Common use of MARGIN COVER Clause in Contracts

MARGIN COVER. 7.1 The Client’s obligation to monitor and maintain the Loan amount and the Margin Ratio will be governed by the following provisions: (a) the Client is required to (i) monitor and maintain at all times the Loan not to exceed the Margin Limit and the Margin Ratio at such level determined by GTJAS to be satisfactory, and (ii) satisfy the Margin Calls given by GTJAS from time to time; (b) the Client is solely responsible for contacting GTJAS from time to time to ensure that the Client is informed of the Margin Limit, the Margin Ratio in respect of the Charged Securities and the status relating to Margin Calls and whether they have been performed to the satisfaction of GTJAS; and (c) GTJAS is entitled to exercise its rights under Clause 7.3 to sell or dispose of the Charged Securities even if (i) GTJAS has not given the Client a Margin Call, or (ii) GTJAS has not been promptly notified of the satisfaction of a Margin Call by the Client. Subject to Clause 13.1(h), GTJAS is not liable to the Client for such sale or disposal. 7.2 Margin Call (a) GTJAS will monitor and determine the Security Market Value on a real time basis on the information supplied by the relevant stock or other exchange and the prevailing exchange rates for the relevant currencies. GTJAS will update the Client’s position in respect of the services under the Margin Account at such times a day as GTJAS considers appropriate. If at any time GTJAS determines that the Loan exceeds the Margin Limit or the LTV Ratio reaches or exceeds the Margin Ratio (or both), GTJAS may (but have no obligation to) refuse to act on any Instruction given by the Client or on the Client’s behalf. GTJAS also has the right to give the Client a margin call requiring the Client to make payments or deposits of margin in monies, Securities and/or other assets in such amount and in such form into a designated account and within such time as specified by GTJAS in order to reduce the Loan or increase the Collateral (or both) within a specified time (a “Margin Call”). Unless the Margin Call is fully satisfied within the time specified, GTJAS shall have no obligation to effect or respond to the Client’s Instruction to buy or sell Securities on margin. (b) The Client is required to satisfy a Margin Call by taking the following steps (or any of them): (i) deposit into the Margin Account additional monies or immediately available cleared funds in such amount acceptable to GTJAS; (ii) deposit into the Margin Account additional Securities of such type and in such value acceptable to GTJAS and charging them in favour of GTJAS; and (iii) reduce the Loan so that the Loan does not exceed the Margin Limit. (c) For the avoidance of doubt: (i) GTJAS may give more than one Margin Call in one day; and (ii) GTJAS has the right to determine and calculate the relevant value and amount for deciding whether to make a Margin Call based on its records, even if such records do not reflect the latest transactions in Securities effected by GTJAS on behalf of the Client in respect of the Margin Account due to the time necessary for updating the records or for clearing the funds, cheques or Securities deposited with GTJAS. 7.3 Rights regarding margin requirements (a) Between the time after GTJAS has given a Margin Call and before that Margin Call has been met to the satisfaction of GTJAS, GTJAS is entitled (i) to exercise any of its rights under Clause 12 (Set-off and Lien) and this Clause 7.3 without notice to the Client, and (ii) to refuse to carry out any of the Client’s Instructions relating to the Margin Account or any dealing in Securities. (b) If the following (or any of them) occur at any time, GTJAS is entitled to exercise its rights set out in Clause 7.3(c), whether or not any Margin Call has been made: (i) GTJAS determines that the LTV Ratio reaches or exceeds the Margin Ratio, even if (1) such determination is based on GTJAS’s records that do not reflect the latest transactions in respect of the Margin Account due to the time necessary for updating the records or for clearing the funds, cheques or Securities deposited with GTJAS, or (2) GTJAS does not know that a Margin Call has been satisfied; and (ii) GTJAS considers, in good faith, that the market conditions are likely to expose investors to unacceptable risk or heavy losses, including unstable, unfavourable, and abnormal market conditions. (c) GTJAS may (but has no obligation to) do the following (or any of them) without demand, notice, legal process or other action as it considers appropriate at any time upon occurrence of any event specified in Clause 7.3(b): (i) terminate the Margin Facility; (ii) cancel or modify the outstanding Instructions; and (iii) sell, realise, redeem, liquidate, or dispose in any other manner all or any of the Charged Securities in the relevant market or by private contract, and on such terms as GTJAS in its absolute discretion considers appropriate, free from any claim, right of redemption, equity or other right or interest that the Client may have. (d) GTJAS has the right to select all, any, or which of the Charged Securities to be sold or disposed of, including the right to sell or dispose of more quantity of the Charged Securities than is necessary to reduce the Loan not exceeding the Margin Limit. GTJAS also has the right to sell or dispose of the Charged Securities at any time and on any terms as it considers appropriate. GTJAS shall not be liable to the Client for any loss, damage or expense of any kind which the Client or any other person may incur or suffer arising from or in connection with any such sale or disposal. The Client has no right or claim against GTJAS for not selling or disposing of any Charged Securities at a better price or time. (e) GTJAS will deposit at its discretion any proceeds resulting from the sale, realisation, redemption, liquidation, or disposal of the Charged Securities in the Margin Account in reduction of the Loan until the Loan has been repaid in full or does not exceed the Margin Limit.

MARGIN COVER. 7.1 The Client’s obligation to monitor and maintain the Loan amount and the Margin Ratio will be governed by the following provisions: (a) the Client is required to (i) monitor and maintain at all times the Loan not to exceed the Margin Limit and the Margin Ratio at such level determined by GTJAS USL to be satisfactory, and (ii) satisfy the Margin Calls given by GTJAS USL from time to time; (b) the Client is solely responsible for contacting GTJAS USL from time to time to ensure that the Client is informed of the Margin Limit, the Margin Ratio in respect of the Charged Securities and the status relating to Margin Calls and whether they have been performed to the satisfaction of GTJASUSL; and (c) GTJAS USL is entitled to exercise its rights under Clause 7.3 to sell or dispose of the Charged Securities even if (i) GTJAS USL has not given the Client a Margin Call, or (ii) GTJAS USL has not been promptly notified of the satisfaction of a Margin Call by the Client. Subject to Clause 13.1(h), GTJAS USL is not liable to liableto the Client for such sale or disposal. 7.2 Margin Call (a) GTJAS USL will monitor and determine the Security Market Value on a real time basis on the information supplied by the relevant stock or other exchange and the prevailing exchange rates for the relevant currencies. GTJAS USL will update the Client’s position in respect of the services under the Margin Account at such times a day as GTJAS USL considers appropriate. If at any time GTJAS USL determines that the Loan exceeds the Margin Limit or the LTV Ratio reaches or exceeds the Margin Ratio (or both), GTJAS USL may (but have no obligation to) refuse to act on any Instruction given by the Client or on the Client’s behalf. GTJAS USL also has the right to give the Client a margin call requiring the Client to make payments or deposits of margin in monies, Securities and/or other assets in such amount and in such form into a designated account and within such time as specified by GTJAS USL in order to reduce the Loan or increase the Collateral (or both) within a specified time (a “Margin Call”). Unless the Margin Call is fully satisfied within the time specified, GTJAS USL shall have no obligation to effect or respond to the Client’s Instruction to buy or sell Securities on margin. (b) The Client is required to satisfy a Margin Call by taking the following steps (or any of them): (i) deposit into the Margin Account additional monies or immediately available cleared funds in such amount acceptable to GTJASUSL; (ii) deposit into the Margin Account additional Securities of such type and in such value acceptable to GTJAS USL and charging them in favour of GTJASUSL; and (iii) reduce the Loan so that the Loan does not exceed the Margin Limit. (c) For the avoidance of doubt: (i) GTJAS USL may give more than one Margin Call in one day; and (ii) GTJAS USL has the right to determine and calculate the relevant value and amount for deciding whether to make a Margin Call based on its records, even if such records do not reflect the latest transactions in Securities effected by GTJAS USL on behalf of the Client in respect of the Margin Account due to the time necessary for updating the records or for clearing the funds, cheques or Securities deposited with GTJASUSL. 7.3 Rights regarding margin requirements (a) Between the time after GTJAS USL has given a Margin Call and before that Margin ▇▇▇▇▇▇ Call has been met to the satisfaction of GTJASUSL, GTJAS USL is entitled (i) to exercise any of its rights under Clause 12 (Set-off and Lien) and this Clause 7.3 without notice to the Client, and (ii) to refuse to carry out any of the Client’s Instructions relating to the Margin Account or any dealing in Securities. (b) If the following (or any of them) occur at any time, GTJAS USL is entitled to exercise its rights set out in Clause 7.3(c), whether or not any Margin Call has been made: (i) GTJAS USL determines that the LTV Ratio reaches or exceeds the Margin Ratio, even if (1) such determination is based on GTJASUSL’s records that do not reflect the latest transactions in respect of the Margin Account due to the time necessary for updating the records or for clearing the funds, cheques or Securities deposited with GTJASUSL, or (2) GTJAS USL does not know that a Margin Call has been satisfied; and (ii) GTJAS USL considers, in good faith, that the market conditions are likely to expose investors to unacceptable risk or heavy losses, including unstable, unfavourable, and abnormal market conditions. (c) GTJAS USL may (but has no obligation to) do the following (or any of them) without demand, notice, legal process or other action as it considers appropriate at any time upon occurrence of any event specified in Clause 7.3(b): (i) terminate the Margin Facility; (ii) cancel or modify the outstanding Instructions; and (iii) sell, realise, redeem, liquidate, or dispose in any other manner all or any of the Charged Securities in the relevant market or by private contract, and on such terms as GTJAS USL in its absolute discretion considers appropriate, free from any claim, right of redemption, equity or other right or interest that the Client may have. (d) GTJAS USL has the right to select all, any, or which of the Charged Securities to be sold or disposed of, including the right to sell or dispose of more quantity of the Charged Securities than is necessary to reduce the Loan not exceeding the Margin Limit. GTJAS USL also has the right to sell or dispose of the Charged Securities at any time and on any terms as it considers appropriate. GTJAS USL shall not be liable to the Client for any loss, damage or expense of any kind which the Client or any other person may incur or suffer arising from or in connection with any such sale or disposal. The Client has no right or claim against GTJAS USL for not selling or disposing of any Charged Securities at a better price or time. (e) GTJAS USL will deposit at its discretion any proceeds resulting from the sale, realisation, redemption, liquidation, or disposal of the Charged Securities in the Margin Account in reduction of the Loan until the Loan has been repaid in full or does not exceed the Margin Limit.

MARGIN COVER. 7.1 The Client’s obligation to monitor and maintain the Loan amount and the Margin Ratio will be governed by the following provisions: (a) the Client is required to (i) monitor and maintain at all times the Loan not to exceed the Margin Limit and the Margin Ratio at such level determined by GTJAS USL to be satisfactory, and (ii) satisfy the Margin Calls given by GTJAS USL from time to time; (b) the Client is solely responsible for contacting GTJAS USL from time to time to ensure that the Client is informed of the Margin Limit, the Margin Ratio in respect of the Charged Securities and the status relating to Margin Calls and whether they have been performed to the satisfaction of GTJASUSL; and (c) GTJAS USL is entitled to exercise its rights under Clause 7.3 to sell or dispose of the Charged Securities even if (i) GTJAS USL has not given the Client a Margin Call, or (ii) GTJAS USL has not been promptly notified of the satisfaction of a Margin Call by the Client. Subject to Clause 13.1(h), GTJAS USL is not liable to the Client for such sale or disposal. 7.2 Margin Call (a) GTJAS USL will monitor and determine the Security Market Value on a real time basis on the information supplied by the relevant stock or other exchange and the prevailing exchange rates for the relevant currencies. GTJAS USL will update the Client’s position in respect of the services under the Margin Account at such times a day as GTJAS USL considers appropriate. If at any time GTJAS USL determines that the Loan exceeds the Margin Limit or the LTV Ratio reaches or exceeds the Margin Ratio (or both), GTJAS USL may (but have no obligation to) refuse to act on any Instruction given by the Client or on the Client’s behalf. GTJAS USL also has the right to give the Client a margin call requiring the Client to make payments or deposits of margin in monies, Securities and/or other assets in such amount and in such form into a designated account and within such time as specified by GTJAS USL in order to reduce the Loan or increase the Collateral (or both) within a specified time (a “Margin Call”). Unless the Margin Call is fully satisfied within the time specified, GTJAS USL shall have no obligation to effect or respond to the Client’s Instruction to buy or sell Securities on margin. (b) The Client is required to satisfy a Margin Call by taking the following steps (or any of them): (i) deposit into the Margin Account additional monies or immediately available cleared funds in such amount acceptable to GTJASUSL; (ii) deposit into the Margin Account additional Securities of such type and in such value acceptable to GTJAS USL and charging them in favour of GTJASUSL; and (iii) reduce the Loan so that the Loan does not exceed the Margin Limit. (c) For the avoidance of doubt: (i) GTJAS USL may give more than one Margin Call in one day; and (ii) GTJAS USL has the right to determine and calculate the relevant value and amount for deciding whether to make a Margin Call based on its records, even if such records do not reflect the latest transactions in Securities effected by GTJAS USL on behalf of the Client in respect of the Margin Account due to the time necessary for updating the records or for clearing the funds, cheques or Securities deposited with GTJASUSL. 7.3 Rights regarding margin requirements (a) Between the time after GTJAS USL has given a Margin Call and before that Margin Call has been met to the satisfaction of GTJASUSL, GTJAS USL is entitled (i) to exercise any of its rights under Clause 12 (Set-off and Lien) and this Clause 7.3 without notice to the Client, and (ii) to refuse to carry out any of the Client’s Instructions relating to the Margin Account or any dealing in Securities. (b) If the following (or any of them) occur at any time, GTJAS USL is entitled to exercise its rights set out in Clause 7.3(c), whether or not any Margin Call has been made: (i) GTJAS USL determines that the LTV Ratio reaches or exceeds the Margin Ratio, even if (1) such determination is based on GTJASUSL’s records that do not reflect the latest transactions in respect of the Margin Account due to the time necessary for updating the records or for clearing the funds, cheques or Securities deposited with GTJASUSL, or (2) GTJAS USL does not know that a Margin Call has been satisfied; and (ii) GTJAS USL considers, in good faith, that the market conditions are likely to expose investors to unacceptable risk or heavy losses, including unstable, unfavourable, and abnormal market conditions. (c) GTJAS USL may (but has no obligation to) do the following (or any of them) without demand, notice, legal process or other action as it considers appropriate at any time upon occurrence of any event specified in Clause 7.3(b): (i) terminate the Margin Facility; (ii) cancel or modify the outstanding Instructions; and (iii) sell, realise, redeem, liquidate, or dispose in any other manner all or any of the Charged Securities in the relevant market or by private contract, and on such terms as GTJAS USL in its absolute discretion considers appropriate, free from any claim, right of redemption, equity or other right or interest that the Client may have. (d) GTJAS USL has the right to select all, any, or which of the Charged Securities to be sold or disposed of, including the right to sell or dispose of more quantity of the Charged Securities than is necessary to reduce the Loan not exceeding the Margin Limit. GTJAS USL also has the right to sell or dispose of the Charged Securities at any time and on any terms as it considers appropriate. GTJAS USL shall not be liable to the Client for any loss, damage or expense of any kind which the Client or any other person may incur or suffer arising from or in connection with any such sale or disposal. The Client has no right or claim against GTJAS USL for not selling or disposing of any Charged Securities at a better price or time. (e) GTJAS USL will deposit at its discretion any proceeds resulting from the sale, realisation, redemption, liquidation, or disposal of the Charged Securities in the Margin Account in reduction of the Loan until the Loan has been repaid in full or does not exceed the Margin Limit.