Underlying Metal means (i) all Metal recorded and identified in the Secured Allocated Account and recorded in the Secured Unallocated Account; and (ii) any Metal recorded in the Subscription Account in relation to a Subscription Settlement Amount in respect of which the Subscription Order has been settled by the issue of ETC Securities to the relevant Authorised Participant but which has not yet been transferred to the Secured Accounts.
Underlying Metal means, in respect of a Series, without duplication, all Metal recorded and identified in the Allocated Accounts (in the case of a Series backed by a Precious Metal) or Off- Warrant Accounts (in the case of a Series backed by a Base Metal) as being held for the Issuer for the account of such Series, any Metal in transit transferred to the Issuer in respect of which the Bills of Lading and related Final Releases are held by the Transit Document Sub-Custodian, any LME Warrants held in an LME Clearing and Warrant Sub-Account for the Issuer for the account of such Series, in each case including, for the avoidance of doubt: (i) any Over-allocated Metal; (ii) any TER Metal; (iii) in the case of a Series of ETC Securities backed by a Base Metal, any Metal represented by a Bill of Lading or LME Warrants held by the Custodian with a Primary Sub-Custodian on behalf of the Issuer; and (iv) any Metal, Bills of Lading and (iii) any Metal, including Metal referenced in any Bills of Lading and related Final Releases or LME Warrants held by the Metals Counterparties pending any sale of such Metal on behalf of the Issuer in connection with an Early Redemption or Final Redemption, in accordance with these Conditions and the terms of the Metals Counterparty Agreements.
Underlying Metal means, in respect of a Series, all Metal recorded and identified in the Allocated Accounts including, for the avoidance of doubt, any Over-allocated Metal and any Metal held by the Metal Counterparty pending any sale of such Metal in accordance with the terms of the Metal Sale Agreement.
Examples of Underlying Metal in a sentence
Rent must be paid for Underlying Metal in stock at 31 March (or such other dates as the Exchange may prescribe) in each year by direct settlement between holders of Warrants and Warehouses.
A Warehouse may move Underlying Metal between its own Authorised Warehouses within the same listed location at its own risk and expense subject to complying with Clause 3.3.
The stock of Underlying Metal under Warrant at the Warehouse, together with Cancelled Tonnage, must be reported to the Exchange, as prescribed in the LMEsword Regulations and Operating Procedures.
Evidence of the cancellation of all Warrants and Immobilised Warrants (and a copy of the original Immobilised Warrant in the event that it has been lost, stolen or destroyed) must be securely retained and be made available for inspection by the Exchange for five years or (if later) until any replacement Warrant is surrendered for cancellation and Underlying Metal take-up.
More Definitions of Underlying Metal
Underlying Metal means, in respect of a Series of Securities, (i) all Metal in aggregate at any time held by the Custodian on behalf of the Issuer or by any Sub-Custodian on behalf of the relevant client of the Custodian, which for the Custodian’s own purposes is the Issuer, whether in an Allocated Account or in an Unallocated Account in respect of such Series of Securities, provided that Underlying Metal shall exclude any Metal deposited in an Unallocated Account of such Series by an Authorised Participant in connection with a Subscription Order in respect of which the relevant Securities have not been issued to the relevant Authorised Participant; and (ii) all Metal which a Metal Counterparty is required, pursuant to the relevant Metal Sale Agreement, to hold on trust for the Issuer pending receipt by the Issuer of the relevant cash proceeds from such Metal Counterparty in respect of a Metal Sale.
Underlying Metal means the Metal held in the Secured Allocated Accounts, which backs the Metal Securities.
Underlying Metal means, in relation to a Warrant, Immobilised Warrant, Metal Entitlement or an Extracted Warrant, the Underlying Metal described therein as (i) relating to that Warrant, Immobilised Warrant, Metal Entitlement or Extracted Warrant (as applicable) and (ii) in the case of a Warrant or Immobilised Warrant only, held by the related Warehouse under the LMEsword Regulations;
Underlying Metal means, in respect of a Series of Securities, (i) all Metal in aggregate at any time held by the Custodian on behalf of the Issuer or by any Sub-Custodian on behalf of the relevant client of the Custodian, which for the Custodian’s own purposes is the Issuer, whether in an Allocated Account or in an Unallocated Account in respect of such Series of Securities, provided that Underlying Metal shall exclude any Metal deposited in an Unallocated Account of such Series by an Authorised Participant in connection with a Subscription Order in respect of