Common use of CUSTOMER ASSETS Clause in Contracts

CUSTOMER ASSETS. 10.1 The Company does not pay any interest on the funds that the client deposits. 10.2 Any funds, securities, currencies, or other property belonging to the client that are in the possession or control of the Company or its affiliates, either individually or jointly with others, are held as security and are subject to a general lien and right of set-off for any liabilities the client may have to the Company. This applies regardless of whether the Company has made any advances in connection with such property or the number of accounts the client may have with the Company. 10.3 The Company is not required to deliver the same property back to the client that was delivered or purchased for the client's account. 10.4 The Company's failure to enforce its rights does not waive its rights under this agreement. 10.5 The Company is appointed as the client's attorney-in-fact and is authorized to take any actions deemed necessary or desirable to protect the Company's interest in any collateral, including the execution, delivery, and filing of financing statements, without notice to the client. 10.6 If the collateral provided by the customer is not enough to cover their debt or obligations to the company, including the obligation to provide margin, the customer must promptly pay the remaining amount upon demand. 10.7 Customers who trade on the company platform agree to transfer full ownership of their funds to the company for the purpose of securing or covering required margin. The required margin will no longer belong to the customer and will be deposited by the company as collateral with its liquidity providers. These funds will not be registered in the customer's name. Any funds deposited by the customer in excess of the required margin will be treated as client funds in accordance with the Client Asset.