Common use of Client Securities Standing Authority Clause in Contracts

Client Securities Standing Authority. I/We hereby authorize you and any of your associated entities (as defined in Part 1 of Schedule 1 to the Securities and Futures Ordinance) to: (a) apply any of my/our securities in the Securities Account or securities collateral in the Margin Securities Account pursuant to a securities borrowing and lending agreement; (b) deposit any of my/our securities collateral in the Margin Securities Account with an authorized institution as collateral for financial accommodation provided to you; (c) deposit any of my/our securities collateral in the Margin Securities Account with a recognized clearing house or another intermediary licensed or registered for dealing in securities as collateral for the discharge and satisfaction of your settlement obligations and liabilities. The term of my/our consent contained in this Clause 6.6 shall be for a period of twelve months from the date on which I/we agree to be bound by these Additional Terms, and may be renewed or shall be deemed to be renewed upon its expiry date for a further period of twelve months in such manner as may be required by applicable laws, regulations and codes of conduct from time to time. I/We may withdraw my/our such consent by giving not less than seven (7) days' prior written notice to you but in such a case, you may terminate the Credit Facilities granted to me/us.