Common use of Transaction Settlement Clause in Contracts

Transaction Settlement. 6.1 Unless otherwise agreed, in respect of each sale and purchase transaction executed on the Client’s behalf, unless the Company is already holding cash or securities on the Client’s behalf to settle the transaction, the Client will: (a) pay the Company cleared funds or deliver to it securities in deliverable form; or (b) otherwise ensure that the Company has received such funds or securities; by such time as the Company has notified (whether verbally or in writing) the Client in relation to the relevant transaction. 6.2 Unless otherwise agreed, the Client agrees that should the Client fail to make such payment or delivery of securities by the due date as mentioned in Clause 6.1, the Company is hereby authorized to: (a) in the case of a purchase transaction, to transfer or sell any such purchased securities to satisfy the Client’s obligations to the Company; or (b) in the case of a sale transaction, to borrow and/or purchase such securities to satisfy the Client’s obligations to the Company. 6.3 The Client hereby acknowledges that the Client shall be responsible to the Company for any loss, costs, fees and expenses incurred by the Company in connection with the Client’s failure to meet his obligations by the due date as described in Clause 6.1.