Examples of ETC Holder in a sentence
Likewise, none of the Trustee, the Security Trustee or the Issuer will be responsible for any failure by the Physical Delivery Bank to account to the ETC Holder for the relevant Metal.
It is the responsibility of the ETC Holder to ensure that it has in place arrangements with the Physical Delivery Bank which are adequate to ensure onward delivery or storage of the relevant Metal on behalf of the ETC Holder.
No ETC Holder may require the transfer of an ETC Security to be registered (i) during the period of 15 calendar days ending on the due date for Final Redemption of that ETC Security, (ii) during the period of 15 calendar days prior to any date on which ETC Securities may be redeemed following the occurrence of (i) an Issuer Call Redemption Event, (ii) an Early Redemption Event or(iii) an Event of Default or (iii) during the period of seven days ending on (and including) any Record Date.
The Administrator shall have no liability to the Issuer, the Trustee, the Security Trustee, any ETC Holder, any Authorised Participant or any other person for any determination or non-determination that it makes in respect of the occurrence or existence of a Disruption Event.
However, in the event of such failure, the Issuer shall, to the extent practicable, assign to the ETC Holder its claims in relation to such Physical Redemption Settlement Amount in satisfaction of all claims of such ETC Holder in respect of the ETC Securities to be redeemed and the ETC Holder shall have no further claims against the Issuer or the Secured Property in respect of such ETC Securities.
None of the Trustee, the Security Trustee or the Issuer shall be responsible or liable for any failure by the Metals Counterparty to procure a delivery of the Metal representing the Physical Redemption Settlement Amount to the specified Metal Account of the ETC Holder or any amount in USD to the specified Cash Account of the ETC Holder in accordance with the instructions of the Issuer.
If an ETC Holder is unable to certify in its Buy-Back Order that it is not a Prohibited ETC Holder and/or a delivery by the Issuer of the relevant Metal to the relevant ETC Holder would constitute a Prohibited Physical Redemption, such Buy-Back Order shall not be valid and shall be treated as null and void by the Issuer with the consequence set out in Condition 7(e)(viii) below.
The obligations of the Issuer in respect of the ETC Securities being redeemed by Physical Metal Delivery shall be satisfied by the Issuer transferring the required quantity of Metal to or to the order of the relevant Metals Counterparty with instructions to deliver such Metal to the specified Metal Account of the ETC Holder and the remainder (if any) of the Physical Redemption Settlement Amount due to the ETC Holder to the specified Cash Account of the ETC Holder.
In relation to any Buy-Back Order, such order may be cancelled in certain circumstances including, without limitation, where an Early Redemption Trade Date or the Final Redemption Valuation Date (as applicable) has occurred prior to the settlement of such Buy-Back or where the Issuer or the Authorised Participant (or, if applicable, the ETC Holder) has failed to perform its obligations with respect to the Buy-Back for a prolonged period of time.
Loans and Receivables Loans and receivables are generally carried at amortized cost.