1. TERMS AND INTERPRETATIONS
1.1 These are the terms of supply (“Terms”) under which NOBLE CASK WINE Limited ("NOBLE CASK WINE ", "we" or "us") supplies Assets and Services (in each case as defined below) through www.noblecaskwine.com (the "Website"). NOBLE CASK WINE is a company registered in England and Wales. The company registration number is 16719239 and its registered office is at 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ.
1.2 The supply of Assets and Services by NOBLE CASK WINE is in all cases subject to these Terms. No person acting or purporting to act on behalf of NOBLE CASK WINE has any authority to waive, add to or vary these Terms, unless the waiver, addition or variation is in writing and signed by a duly authorized representative of NOBLE CASK WINE.
1.3 NOBLE CASK WINE is not regulated by the Financial Conduct Authority and your investment will not be covered by the Financial Services Compensation Scheme. You should carry out your own due diligence before committing to an investment.
1.4 In particular, please note NOBLE CASK WINE's rights of sale which are set out in Paragraph 7 below.
1.5 Capitalized terms, which are not otherwise defined in these Terms, will have the meaning given to them in Paragraph 22.
2. YOUR ACCOUNT
2.1 You must be of the legal drinking age in your country, province or state of residence (18 years or older in the UK) to open an Account, purchase Assets or use the Services.
2.2 To create an Account, you will need to submit an Account Opening Form. You will not be able to purchase any Assets or use the Services without an Account.
2.3 You need to provide accurate and complete information including, but not limited to, your legal name, age, billing address, delivery address (if different), email address, and telephone number.
2.4 You will be taken through a series of questions, and you will be required to provide certain information for us to determine your investment objectives and risk tolerance("Objectives"). It helps us to provide recommendations to your Investment.
2.5 By submitting an Account Opening Form you agree to be bound by these Terms. These Terms form a legally binding contract between you and NOBLE CASK WINE and apply to all use of your Account and the Services.
2.6 NOBLE CASK WINE may accept or reject an Account Opening Form in its sole discretion.
2.7 If NOBLE CASK WINE does not accept your Account Opening Form, NOBLE CASK WINE will inform you. This might be, for example because there is an error in the details provided in the Account Opening Form or you have failed any age verification or other checks.
2.8 You are responsible for keeping your Account details (username and password) secure. Unless you tell us promptly that your Account has been compromised, NOBLE CASK WINE will treat all activity on your Account as being activity initiated or approved by you.
2.9 You agree that after your Account is opened and made accessible to you, there will be an Investment Period of one (1) year.
2.10 You agree that your Account is subject to a minimum subscription period (the "Holding Period") after the Investment Period. Unless a shorter period is notified to you by NOBLE CASK WINE, the Holding Period is:
(a) Three (3) years from the end of the Investment Period for Enthusiast Customers and Connoisseur Customers; and
(b) Four (4) years from the end of the Investment Period for Master Customers and Guru Customers
If you choose to close your Account and /or sell all of your Assets prior to the completion of the Holding Period, you acknowledge that NOBLE CASK WINE may charge you an Early Liquidation Fee.
2.11 In the events Assets are sold after Holding Period, we will deposit the funds in your account in 21 Working Days, you will have an option to reinvest or withdraw the funds. You may withdraw at any time thereafter, subject to any outstanding Fees collected by NOBLE CASK WINE.
3. SERVICES
3.1 NOBLE CASK WINE will make sell or buy recommendations of Assets to you to reflect your Objectives. NOBLE CASK WINE buys and sells Assets from and to third parties on your behalf in accordance with these Terms, consulting you as described in these Terms and / or on the Website. Any sell or buy transaction following a recommendation will require your explicit authorisation before execution.
3.2 NOBLE CASK WINE will also provide regular market news and observations, and annual valuation reports.
3.3 NOBLE CASK WINE will be buying Assets and storing it in our storage facilities. Assets belong to you and not NOBLE CASK WINE.
3.4 NOBLE CASK WINE is not a financial adviser. The information NOBLE CASK WINE (or its related third parties) makes available on, through or in connection with the Services does not constitute financial or taxation advice and it is your sole responsibility to seek the advice of a registered financial or taxation adviser. It is ultimately your responsibility to ensure the Services and Assets are suitable for your needs.
3.5 You hereby appoint NOBLE CASK WINE as your agent for the duration of these Terms and you authorise NOBLE CASK WINE to do any acts we may consider necessary or desirable in order to facilitate the sale or purchase of Assets (whether by auction, private bargain or otherwise) on your behalf in order to perform the Services. Unless otherwise agreed in writing between you and NOBLE CASK WINE, NOBLE CASK WINE will obtain your prior approval (either verbal or written) prior to executing each sale or purchase of Assets on your behalf.
4. ORDERS
4.1 You must be of the legal drinking age in your country, province or state of residence (18 years or older in the UK) to make any Order.
4.2 NOBLE CASK WINE will make recommendations for particular Assets for you to purchase. You may also make requests for Assets and NOBLE CASK WINE will confirm whether such Assets are available and the total cost payable (the "Purchase Price").
4.3 Once you have decided to purchase an Asset, you will place an order with NOBLE CASK WINE to purchase the Asset on your behalf (each an "Order"). Orders can be placed via the Website, or by email or telephone.
4.4 NOBLE CASK WINE may accept or reject an Order in our sole discretion. Acceptance by NOBLE CASK WINE of an Order will take place when NOBLE CASK WINE confirms the Order: (a) verbally by telephone; or (b) in writing, by email.
4.5 If NOBLE CASK WINE rejects any Order, NOBLE CASK WINE will inform you. This might be, for example, because there is not a sufficient quantity of the Asset available to NOBLE CASK WINE to purchase or the terms upon which the Asset is available are not acceptable to NOBLE CASK WINE in its sole discretion.
4.6 Any Purchase Price paid by you to NOBLE CASK WINE in respect of an Order will be refunded to you if NOBLE CASK WINE are unable to source and purchase the ordered Asset at the price agreed between you and NOBLE CASK WINE.
4.7 NOBLE CASK WINE will promptly communicate any necessary modifications to an Order. In the event that you do not accept the proposed changes to the Order, you reserve the right to cancel the Order, and any payment made for the purchase will be refunded to you. NOBLE CASK WINE will not make any changes to an Order after the Asset has been purchased.
4.8 You agree to pay NOBLE CASK WINE the full Purchase Price for Assets ordered, together with any taxes or expenses payable by you under these Terms, at the time of placing an Order. Payment will be made by your chosen available payment method or in such other form as NOBLE CASK WINE agrees with you in respect of that Order.
4.9 The Purchase Price is the price quoted by NOBLE CASK WINE at the time you place an Order (unless otherwise agreed with you at or before the time NOBLE CASK WINE accepts your Order). The Purchase Price includes the costs of delivering the Asset to the Storage Facility.
4.10 NOBLE CASK WINE may refuse to accept any Order if the relevant Purchase Price has not been paid in full.
4.11 You may cancel an Order at any time before it has been accepted by NOBLE CASK WINE. You may cancel an Order within 14 days of the date of Order is accepted by NOBLE CASK WINE.
4.12 You must give written notice of your intention to cancel an Order, by emailing us, writing to us or calling us. Our contact information is found in paragraph 21. Please include your Order reference number in all correspondence.
4.13 If you cancel an Order NOBLE CASK WINE will refund the Purchase Price paid by you. The refund will be made using the same payment method as the original payment unless expressly agreed otherwise. The refund shall be made by NOBLE CASK WINE within 14 days of the date you give NOBLE CASK WINE notice of cancelling the Order.
5. TITLE AND RISK
5.1 Title to each Asset which is the subject of an Order shall pass to you on the later of:
(a) delivery of the Asset to the Storage Facility (or other agreed location); and
(b) the date NOBLE CASK WINE receives the full Purchase Price.
5.2 Assets which are delivered to the Storage Facility shall be the responsibility of, and at the risk of, NOBLE CASK WINE unless and until the Asset is sold, delivered to or made available to:
(a) you (or a third party nominated by you); or
(b) a carrier organised by you and notified to NOBLE CASK WINE in advance.
6. OVERVIEW OF FEES
6.1 The following types of costs are payable by you (together, the "Fees"):
(a) Ongoing fees: this is the annual recurring charge for our provision of the Services (the "Management Fee"). It is calculated and payable in accordance with paragraph 7.
(b) Purchase Price: this is the one-off cost payable if you choose to submit an Order for an Asset. The Purchase Price shall include VAT, delivery costs and other fees where indicated in the Order. The Purchase Price does not include any third-party costs such as import costs, or your income, capital gains or similar taxes in any jurisdiction. The Purchase Price is payable in accordance with paragraph 4.
(c) Ad hoc costs: these are one-off costs you will incur for special or additional services. Ad hoc costs will be agreed between you and NOBLE CASK WINE from time to time. You will not have to pay ad hoc costs unless you first expressly agree to pay them. Ad hoc costs may include, for example, agent's fees, costs of handling and delivery or other expenses incurred as a result of delivery of any Asset to an address other than the Storage Facility where requested by you.
(d) Early Liquidation Fee: if you choose to close your Account and / or sell all of your Assets prior to the completion of the Holding Period, NOBLE CASK WINE may charge you a fee in accordance with paragraph 8 ("Early Liquidation Fee").
7. MANAGEMENT FEE
7.1 The Management Fee is payable for our provision of the Services, including any applicable storage fees and insurance costs in respect of any Assets held in the Storage Facility on your behalf.
7.2 During Investment Period, the Management Fee is calculated as a percentage of the Committed Capital and charged annually, based on your investment plan. During Holding Period, Management Fee is calculated as a percentage of Total Value of your Investment to determine the annual Management Fee, based on your investment plan:
(a) For Enthusiast Customers, the Management Fee is 2.50%
(b) For Connoisseur Customers, the Management Fee is 2.25%
(c) For Master Customers, the Management Fee is 2.00%
(d) For Guru Customers, the Management Fee would be customized and subject to discussion and agreement with us
7.3 Upon confirmation that your Account has been accepted and opened, and on or about the same date every 12 months thereafter (except where such date is a Saturday, Sunday or public holiday in which case the relevant day shall be the prior business day), NOBLE CASK WINE shall invoice you, in advance, the applicable Management Fees for the next 12 months.
7.4 If NOBLE CASK WINE is unable to charge the Management Fees following the issuance of the invoice, in accordance with paragraph 10.1, NOBLE CASK WINE shall notify you by email, phone and / or post that the payment has not been successful. If you do not make prompt payment or otherwise reach an agreement with NOBLE CASK WINE, NOBLE CASK WINE may take such steps as it considers necessary which may include:
(a) treating the non-payment as early termination by you, in which case the Early Liquidation Fee shall apply;
(b) taking legal action against you to recover overdue payments (which may include using monies held on balance to offset overdue payments); and / or
(c) exercising any other rights NOBLE CASK WINE may have under these Terms (including under paragraph 11) or applicable law.
8. EARLY LIQUIDATION FEE
8.1 NOBLE CASK WINE shall be entitled to charge you the Early Liquidation Fee if:
(a) you choose to close your Account and / or remove all of your Assets from the Storage Facility prior to the completion of the applicable Holding Period; or
(b) if NOBLE CASK WINE terminates these Terms and your Account pursuant to paragraph 18.1.
8.2 You will not be permitted to remove your Assets from the Storage Facility until the full amount of any Early Liquidation Fee has been paid.
8.3 The Early Liquidation Fee shall be calculated as the aggregate of the Management Fee which would have been payable by you throughout the remainder of:
(a) the Investment Period based on the Committed Capital; and
(b) the Holding Period based on the Total Value of your Investment at the point your Account is closed.
9. SELLLING ASSETS
9.1 You may ask NOBLE CASK WINE at any time to value the Assets and to arrange for the sale of the Assets on your behalf (a "Sale Request"). NOBLE CASK WINE might also provide recommendations to you to sell, and you must provide explicit Sale Request to NOBLE CASK WINE.
9.2 When you issue a Sale Request, you are appointing NOBLE CASK WINE as your agent for the sale and you authorize NOBLE CASK WINE to perform any acts it may consider necessary or desirable in order to facilitate such a sale, whether by auction, private sale or otherwise.
9.3 On receipt of a Sale Request, NOBLE CASK WINE will agree with you the market valuation for the Asset(s), and the indicative sale timeframe. NOBLE CASK WINE shall use its reasonable endeavours to sell the Asset as close to the market valuation as possible, using all appropriate channels.
9.4 Once part of the Assets shall on completion of the sale cease to be part of your Assets and cease to show in your Account. The funds received for the sale shall be applied to your Account.
9.5 After your Assets has been sold, any outstanding cash balance in your account may be used to pay for NOBLE CASK WINE's outstanding fees. If there are funds left after the payment of your fees, you can either keep the fund in your account or ask the fund to be returned to you in 21 Working Days.
10. PAYMENT
10.1 NOBLE CASK WINE will invoice you for the Fees. Invoices must be paid in pounds sterling and within 14 Working Days from the date of the invoice.
10.2 Payment may be made by bank transfer, UK cheque or Visa or Mastercard debit cards (the "Payment Method").
10.3 NOBLE CASK WINE may make multiple attempts to chase the payment, on a daily basis, over a period of three weeks. If any amount remains unpaid after the due date for payment, then NOBLE CASK WINE reserves the right at its sole and absolute discretion to do any or all of the following:
(a) charge interest at 2.5% per month on any amount remaining unpaid after the due date, calculated from the due date until the actual date of payment;
(b) suspend any future transfer of Assets to the Customer; and/or
(c) require payment of all other unpaid amounts invoiced to the Customer (whether or not then due and payable).
11. FAILURE TO PAY, LIEN AND POWER OF SALE
11.1 NOBLE CASK WINE will have, in addition to any other right or remedy available to it in accordance with these Terms or at law, a lien and power of sale over the Assets and all other property at the Storage Facility belonging to you for the Fees and all other fees, costs and expenses charged under or in connection with these Terms. If any such sum remains unpaid (in full or in part) more than 60 days after it becomes due, NOBLE CASK WINE is entitled to:
(a) retain the Assets in its possession until full payment is made; and
(b) dispose of the Assets in such manner and at such price as NOBLE CASK WINE deems fit on the expiry of 14 Working Days' notice to you. Such notice must: (i) be given in writing; (ii) be given electronically by email to the email address you provide in your Account; (iii) state the amount due; and (iv) state NOBLE CASK WINE's intention to dispose of the Assets unless the amount due is paid in full by the expiry of the notice period.
Any notice will be deemed to have been received at the time of transmission.
11.2 NOBLE CASK WINE will apply the proceeds of any disposal under paragraph 11.1(b) in the following order:
(a) payment of disposal costs;
(b) payment of outstanding Fees and any other fees, costs and expenses charged under or in connection with these Terms;
(c) payment of any other costs and expenses, including the cost of storing the Assets during their retention pending disposal; and
(d) payment of any remainder to you.
11.3 You agree that you will promptly take whatever action NOBLE CASK WINE may require for:
(a) creating, perfecting or protecting the security created or intended to be created by this paragraph 11;
(b) facilitating the realisation of any of the Assets; or
(c) facilitating the exercise of any right, power, authority or discretion exercisable by NOBLE CASK WINE in respect of any of the Assets, including, without limitation, the execution of any charge, transfer, conveyance, assignment or assurance of all or any of the Assets (whether to NOBLE CASK WINE or to its nominee) and the giving of any notice, order or direction and the making of any filing or registration which, in any such case, NOBLE CASK WINE may consider necessary or desirable.
12. DELIVERY
12.1 All Assets ordered by you will be delivered to the Storage Facility unless you request otherwise and NOBLE CASK WINE agrees before accepting the Order.
12.2 Delivery is deemed to take place:
(a) when the Asset is delivered to the Storage Facility (or such other location agreed between the parties); or
(b) where the Asset is already physically held at the Storage Facility, once payment for the Asset has been received in full from you by NOBLE CASK WINE.
12.3 NOBLE CASK WINE will deliver the Asset as soon as reasonably possible after the day on which NOBLE CASK WINE accepts your Order. No warranty is given by NOBLE CASK WINE that the Asset will be delivered on or by a specific date.
12.4 On delivery to the Storage Facility, the Assets which have been purchased pursuant to an Order shall be held in a named sub-account, clearly identifiable as your property. When title passes to you pursuant to Paragraph 5.1, NOBLE CASK WINE will provide your sub-account code and relevant rotation numbers per Asset through your Account.
12.5 If NOBLE CASK WINE's supply of the Assets is delayed by an event outside of its control then NOBLE CASK WINE will contact you as soon as possible and will take steps to minimise the effect of the delay. NOBLE CASK WINE will not be liable for delays caused by the event outside of its control.
13. STORAGE AND COLLECTION
13.1 Assets held at the Storage Facility will be stored until they are sold, your Account is closed or you request their collection or delivery.
13.2 You will give NOBLE CASK WINE at least 14 Working Days' notice of an intention to remove any Assets from the Storage Facility, whether by collecting the Assets or by requesting delivery of the Assets to you or to an address nominated by you (a "Removal Notice"). Following collection or loading into the transport vehicles, the Assets will be removed from your Account, and NOBLE CASK WINE shall not provide any Services in respect of the removed Assets.
13.3 Each Removal Notice shall specify the particular Asset(s) to be collected and the details of the person collecting the Asset(s). NOBLE CASK WINE may refuse to allow collection of any Asset(s) if there are outstanding Fees payable by you.
13.4 You are wholly responsible for all costs associated with removing your Asset(s), including but not limited to courier, delivery and insurance costs.
13.5 You may request and NOBLE CASK WINE may, at its absolute discretion, agree to arrange delivery of your Asset(s). The cost of such delivery shall be quoted by NOBLE CASK WINE and shall be payable by you in advance.
13.6 You shall bear all risk in any Asset which is removed from the Storage Facility at your request or instruction.
14. INSURANCE
14.1 NOBLE CASK WINE will hold and maintain a policy of insurance which covers the Assets for their declared replacement value against the risks of physical loss, destruction and damage, at all times from actual receipt of the Assets into the Storage Facility until they cease being held in the Storage Facility. Such policy of insurance: (a) will be subject to maximum limits in the aggregate and for each loss or series of losses; and (b) will be subject to exclusions, limitations and other terms as set out in the policy terms of supply.
14.2 On your request, NOBLE CASK WINE will provide to you a summary of the applicable insurance policy.
15. VALUATIONS
15.1 Valuations of your Assets will be available through your Account. Prices are provided independently by Liv-Ex, and/or any other source deemed reliable by NOBLE CASK WINE, on a daily basis.
15.2 For the purpose of the calculation of the Management Fees or any other valuation under these Terms, unless expressly stated otherwise in these Terms, NOBLE CASK WINE will use the Liv-Ex Benchmark Market Price. In the event that Liv-Ex Benchmark Market Price is not available, NOBLE CASK WINE will use Wine Searcher Market Price or Bordeaux Index Market Price.
15.3 A copy of the valuation used and the methodology will be available upon request.
16. LIABILITY
16.1 Nothing in these Terms limits or excludes either party's liability for death or personal injury caused by negligence or for fraud or fraudulent misrepresentation, or any other liability which may not be excluded or limited under applicable law.
16.2 You acknowledge that the nature of the Assets is such that NOBLE CASK WINE cannot and does not warrant: (a) the quality, drinkability, fitness for purpose or freedom from defect or deterioration of the Assets at any time, in so far as it does not relate to the negligence or willful misconduct of NOBLE CASK WINE; or (b) the market value or appreciation in value of the Assets.
16.3 This paragraph 16.3 is subject to paragraph 16.1. NOBLE CASK WINE is not liable for business losses and only supplies Assets for domestic and private use. If you use the Assets or Services for any commercial, business or re-sale purpose, NOBLE CASK WINE will have no liability for loss of profit, loss of business, business interruption or loss of business opportunity. NOBLE CASK WINE is not liable for indirect or consequential loss.
16.4 Subject to paragraph 16.1, NOBLE CASK WINE's liability is limited as follows:
(a) in respect of any damage, destruction, loss or theft of any Asset held within the Storage Facility, NOBLE CASK WINE's liability is limited to the amounts actually recovered by NOBLE CASK WINE pursuant to its policy of insurance, which shall be pro-rated amongst all affected Customers according to the proportionate value of Assets affected; and
(b) in respect of all other claims, NOBLE CASK WINE's aggregate liability in any 12-month period (commencing on the date you open your Account and each anniversary thereof) shall be limited to the Management Fees paid or payable during such year.
17. PERSONAL INFORMATION
17.1 The NOBLE CASK WINE Privacy Policy, a copy of which can be found here, applies to your use of the Services and your Account.
18. TERMINATION
18.1 NOBLE CASK WINE may terminate these Terms and close your Account immediately on written notice to you if:
(a) you are in breach of these Terms;
(b) any Fees are overdue and you have not paid all outstanding amounts within 180 days of a request to do so;
(c) you do not, within a reasonable time of NOBLE CASK WINE asking for it, provide information that is necessary for NOBLE CASK WINE to provide the Assets or Services;
(d) you become the subject of a bankruptcy petition, application or order;
(e) you die or, by reason of illness or incapacity (whether mental or physical), become incapable of managing your affairs or becomes a patient under any mental health legislation.
18.2 You may choose to cancel these Terms at any time by closing your Account and / or removing all of your Assets from the Storage Facility.
18.3 On termination of these Terms, howsoever occurring, you shall be responsible for removing your Assets from the Storage Facility.
18.4 If you fail to remove your Assets, NOBLE CASK WINE shall be entitled to charge you its then-current Management Fee. If any Orders remain accepted and unfilled on termination, these Terms shall remain in force until such Order has been completed.
19. CHANGES TO THESE TERMS
19.1 NOBLE CASK WINE may make minor changes to these Terms to reflect changes in relevant laws and regulations. NOBLE CASK WINE will notify you through your Account or by email of the changes.
19.2 If NOBLE CASK WINE intends to make any other changes to these Terms, NOBLE CASK WINE will notify you 14 days in advance. If you do not agree to the changes, you may terminate these Terms and close your Account, and no Early Liquidation Fee shall apply.
19.3 Unless required by law, changes to these Terms will not apply to Orders which have already been accepted by NOBLE CASK WINE.
19.4 To exercise your right to terminate, you must inform NOBLE CASK WINE in writing at info@noblecaskwine.com.
19.5 You will be deemed to have accepted the Terms as amended if:
(a) you continue to place any Orders with NOBLE CASK WINE or otherwise use the Services; or
(b) you do not object to the changes within the 14-day notice period.
20. GENERAL
20.1 Force Majeure. NOBLE CASK WINE is not responsible for any acts, omissions or losses which are caused by factors outside its reasonable control.
20.2 Waiver. If NOBLE CASK WINE does not enforce any of its rights at the time they arise, it may choose to exercise that right at a later date.
20.3 Severable provisions. If any provision of these Terms is found to be unenforceable, all other provisions shall remain unaffected.
20.4 No assignment. You may not assign to third parties the rights and obligations arising from these Terms and / or subcontract any of the obligations derived from it, without the express written authorisation of NOBLE CASK WINE.
20.5 Disputes. These Terms, and each Order, are governed by English law, except that if you are a consumer and you live in Scotland or Northern Ireland, there may be certain mandatory applicable laws of your country which apply for your benefit and protection in addition to or instead of certain provisions of English law. Any dispute between NOBLE CASK WINE and you regarding these Terms (will only be dealt with by the English courts, except that if you are a consumer and you live in Scotland or Northern Ireland, you can choose to bring legal proceedings either in your country or in England, but if we bring legal proceedings, we may only do so in your country.)
21. CONTACTING US
21.1 If you have any questions, please get in touch with us:
(a) Telephone: +44(0)7518 726 742
(b) Customer service hours: Monday to Friday, from 9am to 5pm.
(c) E-mail: info@noblecaskwine.com
(d) WeChat: noblecaskwine
(e) WhatsApp: +44(0)7518 726 742
21.2 If we need to contact you, we will use the email address you provide in your Account
22. DEFINITIONS
In these Terms the following definitions apply:
(a) "Account" means an account created by you with NOBLE CASK WINE in accordance with these Terms;
(b) "Account Opening Form" means the application form completed by you and submitted to NOBLE CASK WINE to open an Account;
(c) "Assets" means: (i) any wine or other goods of any kind stored or held by NOBLE CASK WINE on your behalf under these Terms, (ii) any wine or other goods of any kind held by NOBLE CASK WINE for and on behalf of you at your request;
(d) "Bordeaux Index" means Bordeaux Index Ltd, the independent fine wine exchange and wine trade platform;
(e) "Committed Capital" means the total amount of money pledged to invest, which NOBLE CASK WINE can request over the Investment Period as needed, rather than all at once;
(f) "Connoisseur Customer" means Customer who has Committed Capital between £500,001 to £1,000,000.
(g) "Customer" means any private individual or business as the case may be;
(h) "Early Liquidation Fee" has the meaning given in paragraph 8;
(i) "Enthusiast Customer" means Customer who has Committed Capital between £100,000 to £500,000.
(j) "Fees" has the meaning given in paragraph 6.1;
(k) "Guru Customer" means Customer who has Committed Capital above £5,000,000.
(l) "Holding Period" has the meaning given in paragraph 2.10;
(m) "Investment Period" means one (1) year from the date your Account Opening Request is accepted;
(n) "Liv-Ex" means Liv-Ex Ltd, the independent fine wine exchange and wine trade price database;
(o) "Master Customer" means Customer who has Committed Capital between £1,000,001 to £5,000,000.
(p) "Noble Cask Wine" means the entity specified in paragraph 1.1;
(q) "Objectives" has the meaning given in paragraph 2.4;
(r) "Order" has the meaning given in paragraph 4.3;
(s) "Payment Method" has the meaning given in paragraph 10.2;
(t) "Purchase Price" has the meaning given in paragraph 4.2;
(u) "Removal Notice" has the meaning given in paragraph 13.2;
(v) "Sale Request" has the meaning given in paragraph 9.1;
(w) "Services" means the provision of the Account, and the storage and delivery of Assets and other services provided or performed by NOBLE CASK WINE from time to time pursuant to these Terms;
(x) "Storage Facility" means a suitable government bonded warehouse facility for storage of the Assets as determined from time to time by NOBLE CASK WINE in its discretion;
(y) "Terms" has the meaning given in paragraph 1.1;
(z) "Total Value of your Investment" means the total value of your Assets from time to time;
(aa) "Website" has the meaning given in paragraph 1.1;
(ab) "Wine Searcher" means Wine Searcher UK Ltd, the independent fine wine exchange and wine trade platform;
(ac) "Working Day" means any day other than a Saturday, Sunday or public holiday in the United Kingdom.
