Common use of Client Moneys Clause in Contracts

Client Moneys. 15.1 Admiral must deal with any money and property which you pay or give to, or which is otherwise received by Admiral in connection with financial services provided by Admiral, in accordance with the Applicable Laws. For example, Admiral may be required to pay such moneys into the Admiral Trust Account which complies with the requirements of the Corporations Act. You acknowledge and authorise that: your moneys and the moneys of other clients of Admiral may be combined and held by Admiral in an Admiral Trust Account, separate from the moneys of Admiral; if we classify you as a wholesale client (except for sophisticated investors), we will deposit your client money into a wholesale client segregated trust account, separate from Admiral Trust Account holding retail client and sophisticated investor client money; moneys credited to the Admiral Trust Account maintained by Admiral may be used by Admiral to meet the default of any client of Admiral to the extent permitted by the Corporations Act (subject to Applicable Laws and Rules); moneys credited to any Admiral Trust Account maintained by Admiral under the Corporations Act may be used by Admiral for purposes unrelated to your Account to the extent permitted by the Corporations Act and accordingly such use of an Admiral Trust Account does not fully protect your money and property from risk of loss. 15.2 If Admiral pays your funds to another person at your request, Admiral is not liable to you for the performance by the other person who receives the benefit of the payment of your funds. In particular, without limitation, Admiral is not obliged to enquire into: the use of those funds by the third party; any persons to whom the third party pays all or any of these funds; the solvency of any of those persons; the compliance by any of those person with the Corporations Act, Applicable Laws and Rules; whether any of those persons hold any part of these funds on any nominee, segregated account, trust or any other basis for your protection or security. 15.3 You agree that Admiral is entitled to all interest earned on moneys credited to any Admiral Trust Account unless you and Admiral have otherwise agreed in writing. 15.4 The moneys to which you are entitled under these Account Terms and which are under the control of Admiral will be paid directly to you and not to any third party, unless you have otherwise instructed us to do so and we agree. You must provide relevant account details for payment instructions in respect of payments to be made by Admiral to you. Although Admiral will take reasonable steps to comply with your payment instructions, Admiral accepts no responsibility for any failure to comply with those instructions and, if such failure occurs, the relevant moneys will continue to be held by Admiral in accordance with the Corporations Act and Applicable Laws. 15.5 You authorise and direct Admiral to withdraw any or all moneys to which you are otherwise entitled in any Admiral Trust Account maintained by Admiral to meet any liability, obligation or other Loss which you owe to Admiral including to pay for your Admiral Products (including payment for Margin) or to pay any other person you have dealt with using Admiral as your agent. 15.6 You authorise and direct Admiral to withdraw realised and unrealised profits you are otherwise entitled to in any Admiral Trust Account where you have requested Negative Account Balance Policy relief and Admiral had decided to exercise its right to extend such relief. 15.7 You authorise and direct Admiral to withdraw any or all moneys to which you are otherwise entitled in the Admiral Trust Account for the purposes of depositing such moneys into the wholesale client trust account in the event you are reclassified by Admiral as a wholesale client. 15.8 You acknowledge that Admiral is entitled to be paid from those moneys to which you are otherwise entitled in any Admiral Trust Account maintained by Admiral an amount sufficient to meet any liability, obligation or other Loss which you owe to Admiral. 15.9 If you pay moneys into any Admiral Trust Account maintained by Admiral in anticipation of you creating and meeting any liability, obligation or other Loss which you will owe to Admiral including to pay for your Admiral Products (including payment for Margin), by these Account Terms you authorise and direct Admiral to withdraw those moneys to pay Admiral in advance of that liability arising. Your payment into the Admiral Trust Account will be deemed to be subject to this direction unless you tell Admiral otherwise. You agree that these Account Terms are a sufficient written direction by you for the purposes of authorising and directing Admiral to make the withdrawal on these Account Terms; subject to any other written direction you give Admiral from time to time. 15.10 All currency exchange risks regarding any payment instruction or any Order or Transaction entered into or arranged for you by Admiral is your responsibility. Any conversion from one currency to another required to be made for performing or executing any payment instruction, Order or Transaction may be effected by Admiral in the manner and at the time and at the exchange rates that Admiral, in its absolute discretion, decides.

Client Moneys. 15.1 Admiral must deal with any money and property which you pay or give to, or which is otherwise received by Admiral in connection with financial services provided by Admiral, in accordance with the Applicable Laws. For example, Admiral may be required to pay such moneys into the Admiral Trust Account which complies with the requirements of the Corporations Act. You acknowledge and authorise that: : (a) your moneys and the moneys of other clients of Admiral may be combined and held by Admiral in an Admiral Trust Account, separate from the moneys of Admiral; if we classify you as a wholesale client ; (except for sophisticated investors), we will deposit your client money into a wholesale client segregated trust account, separate from Admiral Trust Account holding retail client and sophisticated investor client money; b) all moneys credited to the Admiral Trust Account maintained by Admiral may be used by Admiral to meet the default of any client of Admiral to the extent permitted by the Corporations Act (subject to Applicable Laws and Rules); ; (c) moneys credited to any Admiral Trust Account maintained by Admiral under the Corporations Act may be used by Admiral for purposes unrelated to your Account to the extent permitted by the Corporations Act and accordingly such use of an Admiral Trust Account does not fully protect your money and property from risk of loss. 15.2 If Admiral pays your funds to another person at your request, Admiral is not liable to you for the performance by the other person who receives the benefit of the payment of your funds. In particular, without limitation, Admiral is not obliged to enquire into: : (a) the use of those funds by the third party; ; (b) any persons to whom the third party pays all or any of these funds; ; (c) the solvency of any of those persons; ; (d) the compliance by any of those person with the Corporations Act, Applicable Laws and Rules; (e) whether any of those persons hold any part of these funds on any nominee, segregated account, trust or any other basis for your protection or security. 15.3 You agree that Admiral is entitled to all interest earned on moneys credited to any Admiral Trust Account unless you and Admiral have otherwise agreed in writing. 15.4 The moneys to which you are entitled under these Account Terms and which are under the control of Admiral will be paid directly to you and not to any third party, unless you have otherwise instructed us to do so and we agree. You must provide relevant account details for payment instructions in respect of payments to be made by Admiral to you. Although Admiral will take reasonable steps to comply with your payment instructions, Admiral accepts no responsibility for any failure to comply with those instructions and, if such failure occurs, the relevant moneys will continue to be held by Admiral in accordance with the Corporations Act and Applicable Laws. 15.5 You authorise and direct Admiral to withdraw any or all moneys to which you are otherwise entitled in any Admiral Trust Account maintained by Admiral to meet any liability, obligation or other Loss which you owe to Admiral including to pay for your Admiral Products (including payment for Margin) or to pay any other person you have dealt with using Admiral as your agent. 15.6 You authorise and direct Admiral to withdraw realised and unrealised profits you are otherwise entitled to in any Admiral Trust Account where you have requested Negative Account Balance Policy relief and Admiral had decided to exercise its right to extend such relief. 15.7 You authorise and direct Admiral to withdraw any or all moneys to which you are otherwise entitled in the Admiral Trust Account for the purposes of depositing such moneys into the wholesale client trust account in the event you are reclassified by Admiral as a wholesale client. 15.8 You acknowledge that Admiral is entitled to be paid from those moneys to which you are otherwise entitled in any Admiral Trust Account maintained by Admiral an amount sufficient to meet any liability, obligation or other Loss which you owe to Admiral. 15.9 15.7 If you pay moneys into any Admiral Trust Account maintained by Admiral in anticipation of you creating and meeting any liability, obligation or other Loss which you will owe to Admiral including to pay for your Admiral Products (including payment for Margin), by these Account Terms you authorise and direct Admiral to withdraw those moneys to pay Admiral in advance of that liability arising. Your payment into the Admiral Trust Account will be deemed to be subject to this direction unless you tell Admiral otherwise. You agree that these Account Terms are a sufficient written direction by you for the purposes of authorising and directing Admiral to make the withdrawal on these Account Terms; subject to any other written direction you give Admiral from time to time. 15.10 15.8 All currency exchange risks regarding any payment instruction or any Order or Transaction entered into or arranged for you by Admiral is your responsibility. Any conversion from one currency to another required to be made for performing or executing any payment instruction, Order or Transaction may be effected by Admiral in the manner and at the time and at the exchange rates that Admiral, in its absolute discretion, decides.

Client Moneys. 15.1 16.1 Admiral must deal with any money and property which you pay or give to, or which is otherwise received by Admiral in connection with financial services provided by Admiral, in accordance with the Applicable Laws. For example, Admiral may be required to pay such moneys into the Admiral Trust Account which complies with the requirements of the Corporations Act. You acknowledge and authorise that: your moneys and the moneys of other clients of Admiral may be combined and held by Admiral in an Admiral Trust Account, separate from the moneys of Admiral; if we classify you as a wholesale client (except for sophisticated investors), we will deposit your client money into a wholesale client segregated trust account, separate from Admiral Trust Account holding retail client and sophisticated investor client money; moneys credited to the Admiral Trust Account maintained by Admiral may be used by Admiral to xx meet the default of any client of Admiral to the extent permitted by the Corporations Act (subject to Applicable Laws and Rules); moneys credited to any Admiral Trust Account maintained by Admiral under the Corporations Act may be used by Admiral for purposes unrelated to your Account to the extent permitted by the Corporations Act and accordingly such use of an Admiral Trust Account does not fully protect your money and property from risk of loss. 15.2 16.2 If Admiral pays your funds to another person at your request, Admiral is not liable to you for the performance by the other person who receives the benefit of the payment of your funds. In particular, without limitation, Admiral is not obliged to enquire into: the use of those funds by the third party; any persons to whom the third party pays all or any of these funds; the solvency of any of those persons; the compliance by any of those person with the Corporations Act, Applicable Laws and Rules; whether any of those persons hold any part of these funds on any nominee, segregated account, trust or any other basis for your protection or security. 15.3 16.3 You agree that Admiral is entitled to all interest earned on moneys credited to any Admiral Trust Account unless you and Admiral have otherwise agreed in writing. 15.4 16.4 The moneys to which you are entitled under these Account Terms and which are under the control of Admiral will be paid directly to you and not to any third party, unless you have otherwise instructed us to do so and we agree. You must provide relevant account details for payment instructions in respect of payments to be made by Admiral to you. Although Admiral will take reasonable steps to comply with your payment instructions, Admiral accepts no responsibility for any failure to comply with those instructions and, if such failure occurs, the relevant moneys will continue to be held by Admiral in accordance with the Corporations Act and Applicable Laws. 15.5 16.5 You authorise and direct Admiral to withdraw any or all moneys to which you are otherwise entitled in any Admiral Trust Account maintained by Admiral to meet any liability, obligation or other Loss which you owe to Admiral including to pay for your Admiral Products (including payment for Margin) or to pay any other person you have dealt with using Admiral as your agent. 15.6 16.6 You authorise and direct Admiral to withdraw realised and unrealised profits you are otherwise entitled to in any Admiral Trust Account where you have requested Negative Account Balance Policy relief and Admiral had decided to exercise its right to extend such relief. 15.7 16.7 You authorise and direct Admiral to withdraw any or all moneys to which you are otherwise entitled in the Admiral Trust Account for the purposes of depositing such moneys into the wholesale client trust account in the event you are reclassified by Admiral as a wholesale client. 15.8 16.8 You acknowledge that Admiral is entitled to be paid from those moneys to which you are otherwise entitled in any Admiral Trust Account maintained by Admiral an amount sufficient to meet any liability, obligation or other Loss which you owe to Admiral. 15.9 16.9 If you pay moneys into any Admiral Trust Account maintained by Admiral in anticipation of you creating and meeting any liability, obligation or other Loss which you will owe to Admiral including to pay for your Admiral Products (including payment for Margin), by these Account Terms you authorise and direct Admiral to withdraw those moneys to pay Admiral in advance of that liability arising. Your payment into the Admiral Trust Account will be deemed to be subject to this direction unless you tell Admiral otherwise. You agree that these Account Terms are a sufficient written direction by you for the purposes of authorising and directing Admiral to make the withdrawal on these Account Terms; subject to any other written direction you give Admiral from time to time. 15.10 16.10 All currency exchange risks regarding any payment instruction or any Order or Transaction entered into or arranged for you by Admiral is your responsibility. Any conversion from one currency to another required to be made for performing or executing any payment instruction, Order or Transaction may be effected by Admiral in the manner and at the time and at the exchange rates that Admiral, in its absolute discretion, decides.