This Precious Metals Storage Agreement ("Agreement") is by and between Money Metals Depository LLC[1] ("Depository") and the Customer identified below ("Customer"). Under the terms of this Agreement, on behalf of the Customer, the Depository shall hold in its custody precious metals ("Precious Metals"), including, but not limited to, gold, silver, platinum, palladium, and rhodium in the form of coins, rounds, and bars.
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Money Metals Depository Account Information
By executing this Agreement, the Depository and the Customer agree, warrant, undertake, understand, and acknowledge as follows:
Terms, Representations, Disclosures, and Conditions:
All Precious Metals purchased by the Customer from Money Metals Exchange LLC ("MMX") and delivered directly to the Depository are guaranteed by MMX for weight, purity, and authenticity. Precious Metals delivered for storage by the Customer from outside the custody of MMX or the Depository will be stored by the Depository on a "said to contain" basis, subject to the terms and conditions stated herein. All Precious Metals are examined by the Depository for validity before acceptance for its storage. This includes testing and verification of Precious Metals for weight and purity. However, this acceptance does not constitute a guarantee by either MMX or the Depository of the weight, purity, or authenticity of any items, including Precious Metals, sent for storage, or the accuracy of the identification markings, on any Precious Metals the Customer delivers, or has delivered, to the Depository from outside the custody of MMX or the Depository.
The Depository will hold the Customer's Precious Metals in segregated storage ("Segregated Storage"), meaning the Depository will hold the Customer's Precious Metals in a manner physically separate and apart from the assets of any other Depository customers and MMX. The Depository may place items for storage in proprietary, sealed containers in its discretion. Boxes and other packaging in which Precious Metals arrive at the Depository may be discarded. (However, the Depository may retain Precious Metals in original, sealed mint boxes.) Precious Metals may be removed from packaging by the Depository for testing or space-efficient storage, at the Depository's sole discretion. Such packaging may be damaged, destroyed, or discarded. The Depository is not responsible for damaged, destroyed, or discarded packaging or any loss of value related thereto. (The Depository usually tests graded, i.e. , "slabbed," coins through the packaging and stores them unopened.) Precious Metals may tarnish or develop spots over time; the Depository is not responsible for these natural occurrences. The Customer's Precious Metals remain the Customer's exclusive property held by the Depository in bailment at all times. Dates, designs, grades, and other details of Customer Precious Metals in custody of the Depository may not be recorded or appear on asset reports. The Depository has sole discretion over which details are listed on asset reports.
The Depository will bill the Customer for the respective storage fees. The Customer shall make all payments due to the Depository. All transaction instructions, including, but not limited to, inventory deposit notifications, ownership transfers, and inventory withdrawal requests, must be submitted by the Customer directly to the Depository. The default physical location for stored Precious Metals shall be the Depository's premises located in Eagle, ID. In its discretion, the Depository may store the Customer's Precious Metals on the premises of another depository acting as Sub-Custodian ("Sub-Custodian"). However, any such Sub-Custodian utilized by the Depository shall also use Segregated Storage and maintain protections and qualifications equal to or greater than those maintained by the Depository as determined by the Depository for the Precious Metals over which it has custody. Notwithstanding the use of any Sub-Custodian, the Depository will bill the Customer for the respective storage fees and the Customer shall make all payments due to the Depository. All transaction instructions, including, but not limited to, inventory deposit notifications, ownership transfers, and inventory liquidation requests, may only be submitted to a Sub-Custodian by the Depository in order for the Sub-Custodian to execute the instructions.
At all times material hereto, the Depository (and Sub-Custodians, if applicable) shall maintain in effect all-risk insurance regarding any of the Customer's Precious Metals in its custody. Any payment received by the Depository on claim of loss of Customer Precious Metals by the Depository to its insurer will be paid promptly following receipt by the Depository of claim funds from said insurer. Loss or damage to Customer Precious Metals while in the custody of the Depository incurred as a result of the perils of war, terrorism, invasion, acts of foreign enemies, hostilities, civil war, rebellion, revolution, insurrection, military or usurped power, nationalization, requisition or destruction of or damage to property by or under the order of any government or public or local authority, nuclear incident, and other specified unusual events are hereby excluded.
The Customer acknowledges and agrees that 1) as part of entering into this Agreement, all investment decisions are the sole responsibility of Customer; 2) there are no guarantees of profits when investing in Precious Metals; and 3) that Depository and MMX have not undertaken a duty to supervise the Customer's investment in, or to make any recommendation to the Customer with respect to, the purchase, sale, or other disposition of any of Customer's Precious Metals maintained in the Account.
Upon receipt of signed written instructions from the Customer and verification of the Customer's signature against that displayed on a government issue ID provided by the Customer, and in accordance with the terms of this Agreement and its operating procedures in effect at the time, the Depository will prepare and release the Customer's Precious Metals to the Customer or the Customer's designated agent, or arrange for insured delivery of the Precious Metals to the address the Customer specifies. Such preparation, release, and/or delivery services are provided at the Customer's expense. The Depository will ship only to the address of record for the Customer absent written instructions to the contrary, including a valid Customer signature. Other terms detailed under "Shipping, Delivery, and Your Obligations," as shown here , govern shipments from the Depository and are herein incorporated by reference.
The Depository is not liable for delays in the delivery or transfer of Precious Metals held for the Customer, or other delays in fulfilling any of its obligations under this Agreement in a period during which it may be precluded from so doing, due to the direct or indirect result of either declared or undeclared war, riot, sabotage, civil disobedience, insurrection, acts of any government or government agency or subdivision, acts of a public enemy, valid judicial order, technical failure, explosion, labor dispute, unusual market conditions, fire, flood, or storm. In such circumstances, the Depository will use its commercially reasonable best efforts to achieve delivery and fulfillment of other obligations set forth in this Agreement as promptly as possible.
The Depository's current schedule of custody and processing fees is set forth in the attached Individual Depository Account Fee Schedule ("Fee Schedule"). The Depository will bill the Customer for custody charges, processing, and other service fees associated with this Agreement quarterly, in accordance with its then-current Fee Schedule. The Customer shall pay the Depository within thirty (30) days of the date appearing on the invoice. If the Depository does not receive payment within the specified period, it may impose a monthly late fee of the greater of $30 or 3% of the amount that is past due, at its sole discretion, and as permissible under applicable law. The Depository may amend its Fee Schedule upon thirty (30) days' prior notice to the Customer.
Customer agrees to hold Precious Metals within Depository for a minimum of thirty (30) days from the completion date of any Customer deposit. An early withdrawal fee of $100 will apply to any withdrawal (other than relating to a sale to MMX) prior to the 30-day minimum storage period and must be paid, along with any other charges, prior to the Precious Metals being released.
As partial consideration for services of Depository, Customer irrevocably and unconditionally (a) shall bear sole and complete responsibility involving, related to, or arising out of the timely and full discharge and payment of any amount in respect of taxes or government fees involving, related to, or arising out of Customer's Precious Metals stored or previously stored at Depository, and (b) shall release, indemnify, defend, and hold harmless Depository, and its directors, officers, employees and agents, from and against any Amount claimed against, imposed upon, incurred, sustained, or paid by Depository with respect to taxes or government fees involving, related to or arising out of Customer Precious Metals stored or previously stored at Depository. These obligations are binding whether or not the taxes or fees correctly, timely, or legally imposed or asserted by a governmental authority.
Notwithstanding that Customer's Precious Metals are held in bailment on a fully segregated basis, the Depository has a security interest in the Precious Metals held. The Depository may impose a lien on Customer's Precious Metals in its discretion to secure payment of any unpaid charges due it hereunder, including custody, processing, and other service fees and expenses associated with maintaining custody of Customer's Precious Metals, or for other amounts that may be owed to the Depository or to MMX by the Customer for any other reason.
Should the Customer fail to pay any charges due pursuant to Sections 8 to 11, or otherwise due under this Agreement, the Depository may sell such Customer's Precious Metal in its custody of its choosing from the Customer's Precious Metal in sufficient quantities to recover the amounts past due and owing. The Depository shall remit to the Customer any balance remaining from such sale after deducting the amount due and the costs associated with the sale transaction, including, but not limited to, attorney's fees, if any.
Both the Customer and the Depository may terminate this Agreement upon thirty (30) days' written notice to the other. In the event the Depository terminates this Agreement, the Customer is required promptly to pay all charges due and remove the Customer's Precious Metals from the Depository and to designate where the Customer's Precious Metals are to be delivered at the Customer's expense.
Any notice required or described in this Agreement must be made by mail to the Customer through the U.S Postal Service at the address listed in this Agreement or otherwise provided to and maintained in the records of the Depository. Alternate forms of notification may be arranged by prior written agreement of the parties. Any notice sent by the Depository shall be considered received by the Customer on the fifth (5th ) business day after mailing it to the Customer. The Customer is responsible for informing the Depository in writing of any change in the Customer's current address.
Upon request, the Depository can account to the Customer for any Customer sealed containers, Customer's inventory list and other documents and records directly and specifically relating to Customer's Precious Metals, and the safekeeping facilities where any of the Customer's Precious Metals are held and stored, provided the requested documents do not contain proprietary or confidential information. By default, the Depository will provide to the Customer periodic statements ("Statement") listing the Precious Metals held in, and any transactions associated with, Customer's Precious Metals. If the Customer believes a Statement contains inaccurate or incorrect information, the Customer must notify the Depository within thirty (30) days of receiving any such statement. Absent such timely notice, each Statement shall be deemed accurate and correct and the Depository shall not liable for any damages the Customer may incur for any inaccurate or incorrect information contained therein.
Should more than one person own the Customer's Precious Metals, and there are thus multiple owners ("Owners"), the Customer's Precious Metals shall be considered owned jointly and individually, as Joint Tenants with Rights of Survivorship, and not as Tenants in Common. Accordingly, each Owner shall be considered the agent for the other and each is authorized to act individually under the terms and conditions of this Agreement, including exercising the authority to receive, deposit, withdraw, or transfer some or all of the Customer's Precious Metals at any time. Upon the death of one Owner, the Customer's Precious Metals shall become the absolute property of the surviving Owner(s), and the Owners hereby direct and authorize the Depository to recognize the surviving Owner(s) as Owner of the Customer's Precious Metals. The Owners individually and jointly hereby indemnify and hold the Depository harmless from any liability or damage it may incur from its compliance with this paragraph, including the delivery, deposit, withdrawal, or transfer of the Customer's Precious Metals. The terms set forth herein shall inure to the benefit of, and be binding upon, each of the Owners' heirs, executors, assigns, and administrators, as well as themselves.
All representations made to the Depository by the Customer are, to the best of the Customer's knowledge, true. The Customer's adherence to this Agreement and the Customer's performance hereunder are, and will be, in compliance with all applicable law. Customer shall indemnify and hold harmless Depository and its affiliates, directors, officers, and shareholders from and against any and all costs, damages, expenses, liabilities and obligations, including, without limitation, reasonable attorneys' fees, that Customer may incur as a result of, or in connection with (i) any breach of any representation or warranty made by Customer to Depository, or (ii) Customer's failure to comply with this Agreement or the policies adopted by Depository.
The terms and conditions set forth herein constitute the entire Agreement between the Depository and the Customer. Should any particular provision or provisions of this Agreement be determined to be unenforceable or invalid, such determination shall not affect the enforceability or validity of any other provision or provisions contained herein. The Depository may amend this Agreement upon thirty (30) days' prior written notice to the Customer.
This Agreement shall be solely governed by the laws of the State of Idaho. The exclusive jurisdiction and venue for any action arising out of this Agreement will be in the state and federal courts located in Idaho. The Customer appoints Idaho's Secretary of State as the Customer's agent for service of process for any action the Depository may bring against the Customer under this Agreement. If any action under this Agreement is brought in another jurisdiction, and a party prevails in removing venue to the agreed sole venue for any disputes, that prevailing party shall be entitled to recover, in addition to any other relief granted, reasonable attorneys' fees, costs, and expenses of litigation.
MONEY METALS DEPOSITORY LLC
Safekeeping Fees – Eagle, ID (Annualized)[2]
The rates listed above are Annual Safekeeping Fees ("Fees"); however, Fees are billed quarterly. Accordingly, the quarterly Fee is determined by multiplying the market value of the Customer's Precious Metals on the first business day of the appropriate quarter of the calendar year by the applicable Safekeeping Rate listed above, and the result is then divided by four to yield the Quarterly Fee. Quarterly Fees are billed in advance for each quarter based on the quarterly calculation described above. Quarterly Fees are not refundable.
Note: For billing purposes, the value of the Customer's Precious Metals held during the next billing period is the value of all the Customer's Precious Metals on the first business day of the quarter based on the "Sell to Us," i.e. , bid, price published at MoneyMetals.com for each applicable product.
A minimum Fee of $24 will be charged for any three-month billing period in which the Customer's Precious Metals of any value are stored at the Depository.
The Customer may instruct the Depository to prepare and arrange for the delivery of Precious Metals at the Customer's expense using the U.S. Postal Service, FedEx or other commercial courier, or via armored carrier, to an address specified, or for acceptance by the Customer or the Customer's designated agent. Upon receipt of the Customer's written instructions, and at the Customer's expense, the Depository will promptly process a request, package the Precious Metals, and have the Precious Metals delivered per the Customer's instructions.
A $25 per package Processing Fee, plus any applicable postage, shipping, insurance charges or other charges imposed by the shipping company, will be assessed and included when the Depository prepares the Customer's Precious Metals for shipment or for pick-up.
The Depository will not impose a charge for the release of items involved in a transaction to sell metals to Money Metals Exchange LLC ("MMX") or exchange of Precious Metals with MMX, with one exception. The Depository may impose a $10 per transaction Processing Fee if there are two or more transactions involving Precious Metals stored at the Depository with a value less than $1,000 in any given month. The Depository may also charge other fees for additional services it may provide in connection with the Customer's Precious Metals storage from time-to-time, according to its then current Service Fee Schedule.
Beneficiary Designation
Tell the Depository who should be deemed the lawful owner of the Precious Metals you store with us in the event of your death. The Depository will deem your designated beneficiary the lawful owner of the Precious Metals unless you instruct the Depository otherwise herein.
I (we), the undersigned, hereby agree to the terms and conditions stated here, and designate the above beneficiaries in the event of my (our) death.
