Gold Credit. 5.8.1. The Client, wishing to borrow a Gold Credit, hereby represents and warrants that it is engaged in the business of production or trade of precious metals, and it is authorized to borrow and utilize a Gold Credit in accordance with the relevant laws of the Republic of Turkey, and it has already obtained all required legal authorizations and licenses for use of this Gold Credit from the governmental authorities, and it will submit to the Bank the original copy of its certificate received from the relevant professional organization certifying that it is engaged in the business of production or trade of precious metals.
5.8.2. Gold Credit may be made available either through physical delivery of gold, or as a TL credit against gold to a Client resident in Turkey, or as a TL or foreign exchange credit against gold to a Client resident abroad.
5.8.3. If the Gold Credit is made available by physical delivery of gold by the Bank, the Bank may deliver to the Client the gold items being traded in the Precious Metals Exchange, conforming to the standards specified by the applicable laws, being accepted for trading in international markets and bearing the seal of gold refineries included in the list issued by the Treasury Undersecretariat, and the gold items produced and sealed by gold refineries to be established in Turkey for production in accordance with the international standards, and holding a conformity certificate issued by the Treasury Undersecretariat, up to the Credit Limit. The Bank may also make available to the Client the gold items of different qualifications which may be permitted by the applicable laws in the future.
5.8.4. Gold purchase and sales prices will be freely determined by the Bank in accordance with the applicable laws and regulations pertaining thereto.
5.8.5. Calculation of credit interests and all other crediting transactions will be based on the pure gold quantity corresponding to 1000 (one thousand) carats out of the quantity of gold delivered to the Client as credits under the provisions of this Agreement.
5.8.6. Interests to be accrued over the Gold Credit Account at the rate to be determined by the Bank will be traced as gold in the said account.
5.8.7. The Client may at any time deemed fit settle the credit account by prepaying its outstanding debts in accordance with the provisions of this Agreement pertaining to prepayments or by establishing a pledge on the gold
5.8.8. Altın Kredisi Xxxxxx’xxx, Müşteri tarafından altının t...
