Repayment of overdraft. Each Fund agrees that, on each Business Day, we may repay ourselves the amount of any overdraft from, and to the extent of, the positive balance of the Fund’s Unallocated Account determined taking into account all credits to and debits from the Fund’s Unallocated Account on such Business Day but prior to our execution of the standing instruction to allocate contained in clause 4.5. For avoidance of doubt, our right to repay ourselves may be illustrated by the following example: Prior to all transactions for the day, there is an overdraft in a Fund’s Unallocated Account in the amount of (400) fine ounces. In the course of the day, a Fund’s Unallocated Account receives 4,000 fine ounces in connection with deposits made by Participants, and 3,000 fine ounces are withdrawn to pay Participants in connection with redemptions. From the remaining 1,000 fine ounces, we are authorized to repay the overdraft of (400) fine ounces, leaving a balance of 600 fine ounces. In order to fully allocate this balance pursuant to the standing instruction contained in clause 4.5 and assuming two gold bars totaling 825 fine ounces were selected for the allocation, an additional 225 fine ounces are required to complete the allocation. Accordingly, we will make this amount available to the Fund pursuant to the Facility, resulting in an overdraft balance in the Fund’s Unallocated Account as of the close of the day of (225) fine ounces. In addition to the foregoing repayment provisions, we shall have the right to immediately repay ourselves the full amount of any overdraft existing at the time of a termination of this Agreement pursuant to clause 10.1 or in the event of, and prior to, a full withdrawal of the aggregate balance of the Bullion standing to the Fund’s credit in the Fund’s Allocated Account and the Fund’s Unallocated Account.
Repayment of overdraft. You agree that, on each Business Day, we may repay ourselves the amount of any overdraft from, and to the extent of, the positive balance of your Unallocated Account determined taking into account all credits to and debits from your Unallocated Account on such Business Day but prior to our execution of the standing instruction to allocate contained in clause 4.5. For avoidance of doubt, our right to repay ourselves may be illustrated by the following example: Prior to all transactions for the
Repayment of overdraft. The Borrower shall repay each Overdraft at the end of the month.
