Margin and Collateral. 8.1 As a condition of entering into a margined transaction, we may in our sole and absolute discretion require the deposit of funds or other collateral acceptable to us as security for payment of any losses incurred by you in respect of the transaction ("Initial Margin"). Initial Margin is due and payable immediately as a condition to opening the relevant margined transaction and we may decline to open any margined transaction if you do not ▇▇▇▇▇▇▇@▇▇-▇▇▇▇.▇▇▇ have sufficient available funds in your account to satisfy the Initial Margin required for that transaction at the time the relevant order is placed. 8.2 To open position Margin Level on your account must be no less than 100%. Be aware that losses from other open positions will decrease your Margin Level but profit from other open positions will not increase your Margin Level. 8.3 Margin requirements may be set and varied without prior notice from time to time at our sole and absolute discretion including without limitation subsequent variation of any margin rates set at the time that a margined transaction is opened ("Variation Margin" together with Initial Margin, collectively, "Margin"). 8.4 Margin shall be provided by or on behalf of you in funds or collateral acceptable to us as determined by us in our sole and absolute discretion. You must inform us immediately if you cannot, or believe you will not be able to, meet a Margin payment when due. You must maintain in your account, at all times, sufficient funds to meet all Margin requirements. We are not obliged to make Margin call warnings of you at all or within any specific time period. In addition we shall be entitled to treat any assets deposited with us by you from time to time (other than assets deposited for safe custody only) as collateral (legal transfer of title to assets) against your Margin requirements. In all cases we shall be entitled in our sole and absolute discretion to determine the value of any collateral deposited with us. 8.5 We may require payment of Margin by you via immediate electronic funds transfer or any other method acceptable to us. Only funds received net of any bank charges, which relate to the transfer, will be credited as paid. All payments must be done on our bank account. You must be the owner of all of the funds you deposit with the Company. It is accepted that ownership to the funds you deposit with the Company belongs to your shareholders. Upon payment you transfer ownership of all of the funds you deposit with the Company in accordance with Section 8.11 below. We accept no liability for any segregation of fund of clients. 8.6 If there is insufficient Margin in your account or if the deposited Margin is insufficient to meet the required Margin rates, we may in our sole and absolute discretion choose to close or terminate your margined transaction immediately, without notice to you. You should be aware that a hedge account should be strictly monitored to maintain Margin Level at 100% or more at every time and it is a sole responsibility of the client. If Margin Level on your account falls below 30% the stop-out mechanism will be activated automatically. 8.7 Without prejudice to the foregoing, any transaction entered into by you or on your behalf that results in there being insufficient Margin to cover any actual or anticipated losses or liabilities in connection with your account will constitute an Event of Default and we may in our sole and absolute discretion exercise our rights in Section 18 below, whether there has been a Margin call warning or not. 8.8 Notwithstanding the fact that we are not obliged to make Margin call warnings prior to liquidating your margined transactions if you fail to maintain sufficient funds to meet the Margin requirements, Margin call warnings may be made at any time by telephone, telephone answering machine message, voice mail, letter, fax, e-mail or any other means of electronic communication. Therefore, you must notify us immediately and provide alternative contact details to ensure Margin call warnings can be made if you will not be contactable at your usual contact details provided, e.g. when you are traveling or on holiday. Any Margin call warnings we make of you may be made by any method of communication listed above. We shall be deemed to have made a Margin call warning if we notify you electronically via the Company online facility. We shall not be liable for any failure by us to contact you or attempt to contact you. Should we decide to make a Margin call warning, the terms and 8.9 Any payment made by or on your behalf in satisfaction of a Margin call warning must be received by us within the time specified within the Margin call warning. We may in our sole and absolute discretion close or terminate your margined transactions without notice to you immediately and decline to enter into any further margined transactions with you if you fail to honor any Margin call warning and this shall constitute an Event of Default and we may exercise our rights in Section 18 below. 8.10 We may, in the absence of formal arrangements to the contrary, close your margined transaction if a Margin call warning remains unsatisfied for more than twenty four (24) hours. 8.11 Title in and ownership of a portion or all of the funds you deposit with the Company shall be transferred to the Company to the extent it represents an amount necessary to secure your open positions or cover your actual or future contingent or prospective obligations (which will be calculated daily in the Company sole and absolute discretion based on your daily open positions and trading and which may be greater than the Margin required to maintain your open positions, as market conditions may dictate) such that you will not have a proprietary claim over that portion or any of your funds deposited and the Company can deal with it on its own right. When funds received by the Company from you are no longer required to secure your open positions or cover your actual or future contingent or prospective obligations to the Company, full title and ownership of the funds will be transferred back to you. 8.12 As a continuing security for the performance of all your obligations (whether actual or contingent, present or future) to us under or pursuant to the Contractual Documentation ("Secured Obligations") you grant to us, with full title guarantee, a first fixed security interest in all non-cash Margin now or in the future provided by you to us or to our order or under our direction or control or that of an exchange or market or otherwise standing to the credit of your account under the Contractual Documentation or otherwise held by us or our affiliated companies or our nominees on your behalf. 8.13 You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our security interest over, be registered as owner of or obtain legal title to the Margin, secure further the Secured Obligations, enable us to exercise our rights, or to satisfy any market requirement. 8.14 You may not withdraw or substitute any property subject to our security interest without our consent, which we may grant or withhold in our sole and absolute discretion. 8.15 You undertake neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the Margin transferred to us, except a lien routinely imposed on all securities in a clearing system in which such securities may be held. 8.16 We may, free of any adverse interest of yours or any other person, grant a security interest over ▇▇▇▇▇▇ provided by you to cover any of our obligations to an intermediate broker market or exchange, including obligations owed by virtue of the positions held by us or another of our clients. 8.17 If an Event of Default occurs, we may exercise the power to sell all or any part of the Margin. We may apply the proceeds of sale or other disposal in paying the costs of such sale or other disposal and in or towards satisfaction of the Secured Obligations. 8.18 In addition and without prejudice to any rights that we may be entitled under the Contractual Documentation or any and all Applicable Regulations, we shall have a general lien on all property held by us or our affiliates or our nominees on your behalf until the satisfaction of the Secured Obligations. 8.19 Any action taken by us in connection with or pursuant to a margined transaction by us at a time at which any Event of Default has occurred (whether or not we have knowledge thereof) shall be entirely without prejudice to our right to refuse any further performance thereafter, and shall not in any circumstances be considered as a waiver of that right or as a waiver of any other rights of ours should any such Event of Default have occurred.
Appears in 1 contract
Sources: Liquidity Agreement
Margin and Collateral. 8.1 As a condition 18.1. You agree to pay us on demand such sums by way of entering into a margined transactionmargin in such currencies and in such amounts as we may, we may in our sole and absolute discretion discretion, require for the deposit purpose of funds protecting ourselves against loss or other collateral acceptable to us as security for payment risk of any losses incurred by you in respect of the transaction ("Initial Margin"). Initial Margin is due and payable immediately as a condition to opening the relevant margined transaction and we may decline to open any margined transaction if you do not ▇▇▇▇▇▇▇@▇▇-▇▇▇▇.▇▇▇ have sufficient available funds in your account to satisfy the Initial Margin required for that transaction at the time the relevant order is placedloss on present, future or contemplated transactions under this Agreement.
8.2 To open position 18.2. You will provide us with an amount of Margin Level on your account must be no less than 100%. Be aware that losses from other open positions will decrease your Margin Level but profit from other open positions will not increase your Margin Level.
8.3 Margin requirements may be set and varied without prior notice from time to time at our sole and absolute discretion including without limitation subsequent variation in the form of any margin rates set at the time that a margined transaction is opened ("Variation Margin" together with Initial Margin, collectively, "Margin").
8.4 Margin shall be provided by or on behalf of you cash collateral in funds or collateral currencies acceptable to us as determined by us from time to time in our sole and absolute discretion. We reserve the right to vary the amount and type of Margin required at our sole discretion and at any time.
18.3. In the event that this Agreement is terminated in accordance with Clause 36 (Termination) and following the application of any Margin held by us in satisfaction of your obligations and liabilities to us, if there are no outstanding transactions governed by this Agreement and we determine at our sole discretion that we are not at loss or risk of loss on present, future or contemplated transactions under this Agreement, we will return to you any remaining Margin in the form of cash in the same currency / currencies as provided to us or in any other currency as we determine.
18.4. Unless otherwise agreed between us, all Margin provided by you (or on your behalf) to us will be by way of outright transfer of ownership. You must inform thereby understand and agree that, unless otherwise agreed, the Margin provided to us immediately if you cannot, or believe you will not be able to, meet subject to the protections conferred by the Client Money Rules (as applicable). This is known as a Margin payment when due“Title Transfer Collateral Agreement”. You must understand that in the event of our insolvency you will be an unsecured creditor of our firm and any administrator or receiver may not be in a position to return to you an amount equivalent to the full amount of Margin transferred to us.
18.5. You are entitled to request at any time and from time to time, that your cash Margin be held or received by us pursuant to the Client Money Rules rather than pursuant to an outright transfer of ownership. We will notify you in writing whether or not we agree to such request but you understand and agree that we are under no obligation to agree to your request. Any agreement by us (whether pursuant to your request or otherwise) to hold your cash pursuant to the Client Money Rules (as applicable) will in all cases be subject to you and us agreeing
(i) such amendments to this Agreement as we (acting in our absolute discretion) consider necessary to give effect to such an arrangement (ii) the date from which we will hold your cash or non-cash margin pursuant to the Client Money Rules and/or Custody Rules (as applicable). You undertake to provide us with and maintain on your Account at all times sufficient cleared funds in order to meet the Margin requirement for your transactions. You agree that we will immediately close all of your open positions (without prior notice) if the Equity in your accountAccount falls below half (50%) of the Margin requirement (the “Margin Close Out Amount”). In addition, at all timesif the Equity in your Account falls below the Margin requirement, sufficient funds we will refuse to meet all execute any new trades until your Equity exceeds the Margin requirementsrequirement. For the avoidance of doubt, this close out process is automatically triggered when the Equity in your Account falls below the Margin Close Out Amount.
18.6. We are not obliged to make will set Margin call warnings of you at all or within any specific time period. In addition we shall be entitled to treat any assets deposited with us by requirements for you from time to time (time, based on your trading activity, our estimation of your credit risk and any other than assets deposited for safe custody only) as collateral (legal transfer of title to assets) against your Margin requirements. In all cases factors which we shall be entitled in our sole and absolute discretion deem relevant. You will be notified of the Margin requirement applicable to determine your Account through the value of any collateral deposited with usTrading Platform.
8.5 18.7. We may require payment of alter the Margin by you via immediate electronic funds transfer or any other method acceptable to us. Only funds received net of any bank charges, which relate to the transfer, will be credited as paid. All payments must be done on our bank account. You must be the owner of all of the funds you deposit with the Company. It is accepted that ownership to the funds you deposit with the Company belongs requirement applicable to your shareholders. Upon payment you transfer ownership of all of the funds you deposit with the Company in accordance with Section 8.11 below. We accept no liability for any segregation of fund of clients.
8.6 If there is insufficient Margin in your account or if the deposited Margin is insufficient to meet the required Margin rates, we may in our sole and absolute discretion choose to close or terminate your margined transaction immediately, without notice to you. You should be aware that a hedge account should be strictly monitored to maintain Margin Level at 100% or more at every time and it is a sole responsibility of the client. If Margin Level on your account falls below 30% the stop-out mechanism will be activated automatically.
8.7 Without prejudice to the foregoing, any transaction entered into by you or on your behalf that results in there being insufficient Margin to cover any actual or anticipated losses or liabilities in connection with your account will constitute an Event of Default and we may in our sole and absolute discretion exercise our rights in Section 18 below, whether there has been a Margin call warning or not.
8.8 Notwithstanding the fact that we are not obliged to make Margin call warnings prior to liquidating your margined transactions if you fail to maintain sufficient funds to meet the Margin requirements, Margin call warnings may be made Account at any time by telephone, telephone answering machine message, voice mail, letter, fax, e-mail or any other means of electronic communication. Therefore, you must notify us immediately and provide alternative contact details to ensure Margin call warnings can be made if you will not be contactable at your usual contact details provided, e.g. when you are traveling or on holiday. Any Margin call warnings we make of you may be made by any method of communication listed above. We shall be deemed to have made a Margin call warning if we notify you electronically via the Company online facility. We shall not be liable for any failure by us to contact you or attempt to contact you. Should we decide to make a Margin call warning, the terms and
8.9 Any payment made by or on your behalf in satisfaction of a Margin call warning must be received by us within the time specified within the Margin call warning. We may without notice in our sole and absolute discretion close or terminate your margined transactions without notice to you immediately and decline to enter into any further margined transactions with you if you fail to honor any Margin call warning and this shall constitute an Event of Default and we may exercise our rights in Section 18 below.
8.10 We may, in the absence of formal arrangements to the contrary, close your margined transaction if a Margin call warning remains unsatisfied for more than twenty four (24) hours.
8.11 Title in and ownership of a portion or all of the funds you deposit with the Company shall be transferred to the Company to the extent it represents an amount necessary to secure your open positions or cover your actual or future contingent or prospective obligations (which will be calculated daily in the Company sole and absolute discretion based on your daily open positions and trading and which may be greater than the Margin required to maintain your open positions, as market conditions may dictate) such that you will not have a proprietary claim over that portion or any of your funds deposited and the Company can deal with it on its own right. When funds received by the Company from you are no longer required to secure your open positions or cover your actual or future contingent or prospective obligations to the Company, full title and ownership of the funds will be transferred back to you.
8.12 As a continuing security for the performance of all your obligations (whether actual or contingent, present or future) to us under or pursuant to the Contractual Documentation ("Secured Obligations") you grant to us, with full title guarantee, a first fixed security interest in all non-cash Margin now or in the future provided by you to us or to our order or under our direction or control or that of an exchange or market or otherwise standing to the credit of your account under the Contractual Documentation or otherwise held by us or our affiliated companies or our nominees on your behalf.
8.13 You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our security interest over, be registered as owner of or obtain legal title to the Margin, secure further the Secured Obligations, enable us to exercise our rights, or to satisfy any market requirement.
8.14 You may not withdraw or substitute any property subject to our security interest without our consent, which we may grant or withhold in our sole and absolute discretion.
8.15 You undertake neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the Margin transferred to us, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.
8.16 We may, free of any adverse interest of yours or any other person, grant a security interest over ▇▇▇▇▇▇ provided by you to cover any of our obligations to an intermediate broker market or exchange, including obligations owed by virtue of the positions held by us or another of our clients.
8.17 If an Event of Default occurs, we may exercise the power to sell all or any part of the Margin. We may apply the proceeds of sale or other disposal in paying the costs of such sale or other disposal and in or towards satisfaction of the Secured Obligations.
8.18 In addition and without prejudice to any rights that we may be entitled under the Contractual Documentation or any and all Applicable Regulations, we shall have a general lien on all property held by us or our affiliates or our nominees on your behalf until the satisfaction of the Secured Obligations.
8.19 Any action taken by us in connection with or pursuant to a margined transaction by us at a time at which any Event of Default has occurred (whether or not we have knowledge thereof) shall be entirely without prejudice to our right to refuse any further performance thereafter, and shall not in any circumstances be considered as a waiver of that right or as a waiver of any other rights of ours should any such Event of Default have occurred.
Appears in 1 contract
Sources: Terms and Conditions
Margin and Collateral. 8.1 As a condition of entering into a margined transaction, we may in our sole and absolute discretion require the deposit of funds or other collateral acceptable to us as security for payment of any losses incurred by you in respect of the transaction ("Initial Margin"). Initial Margin is due and payable immediately as a condition to opening the relevant margined transaction and we may decline to open any margined transaction if you do not ▇▇▇▇▇▇▇@▇▇-▇▇▇▇.▇▇▇ opening the relevant margined transaction and we may decline to open any margined transaction if you do not have sufficient available funds in your account to satisfy the Initial Margin required for that transaction at the time the relevant order is placed.
8.2 To open position Margin Level on your account must be no less than 100%. Be aware that losses from other open positions will decrease your Margin Level but profit from other open positions will not increase your Margin Level.
8.3 Margin requirements may be set and varied without prior notice from time to time at our sole and absolute discretion including without limitation subsequent variation of any margin rates set at the time that a margined transaction is opened ("Variation Margin" together with Initial Margin, collectively, "Margin").
8.4 Margin shall be provided by or on behalf of you in funds or collateral acceptable to us as determined by us in our sole and absolute discretion. You must inform us immediately if you cannot, or believe you will not be able to, meet a Margin payment when due. You must maintain in your account, at all times, sufficient funds to meet all Margin requirements. We are not obliged to make Margin call warnings of you at all or within any specific time period. In addition we shall be entitled to treat any assets deposited with us by you from time to time (other than assets deposited for safe custody only) as collateral (legal transfer of title to assets) against your Margin requirements. In all cases we shall be entitled in our sole and absolute discretion to determine the value of any collateral deposited with us.
8.5 We may require payment of Margin by you via immediate electronic funds transfer or any other method acceptable to us. Only funds received net of any bank charges, which relate to the transfer, will be credited as paid. All payments must be done on our bank account. You must be the owner of all of the funds you deposit with the Company. It is accepted that ownership to the funds you deposit with the Company belongs to your shareholders. Upon payment you transfer ownership of all of the funds you deposit with the Company in accordance with Section 8.11 below. We accept no liability for any segregation of fund of clients.
8.6 If there is insufficient Margin in your account or if the deposited Margin is insufficient to meet the required Margin rates, we may in our sole and absolute discretion choose to close or terminate your margined transaction immediately, without notice to you. You should be aware that a hedge account should be strictly monitored to maintain Margin Level at 100% or more at every time and it is a sole responsibility of the client. If Margin Level on your account falls below 30% the stop-out mechanism will be activated automatically.
8.7 Without prejudice to the foregoing, any transaction entered into by you or on your behalf that results in there being insufficient Margin to cover any actual or anticipated losses or liabilities in connection with your account will constitute an Event of Default and we may in our sole and absolute discretion exercise our rights in Section 18 below, whether there has been a Margin call warning or not.
8.8 Notwithstanding the fact that we are not obliged to make Margin call warnings prior to liquidating your margined transactions if you fail to maintain sufficient funds to meet the Margin requirements, Margin call warnings may be made at any time by telephone, telephone answering machine message, voice mail, letter, fax, e-mail or any other means of electronic communication. Therefore, you must notify us immediately and provide alternative contact details to ensure Margin call warnings can be made if you will not be contactable at your usual contact details provided, e.g. when you are traveling or on holiday. Any Margin call warnings we make of you may be made by any method of communication listed above. We shall be deemed to have made a Margin call warning if we notify you electronically via the Company online facility. We shall not be liable for any failure by us to contact you or attempt to contact you. Should we decide to make a Margin call warning, the terms andcontact
8.9 Any payment made by or on your behalf in satisfaction of a Margin call warning must be received by us within the time specified within the Margin call warning. We may in our sole and absolute discretion close or terminate your margined transactions without notice to you immediately and decline to enter into any further margined transactions with you if you fail to honor any Margin call warning and this shall constitute an Event of Default and we may exercise our rights in Section 18 below.
8.10 We may, in the absence of formal arrangements to the contrary, close your margined transaction if a Margin call warning remains unsatisfied for more than twenty four (24) hours.
8.11 Title in and ownership of a portion or all of the funds you deposit with the Company shall be transferred to the Company to the extent it represents an amount necessary to secure your open positions or cover your actual or future contingent or prospective obligations (which will be calculated daily in the Company sole and absolute discretion based on your daily open positions and trading and which may be greater than the Margin required to maintain your open positions, as market conditions may dictate) such that you will not have a proprietary claim over that portion or any of your funds deposited and the Company can deal with it on its own right. When funds received by the Company from you are is no longer required to secure your open positions or cover your actual or future contingent or prospective obligations to the Company, full title and ownership of the funds will be transferred back to you.
8.12 As a continuing security for the performance of all your obligations (whether actual or contingent, present or future) to us under or pursuant to the Contractual Documentation ("Secured Obligations") you grant to us, with full title guarantee, a first fixed security interest in all non-cash Margin now or in the future provided by you to us or to our order or under our direction or control or that of an exchange or market or otherwise standing to the credit of your account under the Contractual Documentation or otherwise held by us or our affiliated companies or our nominees on your behalf.
8.13 You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our security interest over, be registered as owner of or obtain legal title to the Margin, secure further the Secured Obligations, enable us to exercise our rights, or to satisfy any market requirement.
8.14 You may not withdraw or substitute any property subject to our security interest without our consent, which we may grant or withhold in our sole and absolute discretion.
8.15 You undertake neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the Margin transferred to us, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.
8.16 We may, free of any adverse interest of yours or any other person, grant a security interest over ▇▇▇▇▇▇ Margin provided by you to cover any of our obligations to an intermediate broker market or exchange, including obligations owed by virtue of the positions held by us or another of our clients.
8.17 If an Event of Default occurs, we may exercise the power to sell all or any part of the Margin. We may apply the proceeds of sale or other disposal in paying the costs of such sale or other disposal and in or towards satisfaction of the Secured Obligations.
8.18 In addition and without prejudice to any rights that we may be entitled under the Contractual Documentation or any and all Applicable Regulations, we shall have a general lien on all property held by us or our affiliates or our nominees on your behalf until the satisfaction of the Secured Obligations.
8.19 Any action taken by us in connection with or pursuant to a margined transaction by us at a time at which any Event of Default has occurred (whether or not we have knowledge thereof) shall be entirely without prejudice to our right to refuse any further performance thereafter, and shall not in any circumstances be considered as a waiver of that right or as a waiver of any other rights of ours should any such Event of Default have occurred.
Appears in 1 contract
Sources: Liquidity Agreement
Margin and Collateral. 8.1 As a condition of entering into a margined transaction, we may in our sole and absolute discretion require the deposit of funds or other collateral acceptable to us as security for payment of any losses incurred by you in respect of the transaction ("Initial Margin"). Initial Margin is due and payable immediately as a condition to opening the relevant margined transaction and we may decline to open any margined transaction if you do not ▇▇▇▇▇▇▇@▇▇-▇▇▇▇.▇▇▇ opening the relevant margined transaction and we may decline to open any margined transaction if you do not have sufficient available funds in your account to satisfy the Initial Margin required for that transaction at the time the relevant order is placed.
8.2 To open position Margin Level on your account must be no less than 100%. Be aware that losses from other open positions will decrease your Margin Level but profit from other open positions will not increase your Margin Level.
8.3 Margin requirements may be set and varied without prior notice from time to time at our sole and absolute discretion including without limitation subsequent variation of any margin rates set at the time that a margined transaction is opened ("Variation Margin" together with Initial Margin, collectively, "Margin").
8.4 Margin shall be provided by or on behalf of you in funds or collateral acceptable to us as determined by us in our sole and absolute discretion. You must inform us immediately if you cannot, or believe you will not be able to, meet a Margin payment when due. You must maintain in your account, at all times, sufficient funds to meet all Margin requirements. We are not obliged to make Margin call warnings of you at all or within any specific time period. In addition we shall be entitled to treat any assets deposited with us by you from time to time (other than assets deposited for safe custody only) as collateral (legal transfer of title to assets) against your Margin requirements. In all cases we shall be entitled in our sole and absolute discretion to determine the value of any collateral deposited with us.
8.5 We may require payment of Margin by you via immediate electronic funds transfer or any other method acceptable to us. Only funds received net of any bank charges, which relate to the transfer, will be credited as paid. All payments must be done on our bank account. You must be the owner of all of the funds you deposit with the Company. It is accepted that ownership to the funds you deposit with the Company belongs to your shareholders. Upon payment you transfer ownership of all of the funds you deposit with the Company in accordance with Section 8.11 below. We accept no liability for any segregation of fund of clients.
8.6 If there is insufficient Margin in your account or if the deposited Margin is insufficient to meet the required Margin rates, we may in our sole and absolute discretion choose to close or terminate your margined transaction immediately, without notice to you. You should be aware that a hedge account should be strictly monitored to maintain Margin Level at 100% or more at every time and it is a sole responsibility of the client. If Margin Level on your account falls below 30% the stop-out mechanism will be activated automatically.
8.7 Without prejudice to the foregoing, any transaction entered into by you or on your behalf that results in there being insufficient Margin to cover any actual or anticipated losses or liabilities in connection with your account will constitute an Event of Default and we may in our sole and absolute discretion exercise our rights in Section 18 below, whether there has been a Margin call warning or not.
8.8 Notwithstanding the fact that we are not obliged to make Margin call warnings prior to liquidating your margined transactions if you fail to maintain sufficient funds to meet the Margin requirements, Margin call warnings may be made at any time by telephone, telephone answering machine message, voice mail, letter, fax, e-mail or any other means of electronic communication. Therefore, you must notify us immediately and provide alternative contact details to ensure Margin call warnings can be made if you will not be contactable at your usual contact details provided, e.g. when you are traveling or on holiday. Any Margin call warnings we make of you may be made by any method of communication listed above. We shall be deemed to have made a Margin call warning if we notify you electronically via the Company online facility. We shall not be liable for any failure by us to contact you or attempt to contact you. Should we decide to make a Margin call warning, the terms andcontact
8.9 Any payment made by or on your behalf in satisfaction of a Margin call warning must be received by us within the time specified within the Margin call warning. We may in our sole and absolute discretion close or terminate your margined transactions without notice to you immediately and decline to enter into any further margined transactions with you if you fail to honor any Margin call warning and this shall constitute an Event of Default and we may exercise our rights in Section 18 below.
8.10 We may, in the absence of formal arrangements to the contrary, close your margined transaction if a Margin call warning remains unsatisfied for more than twenty four (24) hours.
8.11 Title in and ownership of a portion or all of the funds you deposit with the Company shall be transferred to the Company to the extent it represents an amount necessary to secure your open positions or cover your actual or future contingent or prospective obligations (which will be calculated daily in the Company sole and absolute discretion based on your daily open positions and trading and which may be greater than the Margin required to maintain your open positions, as market conditions may dictate) such that you will not have a proprietary claim over that portion or any of your funds deposited and the Company can deal with it on its own right. When funds received by the Company from you are is no longer required to secure your open positions or cover your actual or future contingent or prospective obligations to the Company, full title and ownership of the funds will be transferred back to you.
8.12 As a continuing security for the performance of all your obligations (whether actual or contingent, present or future) to us under or pursuant to the Contractual Documentation ("Secured Obligations") you grant to us, with full title guarantee, a first fixed security interest in all non-cash Margin now or in the future provided by you to us or to our order or under our direction or control or that of an exchange or market or otherwise standing to the credit of your account under the Contractual Documentation or otherwise held by us or our affiliated companies or our nominees on your behalf.
8.13 You agree to execute such further documents and to take such further steps as we may reasonably require to perfect our security interest over, be registered as owner of or obtain legal title to the Margin, secure further the Secured Obligations, enable us to exercise our rights, or to satisfy any market requirement.
8.14 You may not withdraw or substitute any property subject to our security interest without our consent, which we may grant or withhold in our sole and absolute discretion.
8.15 You undertake neither to create nor to have outstanding any security interest whatsoever over, nor to agree to assign or transfer, any of the Margin transferred to us, except a lien routinely imposed on all securities in a clearing system in which such securities may be held.
8.16 We may, free of any adverse interest of yours or any other person, grant a security interest over ▇▇▇▇▇▇ provided by you to cover any of our obligations to an intermediate broker market or exchange, including obligations owed by virtue of the positions held by us or another of our clients.
8.17 If an Event of Default occurs, we may exercise the power to sell all or any part of the Margin. We may apply the proceeds of sale or other disposal in paying the costs of such sale or other disposal and in or towards satisfaction of the Secured Obligations.
8.18 In addition and without prejudice to any rights that we may be entitled under the Contractual Documentation or any and all Applicable Regulations, we shall have a general lien on all property held by us or our affiliates or our nominees on your behalf until the satisfaction of the Secured Obligations.
8.19 Any action taken by us in connection with or pursuant to a margined transaction by us at a time at which any Event of Default has occurred (whether or not we have knowledge thereof) shall be entirely without prejudice to our right to refuse any further performance thereafter, and shall not in any circumstances be considered as a waiver of that right or as a waiver of any other rights of ours should any such Event of Default have occurred.
Appears in 1 contract
Sources: Liquidity Agreement