INTRODUCTION
This gold transaction shall be identified by the following unique codes:-
Contract Number: AAAAAAAAA
Transaction Code: BBBBBBBBBB
Seller’s Code: CCCCCCCCCCC
Buyer’s Code: DDDDDDDDD
HEREINAFTER;
• The London Bullion Market Association shall be referred to as LBMA;
• the word “Buyer” means the actual Buyer or his legal representative whose Power of Attorney is Addendum-8
• “HSBC” refers to the bank’s main office at 1 Queen’s Road, Central Hong Kong, and SAR of China.
• The phrase “Ledger-to-Ledger” means that the Seller and the Buyer both bank with HSBC, Main Office in Hong Kong, SAR of China.
And that the Buyer will complete the purchase using funds in his HSBC, Main Office in Hong Kong, SAR of China account.
WHEREAS, the Seller is currently holding gold bars of fineness 999.5 parts per thousand of fine gold or better, in a facility in Hong Kong, that is:
(I) free of all liens and encumbrances,
(II) freely tradable and exportable, and
(III) non-criminal and non-terrorist,
AND WHEREAS, the Buyer confirms that:
(I) he is Ready, Willing and Able (“RWA”) to purchase the above mentioned gold bars and pay for them in good, clean and freely tradable EUR CURRENCY that are of non-criminal and non-terrorist origin, to the Seller; and
(II) The settlement bank will be HSBC, Main Office in Hong Kong, SAR of China.
AND FURTHERMORE, the Buyer fully understands that the gold bars are being sold by the Seller to the Buyer:
(I) in a private deal,
(II) that it is outside the Good London Delivery (“GLD”) System,
(III) with an MT 600 issued by HSBC, Main Office in Hong Kong, SAR of China.
AND FURTHERMORE, the Buyer confirms with full corporate authority, personal and legal responsibility that he is Ready, Willing and Able to purchase the said gold bars and agrees to provide his Proof of Funds (POF) for the purchase of the initial first tranche of 200 MT (two hundred metric tons) of gold bars to the Seller’s bank officer (“SBO”) with the copy to the Seller.