Common use of Securities Provisions Clause in Contracts

Securities Provisions. 5.1. The Customer may instruct IFHK to execute any Transaction by placing an Order with IFHK. Upon the receipt of such Order, IFHK shall execute the Transaction by placing an order with the relevant Manager or Product Issuer. The Order becomes irrevocable immediately after IFHK has executed the Transaction by placing an order with the relevant Manager or Product Issuer. In the case of an Order for the subscription of Units, IFHK shall execute the Transaction by placing the Order with the relevant Manager or Product Issuer: - (a) where the subscription is settled by cheque payment, upon the receipt of the Order and cheque. IFHK may, at any time in its sole and absolute discretion, in certain circumstances require the clearance of the cheque before placing the Order; or (b) where the subscription is settled by internet payment, upon the receipt of the Order and payment; 5.2. If, in accordance with Clause 5.1 above, IFHK has executed a subscription Transaction before the actual receipt of the necessary application monies and fees, the Customer shall procure that payment in cleared funds should be received by IFHK within such time period specified by IFHK in its sole and absolute discretion from time to time. If payment is not received within the time period specified by IFHK or where there is confirmation of insufficient funds in the Customer's bank account, the subscription may be cancelled forthwith or resold to the Manager or Product Issuer without any liability or responsibility on the part of IFHK, in which event the Customer shall be responsible for any Loss suffered by IFHK resulting from the failure by the Customer to make such payment. IFHK reserves the right to set off the said Loss against the available balance in the Customer's Cash Account. 5.3. Orders placed by the Customer with IFHK may be aggregated and consolidated either daily or from time to time by IFHK together with orders placed by IFHK's other customers or any other person whom IFHK deems fit, for the purposes of placement of the orders by IFHK with the relevant Manager or Product Issuer. 5.4. Orders (and monies) received by IFHK on any Dealing Day before the relevant cut-off time (as may be specified by IFHK in its sole and absolute discretion) shall be consolidated with other orders (and monies) for placement with the relevant Manager or Product Issuer on the same Dealing Day. Orders (and monies) received after the specified cut-off time shall be deemed to be an Order received by IFHK on the next Dealing Day and shall only be placed with the relevant Manager or Product Issuer on the next Dealing Day. 5.5. Where IFHK has placed a consolidated order for the subscription of Units or for the switching of Units with the relevant Manager or Product Issuer, the Manager or Product Issuer will (subject to the Manager or Product Issuer's right to refuse or reject any such order pursuant to the trust deed and/or prospectus of the relevant Fund or Security) issue the relevant Units to and register the Units in the name of the Custodian or the Customer (whichever is applicable). The Units so issued will be allotted or allocated among the Customer and the other relevant Customers of IFHK in any order or manner as IFHK may in its sole and absolute discretion determine. 5.6. Where the Customer gives an Order for the switching of Units, IFHK will subscribe for Units required by the Customer only after the confirmation and completion of the redemption of the relevant existing Units which are being switched. 5.7. The Customer acknowledges that any Manager, Fund or Product Issuer which receives the order from IFHK is not obliged to accept the order in part or whole. IFHK shall not be liable or responsible for any action or rejection on the part of any Manager, Fund or Product Issuer in respect of any order. IFHK or the Custodian shall have no responsibility nor liability for ensuring that the relevant Manager, Fund or Product Issuer allots the Units or for any Losses (including any loss of investment opportunity) which the Customer may suffer or incur as a result of any refusal to accept or delay in accepting such order by the Manager, Fund or Product Issuer. 5.8. The Customer acknowledges that the issue prices and redemption (realisation) prices are determined by the Manager or the Product Issuer in accordance with the constitutive document of the relevant Security or prescribed procedures on any Dealing Day. Accordingly, any price or value quoted by IFHK to the Customer in respect of any Unit in any Security is not conclusive and is indicative only. The Customer hereby agrees that in placing its Order, it is not relying on any such information provided to it by IFHK and acknowledges that the applicable issue or redemption price in relation to the Customer's Order may be different from the indicated or quoted prices. 5.9. The Customer acknowledges that he/she is aware of the arrangements in relation to claiming and receiving dividends and other entitlements accruing to the Customer. The arrangements are as determined by the Manager or the Product Issuer. 5.10. IFHK reserves the right to delay or refuse to process, and check or verify the Transaction and/or Order if, in its reasonable opinion, there are grounds for doing so.