Common use of Method and Timing of Payment Clause in Contracts

Method and Timing of Payment. 6.3.1 Any payment to WorldFirst in any currency will be at a conversion rate agreed to with the Client at the time the Order is entered into. 6.3.2 Any sums that the Client owes to WorldFirst must be paid in one of the following: a) by online bank transfer; b) by same day bank transfer; c) by cheque, where approved by WorldFirst 6.3.3 The method of payment must be agreed before the contract is entered into. The client must not deposit cash into WorldFirst’s accounts under any circumstances. WorldFirst has an absolute discretion as to whether the Client may pay by cheque, and for any cheque payment to proceed, pending clearance of funds. 6.3.4 In the event of a Spot Contract the Client must pay the Sale Currency in full into the bank account nominated by WorldFirst on or before the date specified, but no later than 12pm on the second Day after the formation of the Trade Contract. 6.3.5 In the event of a ‘same day’ trade, the Client will pay the Sale Currency into the account nominated by WorldFirst by no later than 12pm on the day the contract is formed. 6.3.6 When we accept your money you immediately receive Reciprocal Obligations under the Trade Contract Terms. Your payment is not “client money”, but rather you have purchased that Reciprocal Obligation.

Method and Timing of Payment. 6.3.1 7.3.1 Any payment to WorldFirst in any currency will be at a conversion rate agreed to with the Client at the time the Order is entered into. 6.3.2 7.3.2 Any sums that the Client owes to WorldFirst must be paid in one of the following: (a) by online bank transfer; (b) by same day bank transfer; (c) by cheque, where approved by WorldFirst 6.3.3 7.3.3 The method of payment must be agreed before the contract is entered into. The client must not deposit cash into WorldFirst’s accounts under any circumstances. WorldFirst has an absolute discretion as to whether the Client may pay by cheque, and for any cheque payment to proceed, pending clearance of funds. 6.3.4 7.3.4 In the event of a Spot Contract the Client must pay the Sale Currency in full into the bank account nominated by WorldFirst on or before the date specified, but no later than 12pm on the second Day after the formation of the Trade Contract. 6.3.5 7.3.5 In the event of a ‘same day’ trade, the Client will pay the Sale Currency into the account nominated by WorldFirst by no later than 12pm on the day the contract is formed. 6.3.6 7.3.6 When we accept your money Instruction, you immediately receive Reciprocal Obligations under the Trade Contract Terms. Your When this occurs, your payment is not “client money”” (or "Client Funds" under clause 3.5, as applicable), but rather you have purchased that Reciprocal Obligation.