Forward Contracts. 6.1. If you enter into a Forward Contract, instead of paying Us the Sale Currency Monies in one lump sum, you will pay to us an Initial Payment and a Balance. The standard amount of the Initial Payment is 10% of the Sale Currency Monies. However, we reserve the right to charge more or less than this depending on the circumstances of each Contract. The Balance will be the Sale Currency Monies less the Initial Payment. We may, at any time prior to the Value Date, request that an Additional Payment be made. If we make a request for an Additional Payment, it will need to be deposited in full in cleared funds, into the relevant Client FX Account within 2 Business Days of the request. If an Additional Payment is requested, then the Balance will be adjusted accordingly. 6.2. You are obliged to pay any Initial Payment, any Additional Payment and the Balance in full in cleared funds into the relevant Client FX Account by midday (UK local time) on the dates specified in the Contract. 6.3. In accordance with the permissions we have with the FCA, we are only able to enter into a Forward Contract with you which is: 6.3.1. settled physically; and 6.3.2. for the purpose of:
Appears in 3 contracts
Sources: Framework Agreement for Foreign Exchange and Payment Services, Framework Agreement for Foreign Exchange and Payment Services, Framework Agreement for Foreign Exchange and Payment Services