WHOLESALE BULLION DEALER TRADING AGREEMENT

Trading Agreement
This Trading Agreement (“Agreement”) is between Regency Mint (“Regency”) and Approved Wholesale Bullion
Dealers (“Customer” or “You”).

1. The Purpose of This Agreement
This Agreement contains the terms and conditions which will govern all purchases and sales between you and
Regency Mint. This Agreement does not require you to buy or sell precious metals through Regency, but gives you the
opportunity to do so pursuant to this Agreement.

2. Standard Trades
A. Direct Order (“Order”)
You may buy or sell metal products (“Metal”) for immediate physical delivery at the full cash price of the Metal.

3. Placing Your Order
To place an Order, after your account is established:
A. Phone Order
1. Call the Regency Mint Sales Department and advise the Sales Representative of the Metal you want to buy or sell;
2. The Sales Rep. will normally quote you a price;
3. You should then indicate to the Sales Rep. whether or not you want to place the Order (lock in the price);
4. If you place the Order, the Sales Rep. will issue an invoice number, which you should record as evidence of the
transaction. Once an Order is placed, a contract is created. Regardless of what happens to the price of the Metal after
the Order is placed, the contracted price is binding on you and Regency.
B. Internet Order
1. Log in to your customer account on trading.regencymint.com
2. You may view the available products and current prices
3. You should then add the Metal you intend to purchase to your cart
4. After reviewing the order, continue to check out with the Metals you want to purchase
5. You will receive an order number, which you should record as evidence of the transaction. Once an Order is placed,
a contract is created. Regardless of what happens to the price of the Metal after the Order is placed, the contracted
price is binding on you and Regency.
Unless Regency Mint is instructed otherwise in writing, any of your employees or agents may place Orders and you will
be bound by such Orders even if an Order was placed erroneously or was not authorized by you.
Orders placed on the internet may be cancelled or modified by Regency Mint at Regency’s sole discretion due to errors
in price listing, product information, or computer system malfunctions. The customer will be notified of any cancellation
or modification of an Order due to such errors.

4. Payment and Delivery
A. When you sell to Regency Mint:
The Metal sold must be delivered within five business days (unless otherwise agreed to by Regency in writing) after the
date of the Order and will be received by Regency on a “said to contain” basis as to quality and quantity. All Metal
received by Regency is subject to Regency’s inspection within one (1) business day of its receipt, to verify the quality
and quantity. If the verification by Regency indicates a shortage of Metal received or if the Metal is unacceptable to
Regency, you must rectify the shortage within two business days by delivering the short Metal to Regency, or
repurchasing the entire trade at the current market prices from Regency or replacing any Metal or unacceptable quality
with Metal acceptable to Regency.
Payment will be made to you upon Regency Mint receipt, inspection, and satisfaction with the Metal.
In the event that you should fail to deliver Metal when due, Regency may cancel the order. Regency may also pursue
any other remedies allowed by law or equity.

B. When you buy from Regency Mint:
Unless you qualify for different terms as determined by Regency, your payment (by wire transfer or check) for Metal
must be received within two business days of the Order. All international payments must be made via wire transfer. The
Metal will be shipped by Regency Mint after your payment in good funds has been received.

5. Two-way Market
Although Regency Mint strives to and usually makes a two-way market by buying and selling Metal, Regency is not
obligated to so do.

6. Warranties Made By You
You warrant to Regency that you are a knowledgeable commercial user or dealer in the precious metals market and,
when purchasing from Regency, are doing so as a principal and for resale only and not for family, personal, or
household use. You are not an agent or representative of Regency for any purpose.
You further warrant as to all Metals you sell to Regency Mint, that you are the legal owner of and have full right, title and
interest in and to the Metal as your separate property free and clear of all liens and encumbrances. You have the full
right and authority to sell the Metals to Regency without the consent or concurrences of any other person or entity.

7. Security Interest and Right of Offset
As long as amounts are due and owing from you to Regency Mint or any affiliated company, whether under this
Agreement or any other agreement entered into with Regency or any affiliated company, Regency shall retain a security
interest in all Metals purchased by you and all renewals, substitutions, replacements, additions, accessions and
proceeds thereto, and accounts receivable, contract rights, and chattel paper thereof (“Collateral”).
You hereby authorize Regency Mint to file documentation it deems reasonably necessary to perfect a security interest in
its favor. Regency Mint shall have a right of offset against any assets that you have with Regency or any affiliated
company.
You agree to notify Regency in writing of the exact nature of any intended change of your name, or the use of any trade
name, and the effective date of such change.
You shall preserve, protect, renew and keep in full force and effect your existence in the current state of incorporation,
principal place of business, and residence, your rights, licenses, permits, patents, trademarks, trade names and
franchises and shall comply with all laws and regulations applicable to you and shall not materially alter the nature or
scope of the business presently conducted by you.

8. Death or Bankruptcy of Customer
In the event of the bankruptcy or death of you, Regency, at its discretion, may offset your Metal or other assets in
Regency’s possession against any amounts owing from you to Regency without notice of any kind. This offset does not
relieve you of any remaining obligations.

9. Assignability/Heirs, Successors, or Personal Representatives
This Agreement cannot be assigned by you without Regency Mint’s written permission. It is binding on the parties and
their respective heirs, successors, personal representatives, and permitted assignees.

10. Governing Law
This Agreement shall be governed by the laws of Utah and the parties agree to be subject exclusively to the jurisdiction
and venue of the Utah County Justice Court as to any disputes arising out of or related to this Agreement, whether
contract, tort, or both.

11. Severability
If any part of this Agreement is invalidated for any reason by any legal authority, the balance shall remain binding on the
parties.

12. Attorneys’ Fees and Costs
You shall pay to Regency Mint all costs and expenses of collection of amounts due herein, or to otherwise enforce any
or all provisions of this Agreement or the subject matter of this Agreement, including but not limited to, reasonable
attorney fees and costs incurred before legal action, if any, is commenced, and fees and costs incurred in connection
with the protection, or realization of the Collateral.

13. Applicable Taxes
You are responsible for and agree to indemnify Regency Mint for any and all present or future taxes (including VAT),
duties, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto (excluding taxes
imposed on its income and franchise taxes imposed on it by the jurisdiction under the laws of which Regency is
organized) that may be imposed or assessed as a result of activity entered into under this Agreement including but not
limited to taxes assessed for merchandise purchased from Regency, whether Regency has shipped it to you or, at your
discretion, shipped it to a third party.

14. Electronic Data Transmissions
During the term of this Agreement, Regency may at times, but is under no obligation to, provide you certain information
(“Information”) via electronic transmission, including but not limited to email, facsimile transmission or
modem­to­modem transmission. The Information is confidential and is for your use only and shall not be transmitted
to anyone else without express written permission from Regency. You agree to maintain the confidential nature of the
Information. Furthermore, you acknowledge and agree that Regency Mint does not ensure the accuracy of the
Information and that any reliance upon the Information shall be solely at your own risk and that Regency shall have no
liability or responsibility for the accuracy, completeness or usefulness of the Information.

15. Time is of the Essence/No Waiver
Time is of the essence with respect to all of the provisions of this Agreement. No waiver of a breach, failure of condition,
or any right or remedy contained in this Agreement shall be effective unless it is in writing and signed by the party
waiving the breach, failure, right or remedy. No waiver of any breach, failure, right or remedy, shall be deemed a waiver
of any other breach, failure, right or remedy, whether or not similar, nor shall any waiver constitute a continuing waiver
unless the writing so specifies.

16. Phone Recording Practices
Regency Mint may, without future notice, from time to time record conversations on our telephone lines, although we
are under no obligation to do so. Unless you otherwise notify Regency in writing, your signature on this Agreement
hereby constitutes consent to all such recordings.

17. Cooperation
You shall execute and deliver such further documents and instruments and shall take such other actions as may be
reasonably required or appropriate to evidence or carry out the intent and purpose of this Agreement.

18. Entire Agreement/Modification Only In Writing
This Agreement and any other written agreement in effect between the parties constitutes the entire agreement
between the parties and supersedes all prior communications, representations, or agreements between the parties
with respect to the subject matter thereto. Any terms and conditions which may be contained in any purchase orders,
acknowledgements, invoices or other forms which may be sent in connection with this Agreement, where inconsistent
with this Agreement, shall be deemed to be superseded by this Agreement, and of no force or effect. This Agreement
can only be changed or modified by a separate writing signed by the parties.

19. Default
A default occurs under this Agreement upon any default by you in the payment or performance of any of your material
obligations under this Agreement or any other agreement entered into with Regency Mint. Upon any Default, Regency,
at its option, may do any or all of the following: (1) accelerate all amounts outstanding; (2) liquidate any and all
Collateral under this Agreement or any other agreement entered into with Regency; (3) setoff any amounts due and
owing by you to Regency against any amounts due and owing you by Regency; (4) cancel any orders which have not yet
been delivered; (5) for any amounts which remain unpaid for thirty (30) days, charge interest at a minimum of 1% per
month on all outstanding amounts due and owing Regency; (6) for any amounts which remain unpaid for thirty (30)
days, impose late charges of 5% of the outstanding amounts due and owing; or (7) exercise any other collection rights
Regency has under state or federal law. The parties agree that an immediate sale of Metal at the price being bid by a
primary bullion dealer in the over-the-counter market and/or a London Bullion Market Association member will
constitute a commercially reasonable sale.

20. Waiver of Jury Trial and Arbitration
TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY WAIVE THEIR RESPECTIVE
RIGHT TO TRIAL BY JURY OF ANY CAUSE OF ACTION WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATED TO
OR CONNECTED WITH THIS OR ANY OTHER AGREEMENT NOW OR HEREAFTER ENTERED INTO BETWEEN THE
PARTIES, WHETHER CONTRACT, TORT, OR ANY OTHER LEGAL OR EQUITABLE THEORY. The parties also waive any
rights they may have to arbitration of any matter arising pursuant to this or any other Agreement now or hereafter
entered into between the parties, including waiving any rights to arbitration under the rules of the Professional
Numismatic Guild.

21. Indemnity and Release
You hereby expressly represent and warrant that you have good, marketable title, free of all liens and encumbrances to
all monies and Metals sent to Regency in connection with each Order. You, your heirs, agents, successors and
assigns, generally and specifically waive and release and forever discharge Regency Mint, its employees and
respective affiliates from any and all claims, rights, demands and causes of action and suits of whatever kind or nature,
whether in law or equity, whether known or unknown, suspected or unsuspected, which you may claim to have with
respect to and/or arising out of, or in connection with any challenge to your rightful title to any money or Metals used by
you in connection with the Order, other than arising out of Regency’s breach, default, negligence or willful misconduct
in its obligations under this Agreement.. Additionally, you hereby agree to indemnify Regency Mint and hold Regency
harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or
asserted against Regency in any way relating to your rightful title to the money or Metals used by you in connection with
the Order, other than arising out Regency’s breach, default, negligence or willful misconduct in its obligations under
this Agreement.

22. Force Majeure
If Regency Mint fails to perform or is otherwise delayed in the performance of its obligations as a result of actions or
inactions by a third party or act of God, including but not limited to a material reduction in production and/or deliveries by
any Mint, refinery or supplier in the product being sold, which is beyond the reasonable control of Regency Mint, then
Regency’s performance or delay in performance shall be excused and no damages or loss may be claimed.

23. Signatures
This Agreement may be signed in counterparts. Delivery of a signed copy may be made by facsimile or electronic
transmission, which shall be equally binding as delivery or a signed original, and such facsimile or electronic copy
shall be admissible in court or other legal proceedings as equivalent to an original copy. Customer agrees to notify
Regency Mint immediately of any change in the information provided in this Agreement.

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This Trading Agreement (“Agreement”) is between Regency Mint (“Regency”) and Approved Wholesale Bullion
Dealers (“Customer” or “You”).

1. The Purpose of This Agreement
This Agreement contains the terms and conditions which will govern all purchases and sales between you and
Regency Mint. This Agreement does not require you to buy or sell precious metals through Regency, but gives you the
opportunity to do so pursuant to this Agreement.

2. Standard Trades
A. Direct Order (“Order”)
You may buy or sell metal products (“Metal”) for immediate physical delivery at the full cash price of the Metal.

3. Placing Your Order
To place an Order, after your account is established:
A. Phone Order
1. Call the Regency Mint Sales Department and advise the Sales Representative of the Metal you want to buy or sell;
2. The Sales Rep. will normally quote you a price;
3. You should then indicate to the Sales Rep. whether or not you want to place the Order (lock in the price);
4. If you place the Order, the Sales Rep. will issue an invoice number, which you should record as evidence of the
transaction. Once an Order is placed, a contract is created. Regardless of what happens to the price of the Metal after
the Order is placed, the contracted price is binding on you and Regency.
B. Internet Order
1. Log in to your customer account on trading.regencymint.com
2. You may view the available products and current prices
3. You should then add the Metal you intend to purchase to your cart
4. After reviewing the order, continue to check out with the Metals you want to purchase
5. You will receive an order number, which you should record as evidence of the transaction. Once an Order is placed,
a contract is created. Regardless of what happens to the price of the Metal after the Order is placed, the contracted
price is binding on you and Regency.
Unless Regency Mint is instructed otherwise in writing, any of your employees or agents may place Orders and you will
be bound by such Orders even if an Order was placed erroneously or was not authorized by you.
Orders placed on the internet may be cancelled or modified by Regency Mint at Regency’s sole discretion due to errors
in price listing, product information, or computer system malfunctions. The customer will be notified of any cancellation
or modification of an Order due to such errors.

4. Payment and Delivery
A. When you sell to Regency Mint:
The Metal sold must be delivered within five business days (unless otherwise agreed to by Regency in writing) after the
date of the Order and will be received by Regency on a “said to contain” basis as to quality and quantity. All Metal
received by Regency is subject to Regency’s inspection within one (1) business day of its receipt, to verify the quality
and quantity. If the verification by Regency indicates a shortage of Metal received or if the Metal is unacceptable to
Regency, you must rectify the shortage within two business days by delivering the short Metal to Regency, or
repurchasing the entire trade at the current market prices from Regency or replacing any Metal or unacceptable quality
with Metal acceptable to Regency.
Payment will be made to you upon Regency Mint receipt, inspection, and satisfaction with the Metal.
In the event that you should fail to deliver Metal when due, Regency may cancel the order. Regency may also pursue
any other remedies allowed by law or equity.

B. When you buy from Regency Mint:
Unless you qualify for different terms as determined by Regency, your payment (by wire transfer or check) for Metal
must be received within two business days of the Order. All international payments must be made via wire transfer. The
Metal will be shipped by Regency Mint after your payment in good funds has been received.

5. Two-way Market
Although Regency Mint strives to and usually makes a two-way market by buying and selling Metal, Regency is not
obligated to so do.

6. Warranties Made By You
You warrant to Regency that you are a knowledgeable commercial user or dealer in the precious metals market and,
when purchasing from Regency, are doing so as a principal and for resale only and not for family, personal, or
household use. You are not an agent or representative of Regency for any purpose.
You further warrant as to all Metals you sell to Regency Mint, that you are the legal owner of and have full right, title and
interest in and to the Metal as your separate property free and clear of all liens and encumbrances. You have the full
right and authority to sell the Metals to Regency without the consent or concurrences of any other person or entity.

7. Security Interest and Right of Offset
As long as amounts are due and owing from you to Regency Mint or any affiliated company, whether under this
Agreement or any other agreement entered into with Regency or any affiliated company, Regency shall retain a security
interest in all Metals purchased by you and all renewals, substitutions, replacements, additions, accessions and
proceeds thereto, and accounts receivable, contract rights, and chattel paper thereof (“Collateral”).
You hereby authorize Regency Mint to file documentation it deems reasonably necessary to perfect a security interest in
its favor. Regency Mint shall have a right of offset against any assets that you have with Regency or any affiliated
company.
You agree to notify Regency in writing of the exact nature of any intended change of your name, or the use of any trade
name, and the effective date of such change.
You shall preserve, protect, renew and keep in full force and effect your existence in the current state of incorporation,
principal place of business, and residence, your rights, licenses, permits, patents, trademarks, trade names and
franchises and shall comply with all laws and regulations applicable to you and shall not materially alter the nature or
scope of the business presently conducted by you.

8. Death or Bankruptcy of Customer
In the event of the bankruptcy or death of you, Regency, at its discretion, may offset your Metal or other assets in
Regency’s possession against any amounts owing from you to Regency without notice of any kind. This offset does not
relieve you of any remaining obligations.

9. Assignability/Heirs, Successors, or Personal Representatives
This Agreement cannot be assigned by you without Regency Mint’s written permission. It is binding on the parties and
their respective heirs, successors, personal representatives, and permitted assignees.

10. Governing Law
This Agreement shall be governed by the laws of Utah and the parties agree to be subject exclusively to the jurisdiction
and venue of the Utah County Justice Court as to any disputes arising out of or related to this Agreement, whether
contract, tort, or both.

11. Severability
If any part of this Agreement is invalidated for any reason by any legal authority, the balance shall remain binding on the
parties.

12. Attorneys’ Fees and Costs
You shall pay to Regency Mint all costs and expenses of collection of amounts due herein, or to otherwise enforce any
or all provisions of this Agreement or the subject matter of this Agreement, including but not limited to, reasonable
attorney fees and costs incurred before legal action, if any, is commenced, and fees and costs incurred in connection
with the protection, or realization of the Collateral.

13. Applicable Taxes
You are responsible for and agree to indemnify Regency Mint for any and all present or future taxes (including VAT),
duties, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto (excluding taxes
imposed on its income and franchise taxes imposed on it by the jurisdiction under the laws of which Regency is
organized) that may be imposed or assessed as a result of activity entered into under this Agreement including but not
limited to taxes assessed for merchandise purchased from Regency, whether Regency has shipped it to you or, at your
discretion, shipped it to a third party.

14. Electronic Data Transmissions
During the term of this Agreement, Regency may at times, but is under no obligation to, provide you certain information
(“Information”) via electronic transmission, including but not limited to email, facsimile transmission or
modem­to­modem transmission. The Information is confidential and is for your use only and shall not be transmitted
to anyone else without express written permission from Regency. You agree to maintain the confidential nature of the
Information. Furthermore, you acknowledge and agree that Regency Mint does not ensure the accuracy of the
Information and that any reliance upon the Information shall be solely at your own risk and that Regency shall have no
liability or responsibility for the accuracy, completeness or usefulness of the Information.

15. Time is of the Essence/No Waiver
Time is of the essence with respect to all of the provisions of this Agreement. No waiver of a breach, failure of condition,
or any right or remedy contained in this Agreement shall be effective unless it is in writing and signed by the party
waiving the breach, failure, right or remedy. No waiver of any breach, failure, right or remedy, shall be deemed a waiver
of any other breach, failure, right or remedy, whether or not similar, nor shall any waiver constitute a continuing waiver
unless the writing so specifies.

16. Phone Recording Practices
Regency Mint may, without future notice, from time to time record conversations on our telephone lines, although we
are under no obligation to do so. Unless you otherwise notify Regency in writing, your signature on this Agreement
hereby constitutes consent to all such recordings.

17. Cooperation
You shall execute and deliver such further documents and instruments and shall take such other actions as may be
reasonably required or appropriate to evidence or carry out the intent and purpose of this Agreement.

18. Entire Agreement/Modification Only In Writing
This Agreement and any other written agreement in effect between the parties constitutes the entire agreement
between the parties and supersedes all prior communications, representations, or agreements between the parties
with respect to the subject matter thereto. Any terms and conditions which may be contained in any purchase orders,
acknowledgements, invoices or other forms which may be sent in connection with this Agreement, where inconsistent
with this Agreement, shall be deemed to be superseded by this Agreement, and of no force or effect. This Agreement
can only be changed or modified by a separate writing signed by the parties.

19. Default
A default occurs under this Agreement upon any default by you in the payment or performance of any of your material
obligations under this Agreement or any other agreement entered into with Regency Mint. Upon any Default, Regency,
at its option, may do any or all of the following: (1) accelerate all amounts outstanding; (2) liquidate any and all
Collateral under this Agreement or any other agreement entered into with Regency; (3) setoff any amounts due and
owing by you to Regency against any amounts due and owing you by Regency; (4) cancel any orders which have not yet
been delivered; (5) for any amounts which remain unpaid for thirty (30) days, charge interest at a minimum of 1% per
month on all outstanding amounts due and owing Regency; (6) for any amounts which remain unpaid for thirty (30)
days, impose late charges of 5% of the outstanding amounts due and owing; or (7) exercise any other collection rights
Regency has under state or federal law. The parties agree that an immediate sale of Metal at the price being bid by a
primary bullion dealer in the over-the-counter market and/or a London Bullion Market Association member will
constitute a commercially reasonable sale.

20. Waiver of Jury Trial and Arbitration
TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY WAIVE THEIR RESPECTIVE
RIGHT TO TRIAL BY JURY OF ANY CAUSE OF ACTION WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATED TO
OR CONNECTED WITH THIS OR ANY OTHER AGREEMENT NOW OR HEREAFTER ENTERED INTO BETWEEN THE
PARTIES, WHETHER CONTRACT, TORT, OR ANY OTHER LEGAL OR EQUITABLE THEORY. The parties also waive any
rights they may have to arbitration of any matter arising pursuant to this or any other Agreement now or hereafter
entered into between the parties, including waiving any rights to arbitration under the rules of the Professional
Numismatic Guild.

21. Indemnity and Release
You hereby expressly represent and warrant that you have good, marketable title, free of all liens and encumbrances to
all monies and Metals sent to Regency in connection with each Order. You, your heirs, agents, successors and
assigns, generally and specifically waive and release and forever discharge Regency Mint, its employees and
respective affiliates from any and all claims, rights, demands and causes of action and suits of whatever kind or nature,
whether in law or equity, whether known or unknown, suspected or unsuspected, which you may claim to have with
respect to and/or arising out of, or in connection with any challenge to your rightful title to any money or Metals used by
you in connection with the Order, other than arising out of Regency’s breach, default, negligence or willful misconduct
in its obligations under this Agreement.. Additionally, you hereby agree to indemnify Regency Mint and hold Regency
harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or
asserted against Regency in any way relating to your rightful title to the money or Metals used by you in connection with
the Order, other than arising out Regency’s breach, default, negligence or willful misconduct in its obligations under
this Agreement.

22. Force Majeure
If Regency Mint fails to perform or is otherwise delayed in the performance of its obligations as a result of actions or
inactions by a third party or act of God, including but not limited to a material reduction in production and/or deliveries by
any Mint, refinery or supplier in the product being sold, which is beyond the reasonable control of Regency Mint, then
Regency’s performance or delay in performance shall be excused and no damages or loss may be claimed.

23. Signatures
This Agreement may be signed in counterparts. Delivery of a signed copy may be made by facsimile or electronic
transmission, which shall be equally binding as delivery or a signed original, and such facsimile or electronic copy
shall be admissible in court or other legal proceedings as equivalent to an original copy. Customer agrees to notify
Regency Mint immediately of any change in the information provided in this Agreement.

Company Information

Customer warrants and represents it is a:

Contact Information

Address
Address
City
State/Province
Zip/Postal
Country

Signatures

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