Metal Account definition

Metal Account means any unallocated Metal pool or weight account.

Metal Account means, in respect of Precious Metals, an unallocated metal account in London with a member of the LBMA or LPPM, as appropriate; for purposes of any settlement of a Buy-Back or Redemption by Physical Metal Delivery, a metal account with a Physical Delivery Bank; and, in respect of Base Metals, an LME clearing and warrant account in London with a member of the LME.

Metal Account means an account or accounts maintained with us for the purpose of recording transactions effected under this Section X.

Examples of Metal Account in a sentence

• Metal Accounts are not depository or warehousing agreements, and Umicore does not undertake to maintain, identify, or allocate physical inventories for or to any Metal Account.

• Customer’s instructions regarding the Metal Account become binding only upon Umicore’s: (i) express consent in writing; or (ii) execution of the requested transaction.

• Customer may request that a quantity of Metal, not exceeding the then-current credit balance, be transferred to the Metal Account of a third party or transferred for release to Customer at a location other than Umicore’s facility.

• If the closed Metal Account shows a negative balance, then Umicore will invoice Customer for the value of such negative balance pertaining to a Metal Account.

• Customer shall not assign, pledge, or encumber any Metal Account or interest therein or statement thereof.

• Umicore may reverse any mistaken credits in a Metal Account by debit entry without liability to Customer.

• If Umicore closes a Metal Account because of an Event of Default, then title to any Metals in such Metal Account will transfer to Umicore upon closure and compensation for the Metals will be paid by Umicore to Customer after setoff and deducting the value of any debit balances on such Metal Account.

• In the absence of an Event of Default (defined below), Umicore may close a Customer’s Metal Account at any time by providing Customer with at least four (4) weeks’ prior written notice.

• Umicore may maintain a separate Metal Account for each Metal, and all obligations and undertakings with respect to Metal will be computed and performed separately for each Metal.

• Umicore will release a quantity of Metal, not exceeding the then- current credit balance, from Customer’s Metal Account following receipt of instructions from Customer’s authorized representatives.

More Definitions of Metal Account

Metal Account means an account or accounts maintained with us for the purpose of recording transactions effected under this Section X.