Application of Margin Clause Samples
Application of Margin. All margin in the form of cash shall be held for the following purposes:
(i) for application in respect of any margin paid by the Broker Member to the DCCC or a Clearing Member;
(ii) to apply in or towards satisfaction of, or in reimbursement to the Broker Member of, all costs, damages, losses, liabilities and expenses incurred under or in respect of all and any Transactions and all liabilities and expenses (including dealing turns, charges and taxes) incurred as a result of the performance by the Broker Member of its duties or the exercise by the Broker Member of its rights, powers and/or privileges under this Agreement (irrespective of the denominated Currency), other than where such costs, charges, losses, liabilities and expenses are directly incurred as a result of the default, negligence, willful misconduct or fraud of a Clearing Member selected by the Broker Member or the default of a Clearing Member selected by the Broker Member. Subject to the Broker Member being satisfied that all such costs, damages, losses, liabilities and expenses attributable to any Transaction have been satisfied, discharged or otherwise released and subject always to the Broker Member’s rights under Sections 11 and 12, the Broker Member will repay to the Client any surplus which is, in the Broker Member's reasonable opinion, attributable to such Transaction.
Application of Margin. The Margin shall be reduced at the end of the Waiver Period to 1.5 per cent. per annum and shall at all times thereafter remain at such rate Provided that at any relevant time:
(a) no Event of Default or Potential Event of Default has occurred; and
(b) the Borrowers are in compliance with the terms of Clause 14.1.”;
(p) by deleting the number “1,” at the beginning of clause 5.2(a) of the Loan Agreement;
(q) by deleting clause 7.7 of the Loan Agreement and substituting the same with the following:
Application of Margin. All margin in the form of cash shall be held for the following purposes:
(i) for application in respect of any margin paid by the Broker Member to the DCCC or a Clearing Member;
(ii) to apply in or towards satisfaction of, or in reimbursement to the Broker Member of, all costs, damages, losses, liabilities and expens- es incurred under or in respect of all and any Transactions and all liabilities and expenses (including dealing turns, charges and taxes) incurred as a result of the performance by the Broker Member of its duties or the exercise by the Broker Member of its rights, pow- ers and/or privileges under this Agreement (irrespective of the de- nominated Currency), other than where such costs, charges, losses, liabilities and expenses are directly incurred as a result of the de- fault, negligence, wilful misconduct or fraud of a Clearing Member selected by the Broker Member or the default of a Clearing Member selected by the Broker Member. Subject to the Broker Member being satisfied that all such costs, dam- ages, losses, liabilities and expenses attributable to any Transaction have been satisfied, discharged or otherwise released and subject always to the Broker Member’s rights under Sections 11 and 12, the Broker Member will repay to the Client any surplus which is, in the Broker Member’s rea- sonable opinion, attributable to such Transaction.
Application of Margin. All margin in the form of cash shall be held for the following purposes:
I. for application in respect of any margin paid by the Broker Member to the DCCC or a Clearing Member II. to apply in or towards satisfaction of, or in reimbursement to the Broker Member of, all costs, damages, losses, liabilities and expenses incurred under or in respect of all and any Transactions and all liabilities and expenses (including dealing turns, charges and taxes) incurred as a result of the performance by the Broker Member of its duties or the exercise by the Broker Member of its rights, powers and/or privileges under this Agreement (irrespective of the denominated Currency), other than where such costs, charges, losses, liabilities and expenses are directly incurred as a result of the default, negligence, wilful misconduct or fraud of a Clearing Member selected by the Broker Member or the default of a Clearing Member selected by the Broker Member.
Application of Margin. All margin in the form of cash shall be held for the following purposes:
(i) for application in respect of any margin paid by the Broker to the DCCC or a Clearing Member;
(ii) to apply in or towards satisfaction of, or in reimbursement to the Broker of, all costs, damages, losses, liabilities and expenses incurred under or in respect of all and any Transactions and all liabilities and expenses (including dealing turns, charges and taxes) incurred as a result of the performance by the Broker of its duties or the exercise by the Broker of its rights, powers and/or privileges under this Agreement (irrespective of the denominated Currency), other than where such costs, charges, losses, liabilities and expenses are directly incurred as a result of the default, negligence, willful misconduct or fraud of a Clearing Member selected by the Broker or the default of a Clearing Member selected by the Broker. Subject to the Broker being satisfied that all such costs, damages, losses, liabilities and expenses attributable to any Transaction have been satisfied, discharged or otherwise released and subject always to the Broker’s rights under Sections 11 and 12, the Broker will repay to the Client any surplus which is, in the Broker's reasonable opinion, attributable to such Transaction.