4.3.2.4. Unauthorized Termination of Minter – SPV Operator Agreement

It is crucial that all Eligible Collateral is always available to back the Owed M. To that end, it is mandatory that Minters contract with SPV Operators who are permissioned by Governance and listed in the Adopted Guidance to operate the Collateral Storage. To avoid any circumvention of Governance-led rules, e.g. by exchanging the SPV Operator with an unauthorized party, it is expected that Minters shall only replace an SPV Operator with another permissioned SPV Operator. In the case a Minter, while remaining a Permissioned Minter or within the Amicable Wind Down Period, terminates the Minter-SPV Operator Agreement without replacing it with another viable agreement meeting the criteria as outlined in the Adopted Guidance, the SPV Operator shall perform an immediate Non-Amicable Wind Down. A termination during a Non-Amicable Wind Down shall generally be excluded.