Common use of Client Authorization Clause in Contracts

Client Authorization. 7.1 Subject to any applicable Market Requirements and without prejudice to the other authorities conferred upon KGI Asia under this Client Agreement and any other rights and powers available to KGI Asia and in each case as a transaction independent of any other transaction entered into between KGI Asia and the Client or by KGI Asia on the Client’s behalf, KGI Asia is authorized on the Client’s behalf to part with possession and/or control of all or any Securities or Securities collateral received or held by KGI Asia or its nominees for or on behalf of the Client and in connection therewith to lend, sell, deposit, charge and re-charge all or any such Securities or Securities collateral in each case in accordance with any applicable Market Requirements and any authorization given by the Client to KGI Asia from time to time. Subject to any applicable Market Requirements, including without limitation, the Client Securities Rules, the Client hereby authorizes KGI Asia or an associated entity of KGI Asia to: (a) apply any of the Client’s Securities or Securities collateral pursuant to a securities borrowing and lending agreement; (b) deposit any of the Client’s Securities collateral with an authorized financial institution as collateral for financial accommodation provided to KGI Asia; (c) deposit any of the Client’s Securities collateral with a clearing house recognized by the SFC or another intermediary licensed or registered for dealing in securities as collateral for the discharge and satisfaction of KGI Asia’s settlement obligations and liabilities; or (d) to treat and deal with the Client’s Securities or Securities collateral in such manner as KGI Asia or the associated entity considers appropriate taking into account any applicable Market Requirements. 7.2 The Client agrees that with the Client’s authority contained in paragraph 7.1 above of this Schedule and any other authorizations which the Client may give to KGI Asia or its associated entity and without prejudice to any other rights and powers available to KGI Asia or its associated entity but subject to the applicable Market Requirements, KGI Asia or its associated entity shall be at liberty to deal with the Client’s Securities or Securities collateral in accordance with such authorizations or in any manner permitted by applicable Market Requirements and each of KGI Asia and its associated entities shall be entitled to receive and retain for its own benefit and not be accountable to the Client for any remuneration, income, rebates or other benefits resulting from any dealing with the Client’s Securities or Securities collateral. A third party may have right to the Client’s Securities or Securities collateral which KGI Asia or its associated entity (as the case may be) must satisfy before returning the same to the Client. This may increase the risk of the Client’s Securities or Securities collateral, which the Client is prepared to accept.

Client Authorization. 7.1 Subject to any applicable Market Requirements and without prejudice to the other authorities conferred upon KGI Asia under this Client Agreement and any other rights and powers available to KGI Asia and in each case as a transaction independent of any other transaction entered into between KGI Asia and the Client or by KGI Asia on the Client’s behalf, KGI Asia is authorized on the Client’s behalf to part with possession and/or control of all or any Securities or Securities collateral received or held by KGI Asia or its nominees for or on behalf of the Client and in connection therewith to lend, sell, deposit, charge and re-charge all or any such Securities or Securities collateral in each case in accordance with any applicable Market Requirements and any authorization given by the Client to KGI Asia from time to time. Subject to any applicable Market Requirements, including without limitation, the Client Securities Rules, the Client hereby authorizes KGI Asia or an associated entity of KGI Asia to: (a) apply any of the Client’s Securities or Securities collateral pursuant to a securities borrowing and lending agreement; (b) deposit any of the Client’s Securities collateral with an authorized financial institution as collateral for financial accommodation provided to KGI Asia; (c) deposit any of the Client’s Securities collateral with a any clearing house recognized by the SFC or another intermediary licensed or registered for dealing in securities Securities as collateral for the discharge and satisfaction of KGI Asia’s settlement obligations and liabilities; or (d) to treat and deal with the Client’s Securities or Securities collateral in such manner as KGI Asia or the associated entity considers appropriate taking into account any applicable Market Requirements. 7.2 The Client acknowledges that KGI Asia has informed the Client that it has the practice of repledging securities collateral of its clients and agrees that with the Client’s authority contained in paragraph 7.1 above of this Schedule and any other authorizations which the Client may give to KGI Asia or its associated entity and without prejudice to any other rights and powers available to KGI Asia or its associated entity but subject to the applicable Market Requirements, KGI Asia or its associated entity shall be at liberty to deal with the Client’s Securities or Securities collateral in accordance with such authorizations or in any manner permitted by applicable Market Requirements and each of KGI Asia and its associated entities shall be entitled to receive and retain for its own benefit and not be accountable to the Client for any remuneration, income, rebates or other benefits resulting from any dealing with the Client’s Securities or Securities collateral. A third party may have right to the Client’s Securities or Securities collateral which KGI Asia or its associated entity (as the case may be) must satisfy before returning the same to the Client. This may increase the risk of the Client’s Securities or Securities collateral, which the Client is prepared to accept. 7.3 Without prejudice to any of KGI Asia’s accrued rights and claims under the Terms and Conditions, where KGI Asia has cancelled or terminated the Margin Financing Facilities, KGI Asia may in its absolute discretion close the related Securities Margin Account of the Client and continue such account as a Securities cash account, and thereafter, the Terms and Conditions (as amended and/or supplemented from time to time) excluding this Schedule shall apply to all Securities trading and related services of such account.

Client Authorization. 7.1 Subject to any applicable Market Requirements and without prejudice to the other authorities conferred upon KGI Asia under this Client Agreement and any other rights and powers available to KGI Asia and in each case as a transaction independent of any other transaction entered into between KGI Asia and the Client or by KGI Asia on the Client’s behalf, KGI Asia is authorized on the Client’s behalf to part with possession and/or control of all or any Securities or Securities collateral received or held by KGI Asia or its nominees for or on behalf of the Client and in connection therewith to lend, sell, deposit, charge and re-charge all or any such Securities or Securities collateral in each case in accordance with any applicable Market Requirements and any authorization given by the Client to KGI Asia from time to time. Subject to any applicable Market Requirements, including without limitation, the Client Securities Rules, the Client hereby authorizes KGI Asia or an associated entity of KGI Asia to: (a) apply any of the Client’s Securities or Securities collateral pursuant to a securities borrowing and lending agreement; (b) deposit any of the Client’s Securities collateral with an authorized financial institution as collateral for financial accommodation provided to KGI Asia; (c) deposit any of the Client’s Securities collateral with a any clearing house recognized by the SFC or another intermediary licensed or registered for dealing in securities Securities as collateral for the discharge and satisfaction of KGI Asia’s settlement obligations and liabilities; or (d) to treat and deal with the Client’s Securities or Securities collateral in such manner as KGI Asia or the associated entity considers appropriate taking into account any applicable Market Requirements. 7.2 The Client agrees that with the Client’s authority contained in paragraph 7.1 above of this Schedule and any other authorizations which the Client may give to KGI Asia or its associated entity and without prejudice to any other rights and powers available to KGI Asia or its associated entity but subject to the applicable Market Requirements, KGI Asia or its associated entity shall be at liberty to deal with the Client’s Securities or Securities collateral in accordance with such authorizations or in any manner permitted by applicable Market Requirements and each of KGI Asia and its associated entities shall be entitled to receive and retain for its own benefit and not be accountable to the Client for any remuneration, income, rebates or other benefits resulting from any dealing with the Client’s Securities or Securities collateral. A third party may have right to the Client’s Securities or Securities collateral which KGI Asia or its associated entity (as the case may be) must satisfy before returning the same to the Client. This may increase the risk of the Client’s Securities or Securities collateral, which the Client is prepared to accept.