Refined Copper definition
Examples of Refined Copper in a sentence
Seller shall not sell and deliver to Purchaser any physical Refined Copper resulting from Produced Copper or any other copper produced in Peru and shall not deliver to Purchaser any LME Warrant issued in respect of physical Refined Copper resulting from copper produced in Peru (including Produced Copper).
Title to, and risk of loss of, Refined Copper shall pass from Seller to Purchaser at the place of delivery and the Time of Delivery on the Date of Delivery.
Any amount of Refined Copper set off and withheld by Seller against any non-payment by Purchaser, including any failure to pay for Refined Copper when due in accordance with Section 2.5(2), shall be valued at the Copper Market Price as of the date that such amount of Refined Copper first became payable to Purchaser.
Upon the termination of this Agreement, any outstanding deliveries of Refined Copper that have been postponed pursuant to Section 2.7 shall become immediately due for delivery and any Top-Up Amount that has been delivered but not set off pursuant to Section 2.7(b) shall become immediately payable to Seller (calculated using the Copper Market Price as of the Date of Delivery of the Top-Up Amount to Purchaser) or set off against any amounts owing to Purchaser upon termination.
All costs and expenses pertaining to each delivery of Refined Copper by way of transfer of applicable LME Warrants representing such Refined Copper shall be borne by Seller.
Except as set out in Section 2.2, any Refined Copper or dollar amount not delivered or paid, as the case may be, when due by a Party may be set off by the other Party against any dollar amount or Refined Copper owed to such Party by the other Party.
Any dollar amount set off and withheld against any Refined Copper shall result in a reduction in an amount of Refined Copper otherwise to be delivered by that number of tonnes equal to the dollar amount set-off divided by the Copper Market Price as of the day such dollar amount first became payable.
In consideration for the sale and delivery of Refined Copper under and pursuant to the terms of this Agreement, Purchaser hereby agrees to pay to Seller a deposit in cash against the Copper Purchase Price in the amount of the Deposit, payable in accordance with Section 3.3 to the account designated by Seller for this purpose.
Seller shall be required to sell and deliver an amount of Refined Copper equal to the lost Reference Copper so determined by the Parties or by the Independent Expert in accordance with this Section 2.6(2) or Section 9.5(2), as applicable.