Resultados esperados

7.8.1 If notice is given to redeem Industrial Metal Securities compulsorily pursuant to Condition 7.1 (Compulsory Redemption on Termination), Condition 7.2 (Compulsory Redemption on Issuer Insolvency Event), Condition 7.3 (Compulsory Redemption on a fall in the Price relative to the Principal Amount) or Condition 7.4 (Compulsory Redemption for Cause):

(a) Industrial Metal Securities the Security Holder of which is an Authorised Participant which has, on or prior to the Final Trading Date (in the case of Redemption pursuant to Condition 7.1) or the Compulsory Redemption Notice Date (in the case of

Compulsory Redemption Notice Date (in the case of Redemption pursuant to Condition 7.2, Condition 7.3 or Condition 7.4), certified that it is not a UCITS Fund, requested Redemption by Metal Delivery by notice to the Issuer and specified a Security Holder Metal Account,

shall subject to Condition 7.8.2 and Condition 7.8.3(c) and (d) be Redeemed by Metal Delivery. All other Industrial Metal Securities to be so Redeemed shall subject to Condition 7.8.4(f) and (g) be Redeemed by Metal Sale.

7.8.2 Notwithstanding the foregoing in the case of Compulsory Redemption following notice given by the Issuer pursuant to Condition 7.1 (Compulsory Redemption on Termination) where at the time of such notice the right of Security Holders to Redeem Industrial Metal Securities of the relevant type is suspended pursuant to Condition 6.20 or the Issuer would be unable as a consequence of the proviso to Condition 7.8.3(a) to Redeem in accordance with the provisions of Condition 7.8.3 all the Industrial Metal Securities of the relevant type, such Compulsory Redemption shall be effected by Metal Sale in accordance with Condition 7.8.4 save that the Issuer may elect that any of the Secured Property attributable to the relevant Pool be sold on such basis and at such time as it considers fit and may pay to Security Holders the net proceeds of sale in one or more instalments or may pay the same to the Trustee for distribution among the persons entitled thereto in accordance with the provisions of the Trust Instrument.

7.8.3 For the purposes of Compulsory Redemption of Industrial Metal Securities of any type by Metal Delivery in accordance with Condition 7.8.1;

(a) the Issuer may allocate LME Warrants of the relevant type or types for delivery to the Security Holder in respect of those Industrial Metal Securities in its absolute discretion and may change its allocation at any time prior to delivery thereof to such Security Holder provided that the Issuer may for this purpose allocate only LME Warrants (a) that are deliverable for the purposes of transactions on the LME Market, (b) that pertain to Industrial Metal in an Approved Warehouse and from a producer and of a brand in each case which meets the requirements of the LME and (c) in respect of which neither the Approved Warehouse nor the producer or brand of the Industrial Metal the subject thereof appears on the then current Proscribed List (if any) issued by the Issuer for the purposes of determining LME Warrants that may be transferred to the Issue in consideration of the issue of Industrial Metal Securities pursuant to the terms of the Authorised Participant Agreements;

(b) in the case of Redemption of Individual Securities, the Issuer shall Redeem a number (which need not be a whole number) of Industrial Metal Securities having an aggregate Metal Entitlement on the Compulsory Settlement Date equal to the quantity of Metal of the relevant type title to which is evidenced by the LME Warrants of that type allocated pursuant to paragraph (a) by delivery of such LME Warrants in accordance with Condition 6.14 (Metal Delivery), save that references in that Condition to the Settlement Date shall be replaced by references to the Compulsory Settlement Date, and in the case of Redemption of Basket Securities these Conditions shall apply as though such Basket Securities had immediately prior to the Redemption Notice Date been surrendered in exchange for the Individual Securities of which it is comprised save that all cash amounts due in respect of such redemption shall be aggregated into a single payment in respect of all the Individual Securities of which the Basket Securities are comprised and may be retained by the Issuer (without interest, which shall be for the account of the Issuer) until it is satisfied that all LME Warrants to be delivered in respect of any such Individual Securities to be Redeemed by Metal Delivery have been accepted into the applicable Security Holder Metal Account;

(c) to the extent that the aggregate quantity of Metal of the relevant type title to which is evidenced by the LME Warrants allocated pursuant to paragraph (a) is less than the amount of Metal to which the Security Holder is entitled pursuant to

Condition 6.1 (Redemption Entitlement), Redemption shall be effected as provided in paragraph (d); and

(d) the balance of the Industrial Metal Securities to be Redeemed pursuant to that Compulsory Redemption (including any part of an Industrial Metal Security where the number of Industrial Metal Securities to be Redeemed by Metal Delivery is not a whole number) shall be Redeemed in cash at the Price for such Industrial Metal Securities on the Redemption Notice Date in accordance with Condition 6.12 (Cash Payment) unless at that time there is no Metal Agent in which case they shall be Redeemed by Metal Sale in accordance with Condition 7.8.4.

7.8.4 Subject to Condition 7.8.2, in relation to any Redemption pursuant to Condition 7.1 (Compulsory Redemption on Termination), Condition 7.2 (Compulsory Redemption on Issuer Insolvency Event), Condition 7.3 (Compulsory Redemption on a fall in the Price relative to the Principal Amount) or Condition 7.4 (Compulsory Redemption for Cause) to be effected by Metal Sale in accordance with these Conditions:

(a) where required by the terms of a Metal Agent Agreement the Issuer shall allocate a number of LME Warrants of the relevant type or types to be sold on successive Pricing Days for each type commencing on the Compulsory Metal Sale Date (in the case of Redemption pursuant to Condition 7.1) or the Compulsory Redemption Notice Date (in the case of Redemption pursuant to Condition 7.2, Condition 7.3 or Condition 7.4), such number in each case not being greater than the Compulsory Metal Sale Redemption Limit and shall no later than 8.00 a.m. on the Compulsory Metal Sale Date (in the case of Redemption pursuant to Condition 7.1) or the Compulsory Redemption Notice Date (in the case of Redemption pursuant to Condition 7.2, Condition 7.3 or Condition 7.4) by RIS announcement publish the Compulsory Metal Sale Redemption Number of each relevant type of LME Warrants to be sold on each successive Pricing Day;

(b) where paragraph (a) does not apply the Issuer shall allocate a number of LME Warrants of the relevant type or types to be sold for the purposes of such Redemption;

(c) the Issuer will on behalf of the relevant Security Holder use its reasonable endeavours to sell (including by exercising any rights it may have to require a Metal Agent to buy the same under a Metal Agent Agreement) on each successive Pricing Day commencing on the Compulsory Metal Sale Date (in the case of Redemption pursuant to Condition 7.1) or the Compulsory Redemption Notice Date (in the case of Redemption pursuant to Condition 7.2, Condition 7.3 or Condition 7.4) or in each case as soon as reasonably practicable thereafter the LME Warrants allocated for the purposes of such Redemption for settlement on the Compulsory Settlement Date or as soon as reasonably practicable thereafter, provided that if paragraph (a) does not apply the Issuer will have absolute discretion as to the timing, amount and manner of sales to be effected pursuant to this Condition;

(d) (save where sale of such LME Warrants is being made to a Metal Agent pursuant to a Metal Agent Agreement) the Issuer will instruct the Metal Agent to deliver such LME Warrants to such account or person as may be required for the purposes of completing the sale referred to in paragraph (c) on the Compulsory Settlement Date;

(e) the Issuer will pay to the relevant Security Holder the net proceeds of such sale in US dollars (less any Redemption Fee in accordance with Condition 9 (Redemption Fee)) to the relevant Security Holder through CREST or by transfer to the Security Holder Cash Account in accordance with Condition 8 (Settlement and Redemption Obligations) or, in the case of Industrial Metal Securities in Certificated Form, by

giving correct delivery free of payment instructions in CREST or delivering certificates in respect of them to the Administrator or otherwise having delivered such Industrial Metal Securities to the Issuer by agreement with the Issuer. If the Security Holder fails to deposit the Industrial Metal Securities into an appropriate CREST account and give correct delivery free of payment instructions in CREST or otherwise so deliver the Industrial Metal Securities to the Issuer, the Issuer may retain the proceeds otherwise payable until the Security Holder has so deposited or delivered the Industrial Metal Securities and then remit such proceeds (without interest, which shall be for the account of the Issuer) to the Security Holder in accordance with this Condition;

(f) to the extent that when there is a Metal Agent the aggregate quantity of Metal of the relevant type title to which is evidenced by the LME Warrants allocated pursuant to paragraph (a) or paragraph (b) (as the case may be) is less than the amount of Metal to which the Security Holder is entitled pursuant to Condition 6.1 (Redemption Entitlement), Redemption shall be effected as provided in paragraph (g); and (g) the balance of the Industrial Metal Securities to be Redeemed (including any part of

an Industrial Metal Security where the number of Industrial Metal Securities to be Redeemed as referred to in this Condition is not a whole number) shall be Redeemed in cash at the Price for such Industrial Metal Securities on the Redemption Notice Date in accordance with Condition 6.12 (Cash Payment) provided thatif there is no Metal Agent or the Issuer is otherwise unable to sell the balance of the Metal in excess of a whole number of LME Warrants referred to in paragraph (f) at the relevant LME Cash Settlement Price, such balance of the Industrial Metal Securities shall (subject to Condition 7.8.2) not be Redeemed until the Issuer is so able to sell such Metal.

7.8.5 The provisions of Condition 6.15.4 shall apply to Redemption by Metal Sale pursuant to Condition 7.1 (Compulsory Redemption on Termination), Condition 7.2 (Compulsory Redemption on Issuer Insolvency Event), Condition 7.3 (Compulsory Redemption on a fall in the Price relative to the Principal Amount) or Condition 7.4 (Compulsory Redemption for Cause) as they do to Redemption by Metal Sale pursuant to Condition 6 (Redemption of Industrial Metal Securities).

8 SETTLEMENT AND REDEMPTION OBLIGATIONS 8.1 Where a Redemption Form has been lodged for the Redemption of Industrial Metal Securities, the Security Holder which holds those Industrial Metal Securities which are the subject of that Redemption must, by 8.00 a.m. on the Settlement Date, deposit the Industrial Metal Securities in question into an appropriate CREST account and give correct delivery free of payment instructions in accordance with the Redemption Form if they were in Uncertificated Form, or otherwise deliver the Industrial Metal Securities to be Redeemed and any certificates representing them to the Issuer in such manner as the Issuer may agree if they are in Certificated Form. Once a valid Redemption Form is lodged in respect of Industrial Metal Securities, the Industrial Metal Securities in respect of which it was given may not be transferred by the Security Holder (except to the Issuer), and the Issuer may refuse to recognise any subsequent transfer of any of those Industrial Metal Securities.

8.2 Subject as provided in Condition 6.4 (Redemption by Other Security Holders) and Condition 8.3, failure by a Security Holder to deposit those Industrial Metal Securities into an appropriate CREST account and give correct instructions shall not invalidate the Redemption of those Industrial Metal Securities. Where settlement of a Redemption of Industrial Metal Securities is delayed due to the failure of the Security Holder to deposit the Industrial Metal Securities in question into an appropriate CREST account or give correct instructions or otherwise deliver such Industrial Metal Securities and any certificates representing them in a manner agreed by the Issuer, the Security Holder shall not be entitled to receive any LME Warrants or cash otherwise due on Redemption until the relevant Industrial Metal Securities have been so deposited or delivered, the Security Holder shall not be entitled to receive any interest in respect

on which settlement was due and the Issuer may deduct any such charges incurred by it from any cash amounts due to the Security Holder and/or sell any such LME Warrants on behalf of the Security Holder on the LME and deduct such charges from the proceeds of sale. If the Security Holder fails to deliver such Industrial Metal Securities to the Issuer (via the CREST system or another method agreed with the Issuer) within three Business Days from the due date, the Issuer shall be entitled to sell any LME Warrants that were otherwise due to be delivered to the Security Holder in respect of Industrial Metal Securities to be Redeemed by Metal Delivery on behalf of and at the cost of the Security Holder and pay the net proceeds of sale and any other amount due, after deduction of its expenses to the Trustee (to be held on trust for the Security Holder in accordance with the Trust Instrument), and to cancel the entry in the Register in respect of those Industrial Metal Securities.

8.3 Notwithstanding Condition 8.2 and any other provision of the Conditions to the contrary, an Authorised Participant requesting Redemption of Industrial Metal Securities pursuant to Condition 6.3 (Redemption by Authorised Participants) who has entered into an AP TRS Master Confirmation with the Issuer may request that the LME Warrants to which it is entitled in respect of such Redemption pursuant to Condition 6.2.2 and Condition 6.14 (Metal Delivery) be delivered (“Early Delivery”) to the Security Holder Metal Account on the Settlement Date for such Redemption notwithstanding that the Industrial Metal Securities may not by then have been deposited or delivered as required by Condition 8.2. The Issuer may agree to or decline such request in its absolute discretion, but if it agrees to such request such Early Delivery shall be on the basis of an AP TRS Confirmation.

8.4 Where Individual or Basket Securities are Redeemed in accordance with Condition 6 (Redemption of Industrial Metal Securities) or Condition 7 (Compulsory Redemption by the Issuer or Trustee), the Issuer shall be entitled, upon delivery of any LME Warrants due on Redemption by Metal Delivery or payment of other amounts due (less the Redemption Fee and any other permitted deductions, if applicable) into the applicable Security Holder Account or other payment in accordance with Condition 28 (Payment Provisions), to cancel the entry in the Register in respect of those Industrial Metal Securities being Redeemed.

8.5 Save to the extent that the proviso to Condition 6.3 (Redemption by Authorised Participants) applies, payment of the Redemption Amount (less any applicable Redemption Fee deducted under Condition 9 (Redemption Fee)) into the applicable Security Holder Cash Account on the Redemption Payment Date, or delivery of the applicable LME Warrants to the applicable Security Holder Metal Account or payment of any other amount due is in full satisfaction of all liability which the Issuer has to Security Holders in respect of the Industrial Metal Securities which have been Redeemed.

8.6 The Issuer may, at any time, notify a Security Holder that the Issuer may have to withhold or deduct from the payment that corresponds to the Redemption Form an amount for or on account of, any present or future taxes, duties assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of any relevant jurisdiction or any political sub-division thereof or any authority thereof having power to tax, as required by law (as modified by the practice of any relevant governmental revenue authority) then in effect and such notice shall specify any form or document to be delivered by beneficial owners of Industrial Metal Securities that may allow the Issuer to make such payment without any such withholding or deduction or with such withholding or deduction at a reduced rate. If such forms or documents are not provided to the Issuer by the relevant Security Holder or if it is not the beneficial owner of Industrial Metal Securities held by such Security Holder and which are to be redeemed, such beneficial owner, then any such payment will be reduced (and the matching obligation of the Issuer to pay or deliver or to procure the payment or delivery of LME Warrants of an amount equal to the Metal Entitlement or other amount due to that Security Holder will also be reduced) by the amount of the withholding or deduction.

8.7 If the proviso in Condition 6.17.3 applies with respect to a Basket Security, then on the Settlement

would have been determined for that Basket Security if it had been comprised of the Priced Securities only; and

8.7.2 to the extent that it is comprised of Individual Securities still not priced at the end of the fourth Business Day following Day 1 (“Delayed Securities”), by delivering to the relevant Security Holder Individual Securities of the same classes and in the same number (rounded down in each case to the nearest whole number) as such Delayed Securities, and otherwise in accordance with this Condition 8. The Issuer may give such directions to the Security Holder as appear to the Issuer to be necessary to enable the settlement of any payment or delivery to be made by it pursuant to this Condition.