Common use of Lien And Power Of Sale Clause in Contracts

Lien And Power Of Sale. We shall exercise such lien and power of sale rights (if any) in respect of the Precious Metals held for you below. Without prejudice to any lien or power of sale rights which we may have pursuant to this clause, or which any Sub-Custodian may have pursuant to the terms on which it holds Precious Metals for us, we shall not pledge, or create any security interest over, any Precious Metal held for you unless otherwise agreed with you. In addition to any general lien or other rights to which we may be entitled under any applicable law, we shall have a general lien over all Precious Metals held for you pursuant to this Agreement until the satisfaction of all liabilities, payments and obligations (whether actual or contingent) of you owed to us under this Agreement or otherwise (each a "Liability"). Nothing herein shall be construed or take effect as a charge or security interest requiring registration against you under English law. Failing payment or discharge by you on the due date therefore of any Liability, we shall be entitled without notice to or consent from you, and without prejudice to any other right or remedy which we may have, to sell all or any of the Precious Metals held for you in such manner and at such price as we may deem appropriate. Where we sell Precious Metals pursuant to this term, we shall apply the net proceeds of the sale in or towards payment or discharge of the relevant sum or liability as we may think fit, but shall not be liable for any loss suffered by you as result of such sale.

Lien And Power Of Sale. We shall exercise such lien and power of sale rights (if any) in respect of the Precious Metals held for you below. Without prejudice to any lien or power of sale rights which we may have pursuant to this clause, or which any Sub-Custodian may have pursuant to the terms on which it holds Precious Metals for us, we shall not pledge, or create any security interest over, any Precious Metal held for you unless otherwise agreed with youyou in writing. In addition to any general lien or other rights to which we may be entitled under any applicable law, we shall have a general lien over all Precious Metals held for you pursuant to this Agreement until the satisfaction of all liabilities, payments and obligations (whether actual or contingent) of you owed to us under this Agreement or otherwise (each a "Liability"). Nothing herein shall be construed or take effect as a charge or security interest requiring registration against you under English law. Failing payment or discharge by you on the due date therefore of any Liability, we shall be entitled without consent from you but with prior notice to or consent from you, and without prejudice to any other right or remedy which we may have, to sell all or any of the Precious Metals held for you in such manner and at such price as we may deem appropriate. Where we sell Precious Metals pursuant to this term, we shall apply the net proceeds of the sale in or towards payment or discharge of the relevant sum or liability as we may think fit, but shall not be liable for any loss suffered by you as result of such sale.