LME Warrant definition
LME Warrant means a ‘warrant’ as defined in the LMEsword Regulations in respect of any type of Base Metal (being a bearer document of title issued by an LME Approved Warehouse through a London agent evidencing title to a specified Lot of physical Metal of a specified LME-registered brand stored in a specified LME Approved Warehouse and which declares conformity of such physical Metal with the applicable LME Physical Contract Specifications), which document is held as bailee by the Depository in accordance with the LMEsword Regulations and electronically registered in LMEsword and used for the physical settlement of contracts traded on the LME.
LME Warrant means a transferable numbered, stamped and signed receipt, described in its heading as a London Metal Exchange warrant and on which it is certified that the holder is entitled to receive a specific quantity of goods of a specific kind and which is and will be construed to be a document of title;
LME Warrant means a negotiable instrument of title issued by a Warehouse Operator giving the holder of that instrument an entitlement to a specific Underlying Material, issued in accordance with the LME Rules and held within the LMEsword system.
Examples of LME Warrant in a sentence
Each Delivery of Refined Copper shall be rounded down to the nearest LME Warrant size (as of the Third Amendment Effective Date, 25 metric tonnes +/-2%), with any un-delivered amount of Refined Copper (“Stub Copper”) to be added to the next Delivery of Refined Copper.
Seller shall not sell and deliver to Purchaser any physical Refined Copper resulting from Produced Copper or any other copper produced in Peru and shall not deliver to Purchaser any LME Warrant issued in respect of physical Refined Copper resulting from copper produced in Peru (including Produced Copper).