The facility requires GOR to place cash with the bank in the...

The facility requires GOR to place cash with the bank in the event that the company is at a MTM loss under the facility exceeding $15m, in this instance as GOR have sold forward production, that would mean that the price of Gold has gone up, so shouldn't be an issue. This would only be a one way arrangement.

In terms of premium, that's built into the forward price as the spread between what GOR is selling it to the bank at and what the bank would be de-risking it at in market. Think bid v ask.

In terms of security, there is none, however if GOR was to fail to post the margin as required the trades would be unwound. The negative pledge condition is related to a restriction on the addition of further financing on preferential terms, this is a normal term in all loan and derivative documentation.