Common use of Client Money Standing Authority Clause in Contracts

Client Money Standing Authority. 4.1 The Client Money Standing Authority covers money held or received by you in Hong Kong (including any interest derived from the holding of the money which does not belong to you) in one or more segregated account(s) on my/our behalf ("Monies"). 4.2 I/We authorize you to, in your sole discretion and without having to provide me/us with any prior notice or to obtain any prior confirmation and/or direction from me/us, to: (a) combine or consolidate any or all segregated accounts of any name whatsoever and either individually or jointly with others, maintained by Xxx Eng Securities (Hong Kong) Limited and Xxx Eng Futures (Hong Kong) Limited and/or any member of Xxx Eng (HK) Group for the purpose of satisfying my/our obligations or liabilities to you, whether such obligations or liabilities are actual or contingent, primary or collateral, secured or unsecured or joint or several; (b) transfer any sum of Monies interchangeably between any of the segregated accounts maintained at any time by any member of Xxx Eng (HK) Group; (c) transfer any sum of Monies interchangeable between any of the segregated accounts maintained at any time by any member of Xxx Eng (HK) Group and any segregated accounts maintained with counter-broker (whether in Hong Kong or overseas) upon or before any instructions have been given, for the purpose of satisfying margin requirement and/or settlement requirement (if applicable); (d) keep my/our Monies with overseas clearing firm(s), broker(s) and financial institution(s) after trading to facilitate future trading or to transfer my/our Monies interchangeably between the segregated account(s) opened and maintained by you in Hong Kong and the segregated account(s) opened and maintained by you with any overseas clearing firm(s), broker(s) and financial institution(s) outside Hong Kong; and (e) convert my/our Monies into any other currency(ies) upon or before any instructions have been given, for the purpose of satisfying margin requirement and/or settlement requirement (if applicable). 4.3 I/We acknowledge and agree that you may do any of the things set out in Clause 4.2 without giving notice to me/us. 4.4 The Client Money Standing Authority is given without prejudice to other authorities or rights which you or any of your Group Companies may have in relation to dealing in Monies in the segregated accounts. 4.5 The Client Money Standing Authority shall be valid for a period of not more than 12 months from the date of these Additional Terms and will expire annually subject to renewal by you or deemed renewal under the Client Money Rules referred to in Clause 4.7. 4.6 The Client Money Standing Authority may be revoked by giving you written notice addressed to you at your address specified in the Client Information Statement or such other address which you may notify me/us in writing for this purpose. Such notice shall take effect upon the expiry of 7 days from the date of your actual receipt of such notice. 4.7 I/We understand that the Client Money Standing Authority shall be deemed to be renewed on a continuing basis without my/our written consent if you issue to me/us a written reminder at least 14 days prior to the expiry date of the Client Money Standing Authority, and I/we do not object to such deemed renewal before such expiry date.