Examples of Underlying Metal in a sentence
The Issuer’s ability to pay the Final Redemption Amount or the Early Redemption Amount on the Scheduled Maturity Date or Early Redemption Date (as applicable) is dependent on its receipt of the disposal proceeds of the Underlying Metal from the Metal Agent.
Pursuant to the terms of the Security Deed, the Security described in Condition 6(a) shall automatically be released without further action on the part of the Trustee to the extent necessary to effect the realisation of the Underlying Metal; provided that nothing in this Condition 6(d) shall operate to release the charges and other security interests over the proceeds of the realisation of the Underlying Metal.
Subject as provided above, in carrying out any realisation, the Metal Agent will act in good faith and a commercially reasonable manner and will sell at a price which it reasonably believes to be representative of the fair market price of Underlying Metal being disposed of in the relevant transaction.
The Issuer has authorised and directed the Secured Account Custodian to deliver the Underlying Metal held by the Secured Account Custodian or Sub-Custodian to, or to the order of, the Metal Agent upon the occurrence of the first day of a Redemption Disposal Period, to the extent necessary to effect the realisation of the Underlying Metal.
The Metal Agent may charge a bid/offer spread in respect of each realisation of the Underlying Metal, provided that such bid/offer spread is representative of the bid/offer spread that would generally arise on a realisation by the Metal Agent of a similar type and for a similar amount of Metal.
Without prejudice to anything in this Condition 6(d)(i), the Metal Agent shall use reasonable efforts to realise the Underlying Metal in such a way as to minimise any VAT which may be charged, withheld or deducted on the realisation thereof which would reduce the net realisation proceeds (as compared to the position if no VAT were due), save that nothing in this Condition 6(d)(i) shall require the Metal Agent to minimise any such VAT in a manner which would itself reduce the net realisation proceeds.
Following the Early Redemption Valuation Date or the Final Redemption Valuation Date, upon the occurrence of the first day of the related Redemption Disposal Period, the Metal Agent shall, acting as agent of the Issuer (x) realise the Underlying Metal in a timely fashion during the Redemption Disposal Period in accordance with the terms of the relevant Metal Agent Agreement and applicable laws; and (y) convert proceeds from the realisation of Underlying Metal into the Specified Currency.
Such Underlying Metal will be held in allocated form by the Custodian and/or applicable Sub-Custodian(s) in each case in its vaults in London and, in relation to Platinum and Palladium, may in limited circumstances also be held by a Sub-Custodian in its vaults in Zurich.
Following the occurrence of an Early Redemption Trade Date or the Final Redemption Valuation Date, the Custodian shall deliver or procure the delivery of all of the Underlying Metal held by the Custodian, the Primary Sub-Custodians (or any Sub-Custodian(s)) to or to the order of the relevant Metals Counterparty in accordance with Condition 10 ( Metal Sale on Early or Final Redemption) to effect a sale of the Underlying Metal.
If the amount of the moneys at any time available to the Issuer for payment of the Redemption Amount in respect of each ETC Security in accordance with Condition 5(c) (Liquidation of Underlying Metal following an Early Redemption Event or the Final Redemption Valuation Date) is less than 10 per cent.