Priority Financial Services

Terms & Conditions

1.0 In these Terms & Conditions, in the company’s web site and in documentation, Priority Financial Services LP may be defined as PFS.

1.1 These Terms and conditions shall apply in relation to all Accounts applied for by the Client and all Accounts which may be subsequently opened.

1.2 Any contracts or agreements between the Client and Priority Financial Services LP may be formed by electronic means and neither the Client nor Priority Financial Services LP may challenge the validity of agreements made in this manner.

1.3 Priority Financial Services LP may engage or appoint any persons to carry out any Instruction or functions of Priority Financial Services LP for the Client or to exercise any authority granted to Priority Financial Services LP by the Client.

1.4 Priority Financial Services LP shall be entitled to record any communications between Priority Financial Services LP and the Client or any officer, servant or agent of the client using any recording apparatus, without prior notice or warning to the Client. Any such recording may be used as evidence in any proceedings or disputes involving Priority Financial Services LP.

1.5 If, in exceptional circumstances, the Client sends Priority Financial Services LP Instructions by letter or fax, Priority Financial Services LP may act upon these and the Client will be bound by such Instructions. In consideration of Priority Financial Services LP acting in accordance with any such Instructions, the Client agrees to indemnify Priority Financial Services LP against all loss in relation to acting on such Instructions and irrevocably authorizes Priority Financial Services LP to debit any Account in respect to all amounts chargeable to the Client as a result of Priority Financial Services LP acting upon such instruction.

1.6 Priority Financial Services LP shall be entitled to verify the identity of the persons purporting to give any Instruction or the source and origin of any Instruction or the source or beneficiary of any funds covered by an Instruction, and Priority Financial Services LP may defer acting upon any Instruction until Priority Financial Services LP is satisfied as to the matters on which Priority Financial Services LP sought verification.

1.7 In the event that Priority Financial Services LP decides to act on any instruction or is otherwise under an obligation to act upon or carry out any instruction, Priority Financial Services LP shall be allowed such amount of time to act and implement any instruction as may be reasonable having regard to the systems and operations of Priority Financial Services LP and other circumstances then prevailing and shall not be liable for any loss arising from any delay on the part of Priority Financial Services LP in acting on any such instruction.

1.8 Where any instruction is ambiguous or inconsistent with any other instruction, Priority Financial Services LP shall be entitled to rely and act upon any instruction in accordance with any reasonable interpretation thereof which any officer believes in good faith to be the correct interpretation or refuse to act until the client issues a fresh instruction in such form and manner required by Priority Financial Services LP.

1.9 Priority Financial Services LP reserves the right to reject hard copies of forms or material printed from the web site. Priority Financial Services LP agrees to be bound only by the provisions as they appear on the web site and will not be bound by any amendment made to these by the client.

1.10 Priority Financial Services LP shall not be liable to the Client for any loss incurred by the Client arising from or due to breakdown of equipment, delay in the transmission or wrongful interception of any Instruction or any breach of Commodity Trust Services LP’s obligations to the Client caused by or arising from any of the foregoing events.

1.11 Priority Financial Services LP may act on Instructions given by public email where the email address is the designated email address for the Client. Priority Financial Services LP shall in no circumstances be liable for any loss or damage arising from the Client’s use of public email.

1.12 The Client shall pay Priority Financial Services LP all the fees, commissions and other charges at such rates and in such manner as Priority Financial Services LP may impose with respect to (a) any Account or the maintenance of any Account (b) the execution of implementation of any Instruction or (c) such other matters as the bank may determine. All of Priority Financial Services LP’s fees, commissions and other charges shall be posted on its web site where practical.

1.13 Priority Financial Services LP shall be entitled to charge interest on any sum or payment due to it from the Client at such rate and calculated in such manner as Priority Financial Services LP may impose and to debit any Account in respect of the interest charge.

1.14 The Client shall reimburse Priority Financial Services LP for all costs incurred by Priority Financial Services LP in connection with (a) the execution or implementation of any instruction or (b) the provision of facilities for or in respect of any Account or the Client.

1.15 The operation of all Accounts, the executions of all Instructions and the provision of all facilities shall be subject to all applicable laws. Priority Financial Services LP may take or refrain from taking any action what so ever, and the client shall do all things required by Priority Financial Services LP, in order to procure or insure compliance with applicable laws.

1.16 The Client shall promptly examine and verify all Account information identified in its Accounts on Priority Financial Services LP’s web site and shall give Priority Financial Services LP notice of any inaccuracy, error or omission immediately after the Client receives or is deemed to have received such Account information. All Account information shall be deemed to be accurate save for such inaccuracy stated in the notice of the Client given to Priority Financial Services LP.

1.17 The Client shall promptly notify Priority Financial Services LP from his designated email address of any change in information provided to Priority Financial Services LP when Accounts were opened and the Bank shall be entitled to assume that there has been no change until Priority Financial Services LP has received notice thereof.

2.1 The Client acknowledges and accepts that the use of this website and all other services offered by Priority Financial Services LP indicates acceptance of these Terms & Conditions and undertakes that:

(a) They have full capacity and authority to accept and agree to these Terms and Conditions, to open and maintain all Account(s) from time to time opened with Commodity Trust Services LP, and to give Priority Financial Services LP any Instructions that may be given

(b) That all authorizations, consents, licenses or approvals required to accept and agree to these Terms and Conditions, to open, and maintain all accounts from time to time opened with Priority Financial Services LP, and to give Priority Financial Services LP any instructions have been obtained and will be maintained in full force and effect

(c) Except for any security or encumbrance created in favor of Priority Financial Services LP, no person other than the Client will have or acquire any beneficial or other interest in or security or other rights over any Account or assets held by Priority Financial Services LP for the Client without the prior written consent of Priority Financial Services LP.

(d) In respect to the opening and maintenance of the Accounts and in respect to all funds which may be deposited into the Account(s) from time to time, the client has complied with and will continue to comply with all Applicable Laws relating to money laundering and proceeds of crime;

(e) The Client acknowledges that Priority Financial Services LP is subject to certain know-your-client obligations and obligations in regard to the detection, disclosure and prevention of money laundering (money laundering being defined to include in any manner dealing with proceeds of or assets used in any unlawful activity, wherever committed). Accordingly, the Client undertakes and agrees in connection therewith:

(I) To fully cooperate with Priority Financial Services LP and to provide all information requested by Priority Financial Services LP from time to time in regard to the Client, the Account(s) and all transactions executed through the Account(s) in order to assist Priority Financial Services LP in discharging its obligations under the Applicable Laws and banking practices in any jurisdiction where Priority Financial Services LP conducts business, where any client is located, and where any correspondent bank or other service provider to Priority Financial Services LP is located including, but not limited to, copies of such information and documents concerning its business and financial position as Priority Financial Services LP may request;

(II) That Priority Financial Services LP may delay, block or refuse to make a payment or transfer if Priority Financial Services LP reasonably believes that making such payment or transfer may breach any Applicable Law or practice and Priority Financial Services LP will incur no liability to Client if Priority Financial Services LP does so:

(III) That Priority Financial Services LP may close or suspend any Account, or freeze funds in any Account, if Priority Financial Services LP reasonably believes that such Account has been used in the commission of any fraud or unlawful activity, and Priority Financial Services LP will incur no liability to Client if Priority Financial Services LP does so;

(IV) That Priority Financial Services LP may use any Client information to prevent or investigate any fraud or unlawful conduct, including any suspected fraud or unlawful conduct;

(V) That Priority Financial Services LP may disclose any Client information, without liability to Client if Priority Financial Services LP does so, to

(a) Any investigative agencies or other persons which may assist Priority Financial Services LP in complying with its anti money laundering at and know your customer obligations,

(b) Any organization which provides any services to Priority Financial Services LP in connection with the services provided by Priority Financial Services LP,

(d) Other financial institutions, including any correspondent banks