Fund, at any time is determined as follows:

DNt = DNt-1 + DNSIFt x (UILt – UILt-1)
+ DNNIAt

(iv)        The Class Value per Share for the AccuShares
Spot CBOE VIX Down Shares at any time is determined as follows:

DNt = DNt-1 + DNSIFt x (UILt – UILt-1)
+ DNNIAt+ DAt

Where

“UIL” means, with respect to any
LICENSEE ETF, the level of such LICENSEE ETF’s underlying S&P Index, subject to the Class Value per Share Limitation.

“Up Share Index Factor” or “UPSIF”
means, with respect to any LICENSEE ETF, the Share Index Factor of such LICENSEE ETF’s Up Shares.

“UPNIA” means, with respect to
any LICENSEE ETF, the accrued Net Investment Income per Share attributable to each of such LICENSEE ETF’s Up Shares since
the Prior Distribution Date.

“Down Share Index Factor” or “DNSIF”
means, with respect to any LICENSEE ETF, the Share Index Factor of such LICENSEE ETF’s Down Shares.

“DNNIA” means, with respect to
any LICENSEE ETF, the accrued Net Investment Income per Share attributable to each of such LICENSEE ETF’s Down Shares since
the Prior Distribution Date.

“DAt” means
the accumulated VIX Fund Daily Amounts since the Prior Distribution Date.

“Share Index Factor” means, with
respect to any Class of a LICENSEE ETF, as of any date of determination, the fixed linear relationship of the Class Value of such
Class with such LICENSEE ETF’s underlying S&P Index.

“t” means the time of the related
determination.

“t-1” means the time of the related
determination as of the Prior Distribution Date.

 

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Actual Calculations

When calculating the IOPV of either Class of
a LICENSEE ETF, the above formulas would apply as well. Each of the components listed above would be provided to SPDJI from State
Street as the fund custodian at the close of the previous business day. The only variable that would be changing during each business
day would be the UILt. As shown in Exhibit 1, all of the S&P Indices are SPDJI indices with the exception of the CBOE Volatility
Index.

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Exhibit 1

 

LICENSEE ETFs and Indices

 

	LICENSEE ETFs	Indices
	 	 
	AccuShares S&P GSCI Spot Fund	S&P GSCI Spot 
	 	 
	AccuShares S&P GSCI Agriculture and	S&P GSCI Agriculture and Livestock Spot
	Livestock Spot Fund	 
	 	 
	AccuShares S&P GSCI Industrial Metals Spot Fund	S&P GSCI Industrial Metals Spot
	 	 
	AccuShares S&P GSCI Crude Oil Spot Fund	S&P GSCI Crude Oil Spot
	 	 
	AccuShares S&P GSCI Brent Oil Spot Fund	S&P GSCI Brent Crude Spot
	 	 
	AccuShares S&P GSCI Natural Gas Spot Fund	S&P GSCI Natural Gas Spot
	 	 
	AccuShares Spot CBOE VIX Fund	CBOE Volatility Index 

 

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Exhibit 2

 

Tickers

 

	AccuShares S&P GSCI Spot Up Shares	GSCU
	AccuShares S&P GSCI Spot Down Shares	GSCD
	AccuShares S&P GSCI Agriculture and	AGUP 
	Livestock Spot Up Shares	 
	AccuShares S&P GSCI Agriculture and	AGDN 
	Livestock Spot Down Shares	 
	AccuShares S&P GSCI Industrial Metals	MTLU
	Spot Up Shares	 
	AccuShares S&P GSCI Industrial Metals	MTLD
	Spot Down Shares	 
	AccuShares S&P GSCI Crude Oil Spot Up Shares	SPTU
	AccuShares S&P GSCI Crude Oil Spot Down Shares	SPTD
	AccuShares S&P GSCI Brent Oil Spot Up Shares	BRTU
	AccuShares S&P GSCI Brent Oil Spot Down Shares	BRTD
	AccuShares S&P GSCI Natural Gas Spot Up Shares	NGUP
	AccuShares S&P GSCI Natural Gas Spot Down Shares	NGDN
	AccuShares Spot CBOE VIX Up Shares	VXUP
	AccuShares Spot CBOE VIX Down Shares	VXDN

 

 

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AMENDMENT NO. 2 TO ETF LICENSE NUMBER
1 & ETF LICENSE NUMBER 2

 

This AMENDMENT NO. 2 (“Amendment
No. 2”), entered into as of the 1st day of January, 2015 (the “Amendment No. 2 Effective Date”),
to the ETF License Number 1 and ETF License Number 2 (each as amended by the Amendment entered into as of January 1, 2014 (“Amendment
No. 1”)) each entered into by and between AccuShares Investment Management, LLC (as successor-in-interest to AccuShares
Management LLC) and S&P Opco, LLC with Commencement Dates of October 1, 2013 (each individually an “ETF License”
and collectively the “ETF Licenses”), is by and between Accushares Investment Management, LLC, having a place
of business at 300 First Stamford Place, 4th Floor East, Stamford, CT 06902 (“LICENSEE”) and S&P Opco, LLC
(a subsidiary of S&P Dow Jones Indices LLC), a Delaware limited liability company, having a place of business at 55 Water Street,
New York, NY 10041 (“S&P”). S&P and LICENSEE shall be collectively known as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, the Parties
have entered into the ETF Licenses pursuant to the ETF Master Agreement with an Effective Date of October 1, 2013 between the Parties
(the “Master Agreement”); and,

 

WHEREAS, the ETF
Licenses incorporate the terms and conditions of the Master Agreement (collectively, the “Prior Agreement”);
and,

 

WHEREAS, under the
Prior Agreement, LICENSEE engaged S&P to calculate the indicative optimized portfolio value for each of the LICENSEE ETFs according
to LICENSEE’s methodology (each an “IOPV” and collectively the “IOPVs”); and,

 

WHEREAS, S&P
has yet to commence calculation of such IOPVs and has not billed LICENSEE for any such services as of the Amendment No. 2 Effective
Date; and,

 

WHEREAS, the Parties
wish to amend the Prior Agreement as set forth below;

 

NOW, THEREFORE,
S&P and LICENSEE agree as follows:

 

1.                 
Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Prior Agreement.

 

2.                 
The Term of this Amendment No. 2 commences on the Amendment No. 2 Effective Date and shall continue in effect co-terminous
with Amendment No. 1.

 

3.                 
Notwithstanding anything to the contrary in the Prior Agreement, the Parties agree that the Calculation Services shall commence
on a per Class basis upon delivery to S&P of the component data necessary to fulfill such Calculation Services with respect
to the applicable Class.

 

4.                 
Section 7 of Amendment No. 1 shall be deleted in its entirety and replaced with the following:

 

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“In consideration of the Calculation
Services, LICENSEE shall pay to S&P an annual fee of [***Redacted] for each Class (the “Annual Calc Fee”).
The Annual Calc Fee shall be due as of the commencement of the Calculation Services for such Class and, in the event the Calculation
Services are commenced mid-Term, shall be pro-rated for the remainder of the Term then in effect. Thereafter, the Annual Calc Fee
for each Class for which IOPV is being calculated as of the commencement of any Renewal Term shall be due in advance of such Renewal
Term and each anniversary thereof. In addition, upon commencement of Calculation Services with respect to the first Class, a one-time
initial set-up fee of [***Redacted] shall be due S&P from Licensee (the “One-time Fee” and together with
the Annual Calc Fee, collectively, the “Calculation Fees”). All Calculation Fees shall be payable within thirty
(30) days of the date of the applicable S&P invoice.

 

8.         In the event of any conflict between
the terms and conditions of this Amendment No. 2 and the terms and conditions of the Prior Agreement, the terms and conditions
of this Amendment No. 2 shall prevail.

 

9.         Except as expressly modified hereby,
all other provisions in the Prior Agreement shall continue in full force and effect.

 

IN WITNESS WHEREOF, the Parties have caused
this Amendment No. 2 to be executed as of the date first set forth above.

 

 

	AccuShares Investment Management, LLC	 	S&P Opco, LLC
	 	 	 
	 	 	 	 	 
	BY:	/s/ Forrest G. Gilman	 	BY:	/s/ Bo Chung
	 	(Signature)	 	 	(Signature)
	 	 	 	 	 

 

	NAME: 	Forrest G. Gilman	 	NAME: 	Bo Chung
	 	(Print
Name)	 	 	(Print
Name)
	 	 	 	 	 
	 	Vice President,	 	 	 
	TITLE:	Chief Financial Officer and Treasurer	 	TITLE:	Managing Director
	 	 	 	 	 
	DATE:	January 1, 2015	 	DATE:	February 5, 2015

 

 

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AMENDMENT NO. 3 TO ETF LICENSE NUMBER
1

 

This AMENDMENT NO. 3 (“Amendment
No. 3”), dated as of April 2, 2015 and effective as of October 1, 2014 (the “Amendment No. 3 Effective Date”),
to the ETF License Number 1 with a Commencement Date of October 1, 2013 (“ETF License 1”) (as amended by the
Amendment entered into as of January 1, 2014 (“Amendment No. 1”) and the Amendment No. 2 entered into as of
January 1, 2015 (“Amendment No. 2”)) entered into by and between AccuShares Investment Management, LLC (as successor-in-interest
to AccuShares Management LLC) and S&P Opco, LLC, is by and between Accushares Investment Management, LLC, having a place of
business at 300 First Stamford Place, 4th Floor East, Stamford, CT 06902 (“LICENSEE”) and S&P Opco, LLC
(a subsidiary of S&P Dow Jones Indices LLC), a Delaware limited liability company, having a place of business at 55 Water Street,
New York, NY 10041 (“S&P”). S&P and LICENSEE shall be collectively known as the “Parties”.
The ETF License 1 as amended by Amendment No. 1 and Amendment No. 2 shall be referred to hereinafter collectively as the “Prior
ETF License”.

 

W I T N E S S E T H:

 

WHEREAS, the Parties
have entered into the Prior ETF License pursuant to the ETF Master Agreement with an Effective Date of October 1, 2013 between
the Parties (the “Master Agreement”); and,

 

WHEREAS, the Prior
ETF License incorporates the terms and conditions of the Master Agreement (collectively, the “Prior Agreement”);
and,

 

WHEREAS, under the
Prior Agreement, S&P granted LICENSEE an exclusive license for use of the S&P Index for the LICENSEE ETF for a period of
twelve (12) months; and,

 

WHEREAS, Licensee
has yet to issue and/or List any LICENSEE ETF and desires to extend the exclusivity under the Prior Agreement; and,

 

WHEREAS, S&P
is willing to extend the exclusivity under the terms of this Amendment No. 3; and,

 

WHEREAS, the Parties
wish to amend the Prior Agreement as set forth below;

 

NOW, THEREFORE,
S&P and LICENSEE agree as follows:

 

1.                 
Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Prior Agreement.

 

2.                 
The Term of this Amendment No. 3 commences on the Amendment No. 3 Effective Date and shall continue in effect co-terminous
with the ETF License 1.

 

3.                 
Paragraph G of the ETF License 1 is hereby deleted in its entirety and replaced with the following:

 

“Paragraph G –
Exclusivity.

 

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1.The License shall be exclusive
with respect to the S&P Index set forth in Paragraph D for a period commencing as of the Commencement Date of this ETF License
1 and ending [***Redacted] after the Launch Date of the first LICENSEE ETF based on such S&P Index and conforming to the ETF
Type designated in Paragraph E2 that is Listed on an Organized Securities Market in the Territory provided that this License and
such exclusivity can still be terminated earlier pursuant to Section 7, 8 or 9 of the Master Agreement (the “Exclusivity
Period”).

 

2.The Exclusivity Period shall
end automatically at the end thereof (if not terminated earlier in accordance with the terms of the Prior Agreement) and the License
granted to LICENSEE hereunder with respect to the S&P Index shall then become non-exclusive for the duration of the Term of
the Prior ETF License.

 

3.Subject to the terms and conditions
of the Master Agreement, during the Exclusivity Period, S&P shall not license the S&P Index listed in Paragraph D to any
third party for the purpose of allowing such third party to establish, organize, structure, sponsor, operate, List and manage,
in the Territory, an ETF Tracking such S&P Index and corresponding to the ETF Type designated in Paragraph E2.”

 

4.                 
Paragraph J1 of the ETF License 1 is hereby deleted in its entirety and replaced with the following:

 

“Paragraph
J1 – Target Launch Date: [***Redacted].”

 

8.          In the event of any conflict between
the terms and conditions of this Amendment No. 3 and the terms and conditions of the Prior Agreement, the terms and conditions
of this Amendment No. 3 shall prevail.

 

9.          Except as expressly modified hereby,
all other provisions in the Prior Agreement shall continue in full force and effect.

 

 

 

[Remainder of This Page Intentionally Left
Blank; Signature Page Follows]

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IN WITNESS WHEREOF, the Parties have caused
this Amendment No. 3 to be executed as of the date first set forth above.

 

	AccuShares Investment Management, LLC	 	S&P Opco, LLC
	 	 	 
	 	 	 	 	 
	BY:	/s/ Forrest G. Gilman	 	BY:	/s/ John Connolly
	 	(Signature)	 	 	(Signature)
	 	 	 	 	 

 

	NAME: 	Forrest G. Gilman	 	NAME: 	John
Connolly
	 	(Print
Name)	 	 	(Print
Name)
	 	 	 	 	 
	 	Vice President,	 	 	 
	TITLE:	Chief Financial Officer and Treasurer	 	TITLE:	Senior Director of Finance
	 	 	 	 	 
	DATE:	April 2, 2015	 	DATE:	April 3, 2015

 

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AMENDMENT
NO. 4 TO ETF LICENSE NUMBER 1 & 

AMENDMENT NO. 3 TO ETF LICENSE NUMBER 2

 

This AMENDMENT NO. 4 to
the ETF License Number 1 (“ETF License 1”) and AMENDMENT NO. 3 to the ETF License Number 2 (collectively, “Amendment
Nos. 3 and 4”), each entered into by and between AccuShares Investment Management, LLC (as successor-in-interest to AccuShares
Management LLC), having a place of business at 300 First Stamford Place, 4th Floor East, Stamford, CT 06902 (“LICENSEE”),
and S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC), a Delaware limited liability company, having a place of
business at 55 Water Street, New York, NY 10041 (“S&P”), with Commencement Dates of October 1, 2013 (each
individually an “ETF License” and collectively the “ETF Licenses”), is entered into as of
April 2, 2015 (the “Amendment Nos. 3 and 4 Effective Date”) by and between LICENSEE and S&P. S&P and
LICENSEE shall be collectively known as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, the Parties
have entered into the ETF Licenses pursuant to the ETF Master Agreement with an Effective Date of October 1, 2013 between the Parties
(the “Master Agreement”); and,

 

WHEREAS, each ETF
License has previously been amended by the Amendment to ETF License Number 1 & ETF License Number 2 entered into as of January
1, 2014 (“Amendment No. 1”) and Amendment No. 2 to ETF License Number 1 & ETF License Number 2 entered into
as of January 1, 2015 (“Amendment No. 2”); and,

 

WHEREAS, as of the
same date hereof, ETF License 1 is being further amended by an Amendment No. 3 (“Amendment No. 3”); and,

 

WHEREAS, the ETF
Licenses, as amended by Amendment No. 1 and Amendment No. 2 (and, in the case of ETF License 1, Amendment No. 3) shall be referred
to hereinafter collectively as the “Prior ETF Licenses”; and,

 

WHEREAS, the Prior
ETF Licenses incorporate the terms and conditions of the Master Agreement (collectively, the “Prior Agreement”);
and,

 

WHEREAS, the Parties
wish to amend the Prior Agreement as set forth below;

 

NOW, THEREFORE,
S&P and LICENSEE agree as follows:

 

1.                 
Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Prior Agreement.

 

2.                 
The Term of Amendment Nos. 3 and 4 commences on the Amendment Nos. 3 and 4 Effective Date and shall continue in effect with
respect to the applicable ETF License co-terminous with such ETF License.

 

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3.                 
S&P shall include the value of the S&P Index Tracked by a LICENSEE ETF on its data feed that is disseminated to
one or more financial data distribution platforms, such as those services offered by Thomson Reuters, and/or publish such S&P
Index on S&P’s own website, on a continuous basis during the LICENSEE ETF Shares trading hours for so long as any of
such LICENSEE ETF Shares remain Listed for trading.

4.                 
In the event of any conflict between the terms and conditions of Amendment Nos. 3 and 4 and the terms and conditions of
the Prior Agreement, the terms and conditions of Amendment Nos. 3 and 4 shall prevail.

 

5.                 
Except as expressly modified hereby, all other provisions in the Prior Agreement shall continue in full force and effect.

 

 

 

 

[Remainder of This Page Intentionally Left
Blank; Signature Page Follows]

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IN WITNESS WHEREOF, the Parties have caused
Amendment Nos. 3 and 4 to be executed as of the date first set forth above.

 

	AccuShares Investment Management, LLC	 	S&P Opco, LLC
	 	 	 
	 	 	 	 	 
	BY:	/s/ Forrest G. Gilman	 	BY:	/s/ John Connolly
	 	(Signature)	 	 	(Signature)
	 	 	 	 	 

 

	NAME: 	Forrest G. Gilman	 	NAME: 	John
Connolly
	 	(Print
Name)	 	 	(Print
Name)
	 	 	 	 	 
	 	Vice President,	 	 	 
	TITLE:	Chief Financial Officer and Treasurer	 	TITLE:	Senior Director of Finance
	 	 	 	 	 
	DATE:	April 2, 2015	 	DATE:	April 3, 2015

 

 

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ETF License Number 3

to ETF Master Agreement dated 1st of
September, 2013

THIS ETF License is entered into as
of this 1st day of September, 2015 (the “Commencement Date”) by & between:

 

	 	(I)	S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC), a Delaware limited liability company with offices at 55 Water Street, New York, New York 10041, USA (“S&P”), and

 

	 	(II)	The Party identified in Paragraph A hereto (“LICENSEE”)

 

WHEREAS

 

	 	A.	S&P is Party to a subsisting written agreement of 1st day of September 2013 with Accushares Investment Management, LLC (as successor-in-interest to AccuShares Management LLC) (“Master Agreement”); and

 

	 	B.	S&P is willing to enter into an ETF License governed thereby and as defined thereunder for the LICENSEE to create and market a LICENSEE ETF.

 

IT IS AGREED THAT:-

 

	 	1.	This is an ETF License under and governed by the Master Agreement and incorporates Paragraphs A to M hereto.

 

	 	2.	All words terms or phrases defined in the Master Agreement have the same meaning where used in this ETF License.

 

	 	3.	This ETF License shall not vary the meaning or effect of the Master Agreement, save insofar as such meaning or effect pertains to this ETF License alone.

 

	 	4.	In determining the meaning or effect of this ETF License the provisions of this ETF License shall prevail over those of the Master Agreement.

 

	 	5.	This ETF License is a discrete contract entirely severable from all other ETF Licenses entered into under the Master Agreement.

 

	 	6.	This ETF License entitles the LICENSEE to create and launch one or more LICENSEE ETFs described in it at any time and from time to time during its existence.

 

	 	7.	In advance of the first listing of any new ETF hereunder the LICENSEE shall inform S&P providing a term sheet in such regard to provide all then available information necessary for S&P to determine (a) that the new LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the Fees anticipated to be payable to S&P in such regard under Paragraph I below.

 

	 	8.	The LICENSEE shall after the first listing of a LICENSEE ETF provide as soon as possible all further information (or an updated final prospectus) to S&P to provide all then available information necessary for S&P to determine (a) that the LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the License Fees actually and correctly payable to S&P in such regard under Paragraph I below.

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IN WITNESS WHEREOF, the Parties have caused
this ETF License to be executed as of the Commencement Date.

 

	Accushares Management LLC	S&P OPCO, LLC
	Signature: 	/s/ Robert Rokose	Signature: 	/s/ Bo Chung
	 	 	 	 
	Name:	Robert Rokose	Name:	Bo Chung
	 	(Please print)	 	(Please print)
	Title:	CFO	Title:	Managing Director
	 	(Please print)	 	(Please print)
	Date: 	9/8/2015	Date:	September 15, 2015
	 	(Please print)	 	(Please print)
	 	 	 	 
	 	
             

         

	Signature: 	 	Signature: 	/s/ Robert Shakotko
	 	 	 	 
	Name:	 	Name:	Robert Shakotko
	 	(Please print)	 	(Please print)
	Title:	 	Title:	Managing Director
	 	(Please print)	 	(Please print)
	Date: 	 	Date: 	September 16, 2015
	 	(Please print)	 	(Please print)

 

 

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Paragraph
A - “LICENSEE”

 

	Full Company Name:	Accushares Investment Management, LLC
	Country of Incorporation:	 
	Registered Address:	300 First Stamford Place, 4th Floor
	Address for Service:	300 First Stamford Place, 4th Floor
	Contact Name:	Keith Cunningham
	Contact Telephone:	203-391-5665 
	Contact Fax:	 
	Contact E-Mail:	Keith.cunningham@accushares.com

 

Paragraph
B – LICENSEE Audit Address

 

Same as Paragraph A above

 

Paragraph C – LICENSEE Notice Address

 

Same as Paragraph A above

 

Paragraph D – S&P Indices

 

S&P 500 VIX Front-Month Futures Index

 

Are the S&P Indices standard (Yes [X] /No
[_]) or custom (Yes [_] /No [X])

If custom, agreed methodology to be attached
hereto

 

Paragraph E1

LICENSEE ETF Name(s)

 

AccuShares S&P 500 VIX Front-Month Futures
Index Fund, or such other name approved by S&P in writing

 

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Paragraph E2 - ETF Type

 

As set forth in the Definition of ETF in the Agreement, the ETF
includes two types of ETF Shares: Up Shares and Down Shares. The Up Shares Replicate the S&P Index as set forth below and the
Down Shares Inverse the S&P Index as defined below.

 

By relation to the S&P Index

 

	A.	Replicating	(meaning Beta = 1)	(Yes [X] /No [_])
	B.	Leveraged	(meaning Beta >1.25)	(Yes [_] /No [X])
	C.	Inverse/Shorting	(meaning Beta < Zero)	(Yes [X] /No [_])
	D.	Restricted	(meaning Beta ≥ Zero and ≤ 1.25)	(Yes [_] /No [X])

 

Where “Beta” means
the percentage point change in the value of an ETF that is intended or targeted to arise from, or be caused by, a one percentage
point change in the Underlying Index, as set out in the investment objectives of the prospectus or other disclosure documents of
such ETF.

 

Paragraph F – Territory

 

[***Redacted]

 

Paragraph G – Exclusivity

 

Notwithstanding anything the contrary, this ETF License is
entirely non-exclusive.

 

Paragraph H – Term

 

H1 – Initial Term – [***Redacted]

H2 – Renewal Term – [***Redacted]

 

Paragraph I – License Fee

 

	 	1.	The Licensee Fee shall be:

[***Redacted]

 

	 	2.	The License Fee shall be payable on a quarterly basis, within thirty (30) days after the end of each Quarter in which they are incurred. Each Licensee Fee payment shall be accompanied by a statement setting forth the basis for its calculation (with figures accurate to each Quarter ending day) within thirty (30) days after each such Quarter ending day in respect of the LICENSEE ETF launched under this ETF License.

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	 	3.	In the event that LICENSEE fails to pay the full amount of the License Fee corresponding to any Quarter within such thirty (30) day period, the License Fee for such Quarter shall be increased by an increment of [***Redacted] for each thirty (30) day period that such License Fee has not been paid in full.

 

	 	4.	LICENSEE's failure to pay any License Fee amounts due hereunder within thirty (30) days after the end of the applicable Quarter shall be a breach of a material term of this ETF License and the Master Agreement.

 

	 	5.	The parties agree that the terms upon which the License Fees are calculated is "Confidential Information" for purposes of Section 15 of the Master Agreement.

 

	 	6.	The License Fees are non-refundable, except in the case of overpayment as agreed to by the Parties, and payable in U.S. Dollars.

 

Paragraph J1 – Target Launch Date

 

[To be Determined]

 

Paragraph J2 – Designated OSM

 

[To be Determined] 

 

Paragraph K – S&P Marks

 

S&P 500 VIX Front-Month FuturesTM

S&P®

S&P 500®

VIX®

 

Paragraph L – S&P Contact(s)
for Informational Materials & Notice Address

 

	Building Name/Number:	S&P Dow Jones Indices, LLC
	Street: 	55 Water Street, 27th Floor
	City:	New York
	State:	NY
	Country:	USA
	Contact Name:	Blake Franchi
	Contact Telephone:	212.438.1772
	Contact Fax:	212.438.3522
	Contact E-Mail:	blake.franchi@spdji.com

 

Paragraph M – Third Party Licensor

 

Chicago Board of Options Exchange, Incorporated is the owner of
the "VIX" registered trademark.

 

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Licensee agrees that Chicago Board Options Exchange, Incorporated,
a third party licensor of S&P, may enforce its rights against Licensee as an intended third party beneficiary of the Agreement
and this ETF License, even though such licensor is not a party to the Agreement or this ETF License.

    	Page 6 of 6
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ETF License Number 4

to ETF Master Agreement dated 1st of
September, 2013

THIS ETF License is entered into as
of this 15th day of September, 2015 (the “Commencement Date”) by & between:

 

	 	(I)	S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC), a Delaware limited liability company with offices at 55 Water Street, New York, New York 10041, USA (“S&P”), and

 

	 	(II)	The Party identified in Paragraph A hereto (“LICENSEE”)

 

WHEREAS

 

	 	A.	S&P is Party to a subsisting written agreement of 1st day of September 2013 with Accushares Investment Management, LLC (as successor-in-interest to AccuShares Management LLC) (“Master Agreement”); and

 

	 	B.	S&P is willing to enter into an ETF License governed thereby and as defined thereunder for the LICENSEE to create and market a LICENSEE ETF.

 

IT IS AGREED THAT:-

 

	 	1.	This is an ETF License under and governed by the Master Agreement and incorporates Paragraphs A to M hereto.

 

	 	2.	All words terms or phrases defined in the Master Agreement have the same meaning where used in this ETF License.

 

	 	3.	This ETF License shall not vary the meaning or effect of the Master Agreement, save insofar as such meaning or effect pertains to this ETF License alone.

 

	 	4.	In determining the meaning or effect of this ETF License the provisions of this ETF License shall prevail over those of the Master Agreement.

 

	 	5.	This ETF License is a discrete contract entirely severable from all other ETF Licenses entered into under the Master Agreement.

 

	 	6.	This ETF License entitles the LICENSEE to create and launch one or more LICENSEE ETFs described in it at any time and from time to time during its existence.

 

	 	7.	In advance of the first listing of any new ETF hereunder the LICENSEE shall inform S&P providing a term sheet in such regard to provide all then available information necessary for S&P to determine (a) that the new LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the Fees anticipated to be payable to S&P in such regard under Paragraph I below.

 

	 	8.	The LICENSEE shall after the first listing of a LICENSEE ETF provide as soon as possible all further information (or an updated final prospectus) to S&P to provide all then available information necessary for S&P to determine (a) that the LICENSEE ETF complies with this ETF License and the Master Agreement and (b) the License Fees actually and correctly payable to S&P in such regard under Paragraph I below.

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IN WITNESS WHEREOF, the Parties have caused
this ETF License to be executed as of the Commencement Date.

 

	Accushares Management LLC	S&P OPCO, LLC
	Signature: 	/s/ Robert Rokose	Signature: 	/s/ Bo Chung
	 	 	 	 
	Name:	Robert Rokose	Name:	Bo Chung
	 	(Please print)	 	(Please print)
	Title:	CFO	Title:	Managing Director
	 	(Please print)	 	(Please print)
	Date: 	9/8/2015	Date:	September 15, 2015
	 	(Please print)	 	(Please print)
	 	 	 	 
	 	
             

         

	Signature: 	 	Signature: 	/s/ Robert Shakotko
	 	 	 	 
	Name:	 	Name:	Robert Shakotko
	 	(Please print)	 	(Please print)
	Title:	 	Title:	Managing Director
	 	(Please print)	 	(Please print)
	Date: 	 	Date: 	September 16, 2015
	 	(Please print)	 	(Please print)

 

 

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Paragraph
A - “LICENSEE”

 

	Full Company Name:	Accushares Investment Management, LLC
	Country of Incorporation:	 
	Registered Address:	300 First Stamford Place, 4th Floor
	Address for Service:	300 First Stamford Place, 4th Floor
	Contact Name:	Keith Cunningham
	Contact Telephone:	203-391-5665 
	Contact Fax:	 
	Contact E-Mail:	Keith.cunningham@accushares.com

 

Paragraph
B – LICENSEE Audit Address

 

Same as Paragraph A above

 

Paragraph C – LICENSEE Notice Address

 

Same as Paragraph A above

 

Paragraph D – S&P Indices

 

S&P GSCI Crude Oil Excess Return Index

 

Are the S&P Indices standard (Yes [X] /No
[_]) or custom (Yes [_] /No [X])

If custom, agreed methodology to be attached
hereto

 

Paragraph E1

LICENSEE ETF Name(s)

 

AccuShares S&P GSCI Crude Oil Excess Return
Fund, or such other name approved by S&P in writing

 

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Paragraph E2 - ETF Type

 

As set forth in the Definition of ETF in the Agreement, the ETF
includes two types of ETF Shares: Up Shares and Down Shares. The Up Shares Replicate the S&P Index as set forth below and the
Down Shares Inverse the S&P Index as defined below.

 

By relation to the S&P Index

 

	A.	Replicating	(meaning Beta = 1)	(Yes [X] /No [_])
	B.	Leveraged	(meaning Beta >1.25)	(Yes [_] /No [X])
	C.	Inverse/Shorting	(meaning Beta < Zero)	(Yes [X] /No [_])
	D.	Restricted	(meaning Beta ≥ Zero and ≤ 1.25)	(Yes [_] /No [X])

 

Where “Beta” means
the percentage point change in the value of an ETF that is intended or targeted to arise from, or be caused by, a one percentage
point change in the Underlying Index, as set out in the investment objectives of the prospectus or other disclosure documents of
such ETF.

 

Paragraph F – Territory

 

[***Redacted]

 

Paragraph G – Exclusivity

 

Notwithstanding anything the contrary, this ETF License is
entirely non-exclusive.

 

Paragraph H – Term

 

H1 – Initial Term – [***Redacted]

H2 – Renewal Term – [***Redacted]

 

Paragraph I – License Fee

 

	 	1.	The Licensee Fee shall be:

[***Redacted]

 

	 	2.	The License Fee shall be payable on a quarterly basis, within thirty (30) days after the end of each Quarter in which they are incurred. Each Licensee Fee payment shall be accompanied by a statement setting forth the basis for its calculation (with figures accurate to each Quarter ending day) within thirty (30) days after each such Quarter ending day in respect of the LICENSEE ETF launched under this ETF License.

 

 

    	Page 4 of 6
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	 	3.	In the event that LICENSEE fails to pay the full amount of the License Fee corresponding to any Quarter within such thirty (30) day period, the License Fee for such Quarter shall be increased by an increment of [***Redacted] for each thirty (30) day period that such License Fee has not been paid in full.

 

	 	4.	LICENSEE's failure to pay any License Fee amounts due hereunder within thirty (30) days after the end of the applicable Quarter shall be a breach of a material term of this ETF License and the Master Agreement.

 

	 	5.	The parties agree that the terms upon which the License Fees are calculated is "Confidential Information" for purposes of Section 15 of the Master Agreement.

 

	 	6.	The License Fees are non-refundable, except in the case of overpayment as agreed to by the Parties, and payable in U.S. Dollars.

 

Paragraph J1 – Target Launch Date

 

[To be Determined]

 

Paragraph J2 – Designated OSM

 

[To be Determined] 

 

Paragraph K – S&P Marks

 

S&P®

S&P GSCI Crude Oil®

 

 

Paragraph L – S&P Contact(s)
for Informational Materials & Notice Address

 

	Building Name/Number:	S&P Dow Jones Indices, LLC
	Street: 	55 Water Street, 27th Floor
	City:	New York
	State:	NY
	Country:	USA
	Contact Name:	Blake Franchi
	Contact Telephone:	212.438.1772
	Contact Fax:	212.438.3522
	Contact E-Mail:	blake.franchi@spdji.com

 

 

 

 

 

 

    	Page 5 of 6
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Paragraph M – Third Party Licensor

 

Goldman Sachs Group, Inc. is the owner of the "GSCI" registered
trademark.

 

Licensee agrees that Goldman Sachs Group, Inc., a third party licensor
of S&P, may enforce its rights against Licensee as an intended third party beneficiary of the Agreement and this ETF License,
even though such licensor is not a party to the Agreement or this ETF License.

 

Licensee shall use the notices and disclaimers specific to the use
of the "GSCI" trademark located at this website: http://support.djindexes.com/trademark/ or any successor URL or such
other updated notice/disclaimer as may be updated by S&P in writing to Licensee from time to time

 

    	Page 6 of 6
*** Confidential treatment requested pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. Omitted portions have been filed separately with the Securities and Exchange Commission.

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