Refining Reserve definition
Refining Reserve means one hundred five percent (105%) of the value (as determined in accordance with Section 2.2 hereof), without duplication, of all Loaned Gold and all Consigned Precious Metal located at any Letter of Credit Location (provided, however, that the percentage in this clause (b) may be adjusted by the Metal Lender from time to time in its reasonable discretion).
Refining Reserve means one hundred five percent (105%) of the value (as determined in accordance with Section 2.2 hereof) of (without duplication) (i) all Consigned Metal, in each case, located at any Letter of Credit Location, and (ii) all Approved Subconsignee Metal; provided , however , that the foregoing percentage may be adjusted by the Metal Lenders from time to time in its reasonable discretion.
Refining Reserve means one hundred five percent (105%) of the value (as determined in accordance with Section 2.2 hereof) of (without duplication) (i) all Consigned Metal, in each case, located at any Letter of Credit Location, and (ii) all Approved Subconsignee Metal; provided, however, that the foregoing percentage may be adjusted by the Metal Lenders from time to time in its reasonable discretion.
Examples of Refining Reserve in a sentence
The Customers shall at all times maintain the sum of (a) Equity Precious Metal, plus (b) the available undrawn face amount of all Letters of Credit which secure the Customer’s Obligations, plus (c) such other Collateral provided by the Customers (other than Precious Metal) as the Metal Lender may approve from time to time and in which the Metal Lender holds solely for its own benefit a first priority perfected security interest, in an amount equal to or greater than the Refining Reserve.
More Definitions of Refining Reserve
Refining Reserve means one hundred five percent (105%) of the value (as determined in accordance with Section 2.2
Refining Reserve means (a) with respect to any Incremental Commitment, one hundred ten percent (110%) of the amount thereof; and (b) with respect to all other matters, one hundred five percent (105%) of the value (as determined in accordance with Section 2.02 hereof) of (without duplication) (i) all Loaned Gold and all Consigned Precious Metal, in each case, located at any Letter of Credit Location, and (ii) all Approved Subconsignee Precious Metal ( provided , however , that the percentage in this clause (b) may be adjusted by the Metal Lender from time to time in its reasonable discretion).
Refining Reserve means (a) with respect to any Incremental Commitment, one hundred ten percent (110%) of the amount thereof; and (b) with respect to all other matters, one hundred five percent (105%) of the value (as determined in accordance with Section 2.02 hereof) of (without duplication) (i) all Loaned Gold and all Consigned Precious Metal, in each case, located at any Letter of Credit Location, and (ii) all Approved Subconsignee Precious Metal (provided, however, that the percentage in this clause (b) may be adjusted by the Metal Lender from time to time in its reasonable discretion).
Refining Reserve means the sum of: (a) one hundred five percent (105%) of the value (as determined in accordance with Section 2.02 hereof) of (without duplication) (i) all Loaned Gold and all Consigned Precious Metal, in each case located at any Letter of Credit Location, (ii) all TMI Precious Metal, (iii) all ZTI Precious Metal, and (iv) all BWI Precious Metal; (b) five percent (5%) of the value (as determined in accordance with Section 2.02 hereof) of all other Loaned Gold and all Consigned Precious Metal consisting of Gold; and (c) ten percent (10%) of the value (as determined in accordance with Section 2.02 hereof) of all other Consigned Precious Metal consisting of Silver, Platinum and Palladium; provided, however, that the foregoing percentages may be adjusted by the Metal Supplier from time to time in its reasonable discretion.