Common use of Client Securities Standing Authority Clause in Contracts

Client Securities Standing Authority. 9.1 The Client Securities Standing Authority is in respect of the treatment of the Client's securities or securities collateral as set out below. The Client authorizes WLSL to: (1) apply any of the Client's securities or securities collateral pursuant to a securities borrowing and lending agreement; (2) deposit any of the Client's securities collateral with an authorized financial institution as collateral for financial accommodation provided to WLSL; (3) deposit any of the Client's securities collateral with HKSCC as collateral for the discharge and satisfaction of WLSL's settlement obligations and liabilities. The Client understands that HKSCC will have a first fixed charge over the Client's securities to the extent of WLSL's obligations and liabilities; (4) deposit any of the Client's securities collateral with any other recognized clearing house, or another intermediary licensed or registered for dealing in securities, as collateral for the discharge and satisfaction of WLSL's settlement obligations and liabilities; and (5) apply or deposit any of the Client's securities collateral in accordance with Clauses 9.1(1), 9.1(2), 9.1(3) and/or 9.1(4) above if WLSL provides financial accommodation to the Client in the course of dealing in securities and also provides financial accommodation to the Client in the course of any other regulated activity for which WLSL is licensed or registered. 9.2 The Client acknowledges and agrees that WLSL may do any of the things set out in Clauses 9.1 and 9.2 without giving the Client notice. 9.3 The Client also acknowledges that the Client Securities Standing Authority shall not affect WLSL's right to dispose or initiate a disposal by WLSL's associated entity of the Client's securities or securities collateral in settlement of any liability owed by or on behalf of the Client to WLSL, the associated entity or a third person.

Client Securities Standing Authority. 9.1 The Client Securities Standing Authority is in respect of the treatment of the Client's securities or securities collateral as set out below. The Client authorizes WLSL WLIS to: (1) apply any of the Client's securities or securities collateral pursuant to a securities borrowing and lending agreement; (2) deposit any of the Client's securities collateral with an authorized financial institution as collateral for financial accommodation provided to WLSLWLIS; (3) deposit any of the Client's securities collateral with HKSCC as collateral for the discharge and satisfaction of WLSLWLIS's settlement obligations and liabilities. The Client understands that HKSCC will have a first fixed charge over the Client's securities to the extent of WLSLWLIS's obligations and liabilities; (4) deposit any of the Client's securities collateral with any other recognized clearing house, or another intermediary licensed or registered for dealing in securities, as collateral for the discharge and satisfaction of WLSLWLIS's settlement obligations and liabilities; and (5) apply or deposit any of the Client's securities collateral in accordance with Clauses 9.1(1), 9.1(2), 9.1(3) and/or 9.1(4) above if WLSL WLIS provides financial accommodation to the Client in the course of dealing in securities and also provides financial accommodation to the Client in the course of any other regulated activity for which WLSL WLIS is licensed or registered. 9.2 The Client acknowledges and agrees that WLSL WLIS may do any of the things set out in Clauses 9.1 and 9.2 without giving the Client notice. 9.3 The Client also acknowledges that the Client Securities Standing Authority shall not affect WLSLWLIS's right to dispose or initiate a disposal by WLSLWLIS's associated entity of the Client's securities or securities collateral in settlement of any liability owed by or on behalf of the Client to WLSLWLIS, the associated entity or a third person.