Common use of Minimum Lot Size Clause in Contracts

Minimum Lot Size. Notwithstanding Section 2.2, to the extent that Seller is required to deliver Refined Copper hereunder by way of LME Warrants pursuant to Section 2.3(1) and the amount of any such Refined Copper required to be so delivered (the “Sub-Minimum Amount”) is less than the minimum lot size for a single LME Warrant for Refined Copper (the “Minimum Lot Size”): (a) to the extent that the Sub-Minimum Amount is less than 50% of the Minimum Lot Size, the requirement of Seller to deliver the Sub-Minimum Amount shall be postponed until such time as Seller’s accrued delivery requirements hereunder in respect of Refined Copper are of sufficient quantity to allow Seller to satisfy the Minimum Lot Size; and (b) to the extent that the Sub-Minimum Amount is equal to or greater than 50% of the Minimum Lot Size, Seller shall deliver, together with the Sub-Minimum Amount, an additional amount of Refined Copper (the “Top Up Amount”) equal to the difference between the Minimum Lot Size and the Sub-Minimum Amount, and Seller shall be entitled to set off and deduct, pursuant to Section 10.5, an amount of Refined Copper equal to the Top Up Amount so delivered from the next required deliveries of Refined Copper by Seller to Purchaser under this Agreement. Upon the termination of this Agreement, any outstanding deliveries of Refined Copper that have been postponed pursuant to Section 2.7 shall become immediately due for delivery and any Top Up Amount that has been delivered but not set off pursuant to Section 2.7(b) shall become immediately payable to Seller (calculated using the Copper Market Price as of the Date of Delivery of the Top Up Amount to Purchaser) or set off against any amounts owing to Purchaser upon termination.

Minimum Lot Size. Notwithstanding Section 2.2, to the extent the amount of any Refined Copper that the Seller is required to deliver Refined Copper hereunder by way of LME Warrants pursuant to Section 2.3(1) and the amount of any such Refined Copper required to be so delivered (the “Sub-Minimum Amount”) is less than the minimum lot size for a single LME Warrant for Refined Copper (the “Minimum Lot Size”):) then: (a) to the extent that the Sub-Minimum Amount is less than 50% of the Minimum Lot Size, the requirement of Seller to deliver the Sub-Minimum Amount shall be postponed until such time as Seller’s accrued delivery requirements hereunder in respect of Refined Copper are of sufficient quantity to allow Seller to satisfy the Minimum Lot Size; and (b) to the extent that the Sub-Minimum Amount is equal to or greater than 50% of the Minimum Lot Size, Seller shall deliver, together with the Sub-Minimum Amount, an additional amount of Refined Copper (the “Top Top-Up Amount”) equal to the difference between the Minimum Lot Size and the Sub-Minimum Amount, and Seller shall be entitled to set off and deduct, pursuant to Section 10.5, an amount of Refined Copper equal to the Top Top-Up Amount so delivered from the next required deliveries of Refined Copper by Seller to Purchaser under this Agreement. Upon the termination of this Agreement, any outstanding deliveries of Refined Copper that have been postponed pursuant to Section 2.7 shall become immediately due for delivery and any Top Top-Up Amount that has been delivered but not set off pursuant to Section 2.7(b) shall become immediately payable to Seller (calculated using the Copper Market Price as of the Date of Delivery of the Top Top-Up Amount to Purchaser) or set off against any amounts owing to Purchaser upon termination.