Document:

EX-10.6

 Exhibit 10.6 
  

 
 TRANSFER AGENCY AND SERVICE AGREEMENT 

THIS AGREEMENT is made as of the      day of             ,
20    , by and between the Global Currency Gold Trust (the “Trust”), a Delaware statutory trust organized in series, having its principal office and place of business at 685 Third Avenue, 27th Floor, New York, New York
10017, on behalf of each of its series (each, a “Fund” and collectively, the “Funds”) as listed on Appendix A hereto (as such Appendix be amended from time to time) and THE BANK OF NEW YORK MELLON, a New York corporation
authorized to do a banking business having its principal office and place of business at One Wall Street, New York, New York 10286 (the “Bank”). 

WHEREAS, the Trust, on behalf of each Fund, will ordinarily issue for purchase and redeem shares of each Fund (the “Shares) only in
aggregations of Shares known as “Creation Units” (typically 10,000 shares) (each a “Creation Unit”) principally in kind; 

WHEREAS, The Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York (“DTC”), or
its nominee (Cede & Co.), will be the registered owner (the “Shareholder”) of all Shares; and 
 WHEREAS, the Trust, on behalf
of each Fund, desires to appoint the Bank as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and the Bank desires to accept such appointment; 

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows: 

 

	1.	Terms of Appointment; Duties of the Bank 

 1.1 Subject to the terms and conditions set
forth in this Agreement, the Trust, on behalf of each Fund, hereby employs and appoints the Bank to act as, and the Bank agrees to act as, its transfer agent for the authorized and issued Shares, and as the Trust’s dividend disbursing agent.

 1.2 Pursuant to such appointment, the Bank agrees that it will perform the following services: 

(a) In accordance with the terms and conditions of this Agreement and the Participant Agreements applicable to each Fund, a form of which is
attached hereto as Exhibit A, the Bank shall: 
 (i) Perform and facilitate the performance of purchases and redemption of Creation Units
for each Fund; 
 (ii) Prepare and transmit by means of DTC’s book-entry system payments for
dividends and distributions, if any, declared by each Fund; 
 (iii) Maintain separate and distinct records for each Fund with respect to
the name and address of the Shareholder and the number of Shares issued by each respective Fund and held by the Shareholder in each Fund; 

(iv) With respect to each Fund, record, separately and distinctly, the issuance of Shares of each Fund and maintain a record of the total
number of Shares of each Fund which are outstanding and authorized, based upon data provided to it by the Trust. The Bank shall have no 

 
obligation, when recording the issuance of Shares, to monitor the issuance of such Shares or to take cognizance of any laws relating to the issue or sale of such Shares, which functions shall be
the sole responsibility of the Trust. 
 (v) Prepare and transmit to the Trust and the Trust’s administrator and to any
applicable securities exchange (as specified to the Bank by the Trust or its administrator), with respect to each Fund, information with respect to purchases and redemptions of Shares of each Fund; 

(vi) On days that the Trust, on behalf of each Fund, may accept orders for purchases or redemptions, calculate and transmit to the
Trust’s sponsor (“Sponsor”) and the Trust’s administrator, on behalf of the applicable Fund(s), the number of outstanding Shares; 

(vii) On days that the Trust, on behalf of each Fund, may accept orders for purchases or redemptions (pursuant to the Participant Agreement),
transmit to the Trust, on behalf of the applicable Fund(s), and DTC the amount of Shares purchased on such day; 
 (viii) Confirm to DTC
the number of Shares issued to the Shareholder, with respect to each Fund, as DTC may reasonably request; 
 (ix) Prepare and deliver other
reports, information and documents to DTC as DTC may reasonably request; 
 (x) Extend the voting rights to the Shareholder for extension
by DTC to DTC participants and the beneficial owners of Shares in accordance with policies and procedures of DTC for book-entry only securities; 

(xi) Distribute or maintain, as directed by the Trust, amounts related to purchases and redemptions of Creation Units and dividends and
distributions, if any; 
 (xii) Maintain separate and distinct books and records for each Fund as specified by the Trust, on behalf of each
Fund; 
 (xiii) Prepare a monthly report of all purchases and redemptions of Shares during such month on a gross transaction basis, and
identify on a daily basis the net number of Shares either redeemed or purchased on such Business Day and with respect to each Authorized Participant (as defined in each Participant Agreement) purchasing or redeeming Shares, the amount of Shares
purchased or redeemed; 
 (xiv) Receive purchase orders from Authorized Participants for Creation Unit Aggregations of Shares received in
good form and accepted by or on behalf of the Trust, transmit appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and pursuant to such orders issue the appropriate number of Shares of the Trust and hold
such Shares in the account of the Shareholder for each of the respective Trusts; 
 (xv) Receive from the Authorized Participants
redemption requests, deliver the appropriate documentation thereof to The Bank of New York as custodian for the Trust, generate and transmit or cause to be generated and transmitted confirmation of receipt of such redemption requests to the
Authorized Participants submitting the same; transmit appropriate trade instructions to the National Securities Clearance Corporation, if applicable, and redeem the appropriate number of Creation Unit Aggregations of Shares held in the account of
the Shareholder; and 

  
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 (xvi) Confirm the name, U.S taxpayer identification number and principle place of business of
each Authorized Participant. 
 (xvii) The Bank may execute transactions directly with Authorized Participants to the extent necessary or
appropriate to enable the Bank to carry out any of the duties set forth in items (i) through (xvi) above.
 (xviii) Except as otherwise
instructed by the Trust, the Bank shall process all transactions for each Fund in accordance with the policies and procedures mutually agreed upon between the Trust and the Bank with respect to the proper net asset value to be applied to purchases
received in good order by the Bank or from an Authorized Participant before any cut-offs established by the Trust, and such other matters set forth in items (i) through (xvi) above as these policies and procedures are intended to address. 

(b) The Bank may maintain and manage, as agent for the Trust, such accounts as the Bank shall deem necessary for the performance of its
duties under this Agreement, including, but not limited to, the processing of Creation Unit purchases and redemptions; and the payment of dividends and distributions. The Bank may maintain such accounts at financial institutions deemed
appropriate by the Bank in accordance with applicable law. 
 (c) In addition to and neither in lieu nor in contravention of the services
set forth in the above sub-section 1.2(a), the Bank shall: perform the customary services of a transfer agent and dividend disbursing agent including, but not limited to, maintaining the account of the Shareholder with respect to each Fund,
obtaining a list of DTC participants holding interests in a Fund’s global certificate at the request of the Trust, mailing proxy materials, shareholder reports and prospectuses to DTC at the request of the Trust, maintaining the items set forth
on Schedule A attached hereto, and performing such services identified in each Participant Agreement. 
 (d) The following shall be
delivered to DTC participants as identified by DTC as the Shareholder for book-entry only securities: 
 (i) Periodic reports of the Trust
required under the Securities Exchange Act of 1934, as amended; 
 (ii) Proxies, proxy statements and other proxy soliciting materials;

 (iii) Prospectus and amendments and supplements thereto, including stickers; and 

(iv) Other communications as the Trust may from time to time identify as required by law or as the Trust may reasonably request. 

(v) The Bank shall provide additional services, if any, as may be agreed upon in writing by the Trust and the Bank. 

(e) The Bank shall keep records relating to the services to be performed by the Bank hereunder, in the form and manner to the extent required
by Section 31 of the Investment Company Act of 1940 and the rules thereunder (the “Rules”) as if the Trust was subject to such Rules, and all such books and records shall be property of the Trust, will be preserved, maintained and made
available to the Trust and will be surrendered promptly to the Trust on and in accordance with its request. 

  
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	2.	Fees and Expenses 

 2.1 The Bank shall receive from the Trust such compensation for its
services provided pursuant to this Agreement as may be agreed to from time to time in a written fee schedule approved by the parties. The fees are accrued daily and billed monthly and shall be due and payable upon receipt of the invoice. Upon
the termination of 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 termination of this Agreement. 
 2.2 In addition to the fee paid under Section 2.1 above, the Trust agrees to reimburse the Bank
for reasonable out-of-pocket expenses, including but not limited to confirmation production, postage, forms, telephone, microfilm, microfiche, tabulating proxies, records storage, or advances incurred by the Bank for the items set out in the fee
schedule attached hereto or relating to dividend distributions and reports (whereas all expenses related to creations and redemptions of Trust securities shall be borne by the relevant Authorized Participant in such creations and redemptions). In
addition, any other expenses incurred by the Bank at the request or with the consent of the Trust, will be reimbursed by the Trust. 
 2.3
The Trust agrees to pay all fees and reimbursable expenses within sixty (60) business days following the receipt of the respective billing notice accompanied by supporting documentation, as appropriate. Postage for mailing of dividends, proxies,
Trust and Fund reports and other mailings to all shareholder accounts shall be advanced to the Bank by the Trust at least seven (7) days prior to the mailing date of such materials. 

2.4 The Trust hereby represents and warrants to the Bank that (i) the terms of this Agreement, (ii) the fees and expenses associated with this
Agreement, and (iii) any benefits accruing to the Bank or to the adviser to, or sponsor of, the Trust in connection with this Agreement, including, but not limited to, any fee waivers, reimbursements, or payments made, or to be made, by the Bank to
such adviser or sponsor or to any affiliate of the Trust relating to this Agreement have been fully disclosed to the Trust or the Trust’s sponsor and that, if required by applicable law, the Trust or the Trust’s sponsor has approved or
will approve the terms of this Agreement, and any such fees, expenses, and benefits. 
  

	3.	Representations and Warranties of the Bank 

 The Bank represents and warrants to the
Trust that: 
 It is a banking company duly organized and existing and in good standing under the laws of the State of New York. 

It is duly qualified to carry on its business in the State of New York. 

It is empowered under applicable laws and by its Charter and By-Laws to act as transfer agent and dividend disbursing agent and to enter
into, and perform its obligations under, this Agreement. 
 All requisite corporate proceedings have been taken to authorize it to enter
into and perform this Agreement. 
 It has and will continue to have access to the necessary facilities, equipment and personnel to perform
its duties and obligations under this Agreement. 

  
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	4.	Representations and Warranties of the Trust 

 The Trust represents and warrants to the
Bank that: 
 It is duly organized and existing and in good standing under the laws of Delaware. 

It is empowered under applicable laws and by its Agreement and Declaration of Trust to enter into and perform this Agreement. 

A registration statement under the Securities Act of 1933, as amended, on behalf of the Trust and each Fund has been filed with the U.S.
Securities and Exchange Commission, and appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Funds being offered for sale. 

 

	5.	Indemnification 

 5.1 The Bank shall not be responsible for, and the Trust shall
indemnify and hold the Bank and its directors, officers, employees and agents harmless from and against, any and all damages, costs, expenses, liabilities or claims (including reasonable attorneys’ and accountants’ fees)
(“Losses”) which may be sustained or incurred or which may be asserted against the Bank in connection with or relating to this Agreement or the Bank’s actions or omissions with respect to this Agreement, arising out of or attributable
to all actions of the Bank taken pursuant to this Agreement, provided that such actions are taken without: 
 (a) The Bank’s own
negligence, bad faith, willful misfeasance, reckless disregard of its duties hereunder; or 
 (b) The breach of any representation or
warranty of the Bank contained in this Agreement. 
 5.2 Neither the Trust nor any Fund shall be responsible for, and the Bank shall
indemnify and hold the Trust, its and its directors, officers, employees and agents, and the applicable Fund harmless from and against, any and all Losses caused by: 

(a) The Bank’s own negligence, bad faith, willful misfeasance, reckless disregard of its duties hereunder; or 

(b) The breach of any representation or warranty of the Bank contained in this Agreement. 

5.3 A party seeking indemnification hereunder (the “Indemnified Party”) shall (i) provide prompt notice to the other party of any
claim (“Claim”) for which it intends to seek indemnification, (ii) grant control of the defense and for settlement of the Claim to the other party, and (iii) cooperate with the other party in the defense thereof. The Indemnified Party
shall have the right at its own expense to participate in the defense of any Claim, but shall not have the right to control the defense, consent to judgment or agree to the settlement of any Claim without the written consent of the other party. The
party providing the indemnification shall not consent to the entry of any judgment or enter any settlement which (i) does not include, as an unconditional term, the release by the claimant of all liabilities for Claims against the Indemnified Party
or (ii) which otherwise adversely affects the rights of the Indemnified Party. 

  
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	6.	Standard of Care and Limitation of Liability 

 6.1 The Bank shall exercise reasonable
care and diligence in carrying out all of its duties and obligations under this Agreement. [The Bank shall have no responsibility and shall not be liable for any Losses, except that the Bank shall be liable to the Trust for direct money damages
caused by its own gross negligence, bad faith, willful misfeasance, reckless disregard of its duties hereunder or that of its employees, or its breach of any representation or warranty of the Bank contained in this Agreement.] In no event will
the Bank be liable for: 
 (a) The conclusive good faith reliance on or use by the Bank or its agents or subcontractors of information,
records, documents or services which (i) are received by the Bank or its agents or subcontractors, and (ii) have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust including but not limited to any
previous transfer agent or registrar. 
 (b) The conclusive good faith reliance on, or the carrying out by the Bank or its agents or
subcontractors of, any instructions or requests of the Trust or instructions or requests on behalf of the Trust. 
 (c) The offer or
sale of Shares by or for the Trust in violation of any requirement under the federal securities laws or regulations, or the securities laws or regulations of any state that such Shares be registered in such state, or any violation of any stop order
or other determination or ruling by any federal agency, or by any state with respect to the offer or sale of Shares in such state. 
 6.2
The Bank agrees that, pursuant to Section 3804(a) of the Delaware Statutory Trust Act, the liabilities of each Fund shall be limited such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing and
relating to this Agreement with respect to a particular Fund shall be enforceable against the assets of that particular Fund only, and not against the assets of the Trust generally or the assets of any other Fund and (b) none of the debts,
liabilities, obligations and expenses incurred, contracted for, or otherwise existing and relating to this Agreement with respect to the Trust generally and any other Fund shall be enforceable against the assets of such particular Fund. 

6.3 It is expressly acknowledged and agreed that the obligations of each Fund hereunder shall not be binding upon any shareholder, Sponsor,
officer, employee or agent of such Fund, personally. This Agreement has been duly authorized, executed and delivered by each Fund and neither such authorization nor such execution and delivery shall be deemed to have been made by any of them
individually or to impose any liability on any of them personally. 
  

	7.	Concerning the Bank 

 7.1 Upon receipt of the Trust’s prior written consent (which
shall not be unreasonably withheld), the Bank may delegate any of its duties and obligations hereunder to any delegee or agent whenever and on such terms and conditions as it deems reasonably necessary or appropriate, provided that such delegee or
agent is qualified to perform such delegated duties; provided, however, that no such delegation of its duties and obligations hereunder shall discharge the Bank from any of its obligations or any liability hereunder. Notwithstanding the
foregoing, Trust consent shall not be required for any such delegation to any other subsidiary of The Bank of New York Mellon Corporation, and the Bank shall be liable for the acts or omissions of any such affiliate as if such act or omissions were
its own. 
 7.2 The Bank shall be entitled to conclusively rely upon any written or oral instruction actually received by the Bank and
reasonably believed by the Bank to be duly authorized and delivered. The Trust agrees to forward to the Bank written instructions confirming oral instructions by the close of business of 

  
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the same day that such oral instructions are given to the Bank. The Trust agrees that the fact that such confirming written instructions are not received or that contrary written instructions are
received by the Bank shall in no way affect the validity or enforceability of transactions authorized by such oral instructions and effected by the Bank. If the Trust elects to transmit written instructions through an on-line communication
system offered by the Bank, Trust’s use thereof shall be subject to the terms and conditions attached hereto as Exhibit B. 
 7.3 The
Bank shall establish and maintain a disaster recovery plan and back-up system at all times satisfying the requirements of all applicable law, rules, and regulations and which is reasonable under the circumstances (the “Disaster Recovery Plan
and Back-Up System”). The Bank shall not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control
which are not a result of its negligence, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption, loss or malfunctions of transportation, computer
(hardware or software) or communication services; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation, provided that the Bank has established and is
maintaining the Disaster Recovery Plan and Back-Up System, or if not, that such delay or failure would have occurred even if the Bank had established and was maintaining the Disaster Recovery Plan and Back-Up System. Upon the occurrence of any
such delay or failure the Bank shall use commercially reasonable best efforts to resume performance as soon as practicable under the circumstances. 

7.4 The Bank shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this
Agreement and the Participation Agreement, and no covenant or obligation shall be implied against the Bank in connection with this Agreement, except as set forth in this Agreement and the Participation Agreement. 

7.5 At any time the Bank may apply to an officer of the Trust for written instructions with respect to any Fund and to the Trust or any matter
arising in connection with the Bank’s duties and obligations under this Agreement, and the Bank, its agents, and subcontractors shall not be liable for any action taken or omitted to be taken in good faith in accordance with such
instructions. Such application by the Bank for instructions from an officer of the Trust may, at the option of the Bank, set forth in writing any action proposed to be taken or omitted to be taken by the Bank with respect to its duties or
obligations under this Agreement and the date on and/or after which such action shall be taken, and the Bank shall not be liable for any action taken or omitted to be taken in good faith accordance with a proposal included in any such application on
or after the date specified therein unless, prior to taking or omitting to take any such action, the Bank has received written or oral instructions in response to such application specifying the action to be taken or omitted. 

7.6 The Bank, its agents and subcontractors may act upon any paper or document, reasonably believed to be genuine and to have been signed by
the proper person or persons, or upon any instruction, information, data, records or documents provided to the Bank or its agents or subcontractors by or on behalf of the Trust by machine readable input, telex, CRT data entry or other similar means
authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust. 

7.7 The Bank shall retain title to and ownership of any and all data bases, computer programs, screen formats, report formats, interactive
design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, patents, copyrights, trade secrets, and other related legal rights utilized by the Bank in connection with the services provided
by the Bank hereunder. Notwithstanding the foregoing, the parties hereto acknowledge that the Trust shall retain all ownership rights in Trust data residing on the Bank’s electronic system. 

  
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 7.8 Notwithstanding any provisions of this Agreement to the contrary, the Bank shall be under no
duty or obligation to inquire into, and shall not be liable for: 
 (a) The legality of the issue, sale or transfer of any Shares of a
Fund, the sufficiency of the amount to be received in connection therewith, or the authority of the Trust, on behalf of a Fund, to request such issuance, sale or transfer; 

(b) The legality of the purchase of any Shares of a Fund, the sufficiency of the amount to be paid in connection therewith, or the authority
of the Trust, on behalf of a Fund, to request such purchase; 
 (c) The legality of the declaration of any dividend by the Trust, on behalf
of a Fund, or the legality of the issue of any Shares in payment of any stock dividend; or 
 (d) The legality of any recapitalization or
readjustment of the Shares of any Fund. 
  

	8.	Providing of Documents by the Trust and Transfers of Shares 

 8.1 The Trust shall
promptly furnish to the Bank with a copy of its Declaration of Trust and all amendments thereto. 
 8.2 In the event that DTC ceases to be
the Shareholder, the Bank shall re-register the Shares in the name of the successor to DTC as Shareholder upon receipt by the Bank of such documentation and assurances as it may reasonably require. 

8.3 The Bank shall have no responsibility whatsoever with respect to of any beneficial interest in any of the Shares owned by the Shareholder.

 8.4 The Trust shall deliver to the Bank the following documents on or before the effective date of any increase, decrease or other change
in the total number of Shares authorized to be issued: 
 (a) A certified copy of the amendment to the Trust’s Declaration of Trust
with respect to such increase, decrease or change; and 
 (b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with
respect to (i) the validity of the Shares, the obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other
applicable federal law or regulations (i.e., if subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), and (ii) the due and proper
listing of the Shares on all applicable securities exchanges. 
 8.5 The Bank agrees that all records prepared or maintained by the Bank
relating to the services to be performed by the Bank hereunder are the property of the Trust and will be preserved, maintained and made available upon reasonable request, and will be surrendered promptly to the Trust on and in accordance with its
request. 

  
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 8.6 Prior to the issuance of any additional Shares pursuant to stock dividends, stock splits or
otherwise, and prior to any reduction in the number of Shares outstanding, the Trust shall deliver to the Bank: 
 (a) A certified copy of
the order or consent of each governmental or regulatory authority required by law as a prerequisite to the issuance or reduction of such Shares, as the case may be, and an opinion of counsel for the Trust that no other order or consent is required;
and 
 (b) An opinion of counsel for the Trust, in a form satisfactory to the Bank, with respect to (i) the validity of the Shares, the
obtaining of all necessary governmental consents, whether such Shares are fully paid and non-assessable and the status of such Shares under the Securities Act of 1933, as amended, and any other applicable federal law or regulations (i.e., if
subject to registration, that they have been registered and that the Registration Statement has become effective or, if exempt, the specific grounds therefore), and (ii) the due and proper listing of the Shares on all applicable securities
exchanges. 
 8.7 The Bank and the Trust agree that all books, records, confidential, non-public, or proprietary information and data
pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any person other than its auditors,
accountants, regulators, employees, agents, attorneys-in-fact or counsel, except as may be, or may become required by law, by administrative or judicial order or by rule. The foregoing confidentiality obligation shall not apply to any
information to the extent: (i) it is already known to the receiving party at the time it is obtained; (ii) it is or becomes publicly known or available through no wrongful act of the receiving party: (iii) it is rightfully received from a third
party who, to the receiving party’s knowledge, is not under a duty of confidentiality; (iv) it is released by the protected party to a third party without restriction; or (v) it has been or is independently developed or obtained by the
receiving party without reference to the information provided by the protected party. 
 8.8 In case of any requests or demands for the
inspection of the Shareholder records of the Trust, the Bank will promptly employ reasonable commercial efforts to notify the Trust and secure instructions from an authorized officer of the Trust as to such inspection. The Bank reserves the right,
however, to exhibit the Shareholder records to any person whenever it is advised by its counsel that it may be held liable for the failure to exhibit the Shareholder records to such person. 

 

	9.	Termination of Agreement 

 9.1 The term of this Agreement shall be one year commencing
upon the date hereof and shall automatically renew for additional one-year terms unless either party provides written notice of termination at least ninety (90) days prior to the end of any one year term or, unless earlier terminated as provided
below: 
 (a) Either party hereto may terminate this Agreement in the event the other party breaches any material provision of this
Agreement, including, without limitation in the case of the Trust, its obligations under Section 2.1, provided that the non-breaching party gives written notice of such breach to the breaching party and the breaching party does not cure such
violation within 90 days of receipt of such notice. 
 (b) Either party hereto may terminate this Agreement immediately by sending notice
thereof to the other party upon the happening of any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against such party any such case or proceeding; (ii)
a party commences as debtor any case or proceeding seeking 

  
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the appointment of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property or there is commenced against the party any such case or
proceeding; (iii) a party makes a general assignment for the benefit of creditors; or (iv) a party states in any medium, written, electronic or otherwise, any public communication or in any other public manner its inability to pay debts as they come
due. Either party hereto may exercise its termination right under this Section 9.1(b) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any
delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. 
 (c) The Trust may terminate
this Agreement at any time upon ninety (90) days’ prior written notice in the event that the Trust’s sponsor determines to liquidate the Trust and terminate its registration with the Securities and Exchange Commission. 

9.2 Should the Trust exercise its right to terminate, all
out-of-pocket expenses associated with the movement of records and material will be borne by the Trust. 

9.3 The terms of Article 2 (with respect to fees and expenses incurred prior to termination), Article 5 and Article 6 shall survive any
termination of this Agreement. 
  

	10.	Additional Series 

 In the event that the Trust establishes one or more additional series
of Shares with respect to which it desires to have the Bank render services as transfer agent under the terms hereof, it shall so notify the Bank in writing, and if the Bank agrees in writing to provide such services, such additional issuance shall
become Shares hereunder. 
  

	11.	Assignment 

 11.1 Neither this Agreement nor any rights or obligations hereunder may be
assigned by either party without the written consent of the other party. 
 11.2 This Agreement shall inure to the benefit of and be binding
upon the parties and their respective permitted successors and assigns. 
  

	12.	Severability and Beneficiaries 

 12.1 In case any provision in or obligation under this
Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, the legality and enforceability of the remaining provisions shall not in any way be affected thereby provided obligation of the Trust to pay is conditioned upon
provision of services.
 12.2 This Agreement is solely for the benefit of the Bank and the Trust, and none of any Participant (as defined in
the Participation Agreement), the Sponsor, any Shareholder or beneficial owner of any Shares shall be or be deemed a third party beneficiary of this Agreement. 
  

	13.	Amendment 

 This Agreement may be amended or modified by a written agreement executed by
both parties. 

  
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	14.	Choice of Law 

 Except with respect to Section 6.2 above, which shall be construed,
interpreted and enforced in accordance with and governed by the laws of the State of Delaware, this Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles
thereof. The Trust, on behalf of each Fund, and the Bank hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Trust, on behalf of each
Fund, hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in
such a court has been brought in an inconvenient forum. The Trust, on behalf of each Fund, and the Bank each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

  

	15.	Merger of Agreement 

 This Agreement constitutes the entire agreement between the parties
hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written. 
  

	16.	Notices 

 All notices and other communications as required or permitted hereunder shall
be in writing and sent by first class mail, postage prepaid, addressed as follows or to such other address or addresses of which the respective party shall have notified the other. 

If to the Bank: 
 The Bank of New
York Mellon 
 2 Hanson Place 

Brooklyn, NY 11217 
 Attention:
ETF Operations 
 with a copy to: 

The Bank of New York Mellon 
 One
Wall Street 
 New York, New York 10286 

Attention: Legal Dept. – Asset Servicing 

  
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 If to the Trust: 

Global Currency Gold Trust 
 c/o
WGC USA Asset Management Company, LLC 
 685 Third Avenue, 27th Floor 

New York, New York 10017 
  

	17.	Information Sharing 

 The Bank of New York Mellon Corporation is a global financial
organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the “BNY Mellon Group”). The BNY Mellon Group may centralize functions including audit, accounting, risk, legal,
compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the “Centralized Functions”) in one or more affiliates, subsidiaries and
third-party service providers. Solely in connection with the Centralized Functions, (i) the Trust consents to the disclosure of and authorizes the Bank to disclose information regarding the Trust (“Customer-Related Data”) to the BNY Mellon
Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) the Bank may store the names and business contact information of the Trust’s employees and representatives
on the systems or in the records of the BNY Mellon Group or its service providers. The BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this
Agreement to the contrary the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer. The
Trust confirms that it is authorized to consent to the foregoing. 
  

	18.	Counterparts 

 This Agreement may be executed by the parties hereto in any number of
counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 [Signature page
follows.] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names
and on their behalf by and through their duly authorized officers, as of the latest date set forth below. 
  

					
	THE GLOBAL CURRENCY GOLD TRUST, ON BEHALF OF EACH FUND LISTED ON APPENDIX A
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
			
		 	Date:	 	
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
			
		 	Date:	 	

  
 13 

 APPENDIX A 

Funds 
 Global Currency Gold Fund

  
 14 

 SCHEDULE A 

Books And Records To Be Maintained By The Bank 

Source Documents requesting Creations and Redemptions (including dates and times of orders) 

Correspondence/AP Inquiries 
 Reconciliations, bank statements,
copies of canceled checks, cash proofs 
 Daily/Monthly reconciliation of outstanding Shares between the Trust and DTC 

Dividend Records 
 [Year-end Statements and Tax Forms] 

  
 15 

 EXHIBIT A 

Form of Authorized Participant Agreement 

  
 16EX-10.7

 Exhibit 10.7 
  

 
 International Swaps and Derivatives Association, Inc. 

FORM OF SCHEDULE 
 to
the 
 2002 Master Agreement 

dated as of             , 2016 

between 
 MERRILL LYNCH
INTERNATIONAL, 
 a company organized under the laws of England and Wales, 

(“Party A”) 
 and 

LONG DOLLAR GOLD TRUST (THE “FUND”), 

a series of 
 WORLD CURRENCY
GOLD TRUST (THE “TRUST”) 
 a statutory trust organized under the laws of the State of Delaware 

(“Party B”) 
 Part 1

 Termination Provisions 
  

	(a)	“Specified Entity” means in relation to Party A for the purpose of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(v): none. 

“Specified Entity” means in relation to Party B for the purpose of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and
5(b)(v): none. 
  

	(b)	“Specified Transaction” will have the meaning specified in Section 14 of this Agreement but shall also include any transaction with respect to margin loans, cash loans and short sales of any
financial instrument, and as amended by inserting the words, “or any Affiliate of Party A” immediately after “Agreement” in the second line thereof. 

 

	(c)	The “Cross-Default” provisions of Section 5(a)(vi): 

 will apply to
Party A and 
 will apply to Party B; 

provided, however, that such provision shall be amended by inserting the following after clause (2) thereof: “provided,
however, that, notwithstanding the foregoing, an Event of Default shall not occur under Section 5(a)(vi)(2) above if (I) the failure to pay or deliver referred to in Section 5(a)(vi)(2) is caused by an error or omission of an
administrative or operational nature, (II) funds were available to such Party to enable it to make the relevant payment or delivery when due and (III) such payment or delivery is made within three (3) Local Business Days following the date on which
written notice about such failure to pay or deliver is given to such party.” 
 In connection therewith, “Specified
Indebtedness” will not have the meaning specified in Section 14, and such definition shall be replaced by the following: “any obligation in respect of the payment or repayment of moneys (whether present or future, contingent or
otherwise, as principal or surety or 

  
 1 

 
otherwise) including, but without limitation, any obligation in respect of borrowed money, except that such term shall not include obligations in respect of deposits received in the ordinary
course of a Party’s banking business.” In addition, with respect to Party B, “Specified Indebtedness” shall include, without limitation, the obligations of Party B under the Shares. 

“Threshold Amount” means with respect to Party A an amount equal to three percent (3%) of the Shareholders’ Equity
of Bank of America Corporation and with respect to Party B, an amount [equal to USD 10,000,000] (or the equivalent in another currency, currency unit or combination thereof). 

“Shareholders’ Equity” means with respect to an entity, at any time, the sum (as shown in the most recent annual
audited financial statements of such entity) of (i) its capital stock (including preferred stock) outstanding, taken at par value, (ii) its capital surplus and (iii) its retained earnings, minus (iv) treasury stock, each to be determined in
accordance with generally accepted accounting principles. 
  

	(d)	The “Credit Event Upon Merger” provisions of Section 5(b)(v): 

 will
apply to Party A and 
 will apply to Party B 
  

	(e)	The “Automatic Early Termination” provision of Section 6(a): 

 will not
apply to Party A and 
 will not apply to Party B 
  

	(f)	“Termination Currency” will not apply and, instead, payments shall be made in Bullion as provided herein. 

  

	(g)	Additional Termination Event will apply. Each of the following shall constitute an Additional Termination Event with respect to the Party as specified below. 

 

	 	(i)	[Material Adverse Change. A “Material Adverse Change” Additional Termination Event shall occur if; after a Transaction is entered into, and after giving effect to any applicable provision,
disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, due to: (1) the adoption of, or any change in, any applicable law, directive, regulation, accounting rule, practice or principle;
or (2) any change in the interpretation or application by any competent supranational, governmental, judicial or regulatory authority of any such applicable law, directive, regulation, rule, practice or principle, as a direct result of which the
economic benefit of participation in any existing or future Transactions would be materially adversely affected; but excluding any event or circumstance which would otherwise constitute or give rise to an “Illegality”, a “Force
Majeure” or a “Hedging Disruption/Change in Law”. 

 Provided that, if a “Material Adverse Change” has
occurred, as a condition to the right to designate an Early Termination Date under Section 6(b)(iv), the Parties shall use all reasonable efforts (which will not require either Party to incur a loss, other than immaterial, incidental expenses) to
address the issue giving rise to the “Material Adverse Change” within 20 days (or such other period as the Parties may between them agree) after giving notice under Section 6(b)(i) (the “MAC Waiting Period”). Provided
further that, on the expiration of the MAC Waiting Period, if the relevant Termination Event is then continuing, either Party may, by not more than 20 days’ notice to the other Party, designate a day not earlier than the day such notice is
effective as an Early Termination Date in respect of all Affected Transactions, in accordance with the provisions of Section 6(b)(iv).] 
  

	 	(ii)	Breach of Acknowledgement or Covenant. In the event of a breach of paragraph (a) or (b) of Part 6 (Additional Acknowledgments and Covenants) hereof, then an Additional Termination Event will occur.

  

	 	(iii)	Breach of Authorized Participant provisions. In the event of a breach of Part 7 (Authorized Participants) hereof, then an Additional Termination Event will occur. 

 

	(g)	Optional Early Termination. Notwithstanding anything in the Agreement to the contrary, either Party may designate an Early Termination Date in respect of all Transactions (irrespective of whether any
Shares are to be redeemed) upon not less than [six] months’ written notice, such notice to be given not earlier than the day falling on the [second] anniversary of the date of this Agreement. 

  
 2 

 Part 2 

[Tax Representations] 
  

	(a)	[Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A and Party B will make the following representation:- 

It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant
Jurisdiction to make any deduction or withholding for or on account of any Tax from any delivery or payment (other than interest under Section 9(h) of this Agreement) to be made by it to the other Party under this Agreement. In making this
representation, it may rely on: (i) the accuracy of any representations made by the other Party pursuant to Section 3(f) of this Agreement; (ii) the satisfaction of the agreement contained in Sections 4(a)(i) or 4(a)(iii) of this Agreement and the
accuracy and effectiveness of any document provided by the other Party pursuant to Sections 4(a)(i) or 4(a)(iii) of this Agreement; and (iii) the satisfaction of the agreement of the other Party contained in Section 4(d) of this Agreement, except
that it will not be a breach of this representation where reliance is placed on clause (ii) and the other Party does not deliver a form or document under Section 4(a)(iii) of this Agreement by reason of material prejudice to its legal or commercial
position.] 
  

	(b)	[Payee Tax Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B make the representations specified below, if any: 

 

	 	(i)	The following representation will apply to Party A: 

  

	 	(A)	Party A is a company organized under the laws of England and Wales. It is a hybrid entity that is treated as a pass-thru entity for U.S. federal income tax purposes and each partner or owner of Party A is a
“non-U.S. branch of a foreign person” for purposes of section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations and a “foreign person” for purposes of section 1.6041-4(a)(4) of the United States Treasury Regulations.

  

	 	(ii)	The following representations will apply to Party B: 

  

	 	(A)	Party B is a statutory trust organized under the laws of the State of Delaware. It is treated as a grantor trust for U.S. federal income tax purposes.] 

Part 3 
 Agreement to
Deliver Documents 
 For the purpose of Section 4(a)(i) and 4(a)(ii) of this Agreement, each Party agrees to deliver the following documents, as
applicable: 
  

	(a)	Tax forms, documents or certificates to be delivered are:- 

  

					
	 Party required to deliver document
	  	 Document
	  	 Date by which to be delivered

			
	Party A	  	A correct and complete U.S. Internal Revenue Service Form W-8BEN-E or any successor thereto.	  	(i) Before the first Payment Date under this Agreement, (ii) before December 31 of each third succeeding calendar year, (iii) promptly upon reasonable demand by Party B, and (iv) promptly upon learning that any such tax form
previously provided by Party A has become expired, obsolete or incorrect.
			
	Party B	  	A valid U.S. Internal Revenue Service Form W-9 or any successor thereto.	  	(i) Upon execution and delivery of this Agreement, (ii) promptly upon reasonable demand by Party A, and (iii) promptly upon learning that any such tax form previously provided by Party B has become obsolete or incorrect.

  
 3 

	(b)	Other documents to be delivered are:- 

  

							
	 Party required to deliver document
	  	 Form/Document/Certificate
	  	 Date by which to be delivered
	  	 Covered
by
Section 3(d)
Representation

				
	Party A and Party B	  	Resolution(s) of its board of directors or other documents authorizing the execution and delivery of this Agreement and the Transactions thereunder.	  	Upon execution and delivery of this Agreement.	  	Yes
				
	Party A and Party B	  	Incumbency certificate or other documents evidencing the authority of individuals executing this Agreement or any other document executed in connection with this Agreement.	  	Upon execution and delivery of this Agreement or any other documents executed in connection with this Agreement.	  	Yes
				
	Party A	  	Annual Report of Bank of America Corporation containing audited, consolidated financial statements certified by independent certified public accountants and prepared in accordance with generally accepted accounting principles in the
country in which such Party is organized.	  	To be made available on www.bankofamerica.com/investor/ as soon as available and in any event within 90 days after the end of each fiscal year of Party A.	  	Yes

  
 4 

							
	 Party required to deliver document
	  	 Form/Document/Certificate
	  	 Date by which to be delivered
	  	 Covered
by
Section 3(d)
Representation

				
	Party A	  	Quarterly Financial Statements of Bank of America Corporation thereof containing unaudited, consolidated financial statements of such Party’s fiscal quarter prepared in accordance with generally accepted accounting principles
in the country in which such Party is organized.	  	To be made available on www.bankofamerica.com/investor/ as soon as available and in any event within 30 days after the end of each fiscal quarter of Party A.	  	Yes
				
	Party B	  	Annual Report of Party B containing audited, consolidated financial statements certified by independent certified public accountants and prepared in accordance with generally accepted accounting principles in the country in which
such Party is organized.	  	As soon as available and in any event within 90 days after the end of each fiscal year of Party B.	  	Yes
				
	Party B	  	Quarterly Financial Statements of Party B containing unaudited, consolidated financial statements of such Party’s fiscal quarter prepared in accordance with generally accepted accounting principles in the country in which such
Party is organized.	  	As soon as available and in any event within 30 days after the end of each fiscal quarter of Party B.	  	Yes
				
	Party B	  	Legal opinion with respect to Party B from Morgan, Lewis & Bockius LLP as to Party B’s capacity, authorization and execution and as to Party B’s obligations under this Agreement being valid, binding and
enforceable.	  	Upon execution and delivery of this Agreement	  	No
				
	Party A and Party B	  	Such other documents as the other Party may reasonably request.	  	Promptly following reasonable demand by the other Party.	  	No

 Part 4 

Miscellaneous 
  

	(a)	Address for Notices. For the purpose of Section 12(a) of this Agreement: 

Address for notices or communications to Party A: 

Bank of America Merrill Lynch 

Bank of America Merrill Lynch Financial Centre 

2 King Edward Street 
 London EC1A
1HQ 

  
 5 

 United Kingdom 

Attention: Agreements & Documentation 

Facsimile No.: (44-20) 7996 2995 

With a copy to the following address:- 

Email: dg.dg_gmg_cid_fax_notices@bofasecurities.com 

Address for financial statements to Party A:- 

Address: Bank of America Merrill Lynch, Bank of America Merrill Lynch Financial Centre, 2 King Edward Street, London EC1A 1HQ. 

Attention: Financial Institutions Credit Risk; and Corporate Credit Risk 

Address for notices or communications to Party B: 

WGC USA Asset Management Company, LLC 

685 Third Avenue, 27th Floor 
 New
York, NY 10075 
 Attention: Legal Department 

With a copy to the following email addresses: 

Brian.bellardo@gold.org 

Benoit.autier@gold.org 

Greg.collett@gold.org 
  

	(b)	Process Agent. For the purpose of Section 13(c): 

 Party A appoints as its
Process Agent: Bank of America, 25 W 51st St; New York, NY 10019. 
 Party B appoints as its Process Agent: Not applicable. 

 

	(c)	Offices. The provisions of Section 10(a) will apply to this Agreement. 

  

	(d)	Multibranch Party. For the purpose of Section 10(b) of this Agreement: 

Party A is not a Multibranch Party. 

Party B is not a Multibranch Party. 
  

	(e)	Calculation Agent. 

 For the purposes of this Agreement, the Calculation Agent
shall be Party A, provided that if an Event of Default occurs and is continuing with respect to Party A, Party B shall appoint a Substitute Dealer to act as alternate Calculation Agent for so long as such Event of Default continues. If Party B
is unable, after using commercially reasonable efforts, to appoint a Substitute Dealer by 12:00 P.M. (New York time) on the second Local Business Day after becoming aware of such Event of Default (the “Alternate Calculation Agent Appointment
Date”), Party B shall act as the alternate Calculation Agent for so long as such Event of Default continues, provided that, immediately following 12:00 P.M. (New York time) on the Alternate Calculation Agent Appointment Date, Party B shall
provide to Party A reasonable evidence of its efforts to contact at least four (4) qualified entities to serve as a Substitute Dealer by the Alternate Calculation Agent Appointment Date and Party B’s designation as the alternate Calculation
Agent pursuant to the foregoing shall be contingent upon Party A’s receipt of evidence of Party B contacting at least four (4) qualified potential Substitute Dealers. Following any such designation of an alternate Calculation Agent, if no
Event of Default in respect of Party A is then continuing, the Calculation Agent shall again be Party A. 
 For the purposes of these
paragraphs, “Substitute Dealer” means a leading dealer in the relevant market that is not an Affiliate of either Party having a long-term senior unsecured debt rating ascribed 

  
 6 

 
to it by each of S&P Global Ratings and Moody’s Investors Service, Inc., no lower than the higher of the equivalent ratings of Party A or its Credit Support Provider (or in the case of
an Event of Default with respect to Party A and its Credit Support Provider, no lower than the higher of the equivalent ratings of Party A or its Credit Support Provider as of the date of this Agreement) that agrees to serve as a Substitute Dealer
for no more than $10,000 per calculation or determination. The cost of any Substitute Dealer shall be borne by both Parties equally. All calculations and determinations by the Substitute Dealer shall be made in good faith and in a
commercially reasonable manner. 
 No duty or liability of any nature whatsoever shall be owed by the Calculation Agent to any holder or
potential holder of Shares in connection with any determination made hereunder. 
  

	(f)	Credit Support Document. Details of any Credit Support Document:

 With
respect to Party A: Guaranty of the Credit Support Provider. 
 With respect to Party B: Not applicable. 

 

	(g)	Credit Support Provider. 

 Credit Support Provider means in relation to Party
A: Bank of America Corporation.
 Credit Support Provider means in relation to Party B: Not applicable. 

 

	(h)	Governing Law; Consent To Jurisdiction; Choice Of Forum. 

  

	 	(i)	This Agreement shall be construed in accordance with, and this Agreement and all claims and causes of action arising out of the transactions contemplated hereby shall be governed by, the laws of the State of New York
(other than choice of law rules that would require the application of the laws of any other jurisdiction). 

  

	 	(ii)	Pursuant to Section 5-1402 of the New York General Obligations Law, all actions or proceedings arising in connection with this Agreement shall be tried and litigated in state or federal courts located in the borough of
Manhattan, New York City, State of New York. Each Party hereto waives any right it may have to assert the doctrine of forum non conveniens, to assert that it is not subject to the jurisdiction of such courts or to object to venue to the
extent any proceeding is brought in accordance with this section. 

  

	(i)	Netting of Payments. “Multiple Transaction Payment Netting” will apply for the purpose of Section 2(c) of this Agreement to all Transactions, starting as of the date of this
Agreement. For the avoidance of doubt, this election shall also apply to any obligation to deliver Bullion (which shall be treated as the “payment” of an “amount” in accordance with Section 2(c)). 

 

	(j)	In respect of Party A, “Affiliate” will have the meaning specified in Section 14 of this Agreement. 

In respect of Party B, “Affiliate” will not be applicable. 

 

	(k)	Absence of Litigation. For the purpose of Section 3(c): 

“Specified Entity” means in relation to Party A, none. 

“Specified Entity” means in relation to Party B, none. 

 

	(l)	No Agency. The provisions of Section 3(g) will apply to this Agreement. 

  

	(m)	Additional Representation will apply. For the purpose of Section 3 of this Agreement, each of the following will constitute an Additional Representation, which will be made by the Party indicated
below at the times specified below: 

  

	 	(i)	Mutual Representations. Each Party makes the following representations to the other Party (which representations will be deemed to be repeated by each Party on each date on which a Transaction is
entered into): 

  

	 	(A)	Relationship Between Parties. Absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction: 

 

	 	(1)	Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based
upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other Party as investment advice or as a recommendation to enter into that Transaction, it being
understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from the
other Party will be deemed to be an assurance or guarantee as to the expected results of that Transaction. 

  
 7 

	 	(2)	Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms,
conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. 

  

	 	(3)	Status of Parties. The other Party is not acting as a fiduciary for or an advisor to it in respect of that Transaction. 

 

	 	(B)	Eligible Contract Participant. It is an “eligible contract participant” and that each guarantor of its Swap Obligations, if any, is an “eligible contract participant,” as such term
is defined in the U.S. Commodity Exchange Act, as amended.

  

	 	(C)	Transfer free and unencumbered. At the time of transfer to the other Party of any Bullion; it will have the full and unqualified right to make such transfer and that such transfer of Bullion shall be free
of all rights, title and interest in the Bullion such that the Bullion vests in the relevant transferee free and clear of any Encumbrance or any other interest of the relevant transferor or of any third person. 

 

	 	(ii)	Additional Representations of Party B. Party B hereby represents and warrants as follows, each of which Additional Representation shall be deemed to be made and repeated on the date of this Agreement and
at all times until the termination of this Agreement: 

  

	 	(A)	Prospectus disclosures. That, to the best of its knowledge and belief, the Prospectus complies with all applicable laws and makes appropriate disclosure in relation to the Shares for the purposes of such
laws. 

  

	 	(B)	Municipal entity. That it is not, and does not act on behalf of, either a “municipal entity” or “obligated person” (in each case as defined in Section 15B of the Securities Exchange Act
of 1934 and the rules adopted by the SEC with respect to municipal advisor registration). 

  

	 	(C)	Non-ERISA Representation. [That for so long as shares of the Fund are held by 100 or more holders] it is not (i) an employee benefit plan (hereinafter an “ERISA Plan”), as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), subject to Title I of ERISA or a plan subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
or subject to any other statute, regulation, procedure or restriction that is materially similar to Section 406 of ERISA or Section 4975 of the Code (together with ERISA Plans, “Plans”), (ii) a person any of the assets of whom
constitute assets of a Plan, or (iii) in connection with any Transaction under this Agreement, a person acting on behalf of a Plan, or using the assets of a Plan. It will provide notice to Party A in the event that it is aware that it is in breach
of any aspect of this representation or is aware that with the passing of time, giving of notice or expiry of any applicable grace period it will breach this representation. 

 

	(n)	Recording of Conversations. Each Party to this Agreement acknowledges and agrees to the recording of conversations between trading and marketing personnel of the parties to this Agreement, whether by
one or the other or both of the parties or their agents. 

  
 8 

 Part 5 

Other Provisions 
  

	(a)	Financial Statements. Section 3(d) is hereby amended by adding in the third line thereof after the word “respect” and before the period: “or, in the case of financial statements, a
fair presentation of the financial condition of the relevant Party”. 

  

	(b)	2002 Master Agreement Protocol. Annexes 1 to 18 and Section 6 of the ISDA 2002 Master Agreement Protocol as published by ISDA on July 15, 2003 are incorporated into and apply to this
Agreement. References in those definitions and provisions to any ISDA Master Agreement will be deemed to be references to this Master Agreement. 

  

	(c)	Consent to Disclosure. 

  

	 	(i)	(A) Party B consents to the disclosure to Party A’s Affiliates, as Party A may deem appropriate, of records and information disclosed to or otherwise provided to Party A by Party B for the purpose of processing and
executing Party B’s instructions, or in pursuance of Party A’s or Party B’s commercial interest, and (B) for the avoidance of doubt, such consent gives Party A the right to allow any intended recipient of such Party B information
access, by any means, to such Party B information. 

  

	 	(ii)	Each Party hereby consents to the disclosure of information: 

  

	 	(A)	to the extent required or permitted under, or made in accordance with, the provisions of any applicable law, rule or regulation, including EMIR and Dodd Frank and any applicable supporting law, rule or regulation
(“Reporting Regulation”), which mandate reporting and/or retention of transaction and similar information or to the extent required or permitted under, or made in accordance with, any order or directive in relation to (and
including) such Reporting Regulation regarding reporting and/or retention of transaction and similar information issued by any authority or body or agency in accordance with which the other Party is required or accustomed to act (“Reporting
Requirements”); and 

  

	 	(B)	to and between the other Party’s head office, branches or Affiliates, or any persons or entities who provide services to such other Party or its head office, branches or Affiliates, in each case, in connection with
such Reporting Requirements. Each Party acknowledges that pursuant to the relevant Reporting Regulation, regulators require reporting of trade data to increase market transparency and enable regulators to monitor systemic risk to ensure safeguards
are implemented globally. 

  

	 	(iii)	Each Party acknowledges that: 

  

	 	(A)	disclosures made pursuant to this Part 5(c) may include, without limitation, the disclosure of trade information including a Party’s identity (by name, address, corporate affiliation, identifier or otherwise) to
any trade repository registered or recognized in accordance with the relevant Reporting Regulation, including Article 55 of EMIR, Article 77 of EMIR or with CFTC Rule published on September 1, 2011 with respect to Swap Data Repositories (76 FR
54538) or one or more systems or services operated by any such trade repository (“TR”) and any relevant regulators (including without limitation, the U.S. Commodity Futures Trading Commission or other U.S. regulators in the case of
trade reporting under applicable U.S. laws, the European Securities and Markets Authority and national regulators in the European Union) under the Reporting Regulation; 

  
 9 

	 	(B)	such disclosures could result in certain anonymous transaction and pricing data becoming available to the public; 

  

	 	(C)	for purposes of complying with regulatory reporting obligations, a Party may use a third party service provider to transfer trade information into a TR and any such TR may engage the services of a global trade
repository regulated by one or more governmental regulators; and 

  

	 	(D)	disclosures made pursuant hereto may be made to recipients in a jurisdiction other than that of the disclosing party or a jurisdiction that may not necessarily provide an equivalent or adequate level of protection for
personal data as the counterparty’s home jurisdiction. 

  

	 	(iv)	For the avoidance of doubt, (A) to the extent that applicable non-disclosure, confidentiality, bank secrecy, data privacy or other law imposes non-disclosure requirements on transaction and similar information required
or permitted to be disclosed as contemplated herein but permits a Party to waive such requirements by consent, the consent and acknowledgements provided herein shall be a consent by each Party for purposes of such law; (B) any agreement between the
parties to maintain confidentiality of information contained herein or in any non-disclosure, confidentiality or other agreement shall continue to apply to the extent that such agreement is not inconsistent with the disclosure of information in
connection with the Reporting Requirements as set out herein; and (C) nothing herein is intended to limit the scope of any other consent to disclosure separately given by each Party to the other Party. 

 

	(d)	Transfer. Section 7 of this Agreement shall be amended by inserting the phrase “which consent shall not be unreasonably withheld or delayed” in the third line thereof after the word
“party” and before the word “except”. 

 Notwithstanding the provisions of Section 7, Party A may assign
and delegate its rights and obligations under this Agreement, and all Transactions hereunder (the “Transferred Obligations”) to any direct or indirect affiliate of Bank of America Corporation ((i) which has at least the same
creditworthiness as Party A (or in the case of an Event of Default with respect to Party A, at least the same creditworthiness as Party A disregarding such Event of Default) (the “Assignee”) and (ii) provided (a) Party B would not,
at the time and as a result of such assignment, reasonably be expected to be required to pay (including a payment in kind) to the Assignee at such time or on any later date an amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4)
of the Agreement (except in respect of interest under Section 9(h) of the Agreement) greater than the amount in respect of which Party B would have been required to pay to Party A in the absence of such assignment, and (b) Party B would not, at the
time and as a result of such assignment, reasonably be expected to receive a payment (including a payment in kind) from which at such time or on any later date an amount has been withheld or deducted, on account of a Tax under Section 2(d)(i) of the
Agreement (except in respect of interest under Section 9(h) of the Agreement), in excess of that which Party A would have been required to so withhold or deduct in the absence of such assignment, unless the Assignee will be required to make
additional payments pursuant to Section 2(d)(i)(4) of the Agreement in an amount equal to such excess), by notice specifying the effective date of such transfer and including an executed acceptance and assumption by the Assignee of the Transferred
Obligations; and thereafter, as of the date specified: (a) Party A shall be released from all obligations and liabilities arising under the Transferred Obligations; and (b) if Party A has not assigned and delegated its rights and obligations under
this Agreement and all Transactions hereunder, the Transferred Obligations shall cease to be Transaction(s) under this Agreement and shall be deemed to be Transaction(s) under the master agreement, if any, between Assignee and Party B, provided
that, if at such time Assignee and Party B have not entered into a master agreement, Assignee and Party B shall be deemed to have entered into an ISDA 2002 form of Master Agreement with a Schedule substantially in the form hereof but amended to
reflect the name of the Assignee and the address for notices and any amended representations under Part 2 hereof as may be specified in the notice of transfer. 

  
 10 

	(e)	Set-off. Section 6(f) is hereby amended by inserting in the sixth line thereof the words “or any Affiliates of the Payee in circumstances where the Payee is the Non-defaulting Party or
Non-Affected Party” following the words “payable by the Payee”. 

  

	(f)	Method of Notice. Section 12(a)(ii) of the Master Agreement is deleted in its entirety and replaced with “(ii) [RESERVED];”. 

 

	(g)	Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Act. “Tax” as used in Part 2(a) (Payer Tax Representation)
and “Indemnifiable Tax” as defined in Section 14 of this Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the
“Code”), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any
intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding
of which is required by applicable law for the purposes of Section 2(d) of this Agreement. 

 This Part 5(g) shall replace any
Express Provisions. For these purposes, “Express Provisions” means any provisions expressly set out in any confirmation of a Transaction that supplements, forms a part of, and is subject to, this Agreement that provide for
amendments to (i) any Payer Tax Representation contained in this Agreement, (ii) Section 2(d) of this Agreement, or (iii) the definition of “Indemnifiable Tax” in this Agreement, in each case, only in relation to FATCA Withholding Tax.

  

	(h)	HIRE Act. To the extent that either Party to this Agreement is not an adhering Party to the ISDA 2015 Section 871(m) Protocol published by ISDA on November 2, 2015 and available atwww.isda.org,
as may be amended, supplemented, replaced or superseded from time to time (the “871(m) Protocol”), the parties agree that the provisions and amendments contained in the Attachment to the 871(m) Protocol are incorporated into and
apply to this Agreement as if set forth in full herein. The parties further agree that, solely for purposes of applying such provisions and amendments to this Agreement, references to “each Covered Master Agreement” in the 871(m)
Protocol will be deemed to be references to this Agreement, and references to the “Implementation Date” in the 871(m) Protocol will be deemed to be references to the date of this Agreement. 

 

	(i)	ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol. The PDD Protocol is incorporated into and applies to this Agreement as if set out in full in this Agreement but with the
following amendments and elections: 

  

	 	(i)	The definition of “Adherence Letter” is deleted and references to “Adherence Letter”, “such party’s Adherence Letter” and
“Adherence Letter of such party” are deemed to be references to this Part 5(i). 

  

	 	(ii)	References to “Implementation Date” are deemed to be references to the date of this Agreement. 

  

	 	(iii)	The definition of “Protocol” is deemed to be deleted. 

  

	 	(iv)	The definitions of “Portfolio Data Sending Entity” and “Portfolio Data Receiving Entity” are replaced with the following: 

“Portfolio Data Receiving Entity” means Party B, subject to Part I(2)(a) above. 

“Portfolio Data Sending Entity” means Party A, subject to Part I(2)(a) above. 

 

	 	(v)	Local Business Days for the purposes of portfolio reconciliation and dispute resolution. 

  

	 	(A)	Party A specifies the following place(s) for the purposes of the definition of Local Business Day as it applies to it for the purposes of portfolio reconciliation and dispute resolution only: New York.

  

	 	(B)	Party B specifies the following place(s) for the purposes of the definition of Local Business Day as it applies to it for the purposes of portfolio reconciliation and dispute resolution only: New York.

  
 11 

	 	(vi)	Contact details for the purposes of portfolio reconciliation and dispute resolution. Notwithstanding the contact details provided by the Parties in Part 4 of this Agreement; unless
otherwise agreed between the parties in writing, the following items shall be delivered to the respective Party for the purposes of the PDD Protocol, as follows: 

  

					
	(A)	  	Notices to Party A:	    	
			
		  	Portfolio Data:	    	collateral_recon_derivatives@bankofamerica.com
			
		  	Notice of a discrepancy:	    	collateral_recon_derivatives@bankofamerica.com
			
		  	Dispute Notice:	    	emir_disp_resolution@baml.com
			
	(B)	  	Notices to Party B:	    	
			
		  	Portfolio Data:	    	 Benoit.autier@gold.org
  

Robert.francess@gold.org
  

Greg.collett@gold.org

			
		  	Notice of a discrepancy:	    	 Benoit.autier@gold.org
  

Robert.francess@gold.org
  

Greg.collett@gold.org

			
		  	Dispute Notice:	    	 Benoit.autier@gold.org
  

Robert.francess@gold.org
  

Greg.collett@gold.org

 Any notice given by email in accordance with this Part 5(i), will be deemed effective on the date it is
delivered unless the date of that delivery (or attempted delivery) is not a Local Business Day (in respect of the receiving party) or, subject to Part I(1)(a)(iv) of the PDD Protocol, that communication is delivered (or attempted) after the
close of business on a Local Business Day (in respect of the receiving party), in which case that communication will be deemed given and effective on the first following day that is a Local Business Day (in respect of the receiving party). 

 

	 	(vii)	Use of a third party service provider. For the purposes of Part I(3)(b), Party A and Party B confirm that they may use a third party service provider as may be separately agreed between
them in writing from time to time. 

  

	(j)	General Conditions. The following new Section 2(a)(iv) shall be inserted immediately following Section 2(a)(iii) of this Agreement: 

“2(a)(iv) Without otherwise limiting the rights of a Non-defaulting Party or non-Affected Party (“X”), in the event that
X suspends payments or deliveries in accordance with the conditions precedent specified in Section 2(a)(iii)(1) of this Agreement following the occurrence of an Event of Default or an event which would, with the passing of time, become an Event of
Default (an “Occurrence”), X agrees that the condition precedent with respect to such Occurrence shall be deemed to expire on the date (the “Performance Date”) which is ten (10) calendar days after the first date of
such suspension of payments or deliveries by X; provided, that the other Party has given written notice citing this provision five (5) calendar days prior to such Performance Date. Unless X has designated an Early

  
 12 

 
Termination Date as a result of a particular Occurrence on or before the Performance Date attributable to such Occurrence, such Occurrence shall cease to be a condition precedent with respect to
the obligations under Section 2(a)(i) of this Agreement”. 
  

	(k)	Failure to Pay or Deliver. Section 5(a)(i) of this Agreement is hereby amended by the addition of the following words at the end thereof: “provided, however, that,
notwithstanding the foregoing, an Event of Default shall not occur if such party demonstrates, to the reasonable satisfaction of the other party, that: (I) such failure to make any payment or delivery is caused by an error or omission of an
administrative or operational nature; (II) funds or assets were available to such party to enable it to make the relevant payment or delivery when due; and (III) such payment or delivery is made within three (3) Local Business Days following the
date on which written notice of such failure to pay or deliver is given to such party.” 

  

	(l)	Misrepresentation. Section 5(a)(iv) of this Agreement is hereby amended by the addition at the end thereof of the words; “if such misrepresentation is not remedied on or before the fifth (5th) Local Business Day following notice of such failure being given to the party and two (2) Local Business Days’ notice of such failure to remedy has thereafter been given to the party.”

  

	(m)	Payments on Early Termination. Section 6(e) shall be deleted and replaced by the following new Section 6(e): 

“(e) Payments on Early Termination. If an Early Termination Date occurs, the amounts, if any, deliverable or payable in
respect of that Early Termination Date (the “Early Termination Amount”) will be determined pursuant to this Section 6(e) and will be subject to Section 6(f). 
  

	 	(i)	Events of Default. If the Early Termination Date results from an Event of Default, the Early Termination Amount shall be that quantity of Bullion equal to the Bullion Close-Out Amount or Bullion Close-Out
Amounts (whether positive or negative) determined by the Non-defaulting Party for each Terminated Transaction or group of Terminated Transactions, as the case may be. If such Early Termination Amount is a positive quantity, the Defaulting Party will
deliver it to the Non-defaulting Party; if it is a negative quantity, the Non-defaulting Party will deliver the absolute quantity of such Early Termination Amount to the Defaulting Party. 

 

	 	(ii)	Termination Events. If the Early Termination Date results from a Termination Event: 

  

	 	(A)	One Affected Party. Subject to paragraph (C) below, if there is one Affected Party, the Early Termination Amount shall be that quantity of Bullion equal to the Bullion Close-Out Amount or Bullion Close-Out
Amounts (whether positive or negative) determined by the Non-affected Party for each Terminated Transaction or group of Terminated Transactions, as the case may be. If such Early Termination Amount is a positive quantity, the Affected Party will
deliver it to the Non-affected Party; if it is a negative quantity, the Non-affected Party will deliver the absolute quantity of such Early Termination Amount to the Affected Party. 

 

	 	(B)	Two Affected Parties. Subject to paragraph (C) below, if there are two Affected Parties, each Party will determine a Bullion Close-Out Amount or Bullion Close-Out Amounts (whether positive or negative) for each
Terminated Transaction or group of Terminated Transactions, as the case may be. Thereafter, the Early Termination Amount will be a quantity equal to one-half of the difference between the higher Bullion Close-Out Amount so determined (by party
“X”) and the lower Bullion Close-Out Amount so determined (by party “Y”). If such Early Termination Amount is a positive quantity, Y will deliver such Early Termination Amount to X; if it is a negative quantity, X will deliver
the absolute quantity of such Early Termination Amount to Y. 

  

	 	(C)	Mid-Market Events. If that Termination Event is an Illegality or a Force Majeure Event, then the Early Termination Amount will be determined in accordance with paragraph (A) or (B) above, as appropriate, except
that, for the purpose of determining a Bullion Close-Out Amount or Bullion Close-Out Amounts, the Determining Party will: 

  

	 	(1)	if obtaining quotations from one or more third parties (or from any of the Determining Party’s Affiliates), ask each third party or Affiliate: (I) not to take account of the current creditworthiness of the
Determining Party or any existing Credit Support Document; and (II) to provide mid-market quotations; and 

  

	 	(2)	in any other case, use mid-market values without regard to the creditworthiness of the Determining Party. 

  
 13 

	 	(iii)	Pre-Estimate. The parties agree that a quantity or amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such quantity or amount is deliverable or payable for
the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in this Agreement, neither Party will be entitled to recover any additional damages as a consequence of the termination of the Terminated
Transactions.” 

  

	(n)	Export of Defaults. The occurrence or designation of an Early Termination Date on account of an Event of Default or Termination Event with respect to a Party hereto (“X”) (where X is the
Defaulting Party or sole Affected Party) shall constitute a material breach and event of default (howsoever described) under all transactions between X and the other Party (“Y”) (whether or not arising under this Agreement, whether or not
matured, whether or not contingent and regardless of the currency, place of payment or booking office of the obligation) (together, the “Other Transactions”), whereupon Y shall have the right to terminate, liquidate and otherwise
close out any such Other Transactions (and X shall be liable for any damages suffered by Y as a result thereof). 

  

	(o)	Single Relationship. The parties intend that all Transactions and all other obligations (whether or not arising under this Agreement, whether or not matured, whether or not contingent and regardless of the
currency, place of payment or booking office of the obligation) shall be treated as mutual and part of a single, indivisible contractual and business relationship. 

 

	(p)	Form of Agreement. The parties hereby agree that the text of the body of the Agreement is intended to be the printed form of 2002 Agreement as published and copyrighted by ISDA. 

 

	(q)	Limited Recourse and non-petition.  

 Party A agrees that its
recourse against Party B in respect of the relevant Transaction is limited to the assets of the Fund only and not any other series of the Trust or any other person or entity, including, without limitation, the trustee of the Trust, the sponsor of
the Trust and any employee, adviser, consultant or representative of the Trust. Party A shall not be entitled to institute, or join with any other person in bringing, instituting or joining, insolvency proceedings (whether court based or
otherwise) in relation to Party B. 
  

	(r)	Bail-in and Stay Clause. Notwithstanding and to the exclusion of any other provisions of this Agreement or any other agreements, arrangements or understandings between Party A and Party B:

  

	 	(i)	Party B acknowledges and agrees that, where a Resolution Measure is taken in relation to Party A or any member of the same group as Party A and Party A or any member of its group is a Party to this Agreement (any
such Party to this Agreement being an “Affected Party”), it shall only be entitled to exercise any termination right under, or rights to enforce a security interest in connection with, this Agreement against the Affected Party to
the extent that it would be entitled to do so under the Special Resolution Regime if this Agreement were governed by English law; and 

  

	 	(ii)	Party B acknowledges and accepts that a BRRD Liability arising under this Agreement may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts, and agrees to be
bound by: 

  

	 	(A)	the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of Party A to Party B under this Agreement, that (without limitation) may include and result in any of
the following, or some combination thereof: 

  

	 	(1)	the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon; 

  
 14 

	 	(2)	the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of Party A or another person, and the issue to or conferral on Party B of such shares, securities or
obligations; 

  

	 	(3)	the cancellation of the BRRD Liability; 

  

	 	(4)	the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period; and 

 

	 	(B)	the variation of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority. 

 

	(s)	Additional Definitions. Section 14 of this Agreement is hereby amended by the addition of the following defined terms. Each of the following defined terms shall be inserted in alphabetical order in Section
14. 

 “Adjustment Notice” means a notice in the form at Appendix III to this Agreement in relation to the
Daily Delivery Amount, the Aggregate Delivery Amount, the True-up Amount and such other calculations and determinations as are agreed between the Parties from time to time as forming part of the notice; 

“Administrator” means The Bank of New York Mellon, as administrator, cash custodian and transfer agent for the Trust; 

“Aggregate Delivery Amount” has the meaning given to it in Part 8 hereof; 

“Allocated Bullion Account Agreement” means the agreement between the Trust and the Custodian which establishes the Fund
Allocated Account; 
 “Authorized Participant” means a person who (1) is a registered broker-dealer or other securities
market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions; (2) is a participant in DTC; (3) has entered into an Authorized Participant Agreement with
the Administrator which has not been terminated; and (4) has established an Authorized Participant Unallocated Account with the Custodian; 

“Authorized Participant Agreement” means a written agreement between Party B and another person in relation to Shares pursuant
to which such other person acts as an Authorized Participant in relation to the Shares; 
 “Authorized Participant Unallocated
Account” means an unallocated Gold Bullion account established with the Custodian by an Authorized Participant; 
 “Bail-in
Legislation” means in relation to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in
Legislation Schedule from time to time; 
 “Bail-in Powers” means any Write-down and Conversion Powers as defined in the EU
Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation; 
 “BRRD Liability” means a liability in
respect of which the relevant Write-down and Conversion Powers in the applicable Bail-in Legislation may be exercised; 

  
 15 

 “BRRD” means Directive 2014/59/EU establishing a framework for the recovery and
resolution of credit institutions and investment firms; 
 “Bullion Close-Out Amount” means, with respect to each Terminated
Transaction or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party in respect of Bullion Denominated Obligations that are or would be incurred under then prevailing circumstances
(expressed as a positive quantity of Bullion) or gains of the Determining Party that are or would be realized under then prevailing circumstances (expressed as a negative quantity of Bullion) in replacing, or in providing for the Determining Party
the economic equivalent of the material terms of the Bullion Denominated Obligations under that Terminated Transaction or group of Terminated Transactions, including deliveries by the parties under Section 2(a)(i) in respect of that Terminated
Transaction or group of Terminated Transactions that are or would, but for the occurrence of the relevant Early Termination Date, be or have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)); 

“Bullion Denominated Obligations” means obligations under a Transaction to Deliver Bullion or which are otherwise denominated
in Bullion; 
 “Bullion Settlement Disruption Day” means a day on which an event has occurred and is continuing which is
beyond the control of Party A and Party B, as a result of which a Delivery of Bullion required under a Transaction cannot be effected; 

“Bullion Settlement Disruption” has the meaning given to it in the Master Confirmation; 

“Bullion Transaction Settlement Date” has the meaning given to it in the 2005 Commodity Definitions; 

“Bullion/U.S. Dollar Exchange Rate” means the mid-price of the bid and ask prices of the Bullion to U.S. Dollar exchange rate
or U.S. Dollar to Bullion exchange rate used in the Index; 
 “Bullion” means gold satisfying the good delivery rules of the
Market Association for Bullion; 
 “Close Out Amount” shall not have the meaning set out in Section 14 of this Agreement,
but instead, the first paragraph of the definition of “Close-Out Amount” up to and including the words “in respect of that Terminated Transaction or group of Terminated Transactions” shall be deleted and replaced by the
following words: ““Close-Out Amount” means a Bullion Close-Out Amount.” 
 “Creation” shall refer
to the creation of Shares; and “Creation Order” shall be an order for the Creation of such Shares; each as provided for in accordance with the Prospectus (and “Create” and “Created” shall be
construed accordingly); 
 “Creation Unit” means a block of 10,000 Shares or more or such other amount as established from
time to time by the Sponsor; with multiple blocks being referred to as “Creation Units”; 
 “Currency(/ies)” means
each of Euro, Japanese yen, British pounds sterling, Canadian dollars, Swedish krona and Swiss francs; 
 “Custodian
Agreements” means the Allocated Bullion Account Agreement together with the Unallocated Bullion Account Agreement; 

“Custodian” means HSBC Bank plc; 

“Daily Delivery Amount” means the amount of Bullion to be Delivered into or out of the Fund on a daily basis to reflect the
change in the Currencies comprising the FX Basket against USD, calculated on each Pricing Day in accordance with Appendix II of this Agreement; 

“DDA Delivery Date” means in respect of any Pricing Day, the day that is the Bullion Transaction Settlement Date for such
Pricing Day; provided that such day is not subject to a Bullion Settlement Disruption. If such day does not satisfy such conditions, then the relevant DDA Delivery Date shall be the next day on which such conditions are satisfied; 

  
 16 

 “Deliver” means good delivery in accordance with the standards of the Market
Association for Bullion into: (a) in the case of amounts due from Party A to Party B under this Agreement, the Fund Unallocated Account; (b) in the case of amounts due from Party B to Party A under this Agreement, such unallocated account as Party A
shall notify Party B of from time to time, (and “Delivery” shall be construed accordingly); 
 “Delivery Amount
Payer” has the meaning given to it in Part 8; 
 “Delivery Amount Receiver” has the meaning given to it in Part 8;

 “Determining Party” means the Party determining a Bullion Close-Out Amount; 

“Dodd Frank” means the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, § 929-Z, 124 Stat.
1376, 1871 (2010) (codified at 15 U.S.C. § 78o); 
 “DTC” means The Depository Trust Company; which is a limited
purpose trust company organized under New York law, a member of the U.S. Federal Reserve System and a clearing agency registered with the SEC pursuant to the provisions of Section 17A of the Exchange Act; and which will act as the securities
depository for the Shares; 
 “EMIR” means the European Market Infrastructure Regulation, being Regulation (EU) No 648/2012
on OTC derivatives, central counterparties and trade repositories; 
 “Encumbrance” means any mortgage, charge (fixed or
floating), pledge, lien, option, right to acquire, assignment by way of security or trust arrangement for the purpose of providing security or other security interest of any kind (including any retention arrangement) or any encumbrance or right of
pre- emption, or any agreement to create any of the foregoing; 
 “EU Bail-in Legislation Schedule” means the document
described as such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499; 

“Fallback Reference Price” has the meaning given to it in the Master Confirmation; 

“Final Delivery Amount” has the meaning given to it in Part 8 of this Agreement; 

“Fund” means the Long Dollar Gold Trust; 

“Fund Allocated Account” means the allocated Bullion account of the Trust established with the Custodian on behalf of the Fund
by the Allocated Bullion Account Agreement. The Fund Allocated Account will be used to hold the Bullion that is transferred from the Fund Unallocated Account to be held by the Fund in allocated form (i.e., as individually identified bars of
Bullion); 
 “Fund Unallocated Account” means the unallocated Bullion account of the Trust established with the Custodian on
behalf of the Fund by the Unallocated Bullion Account Agreement. The Fund Unallocated Account will be used to facilitate the transfer of Bullion in and out of the Fund. Specifically, it will be used to transfer Bullion deposits and Bullion
redemption distributions between Authorized Participants and the Fund in connection with the Creation and Redemption of Creation Units, in connection with the transfers of Bullion to or from Party A pursuant to this Agreement, and in connection with
sales of Bullion for the Fund; 
 “Funding Rate” means [        ]; 

“FX Basket” shall have the meaning set forth in the Index Rules. 

“group” has the meaning given to it in the PRA Contractual Stay Rules for the purposes of Part 5(s); 

“Hedging Disruption/Change in Law Day” means a day on which a Hedging Disruption/Change in Law has occurred and is continuing;

 “Index” means the Solactive GLD® Long USD Gold Index, which is
an Index of Solactive AG and is calculated and distributed by the Index Sponsor; 
 “Index Business Day” has the meaning
specified in the Index Rules; 

  
 17 

 “Index Closing Level” has the meaning specified in the Index Rules; 

“Index Rules” means the Guideline for the Solactive GLD® Long USD Gold Index, Version 0.7 dated 19 July 2016; 

“Index Sponsor” means any entity which calculates and publishes (or causes to be published) the Index and at the date of this
Agreement means Solactive AG; 
 “ISDA” means the International Swaps and Derivatives Association, Inc.; 

“law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant
governmental revenue authority) and lawful and unlawful will be construed accordingly; 
 “LBMA” means the London Bullion
Market Association; 
 “Local Business Day” means a day which is a London Business Day and a New York Business Day; 

“London Bullion Market” means the over-the-counter market in gold and silver coordinated by the LBMA; 

“London Business Day” means a day (other than a Saturday or a Sunday) on which commercial banks generally are open for the
transaction of business in London; 
 “Market Association” means the LBMA or its successors; 

“Market Disruption Event” has the meaning given to it in the Master Confirmation; 

“Master Confirmation” means the Master Confirmation dated on or about the date of this Agreement and entered into between
Party A and Party B, in substantially the form as is attached hereto as Appendix I; 
 “Metal Entitlement” means as at any
date and in relation to any Share, the amount(s) of Bullion to which the holder of that Share is entitled on Redemption of that Share; 

“New York Business Day” means a day (other than a Saturday or a Sunday) on which the NYSE ARCA is open for the transaction of
business; 
 “Notional Settled” has the meaning given to it in Appendix II; 

“Notional Unsettled” has the meaning given to it in Appendix II; 

“Number” in relation to the entry into of Transactions in conjunction with an application for Creation or Redemption (as the
case may be) of individual Shares, means the number of Transactions which is the same as the number of Shares to which the application for Creation or Redemption (as the case may be) relates; 

“ounces or oz.” means troy ounces, being equal to 31.1034768 grams; 

“Party” means a party to this Agreement including that party’s successors in title and assignees or transferees permitted
in accordance with the terms of this Agreement; 
 “PDD Protocol” means Parts I to III of the attachment to the ISDA 2013
EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol published by ISDA on 19 July 2013 and available on the ISDA website (www.isda.org); 

“Platform Documents” means each of the [Transfer Agency and Service Agreement entered into between the Trust and the
Administrator; the Fund Administration and Accounting Agreement entered into between the Trust and the Administrator; the Custody Agreement entered into between the Trust and the Administrator; and the Index License Agreement entered into between
the Index Sponsor and the Sponsor]; 

  
 18 

 “PRA Contractual Stay Rules” means the rules set out in the PRA Rulebook of the
Bank of England Prudential Regulation Authority: CRR Firms and Non-Authorised Persons: Stay in Resolution Instrument 2015, as may be amended from time to time; 

“Price Source Disruption” has the meaning given to it in the Master Confirmation; 

“Pricing Day” means, in respect of a Transaction, a day that is a New York Business Day; 

“Prospectus” means the Prospectus, as filed with the United States Securities and Exchange Commission on
[            , 2016] under the Securities Act of 1933, of the Fund, a series of the Trust and sponsored by the Sponsor; 

“Redemption” shall refer to the redemption of Shares; and “Redemption Order” shall be an order for the
Redemption of such Shares; each as provided for in accordance with the Prospectus (and “Redeem” and “Redeemed” shall be construed accordingly); 

“Relevant Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to
Party A; 
 “Resolution Measure” means a ‘crisis prevention measure’, ‘crisis management measure’ or
‘recognized third-country resolution action’, each with the meaning given in the PRA Contractual Stay Rules, provided, however, that ‘crisis prevention measure’ shall be interpreted in the manner outlined in Rule 2.3 of the PRA
Contractual Stay Rules; 
 “security interest” has the meaning given to it in the PRA Contractual Stay Rules for the
purposes of Part 5(s); 
 “Share” means units in the Fund representing an equal beneficial interest in the net assets of the
Fund entitling the holder thereof to receive such holder’s pro rata share of distributions of income and capital gains, if any, made with respect to the Fund; 

“Special Resolution Regime” has the meaning given to it in the PRA Contractual Stay Rules; 

“Sponsor” means WGC USA Asset Management Company, LLC, a Delaware limited liability company wholly-owned by WGC (US) Holdings,
Inc; 
 “Swap Formulae” means such calculations as are to be made in accordance with the provisions of Part 8, and as are
set out in Appendix II; 
 “Swap Obligation” means any obligation incurred with respect to a transaction that is a
“swap” as defined in the Section 1a(47) of the Commodity Exchange Act and CFTC Regulation 1.3(xxx); 
 “Tax”
means any VAT, tax, income tax, capital gains tax, corporation tax, goods and services tax, withholding tax, stamp, financial institutions, registrations and other duties, bank accounts debits tax, import/export tax or tariff and any other taxes,
levies, imposts, deductions, interest, penalties and charges imposed or levied by a government or government agency; 
 “Termination
Date” means, with respect to any Transaction, the final date for payment or delivery, as appropriate, in respect of such Transaction; 

“termination right” has the meaning given to it in the PRA Contractual Stay Rules for the purposes of Part 5(s); 

[“True Up Amount” means the amount of Bullion to be Delivered into or out of the Fund on a daily basis to reflect the amount
of the true-up calculated in accordance with the provisions of Part 8 and the Swap Formulae as set out in Appendix II;] 

“Trust” means World Currency Gold Trust; 

“U.S. Dollar Cash Equivalent” means in relation to an Early Termination Amount, the equivalent U.S. Dollar sum, calculated by
converting the Bullion represented by such Early Termination Amount into U.S. Dollars at the Bullion/U.S. Dollar Exchange Rate on the relevant Early Termination Date; 

“U.S. Dollars” or “USD” or “U.S.$” means the lawful currency of the United States of
America; and 
 “Unallocated Bullion Account Agreement” means the agreement between the Trust and the Custodian which
establishes the Fund Unallocated Account. 

  
 19 

 Part 6 

Additional Acknowledgments and Covenants 
  

	(a)	Party B Acknowledgements. Each of Party B and its successors in title acknowledges and agrees that: 

  

	 	(i)	Party B and its successors in title shall have sole responsibility for each of the following: 

  

	 	(A)	the establishment, structure or choice of assets of Party B (including without limitation for any costs in relation to the establishment of Party B); 

 

	 	(B)	the selection of any person performing services for or acting on behalf of Party B; 

  

	 	(C)	the economic terms or suitability of any Transaction; 

  

	 	(D)	the preparation of or passing on the disclosure and other information contained in the Prospectus or any other agreements or documents used by Party B or any other party in connection with the marketing and sale of
Shares; 

  

	 	(E)	the ongoing operations and administration of Party B, including the furnishing of any information to Party B which is not specifically required under the agreements to which Party A is party; or 

 

	 	(F)	any other aspect of the existence of Party B except for those matters specifically identified in this Agreement. 

For the avoidance of doubt, Party A shall have no responsibility under this Agreement or otherwise for any such matter. 

 

	 	(ii)	Shares represent obligations of Party B only and do not represent an interest in or obligation of Party A by virtue of this Agreement. No recourse may be had under this Agreement by the holders of Shares against Party A
or its assets with respect to the Shares. 

  

	 	(iii)	The Shares have been structured and are being marketed or promoted by Party B and any service providers Party B engages to assist with marketing or promotion, and Party A has had and has no involvement in either of
these processes other than in its capacity as an Authorized Participant where applicable. 

  

	 	(iv)	Party A’s involvement with the development of the Shares is limited to its roles as a Party to this Agreement and the Transactions. 

 

	(b)	Additional Party B Covenants.  

  

	 	(i)	Party B undertakes to comply with and perform its obligations and undertakings under the Platform Documents. 

  

	 	(ii)	Party B undertakes that it will not publish or distribute any written advertising materials (including without limitation internet advertising materials) relating to Shares other than in accordance with all applicable
laws and it will not publish or distribute any offering or advertising materials which include any content relating to Party A or any of its Affiliates unless Party A has previously approved the content and form of such materials.

 

	 	(iii)	Party B shall not, and shall require that each Authorized Participant does not, represent or suggest to any potential investors in or distributors of Shares that either Party A or any of its Affiliates has structured
Shares or provided any advice or information in respect of Shares. 

  

	 	(iv)	For so long as any Shares are outstanding, Party B undertakes to provide to Party A, promptly upon Party A’s request, such information as Party B is required to deliver to the Trustee or any applicable regulator.

  
 20 

	 	(v)	For so long as any Shares are outstanding, Party B undertakes to promptly (and, in any event, within two (2) Local Business Days) procure that the Bank of New York Mellon, as Administrator of the Fund, provide notice to
Party A of the Creation and Redemption (each such term as defined in the Prospectus) of Shares. 

  

	 	(vi)	For so long as any Shares are outstanding, Party B undertakes to notify Party A in writing as soon as reasonably practicable if Party B is in breach of this Agreement. 

 

	 	(vii)	For so long as any Shares are outstanding, Party B undertakes to notify Party A in writing as soon as reasonably practicable in the event that Solactive AG or The Bank of New York Mellon is in breach of any of their
respective obligations under the Platform Documents. 

  

	 	(viii)	Party B undertakes not to incur or permit to subsist in respect of any Bullion any indebtedness for borrowed money, lien, claim, charge or encumbrance over such Bullion, and not to give any guarantee or indemnity in
respect of indebtedness of any person;[ provided, however, Party B may borrow from the Custodian, an amount of Bullion not exceeding one Good Delivery Bar (as such term is defined in accordance with the Good Delivery
Rules of the Market Association for Bullion in place from time to time) to ensure that Shares are fully backed by Bullion.] 

  

	 	(ix)	Party B undertakes not to undertake any business save for the Creation and Redemption of Shares, the acquisition and disposal of Bullion, entering into Transactions, and entering into all other documents necessary for
the purposes of the Shares (which includes documents appointing officers, administrators, registrars and advisers) and performing its obligations and exercising its rights thereunder. 

 

	 	(x)	Party B undertakes not to have any employees. 

  

	 	(xi)	Party B undertakes not to consolidate or merge with any other person or convey or transfer all, or substantially all, of its assets to any person. 

 

	 	(xii)	Party B undertakes not to permit the validity or effectiveness of this Agreement to be modified, terminated or discharged. 

  

	 	(xiii)	Party B undertakes not to have any subsidiaries or controlled Affiliates. 

  

	 	(xiv)	Party B undertakes to procure that the Bullion it holds is at all times maintained in a manner so that it is readily distinguishable from the property attributable to any other person, provided, however, Party B may
hold Bullion in the Fund Unallocated Account for the amount of time necessary to effect transactions for the Fund. 

  

	 	(xv)	Party B undertakes not to open any bank account other than as contemplated in the Prospectus. 

  

	(c)	Indemnification of Party A. 

  

	 	(i)	Party B agrees to indemnify and hold harmless Party A, its directors, officers, employees, agents and affiliates, and each person, if any, who controls Party A within the meaning of either Section 15 of the Securities
Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), from and against any losses, claims, damages and liabilities, including, without limitation, any reasonable legal fees and other
out-of-pocket costs and expenses incurred in connection with investigating, preparing for and responding to third party subpoenas, as such expenses are incurred, or other expenses incurred by Party A in connection with defending or investigating any
action or claim to which they or any of them may become subject (the “Legal Fees”), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) involve matters contemplated under this Agreement, the Index,
or related to any Transaction and arise out of, are based upon or arise in connection with any untrue or misleading statement of any material fact contained in the Prospectus, or any of the other reports, financial statements, certificates or other
information furnished by or on behalf of Party B to Party A on or prior to the date of this Agreement, or arise out of, are based upon or arise in connection with the omission to state therein a material fact necessary in order to make the
statements therein, in the light of the circumstances in which they were made, not misleading. 

  
 21 

	 	(ii)	Party B will not, however, be liable under the foregoing indemnification provision for losses, claims, damages or liabilities (or actions in respect thereof) that have resulted from the negligence or willful misconduct
of Party A or its directors, officers, employees, agents and affiliates and in these circumstances Party A shall reimburse Party B for all losses, claims, damages, liabilities, and Legal Fees or other expenses previously paid by Party B to Party A.

  

	 	(iii)	Party B’s obligations pursuant to this Part 6(c) (Indemnification of Party A) shall inure to the benefit of any successors and assigns of each indemnified party. The obligations of Party B hereunder shall be
in addition to any rights that any indemnified party may have at common law or otherwise. 

 Part 7 

Authorized Participants 
  

	(a)	Appointment of Authorized Participants. Party B may appoint as an Authorized Participant: 

  

	 	(i)	Party A or any Affiliate of Party A; or 

  

	 	(ii)	any other person provided that this Part 7 is complied with in respect of such appointment, in addition to any other process or criteria as may apply from time to time. 

 

	(b)	Notification of new Authorized Participant. Party B shall promptly, and in any event no less than [ten (10)] Local Business Days prior to signing an Authorized Participant Agreement, provide notice to
Party A of the names and addresses of each person whom Party B proposes should become an Authorized Participant and shall provide (or shall procure that Party A is provided with) such information as Party A may acting in good faith require (the
“KYC information”) in order to consider whether or not the appointment of such proposed person as an Authorized Participant is appropriate. In the event that Party A in good faith objects to the appointment of any such Authorized
Participant, Party A shall advise Party B of the rejection as soon as practicable and no later than [five (5)] Local Business Days after receiving the KYC information and Party B shall cease the appointment of that Authorized Participant.

  

	(c)	Removal of Authorized Participant on notice. If, during the term of appointment of any Authorized Participant, Party A determines in good faith that such Authorized Participant is no longer an
appropriate Authorized Participant due to their being a regulatory or reputational circumstance regarding that Authorized Participant which is beyond the control of either of the Parties to mitigate, then Party A shall provide notice of such to
Party B, including evidence of the issue (subject to any confidentiality or regulatory restrictions regarding disclosure); and thereafter, Party B shall terminate such Authorized Participant Agreement as soon as reasonably practicable (but, in any
event, within ten (10) Local Business Days) of receipt of such notification from Party A. 

  

	(d)	Cessation of appointment. Party B undertakes to notify Party A in writing as soon as reasonably practicable whenever an Authorized Participant ceases to be an Authorized Participant. 

Part 8 
 Provisions in
respect of Daily Delivery Amounts 
  

	(a)	Procedures for Confirming Transactions. On each and every Index Business Day, Party B shall procure that the Index Sponsor will in good faith and with reasonable due diligence calculate the
value of the Index prior to 5:30 a.m. New York time and provide the value of the Index to Party A by no later than 5:30 a.m. New York time. 

  

	(b)	Adjustment Notice. On each Pricing Day Party A shall in good faith and with reasonable due diligence calculate the Daily Delivery Amount, the Aggregate Delivery Amount and the True-up Amount and provide
the same to Party B as part of an Adjustment Notice in substantially the form set forth in Appendix III by 06:30 a.m. New York time.

  
 22 

 Each Adjustment Notice, when taken with the Master Confirmation, shall be deemed to be a
“Confirmation” in respect of an individual Transaction for the purposes of this Agreement; provided that Party A shall have (and Party B shall procure that Party A has) the dispute rights detailed further below in relation to any
Index calculations or determinations, including (i) the Index and any values or other determinations and calculations in respect thereof; (ii) the Swap Formulae as set out in Appendix II hereto; and (iii) calculation of the values for the
purposes of the Adjustment Notice.
 Party B shall promptly review any Adjustment Notice received from Party A and shall notify Party A
promptly, but in any event no later than 08:00 a.m. New York Time, if it objects to any calculation therein. In the case of any objection the Parties shall use commercially reasonable efforts to resolve any dispute promptly and no later than 12:00
p.m. noon New York time on such day. If the Parties are unable to resolve such dispute, then the Parties shall select an independent Substitute Dealer to make such calculation by 01:00 p.m. New York time on such day. The cost of such Substitute
Dealer shall be borne equally by the Parties. If the Parties are unable to agree on and appoint a Substitute Dealer, then each Party shall appoint one (1) Substitute Dealer, and those two (2) Substitute Dealers shall jointly appoint a third (3rd) Substitute Dealer to be the Substitute Dealer by 02:00 p.m. New York time on such day. 
  

	(c)	Dispute rights of Party A. Party A, acting in good faith and in a commercially reasonable manner, may dispute a calculation or determination made in respect of the Index by the Index Sponsor (an
“Index Disputed Matter”) by providing a written notice to Party B that specifies in reasonable detail (i) the nature of the objection and (ii) an alternative calculation or determination (“Index Objection Notice”)
not later than the close of business on the Local Business Day immediately following receipt of such calculation or determination.

If the Index Disputed Matter is not resolved by 12:00 p.m. (New York time) on the Local Business Day following the date on which an Index
Objection Notice is timely delivered by Party A (the “Informal Index Resolution Date”), then three (3) Substitute Dealers shall be appointed no later than 05:00 p.m. (New York time) on the Informal Index Resolution Date (the
“Initial Index Appointment Deadline”), each to make a determination or calculation as to the Index Disputed Matter as promptly as practicable, but no later than 05:00 p.m. (New York time) on the second (2nd) Local Business Day following its appointment as a Substitute Dealer (the “Index Determination Deadline”).

If the Parties are unable to agree on and appoint three (3) Substitute Dealers by the Initial Index Appointment Deadline, then Party A and
Party B shall each appoint one (1) Substitute Dealer, and those two (2) Substitute Dealers shall jointly appoint a third (3rd) Substitute Dealer by 12:00 p.m. (New York time) on the first (1st) Local Business Day following the Informal Index Resolution Date (the “Final Index Appointment Deadline”). If for any reason the Parties are unable to appoint three (3)
Substitute Dealers pursuant to the foregoing by the Final Index Appointment Deadline, then the Index Sponsor’s original calculation or determination in respect of the Index Disputed Matter shall control. 

In the event that no more than one (1) Substitute Dealer provides a response as to the Index Disputed Matter by the Index Determination
Deadline, the Index Sponsor’s original calculation or determination in respect of the Index Disputed Matter shall control. In the event that two (2) or three (3) Substitute Dealers provide a response as to the Index Disputed Matter by the Index
Determination Deadline:
  

	 	(i)	if those responses are susceptible to the determination of an arithmetic mean, the arithmetic mean of such responses shall be binding in respect of the Index Disputed Matter, absent manifest error; or 

 

	 	(ii)	 if those responses are not susceptible to the determination of an arithmetic mean, then: (1) if the majority of
the responding Substitute Dealers provided the same response, such response shall be binding in respect of the Index Disputed Matter, absent manifest error; or (B) if the majority of the Substitute Dealers did not provide the same response, the
responding Substitute Dealers will jointly appoint a fourth (4th) Substitute Dealer (the “Resolver”), and the Resolver will select within two (2) Local Business Days from the
responses originally provided by the responding Substitute Dealers, with the selected response being binding on in respect of the Index Disputed 

  
 23 

	 	
Matter, absent manifest error. By way of example and without limiting the phrase, the following are not susceptible to the determination of an arithmetic mean: (x) responses as to whether or not
an event has occurred and (y) responses in which different terms of the Transaction are proposed to be adjusted. 

 The Parties
shall pay any costs of the Substitute Dealers equally. Notwithstanding any other provision in this Agreement, the relevant Party shall make payment or delivery of all undisputed amounts in accordance with the terms of this Agreement. All
payments or deliveries with respect to disputed amounts resolved in accordance with the foregoing shall be made as promptly as practicable after such dispute is resolved, but in no event later than 10:00 a.m. (New York time) on the first (1st) Local Business Day following the date on which the dispute is resolved. For purposes of any payment or delivery made in accordance with the preceding sentence, Section 5(a)(i) of this
Agreement shall be amended by deleting “if such failure is not remedied on or before the third (3rd) Local Business Day after notice of such failure is given to the party”. 

 

	(d)	Aggregate Delivery Amount. On each Pricing Day, an aggregate delivery amount (the “Aggregate Delivery Amount”) shall be calculated in respect of all Transactions, being the sum of:

  

	 	(i)	the Daily Delivery Amount; and 

  

	 	(ii)	the amount (if any) of the Aggregate Delivery Amount carried forward from the preceding Pricing Day and comprising any amount not delivered as a result of such preceding Pricing Day not being a DDA Delivery Date; and

  

	 	[(iii)	the True-Up Amount (if any)] 

 For the avoidance of doubt, each of the carried forward Aggregate
Delivery Amount, True-Up Amount and the Daily Delivery Amount may be positive or negative. Party A shall include the relevant Aggregate Delivery Amount on each Adjustment Notice. 

 

	(e)	Delivery Amount Payer and Delivery Amount Receiver. Subject to the terms of the Master Confirmation, this Agreement and the following provisions of this Part 8(d), where the Aggregate Delivery Amount
(calculated in accordance with Part 8(c) above) in respect of a particular Transaction and DDA Delivery Date is: 

  

	 	(i)	a positive amount, such amount in Bullion shall be due from Party A to Party B on the DDA Delivery Date; or 

  

	 	(ii)	a negative amount, the absolute value in Bullion shall be due from Party B to Party A on the DDA Delivery Date, 

the Party from whom such Aggregate Delivery Amount is due being the “Delivery Amount Payer” and the Party to whom such
Aggregate Delivery Amount is due being the “Delivery Amount Receiver”. 
  

	(f)	Delivery of Aggregate Delivery Amount. On each DDA Delivery Date the Delivery Amount Payer shall Deliver or procure Delivery of the Aggregate Delivery Amount then outstanding to the Delivery Amount
Receiver (calculated to three (3) decimal places). 

  

	(g)	Final Delivery Amount. On and following the occurrence of an Early Termination Date, any Aggregate Delivery Amount then outstanding and undelivered on and including such Early Termination Date and
attributable to the relevant Terminated Transaction or group of Terminated Transactions, as the case may be, on such date the (“Final Delivery Amount”) shall continue to be Delivered on each successive DDA Delivery Date until no
further Aggregate Delivery Amount remains outstanding. On and from the occurrence of an Early Termination Date in respect of all (but not some only) Transactions, unless the Parties otherwise agree, no further Transactions shall be entered into
under this Agreement. 

  

	(h)	 Delivery Free of Encumbrances etc. Any Bullion Delivered under this Agreement shall be of all
rights, title and interest in the Bullion such that the Bullion vests in the relevant transferee free and clear of any Encumbrance or any other interest of the relevant transferor or of any third person. For these purposes “deliver”,
“redeliver” and any derivations thereof, shall be construed accordingly. Nothing in this 

  
 24 

	 	
Agreement is intended to create or does create in favor of either Party any Encumbrance or any other interest in any unallocated or allocated Bullion transferred by one Party to the other Party
under the terms of this Agreement. 

  

	(i)	General Delivery and Payment Provisions. Unless otherwise agreed all amounts of Bullion shall be Delivered by or on behalf of either Party into the account(s) specified by the Parties under this Agreement
or where relevant the Unallocated Bullion Account Agreement in respect of such Delivery. 

 Without prejudice to the provisions
of this Agreement, all Bullion deliverable under this Agreement shall be Delivered without set-off or counterclaim (other than any set-off expressly contemplated by this Agreement). 

Any obligation which is required to be settled by payment or Delivery on any Business Day under this Agreement but which is not discharged on
that Business Day shall accrue interest at the Funding Rate from and including that Business Day, and shall cease to accrue interest on the date on which such obligation is discharged in accordance with this Agreement. In the case of an obligation
to pay monies, interest will accrue on the amount which is due and payable but unpaid and in the case of an obligation to Deliver Bullion interest will accrue on the USD value of such Bullion determined according to the Bullion/U.S. Dollar Exchange
Rate at the relevant time. Provided that, any such interest which has accrued in accordance with this paragraph shall be payable in Bullion. 
  

	(j)	True-up Amount.

 Party A shall calculate the True-up Amount on each New York
Business Day and inform Party B of such calculation as part of the Aggregate Delivery Amount in accordance with Part 8(d).

  
 25 

 EXHIBIT I 

DODD-FRANK COUNTERPARTY NOTIFICATION 

Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) introduced wide-ranging measures designed to
introduce transparency and accountability to the swaps markets. Many of these measures are in effect at this time and additional measures may come into effect in the future. While many of these measures, such as swap data reporting and
recordkeeping, clearing and mandatory trading, have broad applicability, a significant number of rules impose new requirements on the newly created registrant categories of swap dealers and major swap participants that must register with the
Commodity Futures Trading Commission (“CFTC”). These measures, including the external business conduct standards rule,1 require swap dealers to provide notifications to you
as the swap counterparty. The purpose of this counterparty notification (“Counterparty Notification”) is to provide you with the required notifications to enable us to offer and engage in “Swaps” 2 activity with you (as defined in the Commodity Exchange Act (“CEA”) and the relevant rules of the CFTC). To the extent that you are acting as agent on behalf of any clients,
investors, funds, accounts and/or other principals (“Counterparties”) that have one or more swap transactions or swap master agreements outstanding with any of the entities listed at the end of this notification, this
Counterparty Notification is being provided to these Counterparties by delivery to you on their behalf. 
 This Counterparty Notification is a necessary
step toward Dodd-Frank compliance. To meet additional Dodd-Frank requirements, we may in the future provide you with additional notifications or request certain representations, consents or information from you. Certain Dodd-Frank requirements may
be addressed by adherence to industry-wide protocols, such as the ISDA August 2012 DF Protocol published by the International Swaps and Derivatives Association, Inc. (“ISDA”) and subsequent ISDA protocols. We strongly urge
you to adhere to all available ISDA protocols, if you have not yet done so, as these protocols will be the most efficient way to ensure Dodd-Frank compliance and will result in the least disruption to our swap trading relationship. We will
continue to provide you with additional Counterparty Notifications as further regulatory measures are finalized and become effective. 
 We kindly request
that you carefully review this Counterparty Notification. 
 NOTIFICATIONS TO ALL COUNTERPARTIES 

 

	1.	Manner of Party Communications; Disclosures including Risks, Characteristics and Economic Terms; Daily Marks. In order to effectively execute Swaps with you in a manner consistent with
our responsibilities as a swap dealer, we intend to communicate any required notifications, disclosures and other information, including standardized notifications and disclosures applicable to multiple Swaps, through any of the following means:

  

	 	(a)	via mail, email or fax; or 

  

	 	(b)	by posting on a web page at, or accessible through (i) for disclosures, including material risks, characteristics, and material economic terms, https://vtm.bankofamerica.com/vtm/Home.do; or (ii) for daily marks,
https://vtm.bankofamerica.com/vtm/Home.do (together with logon credentials communicated to you via the means specified in (a) above, as well as any agreement to access or use the informational or other services of such website, if access is
restricted); provided that: 

  

	 	(i)	communications with respect to price, pre-trade mid-market marks, basic material economic terms and other material characteristics of a Swap may be communicated by personal communications (whether in person, by
telephone or through electronic communication networks or systems) or pursuant to the means specified in (a) or (b) above, provided further that any oral disclosures are confirmed by us in writing; 

 

	1 	Business Conduct Standards for Swap Dealers and Major Swap Participants with Counterparties, 77 Fed. Reg. 9734 (Feb. 17, 2012). 

	2 	As used in this Counterparty Notification, “Swap” also means any material amendment, mutual unwind or novation of an existing Swap, as well as any guarantee of a swap. 

  
 26 

	 	(ii)	we may post your daily marks to our website without providing you with separate notices of each posting; and 

  

	 	(iii)	disclosures provided pursuant to the means specified in (b) above will apply to any Swap we may execute with you unless we notify you otherwise pursuant to the means specified in (a) above. 

For more information on accessing daily marks and other disclosures, or to obtain the relevant login information, please contact Client
Valuations at: 
 us_otc_client_valuation@bankofamerica.com or 1.980.388.3058 

 

	2.	Telephone Recording. CFTC regulations require us to record and retain telephone conversations of our trading, marketing, operations and other relevant personnel in connection with any Swap or proposed
Swap. We hereby notify you that we will record, and retain copies of, such conversations, with or without the use of a warning tone or similar warning, in connection with any Swap or proposed Swap. We may ask you to provide consent of your personnel
should such consent be required by applicable law. 

 We appreciate your attention to this matter, and we look forward to continuing our
relationship with your firm. 

  
 27 

 APPENDIX I 

Form of Master Confirmation 
 MASTER
CONFIRMATION 
  

			
	Date:	  	[●]
		
	To:	  	WORLD CURRENCY GOLD TRUST (the “TRUST”), a Delaware statutory trust, acting in respect of LONG DOLLAR GOLD TRUST (the “FUND”) (being “Party B”)
		
	Email:	  	[●]
		
	From:	  	MERRILL LYNCH INTERNATIONAL, a company organized under the laws of England and Wales (being “Party A”)
		
	Email:	  	[●]@baml.com
		
	Re:	  	Master Confirmation of Transaction
		
	MLI Reference:	  	[●]

 The purpose of this letter (this “Master Confirmation”) is to confirm the terms and conditions of the
Transaction entered into between Party A and Party B on the Trade Date specified below (the “Transaction”). This Master Confirmation supplements, forms part of and is subject to, the ISDA Master Agreement dated as of [●],
2016, as amended and supplemented from time to time (the “Agreement”), between Merrill Lynch International (“Party A”) and Long Dollar Gold Trust, a series of World Currency Gold Trust (“Party B”).
All provisions contained in the Agreement govern this Master Confirmation except as expressly modified below. 
 The definitions and provisions contained in
the 2006 ISDA Definitions (the “2006 Definitions”) and the 2005 ISDA Commodity Definitions, including the Sub-Annexes thereto, all as amended, supplemented, updated, and restated from time to time (the “Commodity
Definitions”) (as published by the International Swaps and Derivatives Association, Inc.) (“ISDA”) (collectively, the “Definitions”) are incorporated into this Confirmation. In the event of any
inconsistency between the Definitions and the terms of this Confirmation, this Confirmation will prevail. 
 This Confirmation evidences a complete and
binding agreement between MLI and Counterparty as to the terms of the Transaction to which this Confirmation relates. Unless expressly defined in this Confirmation, defined terms herein shall have the same definition as set out in the ISDA. 

[Maximum Delivery Amounts: 
  

	(a)	Daily Maximum Bullion Delivery Value. This Master Confirmation shall provide for Transactions on any one Pricing Day up to but not exceeding the Daily Maximum Bullion Delivery Value. In the event that the
Aggregate Delivery Amount on any one Pricing Day exceeds the Daily Maximum Bullion Delivery Value; then Party A shall be entitled to refuse to accept to enter into any further Transactions hereunder in respect of that Pricing Day. 

 

	(b)	Aggregate Maximum Bullion Delivery Value. This Master Confirmation shall provide for Transactions up to but not exceeding the Aggregate Maximum Bullion Delivery Value. In the event that the cumulative
Aggregate Delivery Amount for all Transactions entered into under this Master Confirmation exceeds the Aggregate Maximum Bullion Delivery Value; Party A shall be entitled to refuse to accept to enter into any further Transactions hereunder.

 Where: 
 “Daily Maximum Bullion
Delivery Value” means [USD 250,000,000 (two-hundred-fifty-million)], where the Aggregate Delivery Amount in respect of Transactions on any one Pricing Day shall have been converted into a USD value using the Bullion/U.S. Dollar Exchange
Rate on the relevant Pricing Day; and 
 “Aggregate Maximum Bullion Delivery Value” means [USD 5,000,000,000 (five billion)], where the
cumulative Aggregate Delivery Amount in respect of all Transactions entered into under this Master Confirmation shall have been converted into a USD value using the Bullion/U.S. Dollar Exchange Rate on the relevant Pricing Day. 

For the avoidance of doubt, each of the above limits shall operate severally and not jointly. And provided that, in the event the these provisions
shall apply, the Parties shall enter into discussions with a view to agreeing between them the terms of a new Master Confirmation and a new Daily Maximum Bullion Delivery Value and Aggregate Maximum Bullion Delivery Value which shall apply to that
Master Confirmation.] 
 Term of this Master Confirmation. This Master Confirmation shall continue in effect for a period of [two] years (the
“Term”) from the date of the Agreement (the “Confirmation Expiration Date”). Either Party shall be entitled, at least [six (6) calendar month’s] prior to the Confirmation Expiration Date, to serve upon the
other Party a notice in writing (“Confirmation Extension Notice”) requesting that the Term be extended. 

  
 28 

 In the event that neither Party serves upon the other an Confirmation Extension Notice, this Master Confirmation
shall cease to be in effect as and from the Confirmation Expiration Date and no further Transactions shall be entered into hereunder. In the event that either Party has served upon the other a Confirmation Extension Notice, then this Master
Confirmation shall continue in effect for an additional [two] years (the “Confirmation Extension Period”) on substantially the same terms, but including any such additional terms as the Parties may between them agree, acting
reasonably, during the period between date on which the Confirmation Extension Notice is given until the Confirmation Expiration Date; provided that if the Parties cannot agree any such additional terms during that period, this Master Confirmation
shall automatically continue to apply, on the same terms, as between the Parties from the Confirmation Expiration Date until such time as the Parties reach agreement on any such additional terms. These same provisions shall apply to the first such
Confirmation Extension Period and to any subsequent Confirmation Extension Period, and so on and so forth. 
  

			
	Commercial Terms
		
	General:	  	
		
	Trade Date:	  	
		
	Commodity:	  	Gold Bullion (as defined in the Commodity Definitions)
		
	Effective Date:	  	Trade Date
		
	Termination Date:	  	In respect of each Transaction, the DDA Delivery Date or final delivery in respect of such Transaction, if later.
		
	Delivery Dates:	  	Each DDA Delivery Date for Bullion applicable to the Transaction and, only to the extent necessary to discharge any Final Delivery Amount attributable to the relevant Transaction, each such DDA Delivery Date following an Early
Termination Date.
		
	Term:	  	In respect of each Transaction, the period commencing on the Effective Date and ending on the Termination Date.
		
	Business Day:	  	[London, New York]
		
	Calculation Agent:	  	As per the Agreement. Whenever the Calculation Agent is required to act, it will do so in good faith and in a commercially reasonable manner and its determination and calculations shall be binding in the absence of manifest
error.
		
	Price Source:	  	The Index Sponsor (or its successor).
		
	Pricing Day:	  	As per the Agreement.
		
	Initial Price:	  	Not Applicable
	
	Delivery Amount Details:
		
	Daily Delivery Amount:	  	Calculated pursuant to Appendix II of the Agreement and set forth on the Adjustment Notice for the relevant Transaction.
		
	Aggregate Delivery Amount:	  	As per the Adjustment Notice for the relevant Transaction.
		
	True-Up Amount:	  	As per the Adjustment Notice for the relevant Transaction.
		
	Delivery Amount Payer:	  	As per the Adjustment Notice for the relevant Transaction.
		
	Delivery Amount Receiver:	  	As per the Adjustment Notice for the relevant Transaction.
		
	Delivery Account Details:	  	As per the Adjustment Notice for the relevant Transaction.
		
	Swap Fee Details:	  	
		
	Swap Fee Amount Payer:	  	Party B

  
 29 

			
	Swap Fee Amount:	  	The Swap Fee Amount shall be reflected in the Daily Delivery Amount set forth in the Adjustment Notice for the relevant Transaction and for purposes of Appendix II to the Agreement, the Swap Spread used in the formulae contained
therein shall be [●].
	
	Provisions relating to Market Disruption:
		
	Market Disruption Events:	  	For the purposes of this Master Confirmation and any Transaction, the “Market Disruption Events” specified for the purposes of the provisions of Section 7.4 of the Commodity Definitions shall not apply, and shall be
replaced with the following “Market Disruption Events” as set out below:
		
		  	 (i)       Price Source Disruption;

 
 (ii)      Hedging
Disruption/Change in Law; and
  

(iii)     Bullion Settlement Disruption.

 
 For the avoidance of doubt, no “Additional Market Disruption Events” shall
apply.

		
		  	The following definitions shall apply for the purposes of the “Market Disruption Events” set out above:
		
		  	“Price Source Disruption” means in respect of any Pricing Day and the Index, either: (i) the Index is not published and available on the relevant display page of the Bloomberg or Reuters Monitor Money Rates service,
or any successor at 5:00 p.m. London time on such Pricing Day; or (ii) the Calculation Agent determines that the level of the Index displayed on the relevant display page of the Bloomberg or Reuters Monitor Money Rates service, or any
successor, on such Pricing Day is manifestly incorrect.
		
		  	 “Hedging Disruption/Change in Law” means that, in relation to a Transaction:

 
 (i)       (A)
due to the adoption, enactment, ratification or promulgation of or any change in any applicable law or regulation (including, without limitation, any tax law), or (B) due to the promulgation of or any change in the interpretation by any court,
tribunal or regulatory authority of any applicable law or regulation (including any action taken by a taxing authority), Party A determines acting in good faith and in a commercially reasonable manner that it has become impossible or impracticable
for Party A to hold; acquire or dispose of any Hedge Position relating to such Transaction; or
  

(ii)      Party A determines acting in good faith and in a commercially reasonable
manner that it is unable, after using commercially reasonable efforts, to (A) acquire, establish, re-establish, substitute, maintain, unwind or dispose of any Hedge Position relating to such Transaction, or (B) realize, recover or remit the proceeds
of any such transaction(s) or Hedge Position (and for this purpose Party A and Party B acknowledge and agree that a Hedging Disruption/Change in Law will occur under this sub-paragraph (ii) if Party A determines in good faith and in a commercially
reasonable manner that it is unable, after using commercially reasonable efforts, to do either or both of (A) and (B) above in New York notwithstanding that Party A may be able to do so in another location or jurisdiction); or

 
 (iii)     For any reason
or cause whatsoever: (a) Party A will incur a materially increased cost in performing its obligations under such Transaction (including, without limitation, due to any increase in tax liability, decrease in tax benefit or other adverse effect on its
tax position) in any jurisdiction in which Party A chooses to perform its obligations under such Transaction which must also be one or more of the following jurisdictions: United States of America, United Kingdom, Japan, Hong Kong and any other
jurisdiction which is the issuer of a Currency used in the Index, or any other jurisdiction notified by Party A to Party B from time to time in connection with which Party B has provided its consent (such consent not to be unreasonably withheld or
delayed); (b) Party A has notified Party B or Party B’s agent by e-mail or fax (and in the case of notification to Party B’s agent only, confirmed by telephone) within one Local Business Day of a Party A Relevant Person becoming aware of
such materially increased cost of (i) such materially increased cost, (ii) the date from which such materially increased cost would become applicable, and (iii) the revised terms of the relevant Transaction which would compensate Party A for such
materially increased cost (as determined by Party A in a commercially reasonable manner); and (c) Party B does not agree to such revised terms or fails to respond to Party A in connection with such revised terms by the Notification Time. For the
purposes of this sub-clause (c), “Notification Time” means six hours following the time of receipt of

  
 30 

			
		  	 notification by Party B or Party B’s agent, as applicable, in accordance with (b) above or, if later, 10:00 a.m.
(London time) on the Local Business Day falling immediately prior to the date specified in the notification referred to in (b) (ii) above as the date from which the materially increased cost set out therein will become applicable; provided that, if
the date on which the notification referred to in (b) above is received by Party A falls on or after the Local Business Day falling immediately prior to the date set out in that notification as the date from which the materially increased cost will
become applicable, the Notification Time shall be 60 minutes following the time of receipt of notification by Party B or Party B’s agent, as applicable, in accordance with (b) above or, if later, 2:30 pm (London time) on that day.

 
 If a Hedging Disruption/Change in Law does not occur on account of Party B agreeing to the
revised terms of the relevant Transaction as notified in accordance with (b) above but Party B subsequently gives written notice that it no longer wishes to continue that Transaction on such revised terms to Party A prior to 10:00 a.m. (London
time) on a Local Business Day; then a Hedging Disruption/Change in Law will occur on that Local Business Day.
  

For this purpose:
  

“Hedge Positions” means any purchase, sale, entry into or maintenance of one or more (i) foreign exchange positions or contracts or (ii)
Bullion positions; or (iii) any other instruments or arrangements (howsoever described), in each case by Party A in order to hedge, individually (in whole or in part) or on a portfolio basis, the Transaction. Without limitation to the
generality of the foregoing , it is acknowledged and agreed that Party A may enter into Hedge Positions traded in locations outside its jurisdiction of incorporation (including, without limitation, New York) and/or through affiliates located outside
Party A’s jurisdiction of incorporation (including, without limitation, New York). Inability to enter into such Hedge Positions may result in a Hedging Disruption/Change in Law occurring; and

 
 “Party A Relevant Person” means an employee of Party A with the position
of Vice-President, Executive Director or Managing Director (or other substantively equivalent title) of Party A and who is directly involved in or has responsibility for the trading or administration of Transactions at the time that such employee
becomes aware of the relevant increased cost.

		
		  	 “Bullion Settlement Disruption” means, in respect of the Index and a Transaction, that: (i) an Aggregate Delivery Amount
relevant to such Transaction is not deliverable on the day which would have been the DDA Delivery Date applicable to that Aggregate Delivery Amount on account of such day being a Bullion Settlement Disruption Day the (“Scheduled Delivery
Date”); and (ii) each of the four immediately following Bullion Business Days is also a Bullion Settlement Disruption Day in respect of the applicable Bullion. The date of the occurrence of a Bullion Settlement Disruption shall be such
fourth Bullion Business Day immediately following the Scheduled Delivery Date.
  
 A
“Bullion Business Day” for this purpose shall be a Business Day on which the market operated by the Market Association for Bullion is open for the transaction of business.

		
	Disruption Fallbacks:	  	 For the purposes of this Master Confirmation and any Transaction, the “Disruption Fallbacks” specified for the purposes of the
provisions of Section 7.5 of the Commodity Definitions shall not apply, and shall be replaced with the following “Disruption Fallbacks” as set out below:
  

(i)       For the purposes of a “Price Source Disruption”, the
“Disruption Fallback” shall be “Fallback Reference Price”.
  

(ii)      For the purposes of a “Hedging/Change in Law Disruption”, the
“Disruption Fallback” shall be “Hedging Disruption/Change in Law Termination”.
  

(iii)     For the purposes of a “Bullion Settlement Disruption”, the
“Disruption Fallback” shall be “Cancellation and Payment”.

		
		  	The following definitions shall apply for the purposes of the “Disruption Fallbacks” set out above:
		
		  	“Fallback Reference Price” means, in relation to a Price Source Disruption and a Pricing Day, that the Calculation Agent will determine the “Closing Level” (being the closing level of the Index determined
in accordance with the Index Rules in respect of such Pricing Day) as: (a) the Closing Level of the Index as displayed on the relevant display page of the Reuters Monitor Money Rates Service, or any successor at 5:00 p.m. London time on the relevant
Pricing Day; or (b) if such Closing Level is not so displayed at such time or the Calculation Agent determines that the level of the Index as so displayed is manifestly incorrect the Closing Level of the Index in respect of such Pricing Day as may
be notified to the Calculation Agent at its request by the

  
 31 

			
		  	Index Provider on and in respect of such Pricing Day. In the event that the Index cannot be determined pursuant to the preceding sentence and if a Price Source Disruption continues for a period of five (5) consecutive Pricing
Days: (a) the Transaction will terminate on such fifth (5th) Pricing Day with immediate effect; (b) any Aggregate Delivery Amount then outstanding and undelivered on and including such Pricing Day
and attributable to the relevant Terminated Transaction on such date shall continue to be Delivered on each successive DDA Delivery Date until no further Aggregate Delivery Amount remains outstanding, in accordance with Part 8 of the Agreement as a
Final Delivery Amount; and (c) subject to the fulfilment of the Delivery of such Final Delivery Amount as per (b) above, each Party shall be discharged from all further obligations in respect of any Delivery or otherwise in respect of that
Transaction.
		
		  	“Hedging Disruption/Change in Law Termination” means, in respect of a Transaction which is subject to Hedging Disruption/Change in Law: (a) the Aggregate Delivery Amount determined in respect of the Pricing Day on
which Party A notifies Party B of the occurrence or existence of such Hedging Disruption/Change in Law shall be deemed to be the Final Delivery Amount in accordance with Part 8 of the Agreement in respect of the Transaction so affected; (b) the
Transaction shall terminate on such Pricing Day; and (c) subject to the fulfilment of the Delivery of such Final Delivery Amount as per (b) above, each Party shall be discharged from all further obligations in respect of any Delivery or otherwise in
respect of that Transaction.
		
		  	“Cancellation and Payment” If a Bullion Settlement Disruption occurs with respect to a Transaction then an Additional Termination Event will be deemed to occur without any notice or further action being required.
That Transaction shall be the sole Affected Transaction, the Early Termination Date shall be the date of the occurrence of the Bullion Settlement Disruption and the Party which (in the absence of the Bullion Settlement Disruption) would have been
required to make the relevant Delivery shall be the sole Affected Party. For the avoidance of doubt, the Early Termination Amount in respect of the aforementioned Additional Termination Event shall be payable in Bullion at such time as Bullion can
be delivered.
	
	Notice Provisions relating to Market Disruption:
		
	Notifications:	  	 For the purposes of this Master Confirmation and any Transaction, any notice provisions for the purposes of Section 7.4 and Section 7.5 of
the Commodity Definitions shall, to the extent that they are inconsistent herewith, not apply, and shall be replaced with the following.
  

Party A shall notify Party B in writing, in the manner provided for in this Agreement of:

 
 (i)       the
occurrence or anticipated occurrence of a Disruption Event in respect of the Index;
  

(ii)      the cessation of that Disruption Event; and

 
 (iii)     the
termination of any Transaction as a result of such Disruption Event,
  
 in each case
promptly upon becoming aware of the same.

	
	Additional Provisions:
		
	Business Day Convention:	  	[Following]
		
	Bullion Business Day Convention:	  	[Following]
		
	Offices:	  	 The Office of the Party A is: [●]
  

The Office of the Party B is: [●]

		
	Representations:	  	As per the Agreement.
		
	Contracts (Rights of Third Parties) Act 1999:	  	The Parties to this Transaction do not intend any of its terms to be enforceable pursuant to the Contracts (Rights of Third Parties) Act 1999 by any person other than the Parties themselves and, after any proper assignment, by such
permitted assignees.
		
	Recording of Conversations:	  	Each Party to this Transaction acknowledges and agrees to the recording of conversations between trading and marketing personnel of the Parties to this Transaction, whether by one or the other or both of the Parties or their
agents.
		
	Counterparts:	  	This Confirmation may be executed in one or more counterparts (including by facsimile), each of which when executed and delivered shall be deemed to be an original instrument and all of which when taken together shall constitute one
and the same agreement.

  
 32 

 This Confirmation supersedes and replaces any other deal acknowledgment or confirmation (including any electronic
or phone confirmation), if any, sent in connection with this Transaction on or prior to the date hereof, and any amendments, replacements or supplements to any electronic confirmation sent in connection with this Transaction after the date hereof.
Please acknowledge your acceptance or request for amendment to this Confirmation [as soon as possible (but in any event within [one day]) by email, fax or phone]. 
  

					
	MERRILL LYNCH INTERNATIONAL	 		 	WORLD CURRENCY GOLD TRUST, acting in respect of LONG DOLLAR GOLD TRUST
			
	  
	 		 	  

			
	Name:	 		 	Name:
			
	Title:	 		 	Title:

  
 33 

 APPENDIX II 

Swap Formulae 
  

	1.	Notional Settled 

 The Notional Settled on Business Day t-1 shall be an amount in ounces
of Bullion calculated in accordance with the following formula (rounded to 5 decimal places with 0.000005 being rounded up): 
  

 
 

 
 t-1 in respect of particular Business Day t, refers to the immediately preceding Business Day; 

NSt-1 is the Aggregate Metal Entitlement Settled on Business Day t-1; 

SESt-1 is the number of Shares settled on Business Day t-1 less the number of Shares
for which a Redemption Order has been received prior to Pricing Day t-1; 
 EMEt-1 is
the Estimated Metal Entitlement for Business Day t-1; 
  

	2.	Notional Unsettled 

 The Notional Unsettled on Business Day d is an amount in ounces of
Bullion calculated in accordance with the following formula (rounded to 5 decimal places with 0.000005 being rounded up): 
  

 
 

 
 NUd is the aggregate Notional Unsettled on Business
Day d for which a Creation Order was received on day T and for which Business Day t is the Settlement Date; 
 SEUd is the number of Shares on Business Day d for which a Creation Notice was received on Business Day T, and for which day t is the Settlement Date; 

EMEd is the Estimated Metal Entitlement for Business Day d; 

 

	3.	Estimated Metal Entitlement 

 The Estimated Metal Entitlement on Business Day t-1 is an
estimated quantity in ounces of Bullion per Share calculated in accordance with the following formula rounded to 5 decimal places with 0.000005 being rounded up): 

Where: 
  

 
 

 
  

			
	MEt-2	  	is the Metal Entitlement for Business Day t-2 as published by the Administrator on that day;
		
	D	  	number of calendar days between t-1 and t-2;
		
	TER	  	is the annual Total Expense Ratio as defined in the latest prospectus;
		
	SS	  	Swap spread as agreed in the ISDA
		
	IMt-1	  	refers to the index published in ounce terms on Business Day t-1.
		
	n	  	number of calendar days in which day t falls

  
 34 

	4.	Daily Marked-To-Market 

 The Daily Marked-To-Market is an amount in ounces of Bullion
determined using the following formulae (rounded to 5 decimal places with 0.000005 being rounded up): 
  
  

 
 t refers to the applicable Business Day; 

t-1 in respect of particular Business Day t, refers to the immediately preceding Business Day; 

MtMt is the Daily Marked-To-Market on Business Day t; 

TNSt-1 is the total of number of Shares settled and unsettled on Business Day t-1 less
the number of Shares for which a Redemption Order has been received prior to Pricing Day t-1; 
 EMEt-1 is the Estimated Metal Entitlement for Business Day t-1; 
 IMt refers to the index published in ounce terms on Business Day t 
 SS Swap spread
as agreed in the ISDA 
 D number of calendar days between t-1 and t-2 

n number of calendar days in which day t falls 

For the avoidance of doubt, on any day that is not an Index Business Day, the Daily Marked-to-Market will only be the Swap Spread. 

 

	5.	Daily Delivery Amount 

 The Daily Delivery Amount is an amount in ounces of Bullion
determined using the following formulae (rounded to 5 decimal places with 0.000005 being rounded up): 
  
  

 
 t refers to the applicable Business Day; 

t-1 in respect of particular Business Day t, refers to the immediately preceding Business Day; 

NSt-1 refers to Notional Settled on Business Day t-1 

T refers to a Business Day upon which a Creation Order is received; 

d represents each Business Day from and including T until but not including t; 

NUd is the aggregate Notional Unsettled on Business Day d for which a Creation Order
was received on day T and which for which Business Day t is the Settlement Date 

IMt refers to the index published in ounce terms on Business Day t. 

SS Swap spread 
 D number of
calendar days between t-1 and t-2 
 n number of calendar days in which day t falls 

The DDAt is settled on T+2 by 12:00pm EST 

  
 35 

	[5.	True-Up Amount 

 When the Fund receives orders for Shares prior to a day that is a New
York Business Day and a London Business Day (each as defined in the Index Rules), but which is not a Gold Business Day or an FX Basket Business Day (each as defined in the Index Rules), orders for Shares will be executed against the Index level
published on the next Index Business Day (as defined in the Index Rules). The True-up Amount shall be calculated as follows: 
  

 
 

 
 Where: 
  

			
	t	  	refers to the day that would be a New York Business Day and a London Business Day but would not be a Gold Business Day or an FX Basket Business Day following the day on which an order was received by the Fund;
		
	T	  	refers to the first Index Business Day following t;
		
	IT	  	refers to the Index level published on T;
		
	It	  	refers to the Index level published on the Index Business Day immediately preceding t;
		
	MEt	  	Metal Entitlement for t;
		
	ADJSt	  	Adjustment per Share for the orders received on the New York Business Day immediately preceding t;
		
	ADJOt	  	Adjustment per order for the orders received on the New York Business Day immediately prior to t.
		
	NSOt	  	Number of Shares for orders received on the New York Business Day immediately prior to Business Day t.

  
 36 

 APPENDIX III 

FORM OF ADJUSTMENT NOTICE 
  

			
	Adjustment Notice
		
	Date:	  	[●]
		
	To:	  	[●]
		
	From:	  	Merrill Lynch International (“MLI”); 2 King Edward Street; London, EC1A 1HQ; United Kingdom
		
	Reference:	  	[●]

 The purpose of this Adjustment Notice (this “Confirmation”) is to confirm the terms and conditions of the
Transaction entered into between us on the Trade Date specified below (the “Transaction”). 
 This Confirmation supplements, forms part of,
and is subject to, the Master Confirmation dated as of [●], as amended and supplemented from time to time (the “Master Confirmation”), entered into between us. 

All provisions contained in the Master Confirmation govern this Confirmation except as expressly modified below. 

 

			
	General Terms:
		
	Trade Date:	  	[●]
		
	Effective Date:	  	[●]
		
	Delivery Date:	  	Being the DDA Delivery Date for the Bullion applicable to the relevant Transaction; provided that this shall include, but only to the extent necessary to discharge any Final Delivery Amount attributable to the relevant Transaction,
each such DDA Delivery Date following an Early Termination Date.
		
	Bullion Transaction Settlement Date:	  	[Trade Date + 2]
	
	Delivery Amounts:
		
	Daily Delivery Amount:	  	[●]
		
	True-up Amount:	  	[●]
		
	Aggregate Delivery Amount:	  	[●]
		
	Delivery Amount Payer:	  	[●]
		
	Delivery Amount Receiver:	  	[●]

 This Confirmation supersedes and replaces any other deal acknowledgment or confirmation (including any electronic or phone
confirmation), if any, sent in connection with this Transaction on or prior to the date hereof, and any amendments, replacements or supplements to any electronic confirmation sent in connection with this Transaction after the date hereof. Please
acknowledge your acceptance or request for amendment to this Confirmation [as soon as possible (but in any event within [one day]) [to be discussed] by email, fax or phone]. 
  

					
	MERRILL LYNCH INTERNATIONAL	 	 	 	WORLD CURRENCY GOLD TRUST, acting in
respect of LONG DOLLAR GOLD TRUST
			
	  
	 		 	  

			
	 Name:
	 		 	Name:
			
	 Title:
	 		 	Title:

  
 37

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