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COMEX Division Membership License Agreement
This membership license agreement ("agreement") is made this day of , , by and between ("licensor") and ("licensee").
Whereas, the licensor is a member in good standing of the COMEX Division of the New York Mercantile Exchange, Inc., and has paid all dues, assessments, fees, fines, and other indebtedness owing to the Exchange;
Whereas, the licensee has been approved for membership or is a duly qualified applicant for membership on the Exchange; and

Whereas, the licensor wishes to license his

Extra
Original
membership # to licensee and licensee wishes to license the membership from licensor;
It is hereby agreed as follows:
I. License and Term
A. Subject to the terms hereof, the licensor grants to the licensee and licensee accepts a license (the "license") of the rights, privileges, duties, and obligations of licensor's COMEX Division membership in accordance with and subject to the by-laws and rules of the Exchange and this agreement.

B. The license shall become effective and the term of the license shall commence on the day (the "effective date") on which the Exchange board of directors approves the membership application of the licensee or, if such application is already approved, on . Thereafter, the license shall continue in effect until (or, if the license is renewed in accordance with the terms thereof, the later date to which the license is so extended), unless earlier terminated in accordance with the terms hereof.
C. In the event that the Exchange board of directors fails to approve the membership application of the licensee, the license shall be null and void and of no force and effect.

II. License Fee
A. The license fee shall be paid by:
Licensee
Other (Specify: )
B. The license fee payable to licensor shall be:
per month
$ per year
or
a sum equal to
C. Payment of the license fee shall be due on .
III. Fee, Dues, Assessments, and Other Charges
A. Any and all dues and assessments levied against and payable by the membership during the term of the license shall be paid by licensor.

B. Any and all fees and charges levied against and payable by the membership during the term of license shall be paid by licensee.

IV. Use of Licensed Membership
A. The licensed membership shall be subject to the by-laws and rules of the Exchange, as amended and in effect from time to time, and such by-laws and rules are hereby incorporated by reference into and made a part of this agreement. In the event that the by-laws and rules of the Exchange, as amended and in effect from time to time, conflict or are inconsistent with this agreement, the license shall be controlled by such by-laws and rules. Licensor and licensee shall be controlled by such by-laws and rules. Licensor and licensee shall be bound by and comply with the Exchange's by-laws and rules.
B. During the term of the license, the membership may not be transferred, assigned, sublicensed, or otherwise encumbered by licensor or licensee, and any such attempted transfer, assignment, or sublicense shall be null and void and of no force or effect.

C. During the term of the license, licensee shall exercise all rights of membership with respect to the licensed membership, except the rights (i) to vote, (ii) to be appointed to a regular committee of the Exchange, (iii) to purchase a membership (unless licensee has been elected to membership in accordance with the by-laws and rules of the Exchange), (iv) to transfer the membership, (v) to receive the proceeds from any sale of the membership.
D. During the term of the license, the membership may be used by other members, member firms, and the Exchange to satisfy (i) all claims against licensee which have not been satisfied by licensee's guarantor and (ii) all claims against liason, including claims of licensee's guarantor, unless the guarantor has executed a waiver of claims in the form prescribed by the Exchange, and such waiver is filed with the Exchange.

E. Any and all controversies arising between the licensor and licensee which relate to the license or the termination, breach, or alleged breach of this agreement shall be submitted to arbitration in accordance with the by-laws and rules of the Exchange.

V. Termination; Expiration; Renewal of License
A. The license shall remain in full force and effect during its term, unless terminated as follows:

(1) By mutual written consent of licensor and licensee, upon thirty (30) days' prior written notice to the membership department;
(2) By either licensor or licensee upon prior written notice to the membership department and to the other party (i) in the event that the other party is in breach of its obligations under this agreement or (ii) in the event of the other party's suspension, expulsion, death, insolvency, or incompetence;
(3) Upon written notice, by the licensor to the membership department in the event that (i) the guarantee of the licensee's guarantor has ceased to be effective or (ii) if a waiver of claims has been executed and filed with the Exchange, the licensee's guarantor has revoked its waiver of claims against licensor;
(4) By either licensee or licensor, with or without cause, upon thirty (30) days' prior written notice to the membership department and to the other party given at any time following the six month anniversary of the effective date; or
(5) Other:
B. No termination or expiration of the license shall discharge either party from any payment obligation or liability accruing or arising with respect to the period preceding such termination or expiration.
C. The license may be renewed by mutual agreement of the parties. In order to renew the license, the licensor and licensee shall provide written notice to the membership department of their intention to renew at least thirty (30) days prior to the date on which the new term of the license is scheduled to begin. No renewal of the license will be effective until approved by the Exchange's board of directors.
VI. Entire Agreement; Amendment; Governing Law
A. This agreement sets forth the entire understanding and agreement between licensor and licensee and supersedes all other understandings and agreements as to the matters covered herein.
B. The term of the license, as set forth in this agreement, may not be modified except by written instrument signed by the licensor and licensee and filed with the Exchange. No modification of the license or this agreement will be effective until approved by the Exchange's board of directors.
C. This agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of New York, subject to the by-laws and rules of the Exchange.

In witness whereof, the licensor and licensee have affixed their signatures to this agreement as of the date first written above.
Licensor:
Licensee:
Intention to Transfer
Date:
I hereby give notice of my intention to transfer my NYMEX Division membership # registered in my name.

This is an extra membership

This is my sole membership

I confirm that I am a citizen of .
My Social Security or Federal ID number is .
Membership to be transferred to on .
Yours very truly,
Name of member:
Signature:
Power of Attorney
Know all men by these presents, that I have made, constituted, and appointed, and by these presents do make, constitute, and appoint my true and lawful attorney(s) for me and in my in the NYMEX or COMEX Division at such time to or his nominee, as may be necessary or expedient, giving and granting unto my said attorney full power and authority to perform all and every act and thing whatsoever requisite and necessary to be done in and about the premises, and fully to all intents and purposes, as I might or could do if personally present, with full power of substitution and revocation, hereby ratifying and confirming all that my said attorney or his/her substitute shall lawfully do or cause to be done by virtue hereof.

In witness whereof, I have hereunto set my hand and seal the day of , 20 .
Signature:
State of: Country of:
S.S.
On the day of , 20 , before me personally came to me known and known to me to be the individual described in, and who executed the foregoing instrument and he duly acknowledged to me that he executed the same.
Signature: