Deposit Set-off definition
Deposit Set-off means a set-off against repayment of the principal amount of the Initial Notes held by a holder and all accrued interest (and subsequent cancellation of such Initial Note) against an upfront cash payment of US$1 for each Purchased Ounce (as defined in Appendix “A” of Schedule C) upon execution of a silver purchase and sale agreement substantially on the terms as set forth in Schedule C.
Examples of Deposit Set-off in a sentence
Upon written notice from the Corporation to the Trustee that such holder of Initial Notes has exercised its Silver Purchase Agreement Right, entered into a definitive purchase and sale agreement pursuant to this Section 2.4(g) and effected the Deposit Set-off, the Trustee shall cancel the Initial Notes of such holders.