Common use of Payments by Customer Clause in Contracts

Payments by Customer. (a) During such time as consigned commodities are consigned to Customer hereunder and until the same are withdrawn from consignment and paid for in full by Customer as hereinafter provided, Customer will pay to Consignor a fee computed daily on the value of such consigned commodities at such rate or rates as Consignor shall specify in writing to Customer, and as such rates may change from time to time upon notice to Customer, such fee to be accrued on a daily basis and paid to Consignor not later than the tenth (10th) day of each month. A consignment fee calculated in accordance with this subparagraph shall be known as a "Floating Consignment Fee". (b) During such time as consigned commodities are consigned to Customer hereunder and until the same are withdrawn from consignment and paid for in full by Customer as hereinafter provided and provided that no Event of Default (as hereinafter defined) has occurred and is then continuing, instead of paying the Floating Consignment Fee set forth above, Customer may elect to pay to Consignor a Fixed Consignment Fee with respect to consigned commodities in accordance with the following: (i) Such Fixed Consignment Fee shall be calculated for a certain specific quantity of consigned commodities consigned to Customer for a certain specific Consignment Period at a rate announced by Consignor from time to time upon the request of Customer. The quantity and type of consigned commodities, and the Consignment Period shall be selected by Customer and consented to by Consignor. Once the specific quantity and type of consigned commodities and the specific Consignment Period have been selected and the consignment fee determined, such selections shall be irrevocable and binding on Customer and shall obligate Customer to accept the consignment requested from Consignor in the amount and for the Consignment Period specified. (ii) The Fixed Consignment Fee shall be accrued on a daily basis and paid to Consignor not later than the tenth (10th) day of each month. (c) At such time as Customer shall request the consignment and delivery of consigned commodities under this Agreement, it shall become obligated to pay to Consignor a market premium per xxxx ounce as announced by Consignor at the time of such consignment ("Market Premium"). Such payment is to be made within ten (10) days after Customer's receipt of Consignor's monthly invoice by bank wire to a bank of Consignor's choice. At such time as Customer shall purchase and withdraw consigned commodities from consignment under this Agreement, it shall become obligated to pay to Consignor: (i) a purchase price computed in accordance with Paragraph 2 hereof if such purchase is effected by Customer prior to 2:30 p.m., Greenwich Mean Time, on any Business Day; or (ii) such other purchase price as shall be mutually agreed upon by Consignor and Customer ("Purchase Price Payment"). The purchase of all consigned commodities bearing a Fixed Consignment Fee shall take place on the last day of the Consignment Period relating thereto. All Purchase Price Payments are to be made within two (2) Business Days after such purchase by bank wire to a bank of Consignor's choice, provided, however, title to such consigned commodities shall not pass until the making of such Purchase Price Payment. Consigned commodities shall be deemed to have been purchased and withdrawn from consignment at such time as Customer shall notify Consignor that it elects to purchase such consigned commodities from Consignor. (d) Customer hereby agrees to pay upon demand: (i) interest on any Purchase Price Payment not paid when due hereunder at a rate per annum equal to the floating Prime Rate (as hereinafter defined) of Sovereign Bank ("Bank"), plus five percent (5%), from the date of delinquency until payment in full; and (ii) interest on any Consignment Fees, Market Premium or any other amount due hereunder not paid when due hereunder at a rate per annum equal to the floating Prime Rate of Bank, plus five percent (5%), from the date of delinquency until payment in full. For the purposes hereof, the term "Prime Rate" shall mean the variable per annum rate of interest so designated from time to time by Bank as its prime rate. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. All payments made under this Agreement shall be made by Customer to Consignor at the address of Consignor set forth above or at such other place as Consignor may from time to time specify, in writing in lawful currency of the United States of America in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments. If any payment hereunder becomes due on a day that is not a Business Day, the due date of such payment shall be extended to the next succeeding Business Day, and such extension of time shall be included in computing interest and fees in connection with such payment. All payments shall be applied first to the payment of all fees and other amounts due Consignor (including Market Premiums but excluding the purchase price of commodities hereunder and Consignment Fees), then to accrued Consignment Fees, and the balance on account of the outstanding purchase price of commodities hereunder; provided, however, that after the occurrence of an Event of Default, payments will be applied to the obligations of Customer to Consignor as Consignor determines in its sole discretion.

Payments by Customer. (a) During such time as consigned commodities are consigned to Customer hereunder and until the same are withdrawn from consignment and paid for in full by Customer as hereinafter provided, Customer will pay to Consignor a fee computed daily on the value of such consigned commodities at such rate or rates as Consignor shall specify in writing to Customer, and as such rates may change from time to time upon notice to Customer, such fee to be accrued on a daily basis and paid to Consignor not later than the tenth (10th) day of each month. A consignment fee calculated in accordance with this subparagraph shall be known as a "“Floating Consignment Fee"”. (b) During such time as consigned commodities are consigned to Customer hereunder and until the same are withdrawn from consignment and paid for in full by Customer as hereinafter provided and provided that no Event of Default (as hereinafter defined) has occurred and is then continuing, instead of paying the Floating Consignment Fee set forth above, Customer may elect to pay to Consignor a Fixed Consignment Fee with respect to consigned commodities in accordance with the following: (i) Such Fixed Consignment Fee shall be calculated for a certain specific quantity of consigned commodities consigned to Customer for a certain specific Consignment Period at a rate announced by Consignor from time to time upon the request of Customer. The quantity and type of consigned commodities, and the Consignment Period shall be selected by Customer and consented to by Consignor. Once the specific quantity and type of consigned commodities and the specific Consignment Period have been selected and the consignment fee determined, such selections shall be irrevocable and binding on Customer and shall obligate Customer to accept the consignment requested from Consignor in the amount and for the Consignment Period specified. (ii) The Fixed Consignment Fee shall be accrued on a daily basis and paid to Consignor not later than the tenth (10th) day of each month. (c) At such time as Customer shall request the consignment and delivery of consigned commodities under this Agreement, it shall become obligated to pay to Consignor a market premium per xxxx ounce as announced by Consignor at the time of such consignment ("“Market Premium"”). Such payment is to be made within ten (10) days after Customer's ’s receipt of Consignor's ’s monthly invoice by bank wire to a bank of Consignor's ’s choice. At such time as Customer shall purchase and withdraw consigned commodities from consignment under this Agreement, it shall become obligated to pay to Consignor: (i) a purchase price computed in accordance with Paragraph 2 hereof if such purchase is effected by Customer prior to 2:30 p.m., Greenwich Mean Time, on any Business Day; or (ii) such other purchase price as shall be mutually agreed upon by Consignor and Customer ("“Purchase Price Payment"”). The purchase of all consigned commodities bearing a Fixed Consignment Fee shall take place on the last day of the Consignment Period relating thereto. All Purchase Price Payments are to be made within two (2) Business Days after such purchase by bank wire to a bank of Consignor's ’s choice, provided, however, title to such consigned commodities shall not pass until the making of such Purchase Price Payment. Consigned commodities shall be deemed to have been purchased and withdrawn from consignment at such time as Customer shall notify Consignor that it elects to purchase such consigned commodities from Consignor. (d) Customer hereby agrees to pay upon demand: (i) interest on any Purchase Price Payment not paid when due hereunder at a rate per annum equal to the floating Prime Rate (as hereinafter defined) of Sovereign Bank ("“Bank"”), plus five percent (5%), from the date of delinquency until payment in full; and (ii) interest on any Consignment Fees, Market Premium or any other amount due hereunder not paid when due hereunder at a rate per annum equal to the floating Prime Rate of Bank, plus five percent (5%), from the date of delinquency until payment in full. For the purposes hereof, the term "Prime Rate" shall mean the variable per annum rate of interest so designated from time to time by Bank as its prime rate. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. All payments made under this Agreement shall be made by Customer to Consignor at the address of Consignor set forth above or at such other place as Consignor may from time to time specify, in writing in lawful currency of the United States of America in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments. If any payment hereunder becomes due on a day that is not a Business Day, the due date of such payment shall be extended to the next succeeding Business Day, and such extension of time shall be included in computing interest and fees in connection with such payment. All payments shall be applied first to the payment of all fees and other amounts due Consignor (including Market Premiums but excluding the purchase price of commodities hereunder and Consignment Fees), then to accrued Consignment Fees, and the balance on account of the outstanding purchase price of commodities hereunder; provided, however, that after the occurrence of an Event of Default, payments will be applied to the obligations of Customer to Consignor as Consignor determines in its sole discretion.and

Payments by Customer. Capitalized terms not otherwise defined in this Paragraph shall have the meanings set forth in Exhibit A hereof. (a) During such time as consigned commodities are consigned to Customer hereunder and until the same are withdrawn from consignment and paid for in full by Customer as hereinafter provided, Customer will pay to Consignor a fee computed daily on the value of such consigned commodities at such rate or rates as Consignor shall specify in writing to Customer, and as such rates may change from time to time upon notice to Customer, such fee to be accrued on a daily basis and paid to Consignor not later than the tenth (10th) fifth business day following the receipt of each monthbilling. A consignment fee calculated in accordance with this subparagraph shall be known as a "Floating Consignment Fee". (b) During such time as consigned commodities are consigned to Customer hereunder and until the same are withdrawn from consignment and paid for in full by Customer as hereinafter provided and provided that no Event of Default (as hereinafter defined) has occurred and is then continuing, instead of paying the Floating Consignment Fee set forth above, Customer may elect to pay to Consignor a Fixed Consignment Fee with respect to consigned commodities in accordance with the following: (i) Such Fixed Consignment Fee shall be calculated for a certain specific quantity and type of consigned commodities consigned to Customer for a certain specific Consignment Period at a rate announced by Consignor from time to time upon the request of Customer. The quantity and type of consigned commodities, and the Consignment Period shall be selected by Customer and consented to by Consignor. Once the specific quantity and type of consigned commodities and the specific Consignment Period have been selected and the consignment fee determined, such selections shall be irrevocable and binding on Customer and shall obligate Customer to accept the consignment requested from Consignor in the amount and for the Consignment Period specified. (ii) The Fixed Consignment Fee shall be accrued on a daily basis and paid to Consignor not later than the tenth (10th) day fifth Business Day following the receipt of each monthbilling. (c) Notwithstanding the provisions set forth in Paragraphs 3(a) and 3(b) above, Customer shall not pay either a Floating Consignment Fee or a Fixed Consignment Fee on any silver on consignment to Customer contained within a segregated storage facility acceptable to Consignor in it sole discretion and located at Customer's premises at Xxxxxx Corporate Park, 0000 Xxxxxxxxx Xxxxx, Xxxxxx, Xxxxxxxxxxxx (the "Segregated Storage Facility"); provided, however, that the number of fine xxxx ounces of silver on consignment from Consignor contained within the Segregated Storage Facility shall not exceed Six Hundred Thousand (600,000) fine xxxx ounces of silver at any one time outstanding. All commodities consigned by Consignor to Customer other than the commodities contained within the Segregated Storage Facility shall be and shall remain subject to either a Floating Consignment Fee or a Fixed Consignment Fee. All commodities contained within the Segregated Storage Facility shall be kept separate and apart from all of the commodities owned by Customer or used by Customer. (d) At such time as Customer shall request the consignment and delivery of consigned commodities under this Agreement, it shall become obligated to pay to Consignor a market premium per xxxx ounce or per pound, as applicable, as announced by Consignor at the time of such consignment ("Market Premium"). Such payment is to be made within ten five (105) days Business Days after Customer's receipt of Consignor's monthly invoice by bank wire to a bank of Consignor's choice. At such time as Customer shall purchase and withdraw consigned commodities from consignment under this Agreement, it shall become obligated to pay to Consignor: (i) a purchase price computed in accordance with Paragraph 2 hereof if such purchase is effected by Customer prior to 2:30 p.m., Greenwich Mean Time, on any Business Day; or (ii) such other purchase price as shall be mutually agreed upon by Consignor and Customer ("Purchase Price Payment"). The purchase of all consigned commodities bearing a Fixed Consignment Fee shall take place on the last day of the Consignment Period relating thereto. All Purchase Price Payments are to be made within two (2) Business Days after such purchase by bank wire to a bank of Consignor's choice, provided, however, title to such consigned commodities shall not pass until the making of such Purchase Price Payment. Consigned commodities shall be deemed to have been purchased and withdrawn from consignment at such time as Customer shall notify Consignor that it elects to purchase such consigned commodities from Consignor. (de) Customer hereby agrees to pay upon demand: (i) interest on any Purchase Price Payment not paid when due hereunder at a rate per annum equal to the floating Prime Rate (as hereinafter defined) of Sovereign Bank of America, N.A. ("Bank"), plus five percent (5%), from the date of delinquency until payment in full; and (ii) interest late charges on any Consignment Fees, Market Premium or any other amount due hereunder not paid when due hereunder at a rate per annum in an amount equal to the floating Prime Rate of Bank, plus five percent (5%), from the date ) of delinquency until payment in fullsuch amount due. For the purposes hereof, the term "Prime Rate" shall mean the variable per annum rate of interest so designated from time to time by Bank as its prime rate. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. All payments made under this Agreement shall be made by Customer to Consignor at the address of Consignor set forth above or at such other place as Consignor may from time to time specify, in writing in lawful currency of the United States of America in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments. If any payment hereunder becomes due on a day that is not a Business Day, the due date of such payment shall be extended to the next succeeding Business Day, and such extension of time shall be included in computing interest and fees in connection with such payment. All payments shall be applied first to the payment of all fees and other amounts due Consignor (including Market Premiums but excluding the purchase price of commodities hereunder and Consignment Fees), then to accrued Consignment Fees, and the balance on account of the outstanding purchase price of commodities hereunder; provided, however, that after the occurrence of an Event of Default, payments will be applied to the obligations of Customer to Consignor as Consignor determines in its sole discretion.

Payments by Customer. (a) During such time as consigned commodities are consigned to Customer hereunder and until the same are withdrawn from consignment and paid for in full by Customer as hereinafter provided, Customer will pay to Consignor a fee computed daily on the value of such consigned commodities at such rate or rates as Consignor shall specify in writing to Customer, and as such rates may change from time to time upon notice to Customer, such fee to be accrued on a daily basis and paid to Consignor not later than the tenth (10th) day of each month. A consignment fee calculated in accordance with this subparagraph shall be known as a "Floating Consignment Fee". (b) During such time as consigned commodities are consigned to Customer hereunder and until the same are withdrawn from consignment and paid for in full by Customer as hereinafter provided and provided that no Event of Default (as hereinafter defined) has occurred and is then continuing, instead of paying the Floating Consignment Fee set forth above, Customer may elect to pay to Consignor a Fixed Consignment Fee with respect to consigned commodities in accordance with the following: (i) Such Fixed Consignment Fee shall be calculated for a certain specific quantity of consigned commodities consigned to Customer for a certain specific Consignment Period at a rate announced by Consignor from time to time upon the request of Customer. The quantity and type of consigned commodities, and the Consignment Period shall be selected by Customer and consented to by Consignor. Once the specific quantity and type of consigned commodities and the specific Consignment Period have been selected and the consignment fee determined, such selections shall be irrevocable and binding on Customer and shall obligate Customer to accept the consignment requested from Consignor in the amount and for the Consignment Period specified. (ii) The Fixed Consignment Fee shall be accrued on a daily basis and paid to Consignor not later than the tenth (10th) day of each month. (c) At such time as Customer shall request the consignment and delivery of consigned commodities under this Agreement, it shall become obligated to pay to Consignor a market premium per xxxx ounce as announced by Consignor at the time of such consignment ("Market Premium"). Such payment is to be made within ten (10) days after Customer's receipt of Consignor's monthly invoice by bank wire to a bank of Consignor's choice. At such time as Customer shall purchase and withdraw consigned commodities from consignment under this Agreement, it shall become obligated to pay to Consignor: (i) a purchase price computed in accordance with Paragraph 2 hereof if such purchase is effected by Customer prior to 2:30 p.m., Greenwich Mean Time, on any Business Day; or (ii) such other purchase price as shall be mutually agreed upon by Consignor and Customer ("Purchase Price Payment"). The purchase of all consigned commodities bearing a Fixed Consignment Fee shall take place on the last day of the Consignment Period relating thereto. All Purchase Price Payments are to be made within two (2) Business Days after such purchase by bank wire to a bank of Consignor's choice, provided, however, title to such consigned commodities shall not pass until the making of such Purchase Price Payment. Consigned commodities shall be deemed to have been purchased and withdrawn from consignment at such time as Customer shall notify Consignor that it elects to purchase such consigned commodities from Consignor. (d) Customer hereby agrees to pay upon demand: (i) interest on any Purchase Price Payment not paid when due hereunder at a rate per annum equal to the floating Prime Rate (as hereinafter defined) of Sovereign Bank ("Bank"), plus five percent (5%), from the date of delinquency until payment in full; and (ii) interest on any Consignment Fees, Market Premium or any other amount due hereunder not paid when due hereunder at a rate per annum equal to the floating Prime Rate (as hereinafter defined) of Sovereign Bank ("Bank"), plus five percent (5%), from the date of delinquency until payment in full. For the purposes hereof, the term "Prime Rate" shall mean the variable per annum rate of interest so designated from time to time by Bank as its prime rate. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. All payments made under this Agreement shall be made by Customer to Consignor at the address of Consignor set forth above or at such other place as Consignor may from time to time specify, in writing in lawful currency of the United States of America in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments. If any payment hereunder becomes due on a day that is not a Business Day, the due date of such payment shall be extended to the next succeeding Business Day, and such extension of time shall be included in computing interest and fees in connection with such payment. All payments shall be applied first to the payment of all fees and other amounts due Consignor (including Market Premiums but excluding the purchase price of commodities hereunder and Consignment Fees), then to accrued Consignment Fees, and the balance on account of the outstanding purchase price of commodities hereunder; provided, however, that after the occurrence of an Event of Default, payments will be applied to the obligations of Customer to Consignor as Consignor determines in its sole discretion.

Payments by Customer. (a) During such time So long as consigned commodities are consigned to Customer hereunder and until the same are withdrawn from consignment and paid for in full by Customer as hereinafter providedfull, Customer will pay to Consignor a fee computed daily on the value of such consigned commodities at such a rate or rates as Consignor shall specify in writing to Customer, and as such rates may change from determined at the time to time upon notice to Customerof the making of each consignment, such fee fee(s) to be accrued accrue on a daily basis and to be paid on the Payment Date ("Consignment Fees"). In the event that Customer fails to pay the Consignment Fees or other fees agreed to be paid by Customer on the Payment Date for any reason (including, without limitation, as a result of prepayment or late payment), Customer, upon written notice made by Consignor at any time and from time to time and as often as the occasion therefor may arise, immediately shall pay to Consignor not later than such additional cost to Consignor or payment foregone by Consignor resulting therefrom (the tenth (10th) day of each month. A consignment fee "Additional Amounts"), such Additional Amounts to be calculated by Consignor and certified in accordance with this subparagraph shall be known as a "Floating Consignment Fee"notice to Customer. (b) During such time as consigned commodities are consigned to Customer hereunder and until the same are withdrawn from consignment and paid for in full by Customer as hereinafter provided and provided that no Event of Default (as hereinafter defined) has occurred and is then continuing, instead of paying the Floating Consignment Fee set forth above, Customer may elect to pay to Consignor a Fixed Consignment Fee with respect to consigned commodities in accordance with the following: (i) Such Fixed Consignment Fee shall be calculated for a certain specific quantity of consigned commodities consigned to Customer for a certain specific Consignment Period at a rate announced by Consignor from time to time upon the request of Customer. The quantity and type of consigned commodities, and the Consignment Period shall be selected by Customer and consented to by Consignor. Once the specific quantity and type of consigned commodities and the specific Consignment Period have been selected and the consignment fee determined, such selections shall be irrevocable and binding on Customer and shall obligate Customer to accept the consignment requested from Consignor in the amount and for the Consignment Period specified. (ii) The Fixed Consignment Fee shall be accrued on a daily basis and paid to Consignor not later than the tenth (10th) day of each month. (c) At such time as Customer shall request requests the consignment and delivery of consigned commodities under this Agreementcommodities, it shall become obligated to pay to Consignor a market premium per xxxx troy ounce as announced by Consignor at the time of such consignment ("Market Xxxket Premium"). Such payment is to be made within ten (10) 5 business days after of Customer's receipt of Consignor's monthly invoice by bank wire to a bank of Consignor's choice. At such time as Customer shall purchase and withdraw consigned commodities from consignment under this Agreementconsignment, it shall become obligated to pay to Consignor: Consignor (i) a purchase price computed in accordance with Paragraph 2 hereof if such purchase is effected by Customer prior to 2:30 p.m.P.M., Greenwich Mean TimeG.M.T., on any Business Day; business day of Consignor, or (ii) such other purchase price as shall be mutually agreed upon by Consignor and Customer ("Purchase Price Payment"). The purchase of all consigned commodities bearing a Fixed Consignment Fee shall take place on the last day of the Consignment Period relating thereto. All Purchase Price Payments are price, payment to be made within two (2) Business Days after such 2 business days of purchase by bank wire to a bank of Consignor's choice, provided, however, title to such consigned commodities shall not pass until the making of such choice ("Purchase Price Payment"). Consigned commodities Commodities shall be deemed to have been be purchased and withdrawn from consignment at such time as Customer shall notify notifies Consignor that it elects to purchase such consigned commodities from Consignorcommodities. (dc) Customer hereby agrees to pay upon demand: (i) demand interest on any Purchase Price Payment Payment, Consignment Fees, Market Premium or any other amount not paid when due hereunder at a rate per annum equal to the floating Prime Rate (as hereinafter defined) Rate, so called, of Sovereign Fleet National Bank ("Bank"), plus five percent (5%), from the date of delinquency until payment in full; and (ii) interest on any Consignment Fees, Market Premium or any other amount due hereunder not paid when due hereunder at a rate per annum equal to the floating Prime Rate of Bank, plus five percent (5%), from the date of delinquency until payment in full. For the purposes hereof, the term "Prime Rate" shall mean the variable per annum rate of interest so designated from time to time by Bank as its prime rate. The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate being charged to any customer. All payments made under this Agreement shall be made by Customer to Consignor at the address of Consignor set forth above or at such other place as Consignor may from time to time specify, in writing in lawful currency of the United States of America in immediately available funds, without counterclaim or setoff and free and clear of, and without any deduction or withholding for, any taxes or other payments. If any payment hereunder becomes due on a day that is not a Business Day, the due date of such payment shall be extended to the next succeeding Business Day, and such extension of time shall be included in computing interest and fees in connection with such payment. All payments shall be applied first to the payment of all fees and other amounts due Consignor (including Market Premiums but excluding the purchase price of commodities hereunder and Consignment Fees), then to accrued Consignment Fees, and the balance on account of the outstanding purchase price of commodities hereunder; provided, however, that after the occurrence of an Event of Default, payments will be applied to the obligations of Customer to Consignor as Consignor determines in its sole discretion.