The applicable storage fee percentage will be multiplied by the Spot Value of the total content of Precious Metals held in TPMD Account each day, then divided by the number of days in the applicable year, to determine the daily storage fee.
Storage fees are based on the then-current Depository fee schedule for the Precious Metals held in the Customer’s Depository Account, calculated daily. A copy of the current TPMD Fee Schedule is attached to this Agreement. Customer agrees to pay TPMD all storage and related fees in accordance with the then-current TPMD Fee Schedule, which may be amended from time to time at TPMD’s discretion and upon at least thirty (30) days’ prior notice to the Customer. If the Customer does not notify TPMD of the discrepancy within this notice period, the withdrawal record will be considered final. TPMD may not adjust the account unless the Customer notifies TPMD of a discrepancy within thirty (30) days of the date of the Withdrawal Statement that shows the withdrawal. The Withdrawal Statement shall be the official record of the Customer’s withdrawal. TPMD will provide a record of the withdrawal identifying each item and its form, characteristics, and value (the “Withdrawal Statement”). Customer must follow all trading policies and procedures and complete any required documentation to complete a withdrawal via sale. A Customer may also make a withdrawal by selling all or a part of the contents of TPMD Account to TPMD or a depository agent. Customer must follow shipment policies and procedures and complete required documentation to complete a withdrawal via shipment. Customer may also withdraw items and request TPMD or a depository agent ship the items to Customer or a third party. Withdrawals may be made in person during normal Depository business hours. Generally, the Customer may withdraw items from TPMD Account at any time after items to be withdrawn have been received and accounted for through the deposit process. Excluded items include explosives, firearms, narcotics, items prohibited by law, perishables, and other types of items which TPMD may prohibit at its sole and complete discretion. Certain types of items may not be stored at TPMD. TPMD will not be liable to the Customer or any third party for refusing a deposit. TPMD retains the right to refuse a deposit, or part of a deposit, at any time and at its sole discretion. If the Customer does not notify TPMD of the discrepancy within this notice period, the deposit will be considered final. TPMD may not adjust the account unless the Customer notifies TPMD of a discrepancy within thirty (30) days of the date of the Deposit Statement that shows the deposit. The Deposit Statement shall be the official record of the Customer’s deposit. TPMD will provide a record of the deposit identifying each item and its form, characteristics, and value (the “Deposit Statement”). Upon receipt of the deposit, TPMD will confirm the Precious Metals deposited into the account by identifying and recording in Depository records the type of metal, form and characteristics of each product, the weight, purity, and quantity of each product, as well as the spot value of the Precious Metals as of the date of the deposit. Customer must complete and submit appropriate documentation as requested by TPMD which shall accompany each deposit, identifying each item deposited by the type of metal, form and characteristics of each product, the weight, purity, and quantity of each product, as well as other information reasonably requested by TPMD. Customer may make deposits into TPMD Account at any time, provided the account is in good standing and all payments and fees are current at the time of deposit.
TPMD will hold Customer’s personal information in confidence and will not use such information to mark or identify the Precious Metals held in TPMD Account. TPMD Account shall be identified by a unique account number generated by TPMD and used in all Depository records. TPMD shall cause all Precious Metals and items stored in Customer’s Depository Account to be specifically identified and physically segregated at all times from Precious Metals belonging to any other person or entity (including TPMD and other customers of TPMD).
TPMD agrees to create a Depository Account for Customer at TPMD’s facilities located in Shiner, Texas for the storage of Customer’s Precious Metals. The terms and conditions contained herein govern the storage of the Customer’s precious metals at TPMD. The Texas Precious Metals Depository is owned and operated by Texas Precious Metals, LLC. This Account Holder Agreement (the “Agreement”) is made and entered into by and between the Texas Precious Metals Depository (“TPMD”) and the undersigned customer (the “Customer”).
TEXAS PRECIOUS METALS DEPOSITORY ACCOUNT HOLDER AGREEMENT
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