Document:

Exhibit 10.2

FORM OF

AGENCY SERVICES AGREEMENT

AGENCY SERVICES AGREEMENT

                    THIS AGENCY
SERVICESAGREEMENT made as of the ___ day of ____________, 2010
between__________ a
national banking association with a place of business at _______________________
(“Bank”) and ETF Securities USA LLC, a Delaware limited liability company
not in its individual capacity, but as Sponsor (as defined herein) of the ETFS
Collateralized Commodities Trust, a Delaware statutory trust
currently organized into separate series with offices at c/o ETF Securities USA
LLC, 48 Wall Street, 11ith Floor, New York, New York 10005 (the “Trust”).

PREMISE

          The Trust
intends to issue in respect of each of its separate series listed on Exhibit A
hereto (each a “Fund”) exchange-traded classes of shares known as “Shares” for
each Fund. The Shares shall be issued in bundles called “Creation Units.” The
Trust, on behalf of the Funds, shall issue and redeem Shares of each Fund only
in Creation Units, as more fully described in the current prospectus and
statement of additional information of the Trust, included in its registration
statement on Form S-1. Only brokers or dealers that are Authorized Participants
(as defined herein) shall be authorized to issue and redeem Shares in Creation
Units from the Trust. The Sponsor wishes to engage Bank to perform certain
services on behalf of the Trust with respect to the issuance and redemption of
Shares, as the Trust’s agent, namely to: (i) provide transfer agent services
for Shares of each Fund and (ii) act as Index Receipt Agent (as such term is
defined in the rules of the National Securities Clearing Corporation) with
respect to the settlement of trade orders with Authorized Participants; and to
provide custody services under the terms of the Custody Agreement, as
supplemented hereby, for the settlement of issuances of Creation Units and the
redemption of Shares in Creation Units.

                    NOW
THEREFORE, in consideration of the premise and other good and
valuable consideration the receipt and sufficiency of which is hereby
acknowledged, the Trust and Bank agree as follows:

          1.
DEFINITIONS. The following terms as used in this
Agreement shall have the meanings as set forth below:

          Administrator:
 means Bankacting in the capacity as provider of
various accounting, value calculation, and other administrative services for
the Fundsas appointed by the Sponsor.

          Agreement:
means this Agency Services Agreement.

          Applicable
Law: means any applicable statute, including the 1940
Act, the Advisers Act, the Securities Act of 1933, as amended (the “1933 Act”)
and the Securities Exchange Act of 1934, as amended, (the “1934 Act”) as well
as any applicable statute, 

treaty, rule, regulation or common law and any applicable decree,
injunction, judgment, order, formal interpretation or ruling issued by a court
or governmental entity.

          Authorized
Participant: means a broker or dealer that is a DTC
participant and that has executed an Authorized Participant Agreement.

          Authorized
Participant Agreement: means an agreement entered into
by each Authorized Participant, the Sponsor, and the Trust, on behalf of its
Funds, which sets forth the procedures for the creation and redemption of
Creation Units.

          Authorized
Person: means any
person who has been designated by written notice from the Trust (or by any
agent designated by the Trust, including, without limitation, an investment
manager), to act on behalf of Trust hereunder. Such persons will continue to be
Authorized Persons until such time as Bank receives Instructions from the Trust
(or its agent) that any such person is no longer an Authorized Person.

          Bank: as
the context requires means __________ in its capacity as Transfer Agent or Index
Receipt Agent for the Trust.

          Bank
Indemnitees: means __________, and its nominees, directors,
officers, employees and agents.

          Counterparty: means an entity that has entered into specified agreements with a Fund pursuant
to which it can enter into commodity contracts with such Fund.

          Creation
Deposit: means the cash consideration for the issuance
of a Creation Unit. 

          Creation
Unit: means a block of ______ Shares of a Fund that is
created for sale to Authorized Participants and/or submitted for redemption by
an Authorized Participant..

          Custodian: means Bank providing the services to the Trust as
described in the Custody Agreement.

          Custody
Agreement: means the custody agreement between the
Trust and Bank and dated ________, 20__ as it may be amended from time to time.

          DTC: 
means The Depository Trust Company, a limited purpose trust company organized
under the law of the State of New York.

          DTC
Participant: means a “participant” as such term is
defined in the rules of DTC.

          DTC
Participant Account: means an “account” as such term
is defined in the rules of DTC.

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          Fund:
means one of the separate series of the Trust that are listed on Exhibit A
hereto, as amended from time to time.

          Index
Receipt Agent: means Bank acting in the capacity as
“index receipt agent,” as such term is defined in the rules of NSCC, for the
Trust.

          Instructions: means instructions which: (i) contain all
necessary information required by Bank to enable Bank to carry out the
Instructions; (ii) are received by Bank in accordance with the prevailing
Security Procedures; and (iii) Bank believes in good faith have been given by
an Authorized Person or are transmitted with proper testing or authentication
pursuant to terms and conditions which Bank may specify.

          Liabilities: means any liabilities, losses, claims,
costs, damages, penalties, fines, obligations, or expenses of any kind
whatsoever (including, without limitation, reasonable attorneys’, accountants’,
consultants’ or experts’ fees and disbursements).

          NSCC:
National Securities Clearing Corporation, a clearing agency that is registered
with the SEC.

          Order
Taker: means the entity appointed as order taker of the
Funds, as notified by Bank to Sponsor.

          Outside
the Clearing Process: means processing issuance and
redemption orders concerning Creation Units and Deposit Securities and
Redemption Securities for settlement exclusively through DTC or, when the
settlement is not DTC eligible, as a window delivery to the offices of the
Custodian.

          Prospectus:
means the prospectus filed with a Form S-1 of the Trust constituting a
registered statement under the Securities Act.

          SEC: means the Securities and Exchange Commission

          Securities
Act: means the Securities Act of 1933, as amended.

          Security
Procedure: means any security procedure to be followed
by Trust upon the issuance of an Instruction and/or by Bank upon the receipt of
an Instruction, so as to enable Bank to verify that such Instruction is
authorized, as set forth in operating procedures documentation in effect from
time to time between the parties with respect to the services set forth in this
Agreement, or as otherwise agreed in writing by the parties. A Security
Procedure may, without limitation, involve the use of algorithms, codes,
passwords, encryption or telephone call backs and may be updated by Bank from
time to time upon notice to the Trust. Trust acknowledges that Security
Procedures are designed to verify the authenticity of, and not detect errors
in, Instructions. For the avoidance of doubt, the parties agree that a SWIFT
message issued in the name of Trust through any third party utility agreed upon
by the parties as being a method for providing Instructions 

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and authenticated in accordance with that utility’s customary
procedures, shall be deemed to be an authorized Instruction.

          Shareholder:
means DTC or its nominee. A single global certificate for each Fund will be
issued in the name of DTC or its nominee. DTC or its nominee shall be the sole
registered holder of Shares of each Fund. 

          Sponsor: ETF
Securities USA LLC, a Delaware limited liability company that is the sponsor
of the Trust.

          Transaction
Fee: means a transaction fee imposed by the Bank and
payable by the Authorized Participant to the Bank in connection with the
issuance or redemption of Creation Units.

          Transfer Agent: means Bank acting in the capacity as transfer agent for the Shares of
each Fund of the Trust.

          Trust:
means ETFS Collateralized Commodities Trust, a
Delaware statutory trust.

          2.
APPOINTMENT. The Sponsor hereby appoints Bank to
provide services for the Trust, as described hereinafter, subject to the
supervision of the Board of Trustees of the Trust (the “Board”), on the terms
set forth in this Agreement. Bank accepts such appointment and agrees to
furnish the services herein set forth in return for the compensation as provided
in Section 6 of this Agreement.

          3.
REPRESENTATIONS AND WARRANTIES.

                    (a)
Bank represents and warrants to the Trust that:

	
  

 	
  

 
	
  

 	
                     (i)
 Bank is a national bank duly organized and existing as a banking association
 under the laws of the United States;

 
	
  

 	
  

 
	
  

 	
                     (ii)
 Bank is duly qualified to carry on its business in the State of New York;

 
	
  

 	
  

 
	
  

 	
                     (iii)
 Bank is empowered under applicable laws and by its charter and by-laws to
 enter into and perform the services described in this Agreement;

 
	
  

 	
  

 
	
  

 	
                     (iv)
 Bank is a transfer agent registered with the SEC.

 
	
  

 	
  

 
	
  

 	
                     (v)
 all requisite corporate action has been taken to authorize Bank to enter into
 and perform this Agreement;

 

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                     (vi)
 Bank has, and shall continue to have, access to the facilities, personnel and
 equipment required to fully perform its duties and obligations hereunder;

 
	
  

 	
  

 
	
  

 	
                     (vii)
 no legal or administrative proceedings have been instituted or threatened
 against Bank which would impair Bank’s ability to perform its duties and
 obligations under this Agreement; and

 
	
  

 	
  

 
	
  

 	
                     (viii)
 Bank’s entrance into this Agreement shall not cause a material breach or be
 in material conflict with any other agreement or obligation of Bank or any
 law or regulation applicable to Bank;

 
	
  

 	
  

 
	
  

 	
           (b) The
 Sponsorrepresents and warrants to Bank that:

 
	
  

 	
  

 
	
  

 	
                     (i)
 the Trust is duly organized and existing and in good standing under the laws
 of the State of Delaware;

 
	
  

 	
  

 
	
  

 	
                     (ii)
 the Trust is empowered under applicable laws and by its charter document and
 by-laws to enter into and perform this Agreement;

 
	
  

 	
  

 
	
  

 	
                     (iii)
 all requisite proceedings have been taken to authorize the Trust and the
 Sponsor on behalf the Trust to enter into and perform this Agreement;

 
	
  

 	
  

 
	
  

 	
                     (iv)
 a registration statement on Form S-1 under the 1933 Acthas been filed and
 shall be effective and shall remain effective during the term of this
 Agreement, and all necessary filings under the laws of the states shall have
 been made and shall be current during the term of this Agreement;

 
	
  

 	
  

 
	
  

 	
                     (v)
 no legal or administrative proceedings have been instituted or threatened
 which would impair the Trust’s ability to perform its duties and obligations
 under this Agreement, other than as described in the Trust’s registration
 statement;

 
	
  

 	
  

 
	
  

 	
                     (vi)
 the Trust’s registration statement complies in all material respects with the
 1933 Act (including the rules and regulations thereunder) and none of the
 Trust’s prospectuses and/or statements of additional information contain any
 untrue statement of material fact or omit to state a material fact necessary
 to make the statements therein not misleading; and

 
	
  

 	
  

 
	
  

 	
                     (vii)
 the Sponsor’sentrance into this Agreement shall not cause a material breach or
 be in material conflict with any other agreement or obligation of the Trust
 or any law or regulation applicable to it.

 

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          4. DELIVERY
OF DOCUMENTS.

          The
Sponsor shall promptly furnish to Bank such copies, properly certified or
authenticated, of contracts, documents and other related information that Bank
may request or require to properly discharge its duties. Such documents may
include but are not limited to the following:

	
  

 	
  

 
	
  

 	
                     (ii)
 the Trust’s Trust Agreement;

 
	
  

 	
  

 
	
  

 	
                     (iv)
 the Trust’s registration statement including exhibits, as amended, (the
 “Registration Statement”) under the 1933 Act, as filed with the SEC;

 
	
  

 	
  

 
	
  

 	
                     (v)
 opinions of counsel regarding the Fund’s securities issuances and auditors’
 reports;

 
	
  

 	
  

 
	
  

 	
                     (vi)
 the Trust’s prospectuses relating to all Funds and all amendments and
 supplements thereto (such Prospectuses and supplements thereto, as presently
 in effect and as from time to time hereafter amended and supplemented (herein
 called the “Prospectuses”); 

 
	
  

 	
  

 
	
  

 	
                     (vii)
 the Fund’s current and ongoing annual and quarterly reports; and

 
	
  

 	
  

 
	
  

 	
                     (viii)
 such other agreements as the Trust may enter into from time to time including
 commodities account agreements, brokerage agreements and options agreements.

 

          5. SERVICES PROVIDED.

                    Bank
shall provide the following services subject to the control, direction and
supervision of the Sponsor and its designated agents and in compliance with the
objectives, policies and limitations set forth in the Trust’s Registration
Statement, Trust Agreement; and applicable laws and regulations:

	
  

 	
  

 
	
  

 	
 (i)
 Transfer Agency Services described in Schedule A to this Agreement; 

 
	
  

 	
  

 
	
  

 	
 (ii)
 Index Receipt Agent Services described in Schedule B to this Agreement, and

 
	
  

 	
  

 
	
  

 	
 (iii)
 such other services in connection with Shares as the parties may mutually
 agree in writing.

 

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          6. FEES AND
EXPENSES.

                    (a)
As compensation for the services rendered to the Trust pursuant to this
Agreement, the Sponsor shall pay to Bank the fees as may be agreed upon in
writing from time to time, together with Bank’s reasonable out-of-pocket or
incidental expenses, including, but not limited to, legal fees. All fees and
expenses are to be billed monthly (unless another period is agreed upon) and
shall be due and payable upon receipt of the invoice. Upon any termination of
the provision of services under this Agreement before the end of any month, the
fee for the part of the month before such termination shall be prorated
according to the proportion which such part bears to the full monthly period
and shall be payable upon the date of such termination.

                    (b)
Bank shall render, after the close of each month in which services have been
furnished, a statement reflecting all of the fees and expenses for such month
(or other agreed upon billing period). Fees and expenses remaining unpaid after
thirty (30) days from the date of receipt of the statement (with the exception
of specific amounts which may be contested in good faith by the Sponsor) shall
bear interest, from the date of the statement to the date of repayment to Bank
by the Sponsor, at the Federal Funds Rate + ___ basis points and all costs
and expenses of effecting collection of any such sums, including reasonable
attorney’s fees, shall be paid by the Sponsorto Bank.

                    (c)
In the event that the Sponsoris more than _____ days delinquent in payments of
monthly billings in connection with this Agreement (with the exception of
specific amounts which may be contested in good faith by the Sponsor), this
Agreement may be terminated by Bank upon _____ days’ written notice to the
Trust. The Sponsor must notify Bank in writing of any disputed amounts within
thirty (30) days of its receipt of the billing for such amounts. Amounts
disputed in good faith are not due and payable while they are being
investigated.

                    (d)
Bank shall be entitled to charge an Authorized Participant a Transaction Fee of
$_____ for each creation or redemption order submitted by it. The Authorized
Participant shall pay such fee directly to the Bank. 

          7.
INSTRUCTIONS.

                    (a)
The Sponsor authorizes Bank to accept and act upon any Instructions received
by it without inquiry. The Sponsor will indemnify Bank Indemnitees against, and
hold each of them harmless from, any Liabilities that may be imposed on,
incurred by, or asserted against Bank Indemnitees as a result of any action or
omission taken in accordance with any Instructions or other directions upon
which Bank is authorized to rely under the terms of this Agreement.

                    (b)
Unless otherwise expressly provided, all Instructions shall continue in full
force and effect until canceled or suspended.

                    (c)
Bank may (in its sole discretion and without affecting any part of this Section
7) seek clarification or confirmation of an Instruction from an Authorized 

7

Person and may decline to act upon the Instruction if it does not
receive clarification or confirmation satisfactory to it. Bank shall not be
liable for any loss arising from any delay while it seeks such clarification or
confirmation.

          8.
LIMITATIONS OF LIABILITY AND INDEMNIFICATION.

                    (a)
Bank shall use reasonable care in performing its duties under this Agreement.
Bank shall not be in violation of this Agreement with respect to any matter as
to which it has satisfied its duty of reasonable care.

                    (b)
Bank shall be liable to the Sponsor and Trust
for their direct damages to the extent they result from Bank’s negligence, bad
faith or willful misconduct in performing its duties as set out in this
Agreement. Nevertheless, under no circumstances shall Bank be liable for any
indirect, special or consequential damages (including, without limitation, lost
profits) of any form, whether or not foreseeable and regardless of the type of
action in which such a claim may be brought. 

                    (c)
Without limiting subsections (a) and (b) above, Bank shall not be responsible
for, and the Sponsor shall indemnify and hold Bank, its officers, employees and
agents harmless from and against, any and all Liabilities, incurred by Bank, any
of its officers, employees or agents, or the Trust’s agents in the performance
of its/their duties hereunder, including but not limited to those arising out
of or attributable to:

	
  

 	
  

 
	
  

 	
                     (i)
 any and all actions of Bank or its officers, employees or agents required to
 be taken pursuant to this Agreement;

 
	
  

 	
  

 
	
  

 	
                     (ii)
 the reasonable reliance on or use by Bank or its officers, employees or
 agents of information, records, or documents which are received by Bank or
 its officers, employees or agents and furnished to it or them by or on behalf
 of the Sponsor, and which have been prepared or maintained by the Sponsoror
 any third party on behalf of the Trust; 

 
	
  

 	
  

 
	
  

 	
                     (iii)
 the Sponsor’s refusal or failure to comply with the terms of this Agreement
 or the Sponsort’s lack of good faith, or its actions, or lack thereof,
 involving negligence or willful misconduct;

 
	
  

 	
  

 
	
  

 	
                     (iv)
 the breach of any representation or warranty of the Sponsorhereunder;

 
	
  

 	
  

 
	
  

 	
                     (v)
 the taping or other form of recording of telephone conversations or other
 forms of electronic communications with the Sponsor, its agents or any
 investor or reliance by Bank on telephone or other electronic Instructions of
 any person acting on behalf of the Sponsoror an investor for which telephone
 or other electronic services have been authorized;

 

8

	
  

 	
  

 
	
  

 	
                     (vi)
 the reliance by Bank, its officers, employees or agents on any share
 certificates which are reasonably believed to bear the proper manual or
 facsimile signature of an officer or agent of the Trust; 

 
	
  

 	
  

 
	
  

 	
                     (vii)
 any delays, inaccuracies, errors in or omissions from information or data
 provided to Bank by data, corporate action or pricing services, depositories
 or clearing systems, or securities brokers or dealers;

 
	
  

 	
  

 
	
  

 	
                     (viii)
 the offer or sale of shares by the Trust in violation of any requirement
 under the Federal securities laws or regulations or the securities laws or
 regulations of any state, or in violation of any stop order or other
 determination or ruling by any Federal agency or any state agency with
 respect to the offer or sale of such shares in such state (1) resulting from
 activities, actions, or omissions by the Trust or its other service providers
 and agents, or (2) existing or arising out of activities, actions or
 omissions by or on behalf of the Sponsorprior to the effective date of this
 Agreement;

 
	
  

 	
  

 
	
  

 	
                     (ix)
 any failure of the Trust’s registration statement to comply with the 1933 Act
 (including the rules and regulations thereunder) and any other applicable
 laws, or any untrue statement of a material fact or omission of a material
 fact necessary to make any statement therein not misleading in the Trust’s
 Prospectuses;

 
	
  

 	
  

 
	
  

 	
                     (x)
 the actions taken by the Trust or by the Sponsor in compliance with
 applicable securities, tax, commodities and other laws, rules and
 regulations, or the failure to so comply; and

 
	
  

 	
  

 
	
  

 	
                     (xi)
 all actions, omissions, or errors caused by third parties to whom Bank or the
 Trust have assigned any rights and/or delegated any duties under this
 Agreement at the request of or as required by the Trust or the Sponsor.

 
	
  

 	
  

 
	
  

 	
 Notwithstanding subsections (a) above, Bank shall have no duty or
 obligation of reasonable care with respect to any of the activities described
 in clauses (viii), (ix) (x) or (xi) of this subsection (c). 

 

          (d)
The Sponsorshall defend Bank
or, at Sponsor’s option, settle any
claim, demand or cause of action, whether groundless or otherwise, that Shares
or any of the services provided herein for the Trust infringes on, violates or
misappropriates any patent, copyright, trademark, trade secret or any other
proprietary right, and shall indemnify and hold harmless Bank, its officers,
employees and agents against all Liabilities, includingcourt and settlement
costs incurred by Bank or any of them as a result of or relating to such claim,
demand or cause of action (“Third Party Claim”). Bank shall notify the Sponsorin writing of any such Third Party Claim, and
give the Sponsorall reasonably
necessary information and assistance to defend or settle such Third Party
Claim. Bank may participate in the defense or settlement of the Third Party
Claim.

9

          (e)
The debts, liabilities, obligations, expenses, costs, charges,
indemnities and reserves incurred, contracted for, attributable to or otherwise
existing with respect to a particular Series shall be enforceable against the
assets of such Series only, and not against the assets of the Trust generally
or of any other Series and, unless otherwise provided by the Sponsor, none of
the debts, liabilities, obligations, expenses, costs, charges, indemnities and
reserves incurred, contracted for, attributable to or otherwise existing with
respect to the Trust generally or any other Series shall be enforceable against
the assets of such Series. Any general liabilities, expenses, costs, charges,
indemnities or reserves of the Trust which are not readily identifiable as
being held with respect to any particular Series shall be allocated and charged
by the Sponsor to and among any one or more of the Series in such manner and on
such basis as the Sponsor in its sole discretion deems fair and equitable.
Pursuant to the Delaware Statutory Trust Act and the Amended and Restated Trust
Agreement of the Trust, any party extending credit to, contracting with or
having any claim against any Series of the Trust may look only to the assets of
such Series to satisfy or enforce any debt with respect to that Series.

          (f)
This Agreement has been entered into by the Trust and was
executed and delivered by an officer of its Sponsor, on behalf of the Trust,
which officer was acting solely in his capacity as an officer of the Sponsor
and not in his individual capacity and which Sponsor was acting solely in its
capacity as sponsor of the Trust and not in its individual capacity. The
obligations of this Agreement are not binding on such officer, the Sponsor or
any shareholder of the series of the Trust individually. The obligations of
this Agreement are binding only upon the assets and property of the Trust or
belonging or attributable to a Series thereof.

          (g) This
Section 8 shall survive the termination of this Agreement, regardless of the
party that terminated the Agreement or the reason therefor.

          9.
TERM AND TERMINATION. This Agreement shall become
effective on the date first herein-above written. The Agreement may be modified
or amended from time to time by mutual agreement between the parties hereto. In
the event of the termination of the custody agreement between Bank and the
Sponsor, Bank may terminate this Agreement in whole or in part simultaneously
with the transition of the assets to a successor custodian. Subject to the
foregoing, this Agreement shall continue in effect until terminated by either
party on at least 120 days prior written notice to the other party. The
terminating party in its notice to the other party shall specify the date of
termination. Upon termination of this Agreement, the Trust shall pay to Bank
such compensation and any reasonable out-of-pocket or other reimbursable
expenses which may become due or payable under the terms of this Agreement as
of the date of termination or after the date that the provision of services
ceases, whichever is later. 

          10.
NOTICES. Any notice required or permitted hereunder
shall be in writing and shall be deemed effective on the date of personal
delivery (by private messenger, courier service or otherwise) or upon confirmed
receipt of telex or facsimile, 

10

whichever
occurs first, or upon receipt if by mail to the parties at the following
address (or such other address as a party may specify by notice to the other):

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	 

	
  

 	
 If to the Trust
 to:

 	 

	
  

 	
  

 	
  

 	 

	
  

 	
  

 	
 48 Wall
 Street

 	 

	
  

 	
  

 	
 11th Floor

 	 

	
  

 	
  

 	
 New York, NY 10005 

 	 

	
  

 	
  

 	
 Attention: 

 	 

	
  

 	
  

 	
 Telephone: 

 	 

	
  

 	
  

 	
 Fax: 

 	 

	
  

 	
  

 	
  

 	 

	
  

 	
 If to the Sponsor
 to:

 	 

	
  

 	
  

 	
  

 	 

	
  

 	
  

 	
 ETF
 Securities

 	 

	
  

 	
  

 	
 Ordnance
 House

 	 

	
  

 	
  

 	
 31 Pier Road

 	 

	
  

 	
  

 	
 St. Helier,
 Jersey

 	 

	
  

 	
  

 	
 JE48PW

 	 

	
  

 	
  

 	
 Attention: 

 	 

	
  

 	
  

 	
 Telephone: 

 	 

	
  

 	
  

 	
 Fax:

 	 

	
  

 	
  

 	
  

 	 

	
  

 	
  If to Bank in its capacity as Transfer
 Agent to:

 	 

	
  

 	
  

 	 

	
  

 	
  

 	

 

 	
  

 	
  

 	 

	
  

 	
  

 	

 

 	
  

 	
  

 	 

	
  

 	
  

 	

 

 	
  

 	
  

 	 

	
  

 	
  

 	
 Attention: 

 	
  

 	
  

 	
  

 	 

	
  

 	
  

 	
 Telephone: 

 	
  

 	
  

 	
  

 	 

	
  

 	
  

 	
 Fax: 

 	
  

 	
  

 	
  

 	 

	
  

 	
  

 	
  

 	 

	
  

 	
 If to Bank
 in its capacity as Index Receipt Agent to:

 	 

	
  

 	
  

 	 

	
  

 	
  

 	

 

 	
  

 	
  

 
	
  

 	
  

 	

 

 	
  

 	
  

 
	
  

 	
  

 	

 

 	
  

 	
  

 
	
  

 	
  

 	
 Attention: 

 	

 

 	
  

 
	
  

 	
  

 	
 Telephone:

 	

 

 	
  

 
	
  

 	
  

 	
 Fax: 

 	

 

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 If to Bank
 in its capacity as Custodian:

 	 

	
  

 	
  

 	 

	
  

 	
  

 	
 As provided
 for in the Custody Agreement.

 	 

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          11.
WAIVER. The failure of a party to insist upon strict
adherence to any term of this Agreement on any occasion shall not be considered
a waiver nor shall it deprive such party of the right thereafter to insist upon
strict adherence to that term or any term of this Agreement. Any waiver must be
in writing signed by the waiving party.

          12.
FORCE MAJEURE. Bank shall maintain and update from
time to time business continuation and disaster recovery procedures with
respect to its Transfer Agent, Index Receipt Agent and custody business that it
determines from time to time meet reasonable commercial standards. Bank shall
have no liability, however, for any damage, loss or expense of any nature that
the Trust may suffer or incur, caused by an act of God, fire, flood, civil or
labor disturbance, war, act of any governmental authority or other act or
threat of any authority (de jure or de facto), legal constraint, fraud or
forgery (except to the extent that such fraud or forgery is attributed to Bank
or to Bank’s employees), malfunction of equipment or software (except to the
extent such malfunction is primarily attributable to Bank’s negligence in
maintaining the equipment or software), failure of or the effect of rules or
operations of any external funds transfer system, inability to obtain or
interruption of external communications facilities, or any cause beyond the
reasonable control of Bank (including without limitation, the non-availability
of appropriate foreign exchange).

          13.
AMENDMENTS. This Agreement may be modified or amended
from time to time by mutual written agreement between the parties. No provision
of this Agreement may be changed, discharged, or terminated orally, but only by
an instrument in writing signed by the party against which enforcement of the
change, discharge or termination is sought.

          14.
ASSIGNMENT. Bank may not assign and delegate this
Agreement and its rights and obligations hereunder without the prior written
consent of the other party, except that any corporation or banking association
into which Bank may be merged or with which Bank may be consolidated, or any corporation
or banking association resulting from any merger or consolidation to which Bank
shall be a party, or any corporation or banking association succeeding to
Bank’s corporate custody business, shall succeed to all Bank’s rights,
obligations and immunities hereunder without the execution or filing of any
paper or further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding.

          15.
SEVERABILITY. If any provision of this Agreement is
invalid or unenforceable, the balance of the Agreement shall remain in effect,
and if any provision is inapplicable to any person or circumstance it shall
nevertheless remain applicable to all other persons and circumstances.

          16.
GOVERNING LAW AND JURISDICTION. This Agreement shall
be construed, regulated, and administered under the laws of the United States
or State of New York, as applicable, without regard to New York’s principles
regarding conflict of laws. The United States District Court for the Southern
District of New York shall have the sole and exclusive jurisdiction over any
lawsuit or other judicial proceeding relating to or arising from this
Agreement. If that court lacks federal subject matter jurisdiction, 

12

the Supreme Court of the State of New York, New York County shall have
sole and exclusive jurisdiction. Either of these courts shall have proper venue
for any such lawsuit or judicial proceeding, and the parties waive any
objection to venue or their convenience as a forum. The parties agree to submit
to the jurisdiction of either of the courts specified and to accept service of
process to vest personal jurisdiction over them in such courts. The parties
further hereby knowingly, voluntarily and intentionally waive, to the fullest
extent permitted by applicable law, any right to a trial by jury with respect
to any such lawsuit or judicial proceeding arising or relating to this
Agreement or the transactions contemplated hereby. 

          17.
USE OF BANK NAME. The Trust shall not use Bank’s name
in any offering material, shareholder report, advertisement or other material
relating to the Trust, other than for the purpose of merely identifying and
describing the functions of Bank hereunder, in a manner not approved by Bank in
writing prior to such use; provided, however, that Bank shall consent to all
uses of its name required by the SEC, any state securities commission, or any
federal or state regulatory authority; and provided, further, that in no case
shall such approval be unreasonably withheld.

          18
COUNTERPARTS. This Agreement may be executed in
counterparts each of which shall be an original and together shall constitute
one and the same agreement.

          19.
HEADINGS. Headings
are for convenience only and are not intended to affect interpretation.
References to sections are to sections of this Agreement and references to
sub-sections and paragraphs are to sub-sections of the sections and paragraphs
of the sub-sections in which they appear.

          20.
ENTIRE AGREEMENT. This
Agreement, including the Schedules and Exhibits, and also including the Custody
Agreement to the extent custody services are provided in conjunction with Index
Receipt Agent services for Shares, sets out the entire Agreement between the
parties in connection with the subject matter, and this Agreement supersedes
any other agreement, statement, or representation relating to the services
provided herein for Shares, whether oral or written. 

IN
WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their officers designated below as of the date
first written above.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ETF SECURITIES USA
 LLC, on behalf of the TRUST

 
	
  

 	
  

 	
  

 
	
  

 	
 By

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	
  

 	

 

 
	
  

 	
  

 
	
  

 	
 Title: Manager

 
	
  

 	
  

 
	
  

 	

 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
  

 	
 Title:

 	
  

 
	
  

 	
  

 	

 

 

13

SCHEDULE
A

ORDER
TAKER / TRANSFER AGENCY SERVICES

FOR FUNDS

          Following
are the order taker / transfer agent services that shall be provided by Bank
for the Trust in its capacity as Order Taker / Transfer Agent for each Fund.

	
  

 	
  

 
	
 A.

 	
 Issuance and Redemption of Shares of each Fund

 
	
  

 	
 1. The Order Taker will receive creation or redemption orders via fax
 from Authorized Participants during the trading day and prior to a cut off
 time. These orders are confirmed via a follow up phone call. The Order Taker
 will also notify the Sponsor upon receipt of orders during the trading day.
 After the cutoff time is reached the Order Taker will provide the Sponsor
 with a consolidated report detailing all orders received. On a case by case
 basis if an order is received after the agreed cutoff, the Sponsor will
 notify the Order Taker if the order has been accepted by the counterparty.
 The Sponsor communicates back to the Order Taker approval or rejection of all
 orders and provides notification of the counterparty for each order. The
 Order Taker e-mails preliminary confirmations to each Authorized Participant
 and generates a consolidated report detailing all confirmations which is sent
 to the Sponsor and Bank’s Fund Accountant. Following the calculation of the
 NAV by Bank’s Fund Accountant, the Order Taker emails final confirmations to
 all parties. The Order Taker generates a Create/Redeem File which is
 transmitted to Bank’s Custodian to set up instructions to deposit/withdraw
 and settle ETF shares through DTC. The Create/Redeem File captures the
 corresponding counterparty for generation of the ETF share delivery
 instructions.

 
	
  

 	
  

 
	
  

 	
 2. Pursuant to such issuance orders that Index Receipt Agent shall
 receive from the Order Taker or Trust, Transfer Agent shall register the
 appropriate number of book entry only Shares in the name of DTC or its
 nominee as the sole shareholder (the “Shareholder”) for each Fund and deposit
 the shares of the applicable Fund in Creation Units on the business day
 following the trade date (T+1) to the DTC Participant Account of the
 Custodian for settlement. It is understood and agreed that Bank, in its
 capacity as Transfer Agent, Index Receipt Agent or Custodian, shall not be
 responsible for determining whether any order, if accepted, shall result in
 the depositor of the Creation Deposit owning or appearing to own eighty
 percent (80%) or more of the outstanding Shares of such Fund.

 
	
  

 	
  

 
	
  

 	
 3. Pursuant to such redemption orders that Index Receipt Agent shall
 receive from the Order Taker on behalf of the Trust, Transfer Agent shall
 redeem the appropriate number of Shares of the applicable Fund in Creation
 Units that are 

 

14

	
  

 	
  

 
	
  

 	
 delivered to the designated DTC Participant Account of Custodian for
 redemption and debit such shares from the account of the Shareholder on the
 register of the applicable Fund.

 
	
  

 	
  

 
	
  

 	
 4. Transfer Agent shall issue Shares of the applicable
     Fund in Creation Units for settlement with purchasers through DTC as the
     purchaser is authorized to receive. Beneficial ownership of Shares shall
     be shown on the records of DTC and DTC Participants and not on any records
     maintained by the Transfer Agent. In issuing Shares of the applicable Fund
     through DTC to a purchaser, Transfer Agent shall be entitled to rely upon
     the latest Instructions that are received from the Trust or its agent by
     the Index Receipt Agent (as set forth in Schedule B, Section A. Subsection
     3(b) of this Agreement) concerning the issuance and delivery of such shares
     for settlement.

 
	
  

 	
  

 
	
  

 	
 5. Transfer Agent shall not issue any Shares for a particular Fund
 where it has received an Instruction from the Trust or written notification
 from any federal or state authority that the sale of the Shares of such Fund
 has been suspended or discontinued, and Transfer Agent shall be entitled to
 rely upon such Instructions or written notification.

 
	
  

 	
  

 
	
  

 	
 6. Upon the issuance of Shares of any Fund as provided herein,
 Transfer Agent shall not be responsible for the payment of any original issue
 or other taxes, if any, required to be paid by the Trust in connection with
 such issuance.

 
	
  

 	
  

 
	
  

 	
 7. Shares of any Fund may be redeemed in accordance with the
 procedures set forth in the Prospectus of the Trust and in the Authorized
 Participant Agreement and Bank shall duly process all redemption requests.

 
	
  

 	
  

 
	
 B.

 	
 Payment of Dividends and Distributions on Shares of each Fund.

 
	
  

 	
  

 
	
  

 	
 1. Bank shall prepare and make payments for dividends and
 distributions declared by the Trust on behalf of the Fund.

 
	
  

 	
  

 
	
  

 	
 2. The Trust or its designated agent shall promptly notify both the
 Custodian and the Transfer Agent of the declaration of any dividend or
 distribution in respect of each Fund. The Trust shall furnish to Bank a
 statement signed by an Authorized Person: (i) indicating that dividends have
 been declared on a specific periodic basis and Instructions specifying the
 date of the declaration of such dividend or distribution, the date of payment
 thereof, the record date as of which the Shareholder shall be entitled to
 payment, the total amount payable to the Shareholder and the total amount payable
 to Bank as Transfer Agent on the payment date; or (ii) setting forth the date
 of the declaration of any dividend or distribution by the Fund, the date of
 payment thereof, the record date as of which the Shareholder is entitled to
 payment, and the amount payable per share to the Shareholder as of that date
 and the total amount payable to Transfer Agent on the 

 

15

	
  

 	
  

 
	
  

 	
 payment date. The Trust’s Board of Trustees shall approve the
 Authorized Persons to provide such information to Bank.

 
	
  

 	
  

 
	
  

 	
 3. Upon its receipt from the Trust of the information set forth in
 Subsection 2 immediately above, the Administrator, based upon the amount of
 Shares outstanding on its books and records, shall calculate the total dollar
 amount of the dividend or distribution on each Fund and notify the Trust of
 this amount. The Trust shall verify this total dollar amount as calculated by
 the Administrator. Provided the Trust is in agreement with the Administrator,
 the Trust shall instruct the Custodian to place in a dividend disbursing
 account maintained by the Transfer Agent funds equal to the total cash amount
 of the dividend or distribution to be paid out in respect of each Fund.
 Should Custodian determine that it does not have sufficient cash in the
 Custody Account to pay the total amount of the dividend or distribution to
 the Transfer Agent, Custodian shall advise the Trust and the Trust shall
 either adjust the rate of the dividend or distribution or provide additional
 cash to Custodian for credit to the dividend disbursing account maintained by
 Transfer Agent. The Transfer Agent shall credit such dividend or distribution
 to the account of the Shareholder.

 
	
  

 	
  

 
	
  

 	
 4. Should Transfer Agent not receive from Custodian sufficient cash
 to make payment as provided in the immediately preceding Subsection, Transfer
 Agent or Custodian shall notify the Trust, and Transfer Agent shall withhold
 payment to the Shareholder until sufficient cash is provided to Bank and Bank
 shall not be liable for any claim arising out of such withholding.

 
	
  

 	
  

 
	
 C.

 	
 Recordkeeping.

 
	
  

 	
  

 
	
  

 	
 1. Bank shall create and maintain such records in accordance with
 laws, rules and regulations applicable to Bank as a registered transfer
 agent. All records shall be available for inspection and use by the Trust.
 Bank shall maintain such records for at least six years or for such other
 period as Bank and the Trust may mutually agree.

 
	
  

 	
  

 
	
  

 	
 2. Upon reasonable notice by the Trust, Bank shall make available
 during regular business hours all records and other data created and
 maintained by Bank as Transfer Agent for reasonable audit and inspection by
 the Trust, or any person retained by the Trust.

 
	
  

 	
  

 
	
  

 	
 3. Bank shallrecord the issuance of Shares of each Fund and maintain,
 pursuant to Rule 17Ad-10(e) under the Securities Exchange Act of 1934, as
 amended, a record of the total number of Shares of each Fund that are
 authorized, based upon data provided to Bank by the Trust or the Fund, issued
 and outstanding. Also, Bank shall provide the Trust on a regular basis with
 the total number of Shares authorized, issued and outstanding in respect of
 each Fund but shall not be responsible for, when recording the issuance of
 Shares, monitoring 

 

16

	
  

 	
  

 
	
  

 	
 the issuance of such shares or compliance with any laws relating to
 the validity of the issuance or the legality of the sale of such shares.

 
	
  

 	
  

 
	
 D.

 	
 Establish Procedures.

 
	
  

 	
  

 
	
  

 	
 Procedures applicable to the transfer agent services to be performed
 hereunder may be established from time to time by agreement between the Trust
 and Bank. Bank shall have the right to utilize any shareholder accounting and
 record-keeping systems that, in its opinion, enables it to perform any
 services to be performed hereunder. 

 

17

	
  

 	
  

 
	
 SCHEDULE
 B

 
	
  

 
	
 INDEX
 RECEIPT AGENT SERVICES

 
	
 FOR
 FUNDS

 
	
  

 
	
           Following
 are the Index Receipt Agent services that shall be provided by Bank for the
 Trust in respect of each Fund. Bank shall perform these services as Index
 Receipt Agent in conjunction with the custody services that are currently
 provided by Bank, as Custodian, to each Fund under the terms of the Custody
 Agreement. Bank shall be entitled to all the protective provisions in the
 Custody Agreement in respect of its duties and its performance as Index
 Receipt Agent and Custodian for the settlement of issuances and redemptions
 of Creation Units of each Fund. If there are any inconsistencies between the
 terms of the Custody Agreement and the terms herein with respect to
 processing, clearance and the settlement of issuance and redemption orders
 for Shares of each Fund, the terms herein shall govern.

 
	
  

 
	
 A.

 	
 Index Receipt Agent Services.

 
	
  

 	
  

 
	
  

 	
 1. The Sponsor, on behalf of the Trust, shall enter into an
 Authorized Participant Agreement with each Authorized Participant and other
 specified counterparties providing collateralized commodity exposure for a
 particular Fund, which shall be delivered to the Bank and which Bank, in its
 capacity as Index Receipt Agent, shall acknowledge.

 
	
  

 	
  

 
	
  

 	
 2. In connection with the procedures that may be established from
 time to time between Bank and the Trust on behalf of each Fund for the
 processing, clearance and settlement of the issuance and redemption of
 Creation Units through the Clearing Process, Bank shall:

 
	
  

 	
  

 
	
  

 	
           (a)
 receive from the Order Taker on each trade date a computer generated file
 (Create/Redeem File) that contains issuance orders from Authorized
 Participants that have been received and accepted by the Sponsor on behalf of
 the Trust and each Fund, for the issuance of Creation Units against delivery
 of the Cash Deposit; and deliver the enhanced file to Custodian for
 settlement; and, pursuant to such issuance orders, instruct the Transfer
 Agent to issue the appropriate number of Shares of the applicable Fund for
 Deposit At Custodian and delivery to the Counterparty’s DTC Participant
 Account;

 
	
  

 	
  

 
	
  

 	
           (b)
 Counterparty enters transaction to DTC to receive Shares from Bank’s DTC
 Participant Account. On trade date plus one the Authorized Participant and
 Counterparty submit settlement instructions to DTC. The Counterparty
 instructs delivery versus payment settlement with Authorized 

 

18

	
  

 	
  

 
	
  

 	
 Participant who then instructs receipt versus payment settlement with
 the Counterparty through DTC. On trade date plus two the Authorized
 Participant and the Counterparty pre-match settlement instructions within
 DTC. On trade date plus three ETF shares and cash settle versus payment
 through DTC between Authorized Participant and the Counterparty. The
 Counterparty delivers collateral to the collateral account.

 
	
  

 	
  

 
	
  

 	
           (c)
 receive from the Order Taker on each trade date a computer generated file
 (Create/Redeem File) that contains redemption orders from Authorized
 Participants that have been received and accepted by the Sponsor on behalf of
 the Trust for each Fund; and deliver the enhanced file to Custodian for
 settlement; and, pursuant to such redemption orders, instruct the Transfer
 Agent to Withdraw at Custodian and redeem the appropriate number of Shares of
 the applicable Fund in Creation Units and reduce the account of the
 Shareholder accordingly; and 

 
	
  

 	
  

 
	
  

 	
           (d) On
 trade date plus one the Authorized Participant and Counterparty submit
 settlement instructions to DTC. The Counterparty instructs receive versus
 payment settlement with Authorized Participant who then instructs delivery
 versus payment settlement with the Counterparty through DTC. On trade date
 plus two the Authorized Participant and the Counterparty pre-match settlement
 instructions within DTC. On trade date plus three ETF shares and cash settle
 versus payment through DTC between Authorized Participant and the
 Counterparty. The Counterparty receives collateral to the collateral account
 and transfers redeemed ETF shares to Bank’s DTC Participant Account.

 
	
  

 	
  

 
	
  

 	
 4. The Trust understands and agrees that all risk associated with the
 processing, clearance and settlement of the issuance and redemption of Shares
 and cash through the Clearing Process shall be that of the Trust and each
 Fund irrespective of whether in effecting such issuances and redemptions for
 the Trust on behalf of each Fund through the Clearing Process, Bank, as a
 member of NSCC, is acting as principal or as agent; and, in respect hereof,
 the Trust and each Fund.

 
	
  

 	
  

 
	
 C.

 	
 Settlement of Cash Component.

 
	
  

 	
  

 
	
  

 	
 Any Cash to a particular transaction shall be handled as part of
 Bank’s overall daily net cash settlement at DTC.

 
	
  

 	
  

 
	
 D.

 	
 Establish Procedures.

 
	
  

 	
  

 
	
  

 	
 The Trust and Bank, from time to time, may establish written
 procedures for the processing and settlement and related activities effected
 for Shares of each Fund.

 

19

AGENCY SERVICES AGREEMENT

EXHIBIT
A

LIST OF FUNDS

	
  

 	
  

 
	
 1.

 	
 ETFS ex-U.S.
 Oil

 
	
 2.

 	
 ETFS Natural
 Gas

 
	
 3.

 	
 ETFS Copper

 
	
 4.

 	
 ETFS Wheat

 
	
 5.

 	
 ETFS
 Composite Agriculture

 
	
 6.

 	
 ETFS
 Composite Industrial Metals

 
	
 7.

 	
 ETFS
 Composite Energy

 
	
 8.

 	
 ETFS All
 Commodities

 
	
 9.

 	
 ETFS Short
 ex-U.S. Oil

 
	
 10.

 	
 ETFS Short
 Natural Gas

 
	
 11.

 	
 ETFS Short
 Copper

 
	
 12.

 	
 ETFS Short
 Wheat

 
	
 13.

 	
 ETFS Short
 Gold

 
	
 14.

 	
 ETFS
 Leveraged ex-U.S. Oil

 
	
 15.

 	
 ETFS
 Leveraged Natural Gas

 
	
 16.

 	
 ETFS
 Leveraged Copper

 
	
 17.

 	
 ETFS
 Leveraged Wheat

 
	
 18.

 	
 ETFS
 Leveraged Gold

 

20Exhibit 10.3

FORM
OF

CUSTODY AGREEMENT

Table of contents

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 	

 

 
	
 Custody
 Agreement

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 1.

 	
 Intention
 of the Parties; Definitions

 	
  

 	
  

 
	
  

 	
 1.1

 	
 Intention of the
 Parties

 	
  

 	
  

 
	
  

 	
 1.2

 	
 Definitions

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 2.

 	
 What
 _________ is Required to Do

 	
  

 	
  

 
	
  

 	
 2.1

 	
 Set Up Accounts

 	
  

 	
  

 
	
  

 	
 2.2

 	
 Cash Account

 	
  

 	
  

 
	
  

 	
 2.3

 	
 Segregation of
 Assets; Nominee Name

 	
  

 	
  

 
	
  

 	
 2.4

 	
 Settlement of
 Transactions

 	
  

 	
  

 
	
  

 	
 2.5

 	
 Contractual
 Settlement Date Accounting

 	
  

 	
  

 
	
  

 	
 2.6

 	
 Actual Settlement
 Date Accounting

 	
  

 	
  

 
	
  

 	
 2.7

 	
 Income Collection
 (________®)

 	
  

 	
  

 
	
  

 	
 2.8

 	
 Miscellaneous
 Administrative Duties

 	
  

 	
  

 
	
  

 	
 2.9

 	
 Corporate Actions

 	
  

 	
  

 
	
  

 	
 2.10

 	
 Class Action

 	
  

 	
  

 
	
  

 	
 2.11

 	
 Proxies

 	
  

 	
  

 
	
  

 	
 2.12

 	
 Statements of
 Account

 	
  

 	
  

 
	
  

 	
 2.13

 	
 Access to
 _________’s Records

 	
  

 	
  

 
	
  

 	
 2.14

 	
 Tax Relief
 Services

 	
  

 	
  

 
	
  

 	
 2.15

 	
 Notification

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 3.

 	
 Instructions

 	
  

 	
  

 
	
  

 	
 3.1

 	
 Acting on
 Instructions; Method of Instruction and Unclear Instructions

 	
  

 	
  

 
	
  

 	
 3.2

 	
 Verification and
 Security Procedures

 	
  

 	
  

 
	
  

 	
 3.3

 	
 Instructions
 Contrary to Law/Market Practice

 	
  

 	
  

 
	
  

 	
 3.4

 	
 Cut-Off Times

 	
  

 	
  

 
	
  

 	
 3.5

 	
 Electronic Access

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 4.

 	
 Fees,
 Expenses and Other Amounts Owing to _________

 	
  

 	
  

 
	
  

 	
 4.1

 	
 Fees and Expenses

 	
  

 	
  

 
	
  

 	
 4.2

 	
 Overdrafts

 	
  

 	
  

 
	
  

 	
 4.3

 	
 _________’s Right
 Over Securities; Set-off

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 5.

 	
 Securities
 Depositories

 	
  

 	
  

 
	
  

 	
 5.1

 	
 Use of Securities
 Depositories

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 6.

 	
 Additional
 Provisions Relating to Customer

 	
  

 	
  

 
	
  

 	
 6.1

 	
 Representations of
 Customer and _________

 	
  

 	
  

 
	
  

 	
 6.2

 	
 Customer to
 Provide Certain Information to _________

 	
  

 	
  

 
	
  

 	
 6.3

 	
 Customer is Liable
 to _________ Even if it is Acting for Another Person

 	
  

 	
  

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 	

 

 
	
 7.

 	
 When
 _________ is Liable to Customer

 	
  

 	
  

 
	
  

 	
 7.1

 	
 Standard of Care;
 Liability

 	
  

 	
  

 
	
  

 	
 7.2

 	
 Force Majeure

 	
  

 	
  

 
	
  

 	
 7.3

 	
 _________ May
 Consult With Counsel

 	
  

 	
  

 
	
  

 	
 7.4

 	
 _________ Provides
 Diverse Financial Services and May Generate Profits as a
 Result     16

 	
  

 	
  

 
	
  

 	
 7.5

 	
 Assets Held
 Outside _________’s Control

 	
  

 	
  

 
	
  

 	
 7.6

 	
 Ancillary Services

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 8.

 	
 Taxation

 	
  

 	
  

 
	
  

 	
 8.1

 	
 Tax Obligations

 	
  

 	
  

 
	
  

 	
 8.2

 	
 Tax Relief
 Services With Respect to American Depository Receipts

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 9.

 	
 Termination

 	
  

 	
  

 
	
  

 	
 9.1

 	
 Term and
 Termination

 	
  

 	
  

 
	
  

 	
 9.2

 	
 Exit Procedure

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 10.

 	
 Miscellaneous

 	
  

 	
  

 
	
  

 	
 10.1

 	
 Notices

 	
  

 	
  

 
	
  

 	
 10.2

 	
 Successors and
 Assigns

 	
  

 	
  

 
	
  

 	
 10.3

 	
 Interpretation

 	
  

 	
  

 
	
  

 	
 10.4

 	
 Entire Agreement

 	
  

 	
  

 
	
  

 	
 10.5

 	
 Insurance

 	
  

 	
  

 
	
  

 	
 10.6

 	
 Security Holding
 Disclosure

 	
  

 	
  

 
	
  

 	
 10.7

 	
 USA PATRIOT Act
 Disclosure

 	
  

 	
  

 
	
  

 	
 10.8

 	
 Governing Law and
 Jurisdiction

 	
  

 	
  

 
	
  

 	
 10.9

 	
 Severability;
 Waiver; and Survival

 	
  

 	
  

 
	
  

 	
 10.10

 	
 Confidentiality

 	
  

 	
  

 
	
  

 	
 10.11

 	
 Counterparts

 	
  

 	
  

 
	
  

 	
 10.12

 	
 No Third Party
 Beneficiaries

 	
  

 	
  

 
	
  

 	
 10.13

 	
 Limitations on
 Liability

 	
  

 	
  

 
	
  

 	
 SCHEDULE 1 Persons Authorized To Give Instructions

 	
  

 	
  

 
	
  

 	
 SCHEDULE 2 Authorized Fund Managers/Advisers

 	
  

 	
  

 
	
  

 	
 APPENDIX A TO SCHEDULE 2 Specimen Fund Manager Mandate

 	
  

 	
  

 
	
  

 	
 SCHEDULE 3
 Electronic Access

 	
  

 	
  

 
	
  

 	
 EXHIBIT 1 TO
 SCHEDULE 3 Products

 	
  

 	
  

 

Custody Agreement

This agreement, dated ____________________, 20__, is
between ___________________(“_________”),
a national banking association, with a place of business at __________________________; and ETF
Securities USA LLC, a Delaware limited
liability company (“Sponsor”) on behalf of ETFS
Collateralized Commodities Trust, a Delaware statutory trust
currently organized into separate series (“Funds”) with offices at c/o ETF
Securities USA LLC, 48 Wall Street, 11ith Floor, New York, New York 10005 (the
“Customer”).

	
  

 	
  

 	
  

 
	
 1.

 	
 Intention of the Parties; Definitions

 

	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 
	
 1.1

 	
 Intention of
 the Parties

 
	
  

 	
  

 
	
  

 	
 (a)

 	
 This Agreement
 sets out the terms on which _________ will be providing custodial, settlement
 and other associated services to Customer. _________ will be responsible for
 the performance of only those duties set forth in this Agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Customer
 acknowledges that _________ is not providing any legal, tax or investment
 advice in connection with the services under this Agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 It is the
 intention of the parties that the services offered by _________ under this
 Agreement with respect to the custody of Securities and related settlement
 services will be limited to Securities that are issued in the United States
 (“U.S.”) by an issuer that is organized under the laws of the U.S. or any
 state thereof, or that are both traded in the U.S. and eligible for deposit
 in a U.S. Securities Depository.

 
	
  

 	
  

 	
  

 
	
 1.2

 	
 Definitions

 
	
  

 	
  

 
	
  

 	
 As used herein,
 the following terms have the meaning hereinafter stated.

 
	
  

 	
  

 
	
  

 	
           “Account” has the meaning set forth in
 Section 2.1 of this Agreement.

 
	
  

 	
  

 
	
  

 	
           “Affiliate” means an entity that controls, is
 controlled by, or is under common control with, _________.

 
	
  

 	
  

 
	
  

 	
           “Applicable
 Law”
 means any applicable statute, treaty, rule, regulation or common law and any
 applicable decree, injunction, judgment, order, formal interpretation or
 ruling issued by a court or governmental entity.

 
	
  

 	
  

 
	
  

 	
           “Authorized
 Person” means any person who has been designated by written notice from
 Customer in the form of Schedules 1 or 2 as the case may be (or by written
 notice in the form of Appendix A to Schedule 2 from any agent designated by
 Customer under this Agreement, including, without limitation, an investment
 manager) to act on behalf of Customer under this Agreement. Such persons will
 continue to be Authorized Persons until such time as _________ receives and
 has had reasonable time to act upon Instructions from Customer (or its agent)
 that any such person is no longer an Authorized Person.

 
	
  

 	
  

 
	
  

 	
           “Cash
 Account” has the meaning set forth in Section
 2.1(a)(ii).

 
	
  

 	
  

 
	
  

 	
           “Confidential Information” means and
 includes all non-public information concerning Customer or the Accounts which
 _________ receives in the course of providing services under this Agreement.
 Nevertheless, the term Confidential Information shall not include 

 

	
  

 	
  

 
	
  

 	
 information which is or becomes available to the general public by
 means other than _________’s breach of the terms of this Agreement or
 information which _________ obtains on a non-confidential basis from a person
 who is not known to be subject to any obligation of confidence to any person
 with respect to that information.

 
	
  

 	
  

 
	
  

 	
           “Corporate
 Action” means any subscription right, bonus issue,
 stock repurchase plan, redemption, exchange, tender offer, or similar matter
 with respect to a Financial Asset in the Securities Account that requires
 discretionary action by the beneficial owner of Financial Asset, but does not
 include rights with respect to class action litigation or proxy voting.

 
	
  

 	
  

 
	
  

 	
           “Entitlement
 Holder” means the person named on the records of a Securities Intermediary as
 the person having a Securities Entitlement against the Securities
 Intermediary.

 
	
  

 	
  

 
	
  

 	
           “Financial
 Asset” means a Security and refers, as the context requires, either to the
 asset itself or to the means by which a person’s claim to it is evidenced,
 including a Security, a security certificate or a Securities Entitlement. “Financial Asset” does not include cash.

 
	
  

 	
  

 
	
  

 	
           “Instruction” means an instruction that
 has been verified in accordance with a Security Procedure or, if no Security
 Procedure is applicable, which _________ believes in good faith to have been
 given by an Authorized Person.

 
	
  

 	
  

 
	
  

 	
           “_________Indemnitees” means _________ and its nominees,
 directors, officers, employees and agents.

 
	
  

 	
  

 
	
  

 	
           “Liabilities” means any liabilities, losses, claims,
 costs, damages, penalties, fines, obligations, or expenses of any kind
 whatsoever (including, without limitation, reasonable attorneys’,
 accountants’, consultants’ or experts’ fees and disbursements).

 
	
  

 	
  

 
	
  

 	
           “Securities”means shares, stocks, debentures,
 bonds, notes or other like obligations, whether issued in certificated or
 uncertificated form, and any certificates, receipts, warrants or other
 instruments representing rights to receive, purchase or subscribe for the
 same that are commonly traded or dealt in on securities exchanges or
 financial markets or other obligations of an issuer, or shares,
 participations and interests in an issuer recognized in the country in which
 it is issued or dealt in as a medium for investment and any other property as
 may be acceptable to _________ for the Securities Account.

 
	
  

 	
  

 
	
  

 	
           “Securities
 Account” means each Securities custody account on
 _________’s records to which Financial Assets are or may be credited under
 this Agreement.

 
	
  

 	
  

 
	
  

 	
           “Securities
 Depository” means any clearing system, securities
 depository, dematerialized book entry system or similar systemfor the central handling of
 Securities.

 
	
  

 	
  

 
	
  

 	
           “Security Entitlement” means the rights
 and property interests of an Entitlement Holder with respect to a Financial
 Asset as set forth in Part 5 of Article 8 of the Uniform Commercial Code of
 the State of New York, as the same may be amended from time to time.

 
	
  

 	
  

 
	
  

 	
           “Security Intermediary” means _________, a
 Securities Depository and any other financial institution which in the
 ordinary course of business maintains Securities custody accounts for others
 and acts in that capacity.

 
	
  

 	
  

 
	
  

 	
           “Security Procedure” means security procedures to be followed
 by Customer upon

 

	
  

 	
  

 
	
  

 	
 the issuance of an
 Instruction and/or by _________ upon the receipt of an Instruction, so as to
 enable _________ to verify that such Instruction is authorized, as set forth
 in service level documentation in effect from time to time between the
 parties with respect to the services set forth in this Agreement, or as
 otherwise agreed in writing by the parties. A Security Procedure may, without
 limitation, involve the use of algorithms, codes, passwords, encryption and
 telephone call backs. Customer acknowledges that Security Procedures are
 designed to verify the authenticity of, and not detect errors in,
 Instructions. For the avoidance of doubt, the parties agree that a SWIFT
 message issued in the name of Customer through any third party utility agreed
 upon by the parties as being a method for providing Instructions and
 authenticated in accordance with that utility’s customary procedures shall be
 deemed to be an authorized Instruction.

 
	
  

 	
  

 
	
  

 	
 All terms in the
 singular will have the same meaning in the plural unless the context
 otherwise provides and vice versa.

 

	
  

 	
  

 	
  

 	
  

 
	
 2.

 	
 What _________ is Required to Do

 
	
  

 	
  

 
	
  

 	
 2.1

 	
 Set Up Accounts

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 _________ will
 establish and maintain the following accounts (“Accounts”):

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 one or more
 Securities Accounts in the name of Customer (or in another name requested by
 Customer that is acceptable to _________) for Financial Assets, which may be
 held by of _________ for the account of Customer, including as an Entitlement
 Holder; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 one or more
 accounts in the name of Customer (or in another name requested by Customer
 that is acceptable to _________) (“Cash Account”) for any and all cash
 received by or on behalf of _________ for the account of Customer.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 At the request of
 Customer, additional Accounts may be opened in the future and such additional
 Accounts shall be subject to the terms of this Agreement:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 in accordance with
 the provisions of an agreement among Customer and a broker-dealer (registered
 under the Securities and Exchange Act of 1934 (“Exchange Act”) and a member
 of the National Association of Securities Dealer, Inc. (“NASD”), or any
 futures commission merchant registered under the Commodity Exchange Act,
 relating to compliance with the rules of the Options Clearing Corporation and
 of any registered national securities exchange (or the Commodity Futures
 Trading Commission or any registered contract market), or of any similar
 organization, regarding escrow or other arrangements in connection with transactions
 by Customer; 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 for the purpose of
 segregating cash or Financial Assets with options purchased or sold by
 Customer; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 for any other
 corporate purposes as per the Instruction of an Authorized Person.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 In the event that
 Customer requests the opening of any additional Account for the purpose of
 holding collateral pledged by Customer to a securities exchange, clearing
 corporation, or other central counterparty (a “Counterparty”) to secure 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 trading activity
 by Customer, or the pledge to a Counterparty of cash or individual Securities
 held in an Account, that Account (or the pledged cash or Securities) shall be
 subject to the collateral arrangements in effect between _________ and the
 Counterparty in addition to the terms of this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 _________’s
 obligation to open Accounts pursuant to Section 2.1(a) is conditional upon
 _________ receiving such of the following documents as _________ may require:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 a certified copy
 of Customer’s constitutional documents as currently in force;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 evidence
 reasonably satisfactory to _________ of the due authorization and execution
 of this Agreement by Customer (for example by a certified copy of a
 resolution of Customer’s board of directors or equivalent governing body,
 substantially in the form set out in Schedule 4);

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 _________’s
 standard form fund manager mandate (in the form set out in Appendix A),
 completed by any persons designated in Schedule 3; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 in the case of any
 Account opened in a name not that of Customer, documentation with respect to
 that name similar to that set forth in sub-sections (i) - (iii).

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.2

 	
 Cash Account

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Any amount
 standing to the credit of the Cash Account is a debt due to Customer from
 _________ as banker. Except as otherwise provided in Instructions acceptable
 to _________, all cash held in the Cash Account will be deposited during the
 period it is credited to the Accounts in one or more deposit accounts at
 _________ in which cash shall not be subject to withdrawal by check or draft.
 Funds credited to the Cash Account will be transferred by _________by
means
 of Instruction (“payment order”) to a_________ administrator assigned to
 Customer. Payment orders and Instructions seeking to cancel payment orders or
 to amend payment orders shall be verified in accordance with a Security
 Procedure or, if no Security Procedure is applicable, _________ may execute
 or pay payment orders issued in Customer’s name which _________ believes in
 good faith to have been given by an Authorized Person.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Any amounts
 credited by _________ to the Cash Account on the basis of a notice or an
 interim credit from a third party, may be reversed if _________ does not
 receive final payment in a timely manner. _________ will notify Customer
 promptly of any such reversal.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.3

 	
 Segregation of
 Assets; Nominee Name

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 _________ will
 identify in its books that Financial Assets credited to Customer’s Securities
 Account belong to Customer (except as otherwise may be agreed by _________
 and Customer).

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 _________ is
 authorized, in its discretion:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 to hold in bearer
 form, such Financial Assets as are customarily held in bearer form or are
 delivered to _________ in bearer form;

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 to hold Financial
 Assets in or deposit Financial Assets with any Securities Depository or
 settlement system;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 to hold Financial
 Assets in omnibus accounts on a fungible basis and to accept delivery of Financial
 Assets of the same class and denomination as those deposited with _________;
 and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 to register in the
 name of Customer, _________, a Securities Depository, or their respective
 nominees, such Financial Assets as are customarily held in registered form.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.4

 	
 Settlement of
 Transactions

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Subject to Article
 3 and Section 4.2 of this Agreement, _________ will act in accordance with
 Instructions with respect to the settlement of transactions. Settlement of
 transactions will be conducted in accordance with prevailing standards of the
 market in which the transaction occurs. Without limiting the generality of
 the foregoing, the risk of loss will be borne by Customer whenever _________
 delivers Financial Assets or payment in accordance with applicable market
 practice in advance of receipt or settlement of the expected consideration.
 In the case of the failure of Customer’s counterparty (or other appropriate
 party) to deliver the expected consideration as agreed, _________ will
 contact the counterparty to seek settlement and will notify Customer of such
 failure. If Customer’s counterparty continues to fail to deliver the expected
 consideration, _________ will provide information reasonably requested by
 Customer that _________ has in its possession to allow Customer to enforce
 rights that Customer has against Customer’s counterparty, but neither
 _________ nor its Subcustodians will not be obliged to institute legal
 proceedings, file a proof of claim in any insolvency proceeding or take any similar
 action.

 
	
  

 	
  

 	
  

 
	
  

 	
 2.5

 	
 Contractual Settlement Date Accounting

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Should Customer
 request to have _________’s Contractual Settlement Date Accounting Service,
 _________ will effect book entries on a contractual settlement date
 accounting basis as described below with respect to the settlement of
 transactions in those markets where _________ generally offers contractual
 settlement date accounting.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 Sales: On the
 settlement date for a sale, _________ will credit the Cash Account with the proceeds
 of the sale and transfer the relevant Financial Assets to an account at
 _________ pending settlement of the transaction if not already delivered.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 Purchases: On the
 settlement date for the purchase (or earlier, if market practice requires
 delivery of the purchase price before the settlement date), _________ will
 debit the Cash Account for the settlement amount and credit a separate
 account at _________. _________ then will post the Securities Account as
 awaiting receipt of the expected Financial Assets. Customer will not be
 entitled to the delivery of Financial Assets that are awaiting receipt until
 _________ actually receives them.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Upon request,
 _________ shall provide Customer with a list of those markets for which it
 provides contractual settlement date accounting. _________ may add markets to
 or remove markets from this list upon reasonable notice to Customer.
 _________ reserves 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 the right to
 restrict in good faith the availability of contractual settlement date accounting
 for credit or operational reasons.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 _________ may
 reverse any debit or credit made pursuant to Section 2.5(a) prior to a
 transaction’s actual settlement, upon notice to Customer, in cases where
 _________ reasonably believes that the transaction will not settle in the
 ordinary course within a reasonable time. Customer will be responsible for
 any costs or liabilities resulting from such reversal. Customer acknowledges
 that the procedures described in Section 2.5 are of an administrative nature,
 and _________ does not undertake to make loans and/or Financial Assets
 available to Customer.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.6

 	
 Actual Settlement Date Accounting

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 With respect to
 any settlement of a transaction that is not posted to the Account on the
 contractual settlement date as referred to in Section 2.5, _________ will
 post such transaction on the date on which the cash or Financial Assets
 received as consideration for the transaction is actually received and
 cleared by _________.

 
	
  

 	
  

 	
  

 
	
  

 	
 2.7

 	
 Income Collection (____________)

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 _________ will
 monitor information publicly available in the applicable market about
 forthcoming income payments on the Financial Assets, and will promptly notify
 Customer of such information. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Unless Customer is notified
 otherwise, _________ will credit the Cash Account with income proceeds on
 Financial Assets on the anticipated payment date, net of any taxes that are
 withheld by _________ or any third party (“________”) in those markets where
 _________ customarily provides an________ service. Upon request, _________
 shall provide Customer with a list of ________ eligible markets. _________
 may add markets to or remove markets from the list of ________ markets upon
 notice to Customer that is reasonable in the circumstances. _________ may
 reverse ________ credits upon oral or written notification to Customer if
 _________ believes that the corresponding payment will not be received by
 _________ within a reasonable period or the credit was incorrect.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 In markets where
 _________ does not provide an________ service, income on Financial Assets
 (net of any taxes withheld by _________ or any third party) will be credited
 only after actual receipt and reconciliation.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 _________ will use
 reasonable efforts to contact appropriate parties to collect unpaid interest,
 dividends or redemption proceeds and notify Customer of the late payment, but
 neither _________ nor its Subcustodians will be obliged to file any formal
 notice of default, institute legal proceedings, file a proof of claim in any
 insolvency proceeding or take any similar action.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.8

 	
 Miscellaneous Administrative Duties

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Until _________
 receives Instructions to the contrary, _________ will:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 present all
 Financial Assets for which _________ has received notice of a call for
 redemption or that have otherwise matured, and all income and interest
 coupons and other income items that call for payment upon presentation;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 execute in the
 name of Customer such certificates as may be required to obtain payment in
 respect of Financial Assets; and

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 exchange interim
 or temporary documents of title held in the Securities Account for definitive
 documents of title.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 In the event that,
 as a result of holding of Financial Assets in an omnibus account, Customer
 receives fractional interests in Financial Assets arising out of a Corporate
 Action or class action litigation, _________ will credit Customer with the
 amount of cash it would have received had the Financial Asset not been held
 in an omnibus account, and Customer shall relinquish to _________ its
 interest in such fractional interests.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 If some, but not
 all, of an outstanding class of Financial Assets is called for redemption,
 _________ may allot the amount redeemed among the respective beneficial
 holders of such a class of Financial Assets on a pro rata basis or in a
 similar manner _________ deems fair and equitable.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.9

 	
 Corporate Actions

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 _________ will act
 in accordance with local market practices to obtain information concerning
 Corporate Actions that is publicly available in the local market. _________
 also will review information obtained from sources to which _________
 subscribes for information concerning such Corporate Actions. _________ will
 promptly provide that information (or summaries that accurately reflect the
 material points concerning the applicable Corporate Action) to Customer or
 its Authorized Person.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 _________ will act
 in accordance with Customer’s Instructions in relation to such Corporate
 Actions. If Customer fails to provide _________ with timely Instructions with
 respect to any Corporate Action, neither _________ nor its nominees will take
 any action in relation to that Corporate Action, except as otherwise agreed
 in writing by _________ and Customer or as may be set forth by _________ as a
 default action in the notification it provides under Section 2.9(a) with
 respect to that Corporate Action.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.10

 	
 Class Action

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Any notices received
 by _________’s corporate actions department about U.S. settled securities
 class action that requires action by affected owners of the underlying
 Financial Assets will be promptly notified to Customer if _________, using
 reasonable care in the circumstances, identifies that Customer was a
 shareholder and held the relevant Financial Asset in custody with _________
 at the relevant time._________ will not make filings in the name of Customer
 in respect to such notifications except as otherwise agreed in writing
 between Customer and _________.

 
	
  

 	
  

 	
  

 
	
  

 	
 2.11

 	
 Proxies

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 _________ will
 monitor information distributed to holders of Financial Assets about upcoming
 shareholder meetings, promptly notify Customer of such information and,
 subject to Section 2.11(c), act in accordance with Customer’s Instructions in
 relation to such meetings (the “Proxy Voting Service”).

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 The Proxy Voting
 Service is available only in certain markets, details of which are 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 available from
 _________ on request. Provision of the Proxy Voting Service is conditional
 upon receipt by _________ of a duly completed enrolment form as well as
 additional documentation that may be required for certain markets.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 The Proxy Voting
 Service does not include physical attendance at shareholder meetings.
 Requests for physical attendance at shareholder meetings can be made but they
 will be evaluated and agreed to by _________ on a case by case basis.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 Customer
 acknowledges that the provision of the Proxy Voting Service may be precluded
 or restricted under a variety of circumstances. These circumstances include,
 but are not limited to:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 the Financial
 Assets being on loan or out for registration;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 the pendency of
 conversion or another Corporate Action;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 the Financial
 Assets being held in a margin or collateral account at _________ or another
 bank or broker, or otherwise in a manner which affects voting; 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 local market
 regulations or practices, or restrictions by the issuer; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (v)

 	
 _________ being
 required to vote all shares held for a particular issue for all of
 _________’s customers on a net basis (i.e., a net yes or no vote based on
 voting instructions received from all its customers). Where this is the case,
 _________ will inform Customer by means of the notification.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.12

 	
 Statements of Account

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 _________ will
 provide Customer with a statement of account for each Account, identifying
 cash and Financial Assets held in the Account and any transfers to and from
 the Account. Statements of account may be delivered electronically or on-line
 over the Internet and are deemed delivered when sent electronically or posted
 on the Internet. Customer will review its statement of account and give _________
 written notice of (i) any suspected error or omission or (ii) non-receipt of
 a statement of account within a reasonable time after the statement of
 accounts is sent or made available to Customer or would have been sent, as
 the case may be. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Customer
 acknowledges that information available to it on-line with respect to
 transactions posted after the close of the prior business day may not be
 accurate due to mis-postings, delays in updating Account records, and other
 causes. _________ will not be liable for any loss or damage arising out of
 any such information accessed on-line that is updated or corrected no later
 than the close of business on the business day after the transaction was
 posted. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.13

 	
 Access to _________’s Records

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 _________ will
 allow Authorized Persons of Customer’s auditors and independent public
 accountants such reasonable access to the records of _________ relating to
 Financial Assets as is required in connection with their examination of books
 and records pertaining to Customer’s affairs.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 _________ will,
 upon reasonable written notice, allow Customer reasonable access during
 normal working hours to the records of _________ relating to the Accounts.
 _________ may impose reasonable restrictions on the number of individuals 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 allowed access,
 the frequency and length of such access, and the scope of the records made
 available. Customer shall reimburse _________ for the cost of copying,
 collating and researching archived information at _________’s regular hourly
 rate.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 2.14

 	
 Tax Relief Services

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 _________ will
 provide tax relief services as provided in Section 8.2.

 
	
  

 	
  

 	
  

 
	
  

 	
 2.15

 	
 Notification

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 If Customer has
 agreed to access information concerning the Accounts through _________’s
 website, _________ may make any notifications required under this Agreement
 by posting it on the website.

 
	
  

 	
  

 	
  

 
	
 3.

 	
 Instructions

 
	
  

 	
  

 	
  

 
	
  

 	
 3.1

 	
 Acting on Instructions; Method of
 Instruction and Unclear Instructions

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Customer
 authorizes _________ to accept, rely upon and/or act upon any Instructions
 received by it without inquiry. Customer will indemnify _________Indemnitees
 against, and hold each of them harmless from, any Liabilities that may be
 imposed on, incurred by, or asserted against _________Indemnitees as a result
 of any action or omission taken in accordance with any Instruction.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Customer will
 where reasonably practicable use automated and electronic methods of sending
 Instructions.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 _________ shall
 promptly notify an Authorized Person if _________ determines that an
 Instruction does not contain all information reasonably necessary for
 _________ to carry out the Instruction. _________ may decline to act upon an
 Instruction if it does not receive clarification or confirmation satisfactory
 to it. _________ will not be liable for any loss arising from any reasonable
 delay in carrying out any such Instruction while it seeks information,
 clarification or confirmation or in declining to act upon any Instruction for
 which it does not receive clarification satisfactory to it.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 In executing or
 paying a payment order, _________ may rely upon the identifying number (e.g.,
 Fedwire routing number or account) of any party as instructed in the payment
 order. Customer assumes full responsibility for any inconsistency between the
 name and identifying number of any party in payment orders issued to
 _________ in Customer’s name.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.2

 	
 Verification and Security Procedures

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 _________ and
 Customer shall comply with any applicable Security Procedures with respect to
 the delivery or authentication of Instructions and shall ensure that any
 codes, passwords or similar devices are reasonably safeguarded.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Either party may
 record any of their telephone communications. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 3.3

 	
 Instructions Contrary to                     Law/Market Practice

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 _________ need not
 act upon Instructions which it reasonably believes to be contrary to law,
 regulation or market practice, and_________ shall be under no duty to
 investigate whether any Instructions comply with Applicable Law or market
 practice. In the event _________ does not act upon such Instructions,
 _________ will notify Customer where reasonably practicable.

 
	
  

 	
  

 	
  

 
	
  

 	
 3.4

 	
 Cut-Off Times

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 _________ has established
 cut-off times for receipt of Instructions, which will be made available to
 Customer. If _________ receives an Instruction after its established cut-off
 time, _________ will attempt to act upon the Instruction on the day requested
 if _________ deems it practicable to do so or otherwise as soon as
 practicable after that day.

 
	
  

 	
  

 	
  

 
	
  

 	
 3.5

 	
 Electronic Access

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Access by Customer
 to certain applications or products of _________ via _________’s web site or
 otherwise shall be governed by this Agreement and the terms and conditions
 set forth in Schedule 3.

 
	
  

 	
  

 	
  

 
	
 4.

 	
 Fees, Expenses and Other Amounts Owing to
 _________

 
	
  

 	
  

 
	
  

 	
 4.1

 	
 Fees and Expenses

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Customer will pay
 _________ for its services under this Agreement [such fees as may be agreed
 upon in writing from time to time, together with _________’s reasonable
 out-of-pocket or incidental expenses, including, but not limited to, legal
 fees and tax or related fees incidental
 to processing charged directly or indirectly by governmental authorities,
 issuers, or their agents.] Invoices will be payable within thirty (30)
 days of the date of the invoice. If Customer disputes an invoice it shall
 nevertheless pay on or before the date that payment is due such portion of
 the invoice that is not subject to a bona
 fide dispute. _________ may deduct amounts invoiced from the Cash
 Account except to the extent that Customer has objected to the invoice within
 thirty (30) days of the date of the invoice (or such other period as the
 parties may agree in writing). Without prejudice to _________’s other rights,
 _________ reserves the right to charge interest on overdue amounts from the
 due date until actual payment at such rate as _________ customarily charges
 for similar overdue amounts.

 
	
  

 	
  

 	
  

 
	
  

 	
 4.2

 	
 Overdrafts

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 If a debit to the
 Cash Account results (or will result) in a debit balance, then _________ may,
 in its discretion, (i) advance an amount equal to the overdraft, (ii) refuse
 to settle in whole or in part the transaction causing such debit balance, or
 (iii) if any such transaction is posted to the Securities Account, reverse
 any such posting. If _________ elects to make such an advance, the advance
 will be deemed a loan to Customer, payable on demand, bearing interest at the
 applicable rate charged by _________ from time to time for such overdrafts,
 from the date of such advance to the date of payment (both after as well as
 before judgment) and otherwise on the terms on which _________ makes similar
 overdrafts available from time to time. No prior action or 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 course of dealing
 on _________’s part with respect to the settlement of transactions on
 Customer’s behalf will be asserted by Customer against _________ for
 _________’s refusal to make advances to the Cash Account or to settle any
 transaction for which Customer does not have sufficient available funds in
 the Account.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 4.3

 	
 _________’s Right Over Securities;
 Set-off

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Without prejudice
 to _________’s rights under Applicable Law, Customer grants to _________ a
 security interest in and a lien on the Financial Assets held in the
 Securities Account as securing for any and all Liabilities outstanding from
 time to time (whether actual or contingent) of Customer to _________ or any
 of its Affiliates and _________ shall be entitled without notice to Customer,
 to withhold delivery of such Financial Assets, sell or otherwise realize any
 of such Financial Assets and to apply the proceeds and any other monies
 credited to the Cash Account in satisfaction of such Liabilities. For this
 purpose, _________ may make such currency conversions as may be necessary at
 its then current rates for the sale and purchase of relevant currencies. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Without prejudice
 to _________’s rights under Applicable Law, _________may set off against any
 amount owing by Customer to _________ or any of its Affiliates any amount in
 any currency standing to the credit of any of Customer’s accounts (whether
 deposit or otherwise) with any _________branch or office or with any
 Affiliate of _________. For this purpose, _________ shall be entitled to
 accelerate the maturity of any fixed term deposits and to effect such
 currency conversions as may be necessary at its current rates for the sale
 and purchase of the relevant currencies.

 
	
  

 	
  

 	
  

 	
  

 
	
 5.

 	
 Securities Depositories

 
	
  

 	
  

 
	
  

 	
 5.1

 	
 Use of Securities Depositories

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 _________ may
 deposit Financial Assets with, and hold Financial Assets in any Securities
 Depository on such terms as such Securities Depository customarily operates
 and Customer will provide _________ with such documentation or acknowledgements
 that _________ may require to hold the Financial Assets in such Securities
 Depository.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 _________ is not
 responsible for the selection or monitoring of any Securities Depository and
 will not be liable for any act or omission by (or the insolvency of) any
 Securities Depository. In the event Customer incurs a loss due to the
 negligence, willful misconduct, or insolvency of a Securities Depository,
 _________ will make reasonable efforts, in its discretion, to seek recovery
 from the Securities Depository, but _________ will not be obligated to
 institute legal proceedings, file a proof of claim in any insolvency
 proceeding, or take any similar action.

 

	
  

 	
  

 	
  

 	
  

 
	
 6.

 	
 Additional Provisions Relating to
 Customer

 
	
  

 	
  

 
	
  

 	
 6.1

 	
 Representations of Customer and _________

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Customer
 represents and warrants that (i) it has full authority and power, and has
 obtained all necessary authorizations and consents, to deposit and control
 the Financial Assets and cash in the Accounts, to use _________ as its
 custodian in accordance with the terms of this Agreement, to borrow money
 (both any short term or intraday borrowings in order to settle transactions
 prior to receipt of covering funds) and grant a lien over Financial Assets as
 contemplated by Section 4.3; (ii) assuming execution and delivery of this
 Agreement by _________, this Agreement is Customer’s legal, valid and binding
 obligation, enforceable in accordance with its terms and it has full power
 and authority to enter into and has taken all necessary corporate action to
 authorize the execution of this Agreement; (iii) it has not relied on any
 oral or written representation made by _________ or any person on its behalf,
 and acknowledges that this Agreement sets out to the fullest extent the
 duties of _________; (iv) _________ may rely upon the certification of such
 other facts as may be required to administer _________’s obligations under
 this Agreement and Customer shall indemnify _________ against all losses,
 liability, claims or demands arising directly or indirectly from any such
 certifications; and (v) it is a resident of the U.S. and shall notify
 _________ of any changes in residency.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 _________
 represents and warrants that (i) assuming execution and delivery of this
 Agreement by Customer, this Agreement is _________’s legal, valid and binding
 obligation, enforceable in accordance with its terms and (ii) it has full
 power and authority to enter into and has taken all necessary corporate
 action to authorize the execution of this Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 6.2

 	
 Customer to Provide Certain Information
 to _________

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Upon request,
 Customer will promptly provide to _________ such information about itself and
 its financial status as _________ may reasonably request, including
 Customer’s organizational documents and its current audited and unaudited
 financial statements. Upon _________’s request, Customer shall provide to
 _________ such similar information concerning any person other than Customer
 in whose name any Account is opened.

 
	
  

 	
  

 	
  

 
	
  

 	
 6.3

 	
 Customer is Liable to _________ Even if
 it is Acting for Another Person

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 If Customer is
 acting as an agent or for another person envisaged in Section 2.1(a) of any
 transaction, cash or Financial Asset, _________ nevertheless will treat
 Customer as its principal for all purposes under this Agreement. In this
 regard, Customer will be liable to _________ as a principal in respect of any
 transactions relating to the Account. The foregoing will not affect any
 rights _________ might have against Customer’s principal or the other person
 envisaged by Section 2.1(a).

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 7.

 	
 When _________ is Liable to Customer

 
	
  

 	
  

 
	
  

 	
 7.1

 	
 Standard of Care; Liability

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 _________ will use
 reasonable care in performing its obligations under this Agreement. _________
 will not be in violation of this Agreement with respect to any matter as to
 which it has satisfied its obligation of reasonable care.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 _________ will be
 liable for Customer’s direct damages to the extent they result from
 _________’s fraud, negligence or willful misconduct in performing its duties
 as set out in this Agreement. Nevertheless, under no circumstances will
 _________ be liable for any indirect, incidental, consequential or special
 damages (including, without limitation, lost profits) of any form incurred by
 any person or entity, whether or not foreseeable and regardless of the type
 of action in which such a claim may be brought, with respect to the Accounts,
 _________’s performance under this Agreement, or _________’s role as
 custodian.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 Customer will
 indemnify _________Indemnitees against, and hold them harmless from, any
 Liabilities that may be imposed on, incurred by or asserted against any of
 _________Indemnitees in connection with or arising out of (i) _________’s
 performance under this Agreement, provided _________Indemnitees have not
 acted with negligence or engaged in fraud or willful misconduct in connection
 with the Liabilities in question or (ii) any _________Indemnitees’ status as
 a holder of record of Customer’s Financial Assets.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 Without limiting
 Subsections 7.1(a), (b) or (c), Customer agrees that _________provides no
 service in relation to, and therefore has no duty or responsibility to: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 question
 Instructions or make any suggestions to Customer or an Authorized Person
 regarding such Instructions;

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 supervise or make
 recommendations with respect to investments or the retention of Financial
 Assets;

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 advise Customer or
 an Authorized Person regarding any default in the payment of principal or
 income of any Security other than as provided in Section 2.7(b) of this
 Agreement; or

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 evaluate or report
 to Customer or an Authorized Person regarding the financial condition of any
 broker, agent or other party to which _________ is instructed to deliver
 Financial Assets or cash.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 7.2

 	
 Force Majeure

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 _________ will
 maintain and update from time to time business continuation and disaster
 recovery procedures with respect to its custody business that it determines
 from time to time meet reasonable commercial standards. _________ will have
 no liability, however, for any damage, loss, expense or liability of any
 nature that Customer may suffer or incur, caused by an act of God, fire,
 flood, civil or labor disturbance, war, terrorism, act of any governmental
 authority or other act or threat of any authority (de jure or de facto),
 legal constraint, fraud or forgery, malfunction of equipment or software
 (except where such malfunction is primarily attributable to _________’s
 negligence in maintaining the equipment or software), failure of or the
 effect of rules or operations of any external funds transfer system,
 inability to obtain or interruption of external communications facilities, or
 any other cause beyond the reasonable control of _________ (including,
 without limitation, the non-availability of appropriate foreign exchange).

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 7.3

 	
 _________ May Consult With Counsel

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 _________ will be
 entitled to rely on, and may act upon the advice of professional advisers in
 relation to matters of law, regulation or market practice (which may be the
 professional advisers of Customer), and shall not be liable to Customer for
 any action taken or omitted pursuant to such advice.

 
	
  

 	
  

 	
  

 
	
  

 	
 7.4

 	
 _________ Provides Diverse Financial
 Services and May Generate Profits as a Result

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Customer hereby
 authorizes _________ to act under this Agreement notwithstanding that:
 (a)_________ or any of its divisions, branches or Affiliates may have a
 material interest in transactions entered into by Customer with respect to
 the Account or that circumstances are such that _________ may have a
 potential conflict of duty or interest, including the fact that _________ or
 its Affiliates may act as a market maker in the Financial Assets to which
 Instructions relate, provide brokerage services to other customers, act as
 financial adviser to the issuer of such Financial Assets, act in the same
 transaction as agent for more than one customer, have a material interest in
 the issue of the Financial Assets; or earn profits from any of the activities
 listed herein; and 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b) _________ or
 any of its divisions, branches or Affiliates may be in possession of
 information tending to show that the Instructions received may not be in the
 best interests of Customer. _________ is not under any duty to disclose any
 such information.

 
	
  

 	
  

 	
  

 
	
  

 	
 7.5

 	
 Assets Held Outside _________’s Control

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 _________ will not
 be obliged to hold Financial Assets or cash with any person not agreed to by
 _________. Furthermore, _________ will not be obliged to register or record
 Financial Assets in the name of any person not agreed to by _________. If,
 however, Customer makes such a request and _________ agrees to the request,
 the consequences of doing so will be at Customer’s own risk. _________shall not
 be liable for any losses incurred as a result and may be precluded from
 providing some of the services referred to in this Agreement (for example,
 and without limitation, income collection, proxy voting, class action
 litigation and Corporate Action notification and processing).

 
	
  

 	
  

 	
  

 
	
  

 	
 7.6

 	
 Ancillary Services

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 _________ may use
 third party delivery services and providers of information regarding matters
 such as pricing, proxy voting, corporate actions and class action litigation
 and use local agents to provide extraordinary services such as attendance at
 annual meetings of issuers of Securities. Although _________ will use
 reasonable care in the selection and retention of such third party providers
 and local agents, it will not be responsible for any errors or omissions made
 by them in providing the relevant information or services.

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 8.

 	
 Taxation

 
	
  

 	
  

 
	
  

 	
 8.1

 	
 Tax Obligations

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Customer will pay
 or reimburse _________, and confirms that _________ is authorized to deduct
 from any cash received or credited to the Cash Account any taxes or levies
 required by any revenue or governmental authority for whatever reason in
 respect of Customer’s Accounts.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Customer will
 provide to _________ such certifications, declarations, documentation, and information
 as it may require in connection with taxation, and warrants that, when given,
 this information is true and correct in every respect, not misleading in any
 way, and contains all material information. Customer undertakes to notify
 _________ immediately if any information requires updating or correcting.
 _________provides no service of controlling or monitoring, and therefore has
 no duty in respect of, or liability for any taxes, penalties, interest or
 additions to tax, payable or paid that result from:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 the inaccurate
 completion of documents by Customer or any third party;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 the provision to
 _________ or a third party of inaccurate or misleading information by
 Customer or any third party;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 the withholding of
 material information by Customer or any third party; or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 any delay by any
 revenue authority or any other cause beyond _________’s control.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 If _________ does
 not receive appropriate certifications, documentation and information then,
 as and when appropriate and required, additional tax shall be deducted from
 all income received in respect of the Financial Assets issued (including, but
 not limited to, U.S. non-resident alien tax and/or backup withholding tax).

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 Customer will be
 responsible in all events for the timely payment of all taxes relating to the
 Financial Assets in the Securities Account; provided, however, that _________
 will be responsible for any penalty or additions to tax due solely as a
 result of _________’s negligent acts or omissions with respect to paying or
 withholding tax or reporting interest, dividend or other income paid or
 credited to the Cash Account.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 8.2

 	
 Tax Relief Services With Respect to
 American Depository Receipts

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Subject to the
 provisions of this Section, _________ will apply for a reduction of
 withholding tax in respect of income payments on Financial Assets comprised
 of American Depository Receipts credited to the Securities Account that
 _________ believes may be available. To defray expenses pertaining to nominal
 tax claims, _________ may from time to time set minimum thresholds as to a de
 minimis value of tax relief claims or reduction of withholding which it will
 pursue in respect of income payments under this Section 8.2.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 The provision of a
 tax relief service by _________ is conditional upon _________ receiving from
 Customer (i) a declaration of its identity and place of residence and (ii)
 certain other documentation (pro forma copies of which are available from
 _________), prior to the receipt of Financial Assets 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 comprised of
 American Depository Receipts in the Account or the payment of income. If
 Financial Assets comprised of American Depository Receipts credited to the
 Account are beneficially owned by someone other than Customer, this
 information will be necessary with respect to the beneficial owner. Customer
 acknowledges that _________ will be unable to perform tax reclamation
 services unless it receives this information.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 _________ will
 perform tax reclamation service only with respect to taxation levied by the
 revenue authorities of the countries advised to Customer from time to time
 and _________ may, by notification in writing, in its absolute discretion,
 supplement or amend the countries in which this tax reclamation service is
 offered. Other than as expressly provided in this Section 8.2, _________ will
 have no responsibility with regard to Customer’s tax position or status in
 any jurisdiction.

 
	
  

 	
  

 	
  

 	
  

 
	
 9.

 	
 Termination

 
	
  

 	
  

 
	
  

 	
 9.1

 	
 Term and Termination

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 [The initial term
 of this Agreement shall be for a period of five years following the date on
 which _________ commenced providing services under the Agreement. Following
 the initial term, Sponsoron behalf of the Customer may terminate this
 Agreement on sixty (60) days’ written notice to _________. _________ may
 terminate this Agreement on one hundred and eighty (180) days’ written notice
 to Customer.]

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Notwithstanding
 Section 9.1(a):

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 Either party may
 terminate this Agreement immediately on written notice to the other party in
 the event that a material breach of this Agreement by the other party has not
 been cured within thirty (30) days of that party being given written notice
 of the material breach;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 Either party may
 terminate this Agreement immediately on written notice to the other party
 upon the other party being declared bankrupt, entering into a composition
 with creditors, obtaining a suspension of payment, being put under court
 controlled management or being the subject of a similar measure; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 [(iii)

 	
 _________ may
 terminate this Agreement on sixty (60) days’ written notice to Customer in
 the event that _________ reasonably determines that Customer has ceased to
 satisfy _________’s customary credit requirements]

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 [; and

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 Customer may
 terminate this Agreement at any time on sixty (60) days’ written notice to
 _________ upon payment of a termination fee. The termination fee will be an
 amount equal to six (6) times the average monthly fees paid during the six
 month period prior to Customer’s notice of termination, or since the date
 _________ commenced providing services under this Agreement if that period is
 less than six months.]

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 9.2

 	
 Exit Procedure

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Customer will
 provide _________ full details of the persons to whom _________ must deliver
 Financial Assets and cash within a reasonable period before the effective
 time of termination of this Agreement. If Customer fails to provide such
 details in a timely manner, _________ shall be entitled to continue to be
 paid fees under this Agreement until such time as it is able to deliver the
 Financial Assets and cash to a successor custodian, but _________ may take
 such steps as it reasonably determines to be necessary to protect itself
 following the effective time of termination, including ceasing to provide
 transaction settlement services in the event that _________ is unwilling to
 assume any related credit risk. _________ will in any event be entitled to deduct
 any amounts owing to it prior to delivery of the Financial Assets and cash
 (and, accordingly, _________ will be entitled to sell Financial Assets and
 apply the sale proceeds in satisfaction of amounts owing to it). Customer
 will reimburse _________ promptly for all out-of-pocket expenses it incurs in
 delivering Financial Assets upon termination. Termination will not affect any
 of the liabilities either party owes to the other arising under this
 Agreement prior to such termination.

 
	
  

 	
  

 	
  

 
	
 10.

 	
 Miscellaneous

 
	
  

 	
  

 
	
  

 	
 10.1

 	
 Notices

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Notices (other
 than Instructions) under this Agreement will be served by registered mail or
 hand delivery to the address of the respective parties as set out on the
 first page of this Agreement, unless notice of a new address is given to the
 other party in writing. Notice will not be deemed to be given unless it has
 been received.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.2

 	
 Successors and Assigns

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement
 will be binding on each of the parties’ successors and assigns, but the
 parties agree that neither party can assign any of its rights or obligations
 under this Agreement without the prior written consent of the other party,
 which consent will not be unreasonably withheld or delayed; except _________
 may assign this Agreement without Customer’s consent to (a) any Affiliate or
 subsidiary of _________ or (b) in connection with a merger, reorganization,
 stock sale or sale of all or substantially all of _________’s custody
 business.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.3

 	
 Interpretation

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Headings are for
 convenience only and are not intended to affect interpretation. References to
 articles and sections are to articles and sections of this Agreement and
 references to sub-sections and paragraphs are to sub-sections of the sections
 and paragraphs of the sub-sections in which they appear.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.4

 	
 Entire Agreement

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement,
 including the Schedules and the Exhibits (and any separate agreement which
 _________ and Customer may enter into with respect to any Cash Account), sets
 out the entire Agreement between the parties in connection with the subject
 matter, and this Agreement supersedes any other agreement, statement, or
 representation 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 relating to
 custody, whether oral or written. Amendments must be in writing and signed by
 both parties.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.5

 	
 Insurance

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Customer
 acknowledges that _________ will not be required to maintain any insurance
 coverage specifically for the benefit of Customer. _________ will, however,
 provide summary information regarding its own general insurance coverage to
 Customer upon written request.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.6

 	
 Security Holding Disclosure

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 With respect to
 Securities and Exchange Commission Rule 14b-2 under the Shareholder
 Communications Act regarding disclosure of beneficial owners to issuers of
 Securities, _________ is instructed not to disclose the name, address or
 Security positions of Customer in response to shareholder communications
 requests regarding the Account.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.7

 	
 USA PATRIOT Act Disclosure

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Section 326 of the
 Uniting and Strengthening America by Providing Appropriate Tools Required to
 Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”) requires
 _________ to implement reasonable procedures to verify the identity of any
 person that opens a new account with it. Accordingly, Customer acknowledges that
 Section 326 of the USA PATRIOT Act and _________’s identity verification
 procedures require _________ to obtain information which may be used to
 confirm Customer’s identity, including without limitation Customer’s name,
 address and organizational documents (“identifying information”) from
 Customer or on some occasions from third parties regarding Customer. Customer
 may also be asked to provide information about its financial status, such as
 its current audited and unaudited statements. Customer agrees to provide
 _________ with and consents to _________ obtaining from third parties any
 such identifying and financial information required as a condition of opening
 an account with or using any service provided by _________.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.8

 	
 Governing Law and Jurisdiction

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement
 will be construed, regulated and administered under the laws of the U.S. or
 State of New York, as applicable, without regard to New York’s principles
 regarding conflict of laws, except that the foregoing shall not reduce any statutory
 right to choose New York law or forum. The U.S. District Court for the
 Southern District of New York will have the sole and exclusive jurisdiction
 over any lawsuit or other judicial proceeding relating to or arising from
 this Agreement. If that court lacks federal subject matter jurisdiction, the
 Supreme Court of the State of New York, New York County will have sole and
 exclusive jurisdiction. Either of these courts will have the proper venue for
 any such lawsuit or judicial proceeding, and the parties waive any objection
 to venue or their convenience as a forum. The parties agree to submit to the
 jurisdiction of any of the courts specified and to accept service of process
 to vest personal jurisdiction over them in any of these courts. The parties further
 hereby 

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 knowingly,
 voluntarily and intentionally waive, to the fullest extent permitted by
 Applicable Law, any right to a trial by jury with respect to any such lawsuit
 or judicial proceeding arising or relating to this Agreement or the transactions
 contemplated hereby. To the extent that in any jurisdiction Customer may now
 or hereafter be entitled to claim, for itself or its assets, immunity from
 suit, execution, attachment (before or after judgment) or other legal
 process, Customer shall not claim, and it hereby irrevocably waives, such
 immunity.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 10.9

 	
 Severability; Waiver; and Survival

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 If one or more
 provisions of this Agreement are held invalid, illegal or unenforceable in
 any respect on the basis of any particular circumstances or in any
 jurisdiction, the validity, legality and enforceability of such provision or
 provisions under other circumstances or in other jurisdictions and of the
 remaining provisions will not in any way be affected or impaired.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Except as
 otherwise provided herein, no failure or delay on the part of either party in
 exercising any power or right under this Agreement operates as a waiver, nor
 does any single or partial exercise of any power or right preclude any other
 or further exercise, or the exercise of any other power or right. No waiver
 by a party of any provision of this Agreement, or waiver of any breach or
 default, is effective unless it is in writing and signed by the party against
 whom the waiver is to be enforced.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 The parties’
 rights, protections, and remedies under this Agreement shall survive its
 termination.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 10.10

 	
 Confidentiality

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 Subject to Section
 10.10(b), _________ will hold all Confidential Information in confidence and
 will not disclose any Confidential Information except as may be required by
 Applicable Law, a regulator with jurisdiction over _________’s business, or
 with the consent of Customer.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 Customer
 authorizes _________ to disclose Confidential Information to:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (i)

 	
 any subcontractor,
 agent, Securities Depository, securities exchange, broker, third party agent,
 proxy solicitor, issuer, or any other person that _________ believes it is
 reasonably required in connection with _________’s provision of relevant
 services under this Agreement;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (ii)

 	
 its professional
 advisors, auditors or public accountants;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iii)

 	
 its Affiliates and
 branches; and

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 (iv)

 	
 any revenue
 authority or any governmental entity in relation to the processing of any tax
 claim.

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

 	
 Except as
 otherwise required by Applicable Law or as needed to enforce the terms of
 this Agreement, the parties shall hold the terms and conditions, including,
 without limitation, any commercial terms, of this Agreement in confidence.

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 10.11

 	
 Counterparts

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 This Agreement may
 be executed in several counterparts each of which will be deemed to be an
 original and together will constitute one and the same agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.12

 	
 No Third Party Beneficiaries

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 A person who is
 not a party to this Agreement shall have no right to enforce any term of this
 Agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.13

 	
 Limitations on Liability.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a) The debts,
 liabilities, obligations, expenses, costs, charges, indemnities and reserves
 incurred, contracted for, attributable to or otherwise existing with respect
 to a particular Series shall be enforceable against the assets of such Series
 only, and not against the assets of the Trust generally or of any other
 Series and, unless otherwise provided by the Sponsor, none of the debts,
 liabilities, obligations, expenses, costs, charges, indemnities and reserves
 incurred, contracted for, attributable to or otherwise existing with respect
 to the Trust generally or any other Series shall be enforceable against the
 assets of such Series. Any general liabilities, expenses, costs, charges,
 indemnities or reserves of the Trust which are not readily identifiable as
 being held with respect to any particular Series shall be allocated and
 charged by the Sponsor to and among any one or more of the Series in such
 manner and on such basis as the Sponsor in its sole discretion deems fair and
 equitable. Pursuant to the Delaware Statutory Trust Act and the Amended and
 Restated Trust Agreement of the Trust, any party extending credit to,
 contracting with or having any claim against any Series of the Trust may look
 only to the assets of such Series to satisfy or enforce any debt with respect
 to that Series. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b) This Agreement
 has been entered into by the Trust and was executed and delivered by an
 officer of its Sponsor, on behalf of the Trust, which officer was acting
 solely in his capacity as an officer of the Sponsor and not in his individual
 capacity and which Sponsor was acting solely in its capacity as sponsor of
 the Trust and not in its individual capacity. The obligations of this
 Agreement are not binding on such officer, the Sponsor or any shareholder of
 the series of the Trust individually. The obligations of this Agreement are
 binding only upon the assets and property of the Trust or belonging or
 attributable to a Series thereof.

 

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 ETF SECURITIES USA LLC, on behalf 

 of the Customer

 	
 

 	
 

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	

 

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
 Name:

 
	
 Title:

 	
  

 	
 Title:

 
	
 Date:

 	
  

 	
 Date:

 
	

 

 	

 

 	

 

 	

 

 	

 

 

SCHEDULE 1 
Persons Authorized To Give Instructions

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Full
 Name and

 Official Position

 	
  

 	
 Method
 of

 Instruction*

 	
  

 	
 Telephone
 

 Number

 	
  

 	
 Specimen
 

 Signature

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 

	
  

 
	
 Signed
 for and on behalf of Customer by:

 
	
  

 
	
 Signature:

 
	
  

 
	
 Name:

 
	
  

 
	
 Position:

 

	
  

 
	

 

 

 
	
 *i.e.,
 writing or facsimile

 

SCHEDULE 2 
Authorized Fund Managers/Advisers

Persons authorized as fund managers will also have to complete an
authority in similar form to Schedule 2, but with some additional wording. A
specimen copy is attached as Appendix A.

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Full
 name of Fund

 Manager/Adviser

 	
  

 	
 Address

 	
  

 	
 Accounts
 for which

 authorized*

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 

	
  

 
	
 Signature:

 
	
  

 
	
 Name:

 
	
  

 
	
 Position:

 
	
  

 
	
 *

 
	
  

 
	

 

 
	
 *If left blank,
 the Fund Manager is authorized to give instructions on all accounts.

 

APPENDIX A TO SCHEDULE 2
Specimen Fund Manager Mandate

	
  

 	
  

 
	
 TO:

 	
  

 
	
  

 	

 

 
	
  

 	
 CUSTODY DIVISION

 

	
  

 	
  

 	
  

 
	
  

 	
 DATE:

 	
  

 
	
  

 	
  

 	

 

 

Dear Sirs,

Re: Custody for        (the “Customer”).

We represent that we have been appointed by Customer as its fund
manager for the account(s) listed below and that we have full authority from
Customer to give instructions in respect of all transactions relating to the
account(s). We agree to indemnify and hold _________ harmless for any losses,
costs or liabilities it or its agents incur as a result of any breach of this
representation.

We set out the names and specimen signatures of those individuals
authorized by us to operate accounts and give instructions on behalf of Customer
in respect of the account(s).

_________ may accept and act on any instructions that have been
verified in accordance with a Security Procedure, as defined in the Custody
Agreement between _________ and Customer, or, if no such Security Procedure is
applicable, which _________ believes in good faith to have been given by one of
those individuals listed below.

We acknowledge that _________ may record our telephone conversations
and agree to ensure that any codes, passwords or similar devices are reasonably
safeguarded.

Unless specified otherwise, all persons authorized to give instructions
shall be authorized to give instructions in respect of all securities and cash
accounts, and shall be authorized to give instructions notwithstanding that
they may result in an overdraft on any cash account.

	
  

 
	
 Signed for and on
 behalf of [Name of Fund Manager]

 
	
  

 
	
 Signature:

 
	
  

 
	
  

 
	
 Name:

 
	
  

 
	
 Position:

 
	
  

 
	
 Evidence of
 Authority to sign this Letter is enclosed:

 

ACCOUNT(S) COVERED BY THIS MANDATE:

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Full
 Name and

 Official Position

 	
  

 	
 Method
 of Instruction*

 	
  

 	
 Telephone

 Number

 	
  

 	
 Specimen

 Signature

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 	

 

 

	
  

 
	

 

 
	
 *i.e., writing or facsimile

 

SCHEDULE 3

Electronic Access

1. _________ shall permit Customer and its Authorized Persons to access
electronically the applications and products listed on Exhibit 1 to this
Agreement (the “Products”). _________ reserves the right to modify this Schedule
3 and, subject to the terms and conditions of the Agreement, the products and
services available through the Products, upon notice to Customer. _________
shall endeavour to give Customer reasonable notice of its termination or
suspension of access hereunder to any Product, but may do so immediately upon
written notice to Customer if _________ determines, in its sole discretion,
that providing access to such Product would violate Applicable Law or that the
security or integrity of such Product is at risk.

2. In consideration of the fees paid by Sponsor on behalf of the
Customer to _________ and subject to any applicable Software License Addendum
in relation to _________ owned or sublicensed Software provided for a
particular Application and Applicable Law, _________ grants to Customer on the
terms of this Schedule 3 a non-exclusive license to use the Products and the
information and data made available to Customer through the Products (the
“Data”) for the sole use of Customer. Customer may download the Data and print
out hard copies for its reference, provided that it does not remove any
copyright or other notices contained therein or any hyperlink or other
reference to any such notice.

3. The rights and obligations of the parties with respect to the provision
of certain cash products and services via the Products shall also be governed,
to the extent not governed by this Agreement, by _________’s terms and
conditions relating to such products and services, as the same may be amended
from time to time (the “Product Terms”). If and to the extent that there is a
conflict between the Product Terms and this Schedule 3, the provisions of this
Schedule 3 shall prevail.

4. Customer acknowledges that there are certain security, corruption,
transaction error and access availability risks associated with using open
networks such as the internet, and Customer hereby expressly assumes such
risks. Customer shall make its own independent assessment of the adequacy of
the internet and of the security procedures made available by _________.
Customer acknowledges and agrees that the selection and use by it of third
party security and communications software and third party service providers is
the sole responsibility of Customer, and _________ disclaims all risks related
thereto, notwithstanding that _________ may recommend certain security and/or
communication software packages. All such software must be interoperable with
_________’s software. Each of Customer and _________ shall be responsible for
the proper functioning, maintenance and security of its own systems, services,
software and other equipment.

5. Notwithstanding the other provisions of the Agreement, _________
shall not be liable for any Liabilities arising out of the use or
unavailability of _________’s web site or any means provided by _________ of
accessing the Products through _________’s web site in the absence of
_________’s gross negligence or wilful misconduct.

6. Customer shall not use the Products to transmit (i) any virus, worm,
or destructive element or any programs or data that may be reasonably expected
to interfere with or disrupt the Products or servers connected to the Products;
(ii) material that violates the rights of another, including but not limited to
the intellectual property rights of 

another; and (iii) “junk mail”, “spam”, “chain letters” or unsolicited
mass distribution of e-mail.

7. Customer shall promptly and accurately designate in writing to
_________ the geographic location of its users from time to time. Customer
further represents and warrants to _________ that Customer shall not access the
service from any jurisdiction which _________ informs Customer or where
Customer has actual knowledge that the service is not authorized for use due to
local regulations or laws. Prior to submitting any document which designates
the persons authorized to act on Customer’s behalf, Customer shall obtain from
each individual referred to in such document all necessary consents to enable
_________ to process the data set out therein for the purposes of providing the
Products.

8. Customer shall be responsible for the compliance of its Authorized
Persons with the terms of this Schedule 3.

EXHIBIT 1 TO
SCHEDULE 3

Products

UP TO DATE LIST TO
BE INSERTED AT TIME OF SIGNING

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