Ownership Based Financing definition

Ownership Based Financing means a transaction whereby an Ownership Based Financing Counterparty purchases Precious Metals from Borrower, the proceeds Borrower receives (directly or indirectly) for such transaction shall be cash, and either (i) the Borrower has the option, but not the obligation (contingent or otherwise) to repurchase any amount of such Precious Metals at a later date including, without limitation (but subject to the foregoing), transactions under (a) an Allocated Precious Metals Account Agreement between HSBC Bank Plc and Borrower, (b) the CIBC Permitted Metals Loan Agreement, and (c) an Allocated Precious Metals Account Agreement between Industrial and Commercial Bank of China and Borrower, in each case, in form and substance satisfactory to the Agent, or (ii) Borrower has the obligation to repurchase such Precious Metals at a later date pursuant to the SCMI Ownership Based Financing.

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Ownership Based Financing means a transaction whereby an Ownership Based Financing Counterparty purchases Precious Metals from the Borrower and the Borrower has the option, but not the obligation (contingent or otherwise) to repurchase any amount of such Precious Metals at a later date.

Ownership Based Financing means a transaction whereby an Ownership Based Financing Counterparty purchases Precious Metals from the Borrower, the proceeds the Borrower receives (directly or indirectly) for such transaction shall be cash and the Borrower has the option, but not the obligation (contingent or otherwise) to repurchase any amount of such Precious Metals at a later date including, without limitation (but subject to the foregoing), transactions under an Allocated Precious Metals Account Agreement between HSBC Bank Plc and the Borrower, in form and substance satisfactory to the Required Lenders.

Examples of Ownership Based Financing in a sentence

• Not permit the aggregate purchase price paid by SCMI (or any of its Affiliates) for all Ownership Based Financing Property under the SCMI Ownership Based Financing to exceed $75,000,000 outstanding at any time.

• Borrower shall not enter into or otherwise be a party to any Ownership Based Financing other than Permitted Ownership Based Financings.

• The Borrower shall not enter into or otherwise be a party to any Ownership Based Financing other than Permitted Ownership Based Financings.

• Not permit the aggregate purchase price paid by all Ownership Based Financing Counterparties for all Ownership Based Financing Property under all Ownership Based Financings to exceed $700,000,000 outstanding at any time (provided that the aggregate purchase price thereof outstanding at any time may exceed such limit by not more than 10% for a period of up to five (5) consecutive Business Days on not more than five (5) separate occasions in any Fiscal Year (which shall not be consecutive).

• Not permit the aggregate purchase price paid by all Ownership Based Financing Counterparties for all Ownership Based Financing Property under all Ownership Based Financings to exceed $700,000,000 outstanding at any time (provided that the aggregate purchase price thereof outstanding at any time may exceed such limit by not more than 10% for a period of up to five (5) consecutive Business Days on not more than five (5) separate occasions in any Fiscal Year (which shall not be consecutive)).

• The Borrower shall not, and shall cause its Subsidiaries not to, enter into any arrangement, directly or indirectly, with any Person whereby it shall dispose of any property, whether now owned or hereafter acquired and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose as the property being disposed of, provided, that this Section 6.13 shall not restrict the Borrower from entering into any Ownership Based Financing.

• Not permit the aggregate purchase price paid by all Ownership Based Financing Counterparties for all Ownership Based Financing Property under all Ownership Based Financings to exceed $600,000,000 outstanding at any time (provided that the aggregate purchase price thereof outstanding at any time may exceed such limit by not more than 10% for a period of up to five (5) consecutive Business Days on not more than five (5) separate occasions in any Fiscal Year (which shall not be consecutive).

• The Agent shall, and the Lenders authorize the Agent to, deliver to each Ownership Based Financing Counterparty such documentation evidencing the foregoing release (to the extent permitted hereby), including without limitation, UCC releases, as such Ownership Based Financing Counterparty shall reasonably request.

• Not permit the aggregate purchase price paid by all Ownership Based Financing Counterparties for all Ownership Based Financing Property under all Ownership Based Financings to exceed $375,000,000 outstanding at any time.

• In addition, notwithstanding anything to the contrary herein, HSBC’s consent to any modification, amendment or waiver of this Agreement, or to any action taken or to be taken by the Agent or any other Lender hereunder, shall not be required unless such modification, amendment, waiver or action adversely impacts HSBC’s rights, duties and responsibilities as a Lender with respect to its Ownership Based Financing, Specific Security Interest or Specific Collateral hereunder.

More Definitions of Ownership Based Financing

Ownership Based Financing means a transaction whereby an Ownership Based Financing Counterparty purchases Precious Metals from the Borrower, the proceeds the Borrower receives (directly or indirectly) for such transaction shall be cash, and either (i) the Borrower has the option, but not the obligation (contingent or otherwise) to repurchase any amount of such Precious Metals at a later date including, without limitation (but subject to the foregoing), transactions under an Allocated Precious Metals Account Agreement between HSBC Bank Plc and the Borrower, in form and substance satisfactory to the Required Lenders or (ii) the Borrower has the obligation to repurchase such Precious Metals at a later date pursuant to a Precious Metal Buyback (Repurchase) and Storage Agreement dated on or around October 9, 2020 (as amended, supplemented or otherwise modified from time to time) between SCMI US Inc., a Delaware corporation (“SCMI”) as Ownership Based Financing Counterparty, and the Borrower, provided that, if requested by the Administrative Agent, SCMI shall have entered into an intercreditor agreement with the Administrative Agent, in form and substance satisfactory to the Administrative Agent (in its reasonable discretion).

Ownership Based Financing means a transaction whereby an Ownership Based Financing Counterparty purchases Precious Metals from Borrower, the proceeds Borrower receives (directly or indirectly) for such transaction shall be cash, and either (i) the Borrower has the option, but not the obligation (contingent or otherwise) to repurchase any amount of such Precious Metals at a later date including, without limitation (but subject to the foregoing), transactions under (a) an Allocated Precious

Ownership Based Financing is amended and restated as follows:

Ownership Based Financing means a transaction whereby an Ownership Based Financing Counterparty purchases Precious Metals from the Borrower, the proceeds the Borrower receives (directly or indirectly) for such transaction shall be cash and the Borrower has the option, but not the obligation (contingent or otherwise) to repurchase any amount of such Precious Metals at a later date including, without limitation (but subject to the foregoing), transactions under an Allocated Precious Metals Account Agreement between HSBC Bank Plc and the Borrower, in form and substance satisfactory to the Required Lenders.”