Common use of Authorised deductions Clause in Contracts

Authorised deductions. The Client agrees that GPP Markets is authorised to: (a) Withdraw, deduct or apply any amounts payable by the Client to GPP Markets and/or any associate of GPP Markets from Client Moneys held in any Client Bank Account or invested by GPP Markets, including, without limitation, making a payment for, or in connection with, the margining, adjusting or settling of dealings on Contracts entered into by the Client, or the payment of finance charges, commissions, fees, or interest to GPP Markets with all such amounts belonging to GPP Markets; (b) Use the funds in the Client Bank Account to manage GPP Markets’ dealings with counterparties with respect to client positions (including through Authorised Hedging Activities). These counterparty accounts will also be afforded the same segregation protection as mentioned above; (c) Retain all interest earned on Client Money held in Client Bank Accounts; and (d) Withdraw amounts from the Client Bank Accounts otherwise as provided in the Governing Legislation.