Common use of Execution of Instructions Clause in Contracts

Execution of Instructions. 10.5.1. Any Client Instruction shall be made in writing and submitted to Spectra Global in original or by email. 10.5.2. Spectra Global will execute the Client Instruction within three (3) Business Days (plus any period needed to settle outstanding issues with the custodians or banks) provided that the requirements set forth in the present Terms in respect of this type of Instruction have been met, unless other terms are established by the Agreement or applicable Rules. 10.5.3. In case the Client’s Instruction is submitted by the Client to Spectra Global after 15:30 Mauritius time of the relevant Business Day, such Instruction shall be deemed received by Spectra Global on the following Business Day. 10.5.4. The Client agrees that Spectra Global shall not execute its Instruction for withdrawal of funds, if the Client has failed to provide Spectra Global with its bank account details in due time by completing and delivering to Spectra Global the Client Questionnaire. 10.5.5. Crediting by the Client of its Account with Spectra Global may be affected only by the transfer of Assets from accounts opened in the name of the Client. If the Client wishes to instruct Spectra Global to credit its Account with funds transferred from any account other than the account opened in the name of the Client, it shall supply to Spectra Global supporting documents justifying such transfer (e.g. an agreement under which a settlement of transactions in Financial Instruments should be affected). 10.5.6. Any transfer out of Assets by the Client from its Account with Spectra Global may be affected only to an account opened in the name of the Client. If the Client wishes to instruct Spectra Global to make a transfer out of the Assets from its Account to any account other than the account opened in the name of the Client, it shall supply to Spectra Global supporting documents justifying such transfer (e.g. an agreement under which a settlement of transactions in Financial Instruments should be affected). 10.5.7. The Client may give to Spectra Global an Instruction to withdraw Assets from its Account at any time within normal business hours as long as: a) The amount of cash/number of Financial Instruments subject to such withdrawal does not exceed the amount of cash/number of the relevant Financial Instruments freely available on the Client’s Account taking into account any payment obligations of the Client hereunder towards Spectra Global and third parties; b) No legal action is pending against the Client where the Assets subject to withdrawal are the part of the property contested; c) No freezing injunction or any other similar decision in respect of the Client’s Assets subject to withdrawal has been made by the competent court or other competent authority and notified to Spectra Global through official communication channels. Otherwise, Spectra Global will decline the Instruction and notify the Client accordingly. 10.5.8. For the purposes of compliance with the requirements of Applicable Regulations with regard to the anti-money laundering issues, Spectra Global shall not accept any Instruction of the Client on transferring the monetary funds of the Client to the accounts not owned by the Client, unless there are any valid grounds. 10.5.9. The Client shall provide to Spectra Global any Instructions promptly upon reasonable request of Spectra Global. If the Client fails to provide such Instructions in due time, or if the Client is unavailable, Spectra Global may, in its absolute discretion, take such steps at the Client’s cost, as Spectra Global considers necessary or desirable for Spectra Global own protection or for protection of the Client.