Common use of Margin Position Clause in Contracts

Margin Position. 5.1 The Customer shall maintain at all times the level of margin position ("Margin Position"), which for the purposes of this Agreement shall mean the aggregate Marginable Value of the Collateral, being equal to or more than the aggregate amount outstanding under the Margin Facilities. Without prejudice to the other rights of FSL and the obligations of the Customer under this Agreement, if at any time, the Margin Position shall be less than such amount outstanding and notified by FSL to the Customer from time to time, the Customer shall forthwith upon demand from FSL transfer or otherwise deposit with FSL additional Securities to be Charged in favor of FSL pursuant to the terms of this Agreement to form part of the Charged Securities or, alternatively, deposit cash in the Margin Account to satisfy such requirement of FSL or to reduce the aggregate amount outstanding under the Margin Facilities to a level satisfactory to FSL. 5.2 (a) Without prejudice to Clause 35 of Section I of these Terms and Conditions, if at any time the Margin Position shall fall below the amount outstanding under the Margin Facilities and the Customer fails to transfer or otherwise deposit additional Securities to be charged in favor of FSL to form part of the Charged Securities or pay sufficient cash into the Margin Account to reduce the aggregate amount outstanding under the Margin Facilities so as to maintain the Margin Position equal to or more than the amount outstanding under Margin Facilities immediately upon receipt of FSL's request to do so, FSL may without demand, notice, legal process or other action at any time thereafter terminate the Margin Facilities and sell, realise, redeem or liquidate, as appropriate, such of the Charged Securities or any part thereof as FSL in its absolute discretion thinks fit, free from all trusts, claims, rights of redemption and equities of the Customer; and

Margin Position. 5.1 The Customer shall maintain at all times the level of margin position ("Margin Position"), which for the purposes of this Agreement shall mean the aggregate Marginable Value of the Collateral, being equal to or more than the aggregate amount outstanding under the Margin Facilities. Without prejudice to the other rights of FSL MSL and the obligations of the Customer under this Agreement, if at any time, the Margin Position shall be less than such amount outstanding and notified by FSL MSL to the Customer from time to time, the Customer shall forthwith upon demand from FSL MSL transfer or otherwise deposit with FSL MSL additional Securities to be Charged in favor of FSL MSL pursuant to the terms of this Agreement to form part of the Charged Securities or, alternatively, deposit cash in the Margin Account to satisfy such requirement of FSL MSL or to reduce the aggregate amount outstanding under the Margin Facilities to a level satisfactory to FSLMSL. 5.2 (a) Without prejudice to Clause 35 of Section I of these Terms and Conditions, if at any time the Margin Position shall fall below the amount outstanding under the Margin Facilities and the Customer fails to transfer or otherwise deposit additional Securities to be charged in favor of FSL MSL to form part of the Charged Securities or pay sufficient cash into the Margin Account to reduce the aggregate amount outstanding under the Margin Facilities so as to maintain the Margin Position equal to or more than the amount outstanding under Margin Facilities immediately upon receipt of FSL's MSL’s request to do so, FSL MSL may without demand, notice, legal process or other action at any time thereafter terminate the Margin Facilities and sell, realise, redeem or liquidate, as appropriate, such of the Charged Securities or any part thereof as FSL MSL in its absolute discretion thinks fit, free from all trusts, claims, rights of redemption and equities of the Customer; andand (b) any proceeds resulting from such sale, realisation, redemption or liquidation shall be deposited in the Margin Account and be set off in reduction of the aggregate amount outstanding under the Margin Facilities until the Margin Position shall be maintained equal to or more than the amount outstanding under Margin Facilities. MSL shall have no responsibility, liability or obligation to ensure that only the exact amount of the Charged Securities needed to achieve such Margin Position shall be sold or otherwise realised. The Customer shall not have any right or claim against MSL in respect of any loss arising out of any such sale or realisation, howsoever such loss may have been caused, and whether or not a better price could or might have been obtained on such sale or realisation of the Charged Securities or any part thereof by either deferring or advancing the date of such sale or realisation or otherwise. 5.3 MSL’s rights in Clause 5.2 above are without prejudice to, and are in addition to, any other actions or proceedings that MSL may take against the Customer. 25 5.4 For the purposes of this Clause and Clause 3.2 of this Section II, that part of the market value of the Collateral attributable to the Charged Securities shall be conclusively determined by MSL to be the lower of (i) the closing prices of the Charged Securities on the relevant Exchanges on the day prior to the date on which each such valuation is made (or if the Exchanges are not open on that day, then the last day prior to such date on which they were open) or the selling prices of the Charged Securities on the relevant Exchanges at the relevant time on the date of valuation, or (ii) such prices of the Charges Securities as determined by MSL in its absolute discretion to be the relevant market value of the Charged Securities. 5.5 Whenever and for so long as the Margin Position shall fall below the amount outstanding under Margin Facilities and notwithstanding and without prejudice to the other provisions of this Agreement, MSL shall have no obligations whatsoever hereunder to grant the Margin Facilities to the Customer or to execute the Customer’s Instructions to purchase or sell any Securities pursuant to the terms of this Agreement.

Margin Position. 5.1 The Customer shall maintain at all times the level of margin position ("Margin Position"), which for the purposes of this Agreement shall mean the aggregate Marginable Value of the Collateral, being equal to or more than the aggregate amount outstanding under the Margin Facilities. Without prejudice to the other rights of FSL MSL and the obligations of the Customer under this Agreement, if at any time, the Margin Position shall be less than such amount outstanding and notified by FSL MSL to the Customer from time to time, the Customer shall forthwith upon demand from FSL MSL transfer or otherwise deposit with FSL MSL additional Securities to be Charged in favor of FSL MSL pursuant to the terms of this Agreement to form part of the Charged Securities or, alternatively, deposit cash in the Margin Account to satisfy such requirement of FSL MSL or to reduce the aggregate amount outstanding under the Margin Facilities to a level satisfactory to FSLMSL. 5.2 (a) Without prejudice to Clause 35 of Section I of these Terms and Conditions, if at any time the Margin Position shall fall below the amount outstanding under the Margin Facilities and the Customer fails to transfer or otherwise deposit additional Securities to be charged in favor of FSL MSL to form part of the Charged Securities or pay sufficient cash into the Margin Account to reduce the aggregate amount outstanding under the Margin Facilities so as to maintain the Margin Position equal to or more than the amount outstanding under Margin Facilities immediately upon receipt of FSL's MSL’s request to do so, FSL MSL may without demand, notice, legal process or other action at any time thereafter terminate the Margin Facilities and sell, realise, redeem or liquidate, as appropriate, such of the Charged Securities or any part thereof as FSL MSL in its absolute discretion thinks fit, free from all trusts, claims, rights of redemption and equities of the Customer; andand (b) any proceeds resulting from such sale, realisation, redemption or liquidation shall be deposited in the Margin Account and be set off in reduction of the aggregate amount outstanding under the Margin Facilities until the Margin Position shall be maintained equal to or more than the amount outstanding under Margin Facilities. MSL shall have no responsibility, liability or obligation to ensure that only the exact amount of the Charged Securities needed to achieve such Margin Position shall be sold or otherwise realised. The Customer shall not have any right or claim against MSL in respect of any loss arising out of any such sale or realisation, howsoever such loss may have been caused, and whether or not a better price could or might have been obtained on such sale or realisation of the Charged Securities or any part thereof by either deferring or advancing the date of such sale or realisation or otherwise. 5.3 MSL’s rights in Clause 5.2 above are without prejudice to, and are in addition to, any other actions or proceedings that MSL may take against the Customer.