Refined Copper definition
Examples of Refined Copper in a sentence
If such difference is negative, then Seller shall be entitled to set off and deduct such excess amount of Refined Copper from the next required delivery of Refined Copper by Seller to Purchaser under this Agreement or if no such further deliveries are to be made, Purchaser shall within twenty (20) days of the end of the following calendar month pay the applicable Copper Purchase Price in respect of any excess tonnes delivered to the extent not already paid.
Any amount of Refined Copper set off and withheld by Seller against any non-payment by Purchaser, including any failure to pay for Refined Copper when due in accordance with Section 2.5(2), shall be valued at the Copper Market Price as of the date that such amount of Refined Copper first became payable to Purchaser.
Title to, and risk of loss of, Refined Copper shall pass from Seller to Purchaser at the place of delivery and the Time of Delivery on the Date of Delivery.
Except as set out in Section 2.2, any Refined Copper or dollar amount not delivered or paid, as the case may be, when due by a Party may be set off by the other Party against any dollar amount or Refined Copper owed to such Party by the other Party.
Any dollar amount set off and withheld against any Refined Copper shall result in a reduction in an amount of Refined Copper otherwise to be delivered by that number of tonnes equal to the dollar amount set-off divided by the Copper Market Price as of the day such dollar amount first became payable.
In addition, if a Seller Suspension Event occurs, the Seller shall have the right, at its option, upon written notice to the Purchaser, to reduce its next delivery obligations under Section 3.2 of this Agreement by an amount of 38821-2007 25879515.13 Refined Copper having a value (determined using the Reference Copper Price) equal to the amount owing to the Seller pursuant to such Seller Suspension Event.
If such Seller Suspension Event is continuing for a period of three (3) months, the Seller shall have the right, at its option, upon written notice to the Purchaser, to suspend all of its remaining delivery obligations under Section 3.2 of this Agreement, and the Seller shall not be obligated to sell any Refined Copper to the Purchaser in respect of copper contained in Minerals sold or delivered to an Offtaker made during such suspension.
For the avoidance of doubt, the Purchaser shall be deemed to have cured a Seller Suspension Event with respect to a particular Delivery where 4 the Purchaser shall have paid to the Seller the amount owing in respect of the Refined Copper delivered to the Purchaser in connection with such Delivery.
In consideration for the sale and delivery of Refined Copper under and pursuant to the terms of this Agreement, Purchaser hereby agrees to pay to Seller a deposit in cash against the Copper Purchase Price in the amount of the Deposit, payable in accordance with Section 3.2 to the account designated by Seller for this purpose.
Seller shall be required to sell and deliver an amount of Refined Copper equal to the lost Reference Copper so determined by the Parties or by the Independent Expert in accordance with this Section 2.6(2) or Section 9.5(2), as applicable.