Common use of Trustee, Operating Reserve Clause in Contracts

Trustee, Operating Reserve. Trust Account, Trust Agreement & Accounting: A trustee with a minimum of 20-years of experience from one of the United States’ leading trust companies shall be appointed to administrate the Trust on behalf of gold-ore owners (“Trustee”). The total estimated operating costs as set forth in the Property Operating Budget to process and refine the Pre-Recycled Gold Ore to produce the estimated 39,000 oz. of Certified 99.99% Pure Gold it contains shall be deducted from total Gold Purchase proceeds and held in a dedicated Trust account to prepay all gold recycling expenses (“Gold Recycling Trust Account”). A general operating trust account will hold the balance of Gold Purchase proceeds not held in the Gold Recycling Trust Account (“Operating Trust Account”). The Gold Recycling Trust Account and Operating Trust Account (collectively “Trust Accounts”) shall be held at XX Xxxxxx Xxxxx, a leading United States financial institution. The Trust and Trust Accounts shall be administered by Trustee. All gold-ore owner payments for Gold Purchase shall be deposited in the Trust Accounts, where Trustee shall administer and approve all disbursements. Trustee shall disburse funds from Trust Accounts to recycle the 39,000 oz. of Certified 99.99% Pure Gold in accordance with the Property Operating Budget. Trustee shall utilize the Gold-Ore Purchase Agreement, Property Project Overview and Flowchart, and Property Operating Budget as the basis for all of its Trust related duties and activities. The primary mission of Trustee is to protect the interests and Pre-Recycled Gold Ore holdings of each gold-ore owner and ensure timely processing and delivery of the estimated 39,000 oz. of Certified 99.99% Pure Gold to each gold-ore owner. An accountant from a leading accounting firm specializing in mining accounting shall perform bookkeeping, accounting, and control functions for each Trust (“Accountant”). Accountant shall issue monthly updates and production reports to each Gold-Ore Owner. The Trusts, Trustees, Contract Gold Processors, and gold recycling operations for each mine premises comprising the Property will be independently audited on a monthly basis by a leading accounting firm specializing in auditing of mining companies (“Auditor”).

Trustee, Operating Reserve. Trust Account, Trust Agreement & Accounting: A trustee with a minimum of 20-years of experience from one of the United States’ leading trust companies shall be appointed to administrate the Trust on behalf of gold-ore owners (“Trustee”). The total estimated operating costs as set forth in the Property Operating Budget to process and refine the Pre-Recycled Gold Ore to produce the estimated 39,000 oz. of Certified 99.99% Pure Gold it contains shall be deducted from total Gold Purchase proceeds and held in a dedicated Trust account to prepay all gold recycling expenses (“Gold Recycling Trust Account”). A general operating trust account will hold the balance of Gold Purchase proceeds not held in the Gold Recycling Trust Account (“Operating Trust Account”). The Gold Recycling Trust Account and Operating Trust Account (collectively “Trust Accounts”) shall be held at XX Xxxxxx Xxxxx, a leading United States financial institution. The Trust and Trust Accounts shall be administered by Trustee. All gold-ore owner payments for Gold Purchase shall be deposited in the Trust Accounts, where Trustee shall administer and approve all disbursements. Trustee shall disburse funds from Trust Accounts to recycle the 39,000 oz. of Certified 99.99% Pure Gold in accordance with the Property Operating Budget. The Trust Agreement (“Trust Agreement”) will be delivered to Gold-Ore Owner during its 30-Day Due Diligence Period. Trustee shall utilize the Trust Agreement, Gold-Ore Purchase Agreement, Property Project Overview and Flowchart, and Property Operating Budget as the basis for all of its Trust related duties and activities. The primary mission of Trustee is to protect the interests and Pre-Recycled Gold Ore holdings of each gold-ore owner and ensure timely processing and delivery of the estimated 39,000 oz. of Certified 99.99% Pure Gold to each gold-ore owner. An accountant from a leading accounting firm specializing in mining accounting shall perform bookkeeping, accounting, and control functions for each Trust (“Accountant”). Accountant shall issue monthly updates and production reports to each Gold-Ore Owner. The Trusts, Trustees, Contract Gold Processors, and gold recycling operations for each mine premises comprising the Property will be independently audited on a monthly basis by a leading accounting firm specializing in auditing of mining companies (“Auditor”).

Trustee, Operating Reserve. Trust Account, Trust Agreement & Accounting: A trustee with a minimum of 20-years of experience from one of the United States’ leading trust companies shall be appointed to administrate the Trust on behalf of gold-ore owners (“Trustee”). The total estimated operating costs as set forth in the Property Operating Budget to process and refine the Pre-Recycled Gold Ore to produce the estimated 39,000 oz. of Certified 99.99% Pure Gold it contains shall be deducted from total Gold Purchase proceeds and held in a dedicated Trust account to prepay all gold recycling expenses (“Gold Recycling Trust Account”). A general operating trust account will hold the balance of Gold Purchase proceeds not held in the Gold Recycling Trust Account (“Operating Trust Account”). The Gold Recycling Trust Account and Operating Trust Account (collectively “Trust Accounts”) shall be held at XX Xxxxxx XxxxxChase, a leading United States financial institution. The Trust and Trust Accounts shall be administered by Trustee. All gold-ore owner payments for Gold Purchase shall be deposited in the Trust Accounts, where Trustee shall administer and approve all disbursements. Trustee shall disburse funds from Trust Accounts to recycle the 39,000 oz. of Certified 99.99% Pure Gold in accordance with the Property Operating Budget. The Trust Agreement (“Trust Agreement”) designating the Trustee will be delivered to Gold-Ore Owner during its 30- Day Due Diligence Period. Trustee shall utilize the Trust Agreement, Gold-Ore Purchase Agreement, Property Project Overview and Flowchart, and Property Operating Budget as the basis for all of its Trust related duties and activities. The primary mission of Trustee is to protect the interests and Pre-Recycled Gold Ore holdings of each gold-gold- ore owner and ensure timely processing and delivery of the estimated 39,000 oz. of Certified 99.99% Pure Gold to each gold-ore owner. An accountant from a leading accounting firm specializing in mining accounting shall perform bookkeeping, accounting, and control functions for each Trust (“Accountant”). Accountant shall issue monthly updates and production reports to each Gold-Ore Owner. The Trusts, Trustees, Contract Gold Processors, and gold recycling operations for each mine premises comprising the Property will be independently audited on a monthly basis by a leading accounting firm specializing in auditing of mining companies (“Auditor”).