Common use of Segregated Storage Facility Clause in Contracts

Segregated Storage Facility. The Metal Lender may elect in its sole discretion from time to time to deliver to WAM’s principal place of business in Buffalo, New York, identifiable Precious Metal pursuant to this Section 4 (“Stored Precious Metal”); provided, however, that unless the Metal Lender shall otherwise agree, (a) the Stored Precious Metal shall be delivered to WAM in such amounts as may be requested by WAM provided that the aggregate value of all Stored Precious Metal outstanding and subject to this Section 4 and valued in accordance with the provisions of Section 2.02 hereof shall not exceed the Stored Precious Metal Limit at any time; and (b) deliveries of Stored Precious Metal shall occur no more frequently than on a weekly basis. Upon delivery of the Precious Metal to WAM pursuant to this Section 4.01, WAM will sign and return to the Metal Lender a receipt for the Precious Metal so delivered, which receipt shall indicate that the Precious Metal constitutes Stored Precious Metal held for the Metal Lender’s account pursuant to the terms of this Section 4. WAM will hold the Stored Precious Metal in safekeeping in its vault at its address set forth herein, segregated from all other material and precious metal it may hold and clearly marked as belonging to the Metal Lender (the “Segregated Storage Facility”), and WAM will indicate in its books and records that the Stored Precious Metal is owned by and belongs to the Metal Lender and is being held for the Metal Lender’s account pursuant to the terms of this Section 4. Except as hereinafter provided, title to the Stored Precious Metal will at all times remain solely in the Metal Lender, and WAM: (a) will not acquire any interest in the Stored Precious Metal except as hereinafter permitted; (b) except as permitted elsewhere in this Section 4, will not remove the Stored Precious Metal from the Segregated Storage Facility; and (c) will not create or incur, any Lien whatsoever on any of the Stored Precious Metal, other than any Lien claimed by or granted by the Metal Lender. Except as hereinafter provided, the Stored Precious Metal will not become part of WAM’s Inventory for any purposes. All Precious Metal currently located in the Segregated Storage Facility pursuant to the Original Agreement shall constitute Stored Precious Metal for the purposes of this Agreement.

Segregated Storage Facility. The Metal Lender may elect in its sole discretion from From time to time to time, the Metal Supplier will deliver to WAM’s principal place of business in Buffalo, New York, identifiable Precious Metal pursuant to this Section 4 (“Stored Precious Metal”); provided, however, that unless the Metal Lender Supplier shall otherwise agree, (a) the Stored Precious Metal shall be delivered to WAM in such amounts as may be requested by WAM provided that the aggregate value of all Stored Precious Metal outstanding and subject to this Section 4 and valued in accordance with the provisions of Section 2.02 hereof shall not exceed the Stored Precious Metal Limit at any time; and (b) deliveries of Stored Precious Metal shall occur no more frequently than on a weekly basis. Upon delivery of the Precious Metal to WAM pursuant to this Section 4.01, WAM will sign and return to the Metal Lender Supplier a receipt for the Precious Metal so delivered, which receipt shall indicate that the Precious Metal constitutes Stored Precious Metal held for the Metal LenderSupplier’s account pursuant to the terms of this Section 4. WAM will hold the Stored Precious Metal in safekeeping in its vault at its address set forth herein, segregated from all other material and precious metal it may hold and clearly marked as belonging to the Metal Lender Supplier (the “Segregated Storage Facility”), and WAM will indicate in its books and records that the Stored Precious Metal is owned by and belongs to the Metal Lender Supplier and is being held for the Metal LenderSupplier’s account pursuant to the terms of this Section 4. Except as hereinafter provided, title to the Stored Precious Metal will at all times remain solely in the Metal LenderSupplier, and WAM: (a) will not acquire any interest in the Stored Precious Metal except as hereinafter permitted; (b) except as permitted elsewhere in this Section 4, will not remove the Stored Precious Metal from the Segregated Storage Facility; and (c) will not create or incur, any Lien whatsoever on any of the Stored Precious Metal, other than any Lien claimed by or granted by the Metal LenderSupplier. Except as hereinafter provided, the Stored Precious Metal will not become part of WAM’s Inventory for any purposes. All Precious Metal currently located in the Segregated Storage Facility pursuant to the Original Agreement shall constitute Stored Precious Metal for the purposes of this Agreement.

Segregated Storage Facility. The Metal Lender may elect in its sole discretion from time to time to deliver to WAM’s principal place of business in Buffalo, New York, WAM or any other Customer identifiable Precious Metal pursuant to this Section 4 (“Stored Precious Metal”); provided, however, that unless the Metal Lender shall otherwise agree, (a) the Stored Precious Metal shall be delivered to WAM in such amounts as may be requested by WAM or the applicable Customer provided that the aggregate value of all Stored Precious Metal outstanding and subject to this Section 4 and valued in accordance with the provisions of Section 2.02 2.2 hereof shall not exceed the Stored Precious Metal Limit at any time; , and (b) deliveries of Stored Precious Metal shall occur no more frequently than on a weekly basis. Upon delivery of the Precious Metal to WAM a Customer pursuant to this Section 4.014.1, WAM or the applicable Customer will sign and return to the Metal Lender a receipt for the Precious Metal so delivered, which receipt shall indicate that the Precious Metal constitutes Stored Precious Metal held for the Metal Lender’s account pursuant to the terms of this Section 4. WAM or the applicable Customer will hold the Stored Precious Metal in a safekeeping in its vault at its address set forth hereinan Approved Storage Facility Location, segregated from all other material and precious metal it may hold and clearly marked as belonging to the Metal Lender (the each, a “Segregated Storage Facility”), and WAM or the applicable Customer will indicate in its books and records that the Stored Precious Metal is owned by and belongs to the Metal Lender and is being held for the Metal Lender’s account pursuant to the terms of this Section 4. Except as hereinafter provided, title to the Stored Precious Metal will at all times remain solely in the Metal Lender, and WAMno Customer: (a) will not acquire any interest in the Stored Precious Metal except as hereinafter permitted; (b) except as permitted elsewhere in this Section 4, will not remove the Stored Precious Metal from the a Segregated Storage Facility; and (c) will not create or incur, any Lien whatsoever on any of the Stored Precious Metal, other than any Lien that is subject to one of the Intercreditor Agreements or otherwise claimed by or granted by the Metal Lender. Except as hereinafter provided, the Stored Precious Metal will not become part of WAMany Customer’s Inventory for any purposes. All Precious Metal currently located in the Segregated Storage Facility pursuant to the Original Agreement shall constitute Stored Precious Metal for the purposes of this Agreement.

Segregated Storage Facility. The Metal Lender Bank may elect in its sole discretion from time to time to deliver to WAM’s principal place of business in Buffalo, New York, the Consignee identifiable Precious Metal pursuant to this Section 4 B1 (“Stored Precious Metal”); provided, however, that unless the Metal Lender shall Bank otherwise agreeagrees, (a) the Stored Precious Metal shall be delivered to WAM in such amounts as may be requested by WAM provided that the Consignee as long as the aggregate value Dollar Value of all Stored Precious Metal outstanding and subject to this Section 4 and valued in accordance with the provisions of Section 2.02 hereof shall does not exceed US$ 20,000,000 (the “Stored Precious Metal Limit Limit”) at any time; , and (b) deliveries of Stored Precious Metal shall may occur no more frequently than on a weekly basis. Upon delivery of the Precious Metal to WAM the Consignee pursuant to this Section 4.01B1, WAM the Consignee will sign and return to the Metal Lender Bank a receipt for the Precious Metal so delivered, which receipt shall indicate that the Precious Metal constitutes Stored Precious Metal held for the Metal LenderBank’s account pursuant to the terms of this Section 4B1. WAM The Consignee will hold the Stored Precious Metal in a safekeeping in its vault at its address set forth hereinthe Consignee’s premises, segregated from all other material and precious metal it may hold and clearly marked as belonging to the Metal Lender Bank (the “Segregated Storage Facility”), and WAM the Consignee will indicate in its books and records that the Stored Precious Metal is owned by and belongs to the Metal Lender Bank and is being held for the Metal LenderBank’s account pursuant to the terms of this Section 4B1. Except as hereinafter provided, title to the B2. Periodic Removal of Stored Precious Metal will at Upon notifying the Bank, the Consignee may remove Stored Precious Metal from the Segregated Storage Facility in such quantities as may be required by the Consignee for its operations; provided, however, all times remain solely in the quantities of Stored Precious Metal Lender, and WAMso removed from a Segregated Storage Facility: (a) will not acquire any interest in the Stored shall immediately and without further action become and be deemed to constitute Consigned Precious Metal except as hereinafter permittedunder Section 2(a) of the Agreement and shall be subject to all of the terms and conditions of the Agreement; or (b) except as permitted elsewhere shall be paid for in this full in accordance with Section 410 of the Agreement. If, will not remove following removal of the Stored Precious Metal from the Segregated Storage Facility; Facility and (c) will not create or incur, any Lien whatsoever on any of the Stored its designation as Consigned Precious Metal, other than any Lien claimed by the Facility Limit is exceeded, the Consignee will promptly and without further notice from or granted demand by the Bank, take such action as is required by Section 3(b) of the Agreement to reduce the amount of Consigned Precious Metal Lenderoutstanding pursuant to the Facility to an amount at or below the Facility Limit. B3. Removal of Stored Precious Metal at the Bank’s Request From time to time, the Bank may provide the Consignee with reasonable written instructions specifying that a quantity of Stored Precious Metal must be delivered to the Bank or to a designated third party located within a 100-mile radius of the Segregated Storage Facility. The Consignee shall, promptly following receipt of such instructions, perform in accordance with such instructions. Except as hereinafter providedprovided in Section B2 above, the Consignee may only remove Stored Precious Metal will not become part of WAM’s Inventory for any purposes. All from safekeeping in order to deliver such Stored Precious Metal currently located to the Bank or to a third party in accordance with the Segregated Storage Facility Bank’s written instructions. The Consignee may only transfer Stored Precious Metal to a third party for the Bank’s account pursuant to the Original Agreement shall constitute Stored terms of this Exhibit B notwithstanding the fact that the Consignee may hold other Precious Metal for the purposes of this AgreementBank’s account.