Examples of Loaned Gold in a sentence
Each Customer will use the Consigned Precious Metal and Loaned Gold for general corporate purposes of the Customers not otherwise prohibited by this Agreement.
For the purpose of this Article 3, the value of Loaned Gold shall be determined on the basis of the second fixing price for Gold on the valuation date as customarily set by certain members of the London Bullion Market Association, or, if no such price is available for such date, then on the basis of said second fixing price on the next previous day for which such price was available.
All insurance provided for in this Subsection (d) shall be effected under valid and enforceable policies, issued by financially sound and responsible insurance companies which are admitted in the jurisdiction in which the Loaned Gold is located, or are approved under the applicable states’ surplus lines insurance laws.
No Customer shall grant any security interest or ownership rights to any of its customers with respect to any of the Consigned Precious Metal or Loaned Gold whether or not such customers have prepaid orders for the Consigned Precious Metal or Loaned Gold or any products or property which does or will include the Consigned Precious Metal or Loaned Gold.
Notwithstanding termination, until all Obligations have been fully satisfied, the Metal Lender shall retain the security interests granted under this Agreement in the Loaned Gold, and, all terms and conditions of this Agreement shall remain in full force and effect.
The Customers shall be required to settle and pay the purchase price for Loaned Gold at the earlier of (A) such time as a Customer shall notify the Metal Lender that it elects to effect settlement for such Loaned Gold, or (B) such time as a Customer shall sell and deliver such Loaned Gold to any of its customers in the ordinary course of its business.
The Customers shall, as between the Metal Lender and the Customers, accept all risk of loss to the Loaned Gold in accordance with the provisions hereof until its return to the Metal Lender as hereinafter provided.
Subject to Section 4 hereof with respect to the segregation of Stored Precious Metal, and subject to the continuing security interests therein granted by Section 3.10(a) hereof, the Customers and the Metal Lender agree that the Customers, in the ordinary course of their business, shall be permitted to commingle Loaned Gold with any other Precious Metals or Precious Metal-containing or other alloys owned or held by the Customers.
All such insurance policies shall provide at least fifteen (15) days’ prior written notice to the Metal Lender of any cancellation or alteration thereof and shall insure all Loaned Gold wherever it is located.
All payments of purchase price for Loaned Gold or deliveries of Gold are to be made within two (2) London Banking Days, provided, however, that the Metal Lender’s security interest in such Loaned Gold shall survive and remain in effect until the payment in full of such purchase price.