Common use of Conversion Transactions Clause in Contracts

Conversion Transactions. 11.1 You may give to Renaissance an Order to execute a Conversion Transaction for you. Prior to giving such an Order you may (through your authorised representative whose name was specified in your Account Opening Pack) negotiate with Renaissance over the phone, e-mail or other means of communication the terms of such Conversion Transaction. The Parties shall be deemed to have agreed the terms of the Conversion Transaction from the moment their authorised representatives agree on the terms of the Conversion Transaction. During any such negotiations Renaissance shall be entitled to rely on the presumption that the person with whom it discusses the terms of the Conversion Transaction is an authorised representative of the Customer. 11.2 Upon receipt of an Order for a Conversion Transaction or upon reaching an agreement on its terms with the Customer, Renaissance shall proceed with the execution of the Conversion Transaction following which Renaissance will provide to the Customer a statement or a confirmation confirming execution of the Conversion Transaction. 11.3 Renaissance’s obligation to pay or transfer any currency in order to execute a Conversion Transaction shall only arise after Renaissance has received from the Customer the Cash (in the correct amount and currency) due from the Customer as per the terms of such Conversion Transaction. Where the Customer does not maintain sufficient Cash in the correct currency in its Account, entering into a Conversion Transaction may result in a negative balance on the Customer’s Account. 11.4 Each obligation of Renaissance under a Conversion Transaction is subject to the condition precedent that no Event of Default or Country Risk Event shall have occurred. 11.5 You confirm and acknowledge that the Conversion Transactions may only be undertaken by Renaissance where such Conversion Transactions relate, or are connected, to other Services provided to you or to your foreign currency trading activity undertaken via Renaissance on an Exchange. 11.6 You confirm and understand that the Conversion Transactions fall outside the scope of the Investment Services Law and, when entering into Conversion Transaction, you would not be considered to be dealing in Financial Instruments and you will not be eligible to any protections as those are given by the Investment Services Law, nor will Renaissance have any obligation to apply such protections under the Agreement when acting on your Orders for Conversion Transactions or when entering into Conversion Transactions with you. Please refer to the Risk Warning Statement included in the Customer Document Pack.