Unallocated Bullion Account Agreement

«Dispute» means, for the purposes of clause 15, any dispute between you and us that we have not been able to resolve amicably within fourteen business days of receiving written notice of the dispute from you or, as the case may be, from us. Fees and transaction costs on allocated and unallocated accounts can vary greatly depending on the size of the investment and the creditworthiness of the investor. «Unallocated Account» means, with respect to a precious metal, the account(s) we hold on your behalf that records the amount of that precious metal that we are contractually required to transfer (or, in the case of a negative balance, if we allow it, the transfer from which you are contractually required to transfer). As a general rule, investment banks do not trade amounts of less than 1,000 ounces in both types of accounts. Clients of investment banks are typically institutional investors, private banks acting on behalf of their clients, central banks, and gold market participants seeking to buy or borrow large amounts of gold. This agreement is based on the UNALLOCATED BULLION ACCOUNTS AGREEMENT published by London Precious Metals Clearing Limited, with the modifications required by JP Morgan, including approval of the use of its eBTS website. The investor can usually choose between an unallocated deposit account and an assigned deposit account. Gold is only physically allocated to the account holder in the case of deposits allocated to specially allocated accounts. With these allocated accounts, the bank cannot lend this gold and if the bank becomes insolvent, the bank`s creditors have no interest in this gold. A customer with an unallocated account is an unsecured creditor of Bullion Bank or the gold trader.

Gold held in unallocated accounts can be lent by the bank, as with many other bank deposits. Otherwise agreed, if for any reason an unallocated account is overdrawn, you are required to pay us interest on the debit balance at the rate agreed between us or, in the absence of such an agreement, at the rate we deem appropriate. The amount of the overdraft facility and accrued interest will be refunded by you at our request. Your obligation to pay us interest will remain in effect until the overdraft facility is repaid in full by you. This clause 9.4 does not apply to rounded amounts of precious metals that may be charged to your unallocated account as part of rounding your balance to the assigned account in order to enter the next whole number of bars under the agreed account. Investment banks and many gold traders offer their clients gold accounts consisting of gold deposits and similar to currency accounts. When a customer orders gold in grams or ounces, the bank buys the gold on behalf of the customer and records the transaction electronically on the account. The deposit account held by the original custodian of the trust in accordance with the agreement on the allocated precious metals account or, if applicable, another account held by another custodian bank that records the amount of gold bars held for the trust on an assigned basis, as the case may be. «AURUM» means the electronic reconciliation and billing system operated by LPMCL. Note that this policy may change if the SEC manages to SEC.gov to ensure that the site operates efficiently and remains available to all users. For more information, see the SEC`s Privacy and Security Policy. Thank you for your interest in the U.S.

Securities and Exchange Commission. Under the transferred investment account agreement, the custodian has agreed that it will retain all gold bars in the trust in its own safes, unless the gold bars have been allocated in a safe other than the depositary`s vaults and, in such cases, the depositary has agreed that it will use commercially reasonable efforts: to immediately transport the gold bars in the vault of the custodian bank. the fees and risks of the custodian bank. «LPMCL» means London Precious Metals Clearing Limited or its successors. Unauthorized attempts to upload information and/or modify information on any part of this website are strictly prohibited and subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C §§ 1001 and 1030). If a user or application sends more than 10 requests per second, other requests from the IP address may be limited for a short time. Once the request rate has fallen below the threshold for 10 minutes, the user can continue to access the content on SEC.gov. This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or should not affect anyone browsing the site SEC.gov.

«Limited Partner» means Wilshire Phoenix Funds LLC, a limited liability company incorporated under the laws of the State of Delaware with its registered office at 2 Park Avenue, 20th Floor, New York, New York 10016, United States of America and the sponsor of Wilshire wShares Enhanced Gold Trust. «Registration Statement» means the registration statement (including a prospectus and a statement containing additional information) for the Trust under the Securities Act of 1933, as amended, filed with the U.S. Securities and Exchange Commission. «Reasonable and prudent depositary» means a person who acts in good faith and fulfills his or her contractual obligations and exercises a level of expertise, care, prudence and foresight that can reasonably and usually be expected of a qualified and experienced custodian of precious metals who complies with the rules and operates in the same type of company under the same or similar circumstances and conditions. «Gold» means gold in physical form that complies with the rules we hold under this Agreement. The depositary is required, under the allotment investment account agreement, to make commercially reasonable efforts to obtain delivery of gold from the sub-custodians designated by the depositary. . A depositary in addition to the first depositary or a successor depositary appointed in accordance with Article 3.02 that, from time to time, operates under one or more custody arrangements other than the Agreement on Transferred Precious Metals Accounts and the Agreement on the Unallocated Precious Metals Account. The lock is automatically unlocked while waiting 10 minutes. If the maximum rate of eligible CFC claims continues to be exceeded during the expiration period, the duration of the expiration period is extended.

To ensure equitable access for all users, please reduce the rate of your requests and review SEC.gov after the 10-minute expiration time. «Sanctions List» means any list of specially designated nationals or blocked or sanctioned (or similar) persons or entities imposed, managed or enforced by a sanctioning authority from time to time in connection with sanctions. Note: We do not provide technical support for developing or debugging scripted download processes. «VAT» means VAT within the meaning of the Value Added Tax Act 1994 (as amended or reissued) and supplementary legislation, as well as any other tax (whether levied in its place in the United Kingdom or in addition or elsewhere) of a similar tax nature. Attention: Mark Amlin, Vivien Zillner, Jonatan Sherman «Sanctions» means economic or financial sanctions, boycotts, trade embargoes and terrorism-related restrictions imposed, administered or enforced by a sanctioning authority from time to time. «Shares» means the common shares of an undivided economic portion of the economic interest in the Trust. in writing. We can assume that all electronic instructions have been validly given on your behalf. We reserve the right to receive further confirmation of instructions.

For the agreement on the unallocated precious metals accounts of 1 September 2020, the «spot rate» relating to a precious metal and the respective currency on which the respective tax is denominated has the meaning set out in the Notes on the Accounts. .