Trust Receipt

THIS DEED is made on 10 May 2024

Between

(1)  PARTY_1_NAME whose principal place of business is at PARTY_1_ADDRESS_SINGLE_LINE as the Borrower (the "Borrower")

(2)  PARTY_2_NAME whose principal place of business is at PARTY_2_ADDRESS_SINGLE_LINE as the guaranteeing Bank (the "Bank")

1. We, in consideration of the Bank, which shall include its successors and assigns, from time to lime at our request delivering to us goods or produce (hereinafter called the "Merchandise") or the documents of title pledged to the Bank as security under the terms of a General Memorandum of Pledge and Hypothecation of Goods dated DATE, we agree and irrevocably undertake to hold the Merchandise or documents of title the proceeds of any sale of the Merchandise and all insurance monies arising therefrom as Trustee(s) for and on behalf of the Bank and to deal therewith only for the purposes and on the terms set out below.

2. For the purposes of this Trust Receipt references to "documents of title" include references to any documents (not constituting documents of title capable of being pledged) commonly regarded as documents of title, carriage or ownership which are from time to time issued in relation to Merchandise whether delivered to the Bank or not.

3. We acknowledge and agree that to the extent that the same are not set out in the schedule to this Deed on the date of its execution that we shall submit or deliver to the Bank in either electronic or written form a schedule of the Merchandise or documents of title, in respect of any one or more transactions, each time such Merchandise or documents of title are released to us. However, failure to submit or deliver such schedule shall not affect the validity of the trust declared in this letter. On each occasion that we submit or deliver such a schedule to the Bank or the Bank releases Merchandise or documents of title to me the trust declared in this Deed shall be deemed to have been repeated and we declare that all documents of title and Merchandise shall be held by us upon the trust herein set forth The Bank shall be entitled to rely upon any schedule so submitted or delivered to it without enquiry whether it is in written or electronic form and we shall raise no objection to the Bank acting in reliance thereon.

4. We acknowledge that the Merchandise and documents of title are to be held to the order of the Bank but at our risk and expense and acknowledge and confirm that by taking delivery of the Merchandise and the relevant documents of title we shall not become the lawful holder thereof for the purposes of the Carriage of Goods by Sea Act 1992 or any statutory modification or re-enactment thereof or similar legislations in other countries and all rights appertaining thereto (including rights of action against third parties) shall remain vested in the Bank.

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