DEFAULT AND DEFAULT REMEDIES. 20.1 The provisions contained in this Clause supplement any other rights that Benor Capital Ltd or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Ltd has. 20.2 Benor Capital Ltd reserves the right to retain, or make deductions from, any amounts which Benor Capital Ltd owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Ltd or Benor Capital Ltd’s associates. 20.3 The Client authorises Benor Capital Ltd, at Benor Capital Ltd's discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Ltd or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Ltd or to Benor Capital Ltd's associates. 20.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Ltd (regardless of whether the Event of Default only relates to part of the business with Benor Capital Ltd): i. if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Ltd at its reasonable discretion; ii. if the Client fails to remit funds necessary to enable Benor Capital Ltd to take delivery under any Contract on the first due date; iii. if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date; iv. if the Client dies or becomes of unsound mind; v. if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed; vi. if a petition is presented for the winding-up or administration of the Client; vii. if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital Ltd); viii. if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days; ix. if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge takes steps to enforce the security or charge; x. if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date; xi. if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements; xii. if any of the representations or warranties given by the Client are, or become, untrue; xiii. if Benor Capital Ltd or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or xiv. if Benor Capital Ltd reasonably considers it necessary for its own protection or the protection of its associates. 20.5 Upon the occurrence of an Event of Default, Benor Capital Ltd shall at its discretion be entitled to: i. sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Ltd or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Ltd in its reasonable discretion determines and at the price that Benor Capital Ltd in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Ltd shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Ltd likely to be, necessary in order for Benor Capital Ltd to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Ltd for the full amount of the purchase price plus any associated costs and expenses;
Appears in 1 contract
Samples: Client Services Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 19.1 The provisions contained in this Clause supplement any other rights that Benor Capital Ltd Omega4x or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Ltd Omega4x has.
20.2 Benor Capital Ltd 19.2 Omega4x reserves the right to retain, or make deductions from, any amounts which Benor Capital Ltd Omega4x owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Ltd Omega4x or Benor Capital LtdOmega4x’s associates.
20.3 19.3 The Client authorises Benor Capital LtdOmega4x, at Benor Capital LtdOmega4x's discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Ltd Omega4x or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Ltd Omega4x or to Benor Capital LtdOmega4x's associates.
20.4 19.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Ltd Omega4x (regardless of whether the Event of Default only relates to part of the business with Benor Capital Ltd):
i. Omega4x): i if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Ltd Omega4x at its reasonable discretion;
ii. ; ii if the Client fails to remit funds necessary to enable Benor Capital Ltd Omega4x to take delivery under any Contract on the first due date;
iii. ; iii if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. ; iv if the Client dies or becomes of unsound mind;
v. ; v if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. ; vi if a petition is presented for the winding-up or administration of the Client;
vii. ; vii if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital LtdOmega4x);
viii. ; viii if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. ; ix if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge chargee takes steps to enforce the security or charge;
x. ; x if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. ; xi if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. ; xii if any of the representations or warranties given by the Client are, or become, untrue;
xiii. ; xiii if Benor Capital Ltd Omega4x or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. or xiv if Benor Capital Ltd Omega4x reasonably considers it necessary for its own protection or the protection of its associates.
20.5 19.5 Upon the occurrence of an Event of Default, Benor Capital Ltd Omega4x shall at its discretion be entitled to:
i. : i sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Ltd Omega4x or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Ltd Omega4x in its reasonable discretion determines and at the price that Benor Capital Ltd Omega4x in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Ltd Omega4x shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. ii buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Ltd Omega4x likely to be, necessary in order for Benor Capital Ltd Omega4x to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Ltd Omega4x for the full amount of the purchase price plus any associated costs and expenses;; iii deliver any Security, investment or property to any third party, or otherwise take any action Omega4x considers to be desirable in order to close any Contract; iv require the Client immediately to close and settle a Contract in such manner as Omega4x may in its reasonable discretion request; v to enter into any foreign exchange transaction, at such market rates and times as Omega4x may determine, in order to meet obligationsincurred under a Contract; vi reinvoice all or part of any assets standing to the debit or credit of any Account (including commuting Omega4x's or the Client's obligation to deliver an asset into an obligation to pay an amount equal to the market value of the asset (determined by Omega4x at its reasonable discretion) on the date reinvoicing takes place); and vii close-out all Contracts and net all the Client's and Omega4x’s obligations towards each other as of the date fixed by Omega4x with effect to third parties.
19.6 The Client authorises Omega4x to take any or all of the steps described in this Clause without notice to the Client and acknowledges that Omega4x shall not be responsible for any consequences of it taking any such steps, unless Omega4x has exercised gross negligence in connection herewith. The Client shall execute the documents and take the action as Omega4x may request in order to protect the rights of Omega4x and its associates under this Agreement or under any agreement the Client may have entered into with Omega4x's associates.
19.7 If Omega4x exercises its rights to sell any Security or property of the Client under this Clause, it will effect such sale, without notice or liability to the Client, on behalf of the Client and apply the proceeds of sale in or towards discharge of any of the Client's obligations to Omega4x or to Omega4x's associates.
19.8 Without prejudice to Omega4x's other rights under this Agreement or under prevailing law, Omega4x may, at any time and without notice, combine or consolidate any of the accounts maintained by the Client with Omega4x or any of its associates and off-set any and all amounts owed to, or by, Omega4x or any of its associates in such manner as Omega4x at its reasonable discretion may determine.
Appears in 1 contract
Samples: Client Services Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 19.1 The provisions contained in this Clause supplement any other rights that Benor Capital Tickmill Ltd or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Tickmill Ltd has.
20.2 Benor Capital 19.2 Tickmill Ltd reserves the right to retain, or make deductions from, any amounts which Benor Capital Tickmill Ltd owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Tickmill Ltd or Benor Capital Tickmill Ltd’s associates.as
20.3 19.3 The Client authorises Benor Capital Tickmill Ltd, at Benor Capital Tickmill Ltd's discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Tickmill Ltd or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Tickmill Ltd or to Benor Capital Tickmill Ltd's associates.
20.4 19.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Tickmill Ltd (regardless of whether the Event of Default only relates to part of the business with Benor Capital Tickmill Ltd):
i. ): i if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Tickmill Ltd at its reasonable discretion;
ii. ; ii if the Client fails to remit funds necessary to enable Benor Capital Tickmill Ltd to take delivery under any Contract on the first due date;
iii. ; iii if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. ; iv if the Client dies or becomes of unsound mind;
v. ; v if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. ; vi if a petition is presented for the winding-up or administration of the Client;
vii. ; vii if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital Tickmill Ltd);
viii. ; viii if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. ; ix if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge chargee takes steps to enforce the security or charge;
x. ; x if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. ; xi if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. ; xii if any of the representations or warranties given by the Client are, or become, untrue;
xiii. ; xiii if Benor Capital Tickmill Ltd or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. or xiv if Benor Capital Tickmill Ltd reasonably considers it necessary for its own protection or the protection of its associates.
20.5 19.5 Upon the occurrence of an Event of Default, Benor Capital Tickmill Ltd shall at its discretion be entitled to:
i. : i sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Tickmill Ltd or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Tickmill Ltd in its reasonable discretion determines and at the price that Benor Capital Tickmill Ltd in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Tickmill Ltd shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. ii buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Tickmill Ltd likely to be, necessary in order for Benor Capital Tickmill Ltd to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Tickmill Ltd for the full amount of the purchase price plus any associated costs and expenses;; iii deliver any Security, investment or property to any third party, or otherwise take any action Tickmill Ltd considers to be desirable in order to close any Contract; iv require the Client immediately to close and settle a Contract in such manner as Tickmill Ltd may in its reasonable discretion request; v to enter into any foreign exchange transaction, at such market rates and times as Tickmill Ltd may determine, in order to meet obligations incurred under a Contract; vi reinvoice all or part of any assets standing to the debit or credit of any Account (including commuting Tickmill Ltd's or the Client's obligation to deliver an asset into an obligation to pay an amount equal to the market value of the asset (determined by Tickmill Ltd at its reasonable discretion) on the date reinvoicing takes place); and
Appears in 1 contract
Samples: Client Service Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 19.1 The provisions contained in this Clause supplement any other rights that Benor Capital Ltd or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Ltd has.
20.2 19.2 Benor Capital Ltd reserves the right to retain, or make deductions from, any amounts which Benor Capital Ltd owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Ltd or Benor Capital Ltd’s associates.
20.3 19.3 The Client authorises Benor Capital Ltd, at Benor Capital Ltd's discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Ltd or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Ltd or to Benor Capital Ltd's associates.
20.4 19.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Ltd (regardless of whether the Event of Default only relates to part of the business with Benor Capital Ltd):
i. ): i if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Ltd at its reasonable discretion;
ii. ; ii if the Client fails to remit funds necessary to enable Benor Capital Ltd to take delivery under any Contract on the first due date;
iii. ; iii if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. ; iv if the Client dies or becomes of unsound mind;
v. ; v if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. ; vi if a petition is presented for the winding-up or administration of the Client;
vii. ; vii if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital Ltd);
viii. ; viii if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. ; ix if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge chargee takes steps to enforce the security or charge;
x. ; x if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. ; xi if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. ; xii if any of the representations or warranties given by the Client are, or become, untrue;
xiii. ; xiii if Benor Capital Ltd or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. or xiv if Benor Capital Ltd reasonably considers it necessary for its own protection or the protection of its associates.
20.5 19.5 Upon the occurrence of an Event of Default, Benor Capital Ltd shall at its discretion be entitled to:
i. : i sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Ltd or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Ltd in its reasonable discretion determines and at the price that Benor Capital Ltd in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Ltd shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. ii buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Ltd likely to be, necessary in order for Benor Capital Ltd to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Ltd for the full amount of the purchase price plus any associated costs and expenses;; iii deliver any Security, investment or property to any third party, or otherwise take any action Benor Capital Ltd considers to be desirable in order to close any Contract; iv require the Client immediately to close and settle a Contract in such manner as Benor Capital Ltd may in its reasonable discretion request; v to enter into any foreign exchange transaction, at such market rates and times as Benor Capital Ltd may determine, in order to meet obligations incurred under a Contract; vi reinvoice all or part of any assets standing to the debit or credit of any Account (including commuting Benor Capital Ltd's or the Client's obligation to deliver an asset into an obligation to pay an amount equal to the market value of the asset (determined by Benor Capital Ltd at its reasonable discretion) on the date reinvoicing takes place); and vii close-out all Contracts and net all the Client's and Benor Capital Ltd’s obligations towards each other as of the date fixed by Benor Capital Ltd with effect to third parties.
19.6 The Client authorises Benor Capital Ltd to take any or all of the steps described in this Clause without notice to the Client and acknowledges that Benor Capital Ltd shall not be responsible for any consequences of it taking any such steps, unless Benor Capital Ltd has exercised gross negligence in connection herewith. The Client shall execute the documents and take the action as Benor Capital Ltd may request in order to protect the rights of Benor Capital Ltd and its associates under this Agreement or under any agreement the Client may have entered into with Benor Capital Ltd's associates.
19.7 If Benor Capital Ltd exercises its rights to sell any Security or property of the Client under this Clause, it will effect such sale, without notice or liability to the Client, on behalf of the Client and apply the proceeds of sale in or towards discharge of any of the Client's obligations to Benor Capital Ltd or to Benor Capital Ltd's associates.
Appears in 1 contract
Samples: Client Services Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 19.1 The provisions contained in this Clause supplement any other rights that Benor Capital Ltd ZAINFXM or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Ltd ZAINFXM has.
20.2 Benor Capital Ltd 19.2 ZAINFXM reserves the right to retain, or make deductions from, any amounts which Benor Capital Ltd ZAINFXM owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Ltd ZAINFXM or Benor Capital Ltd’s ZAINFXM associates.
20.3 19.3 The Client authorises Benor Capital Ltdauthorizes ZAINFXM, at Benor Capital Ltd's ZAINFXM discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Ltd ZAINFXM or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Ltd ZAINFXM or to Benor Capital Ltd's ZAINFXM associates.
20.4 19.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Ltd ZAINFXM (regardless of whether the Event of Default only relates to part of the business with Benor Capital Ltd):
i. ZAINFXM): i if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Ltd ZAINFXM at its reasonable discretion;
ii. ; ii if the Client fails to remit funds necessary to enable Benor Capital Ltd ZAINFXM to take delivery under any Contract on the first due date;
iii. ; iii if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. ; iv if the Client dies or becomes of unsound mind;
v. ; v if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. ; vi if a petition is presented for the winding-up or administration of the Client;
vii. ; vii if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital LtdZAINFXM);
viii. ; viii if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. ; ix if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge takes steps to enforce the security or charge;
x. ; x if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. ; xi if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. ; xii if any of the representations or warranties given by the Client are, or become, untrue;
xiii. ; xiii if Benor Capital Ltd ZAINFXM or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. or xiv if Benor Capital Ltd ZAINFXM reasonably considers it necessary for its own protection or the protection of its associates.
20.5 19.5 Upon the occurrence of an Event of Default, Benor Capital Ltd ZAINFXM shall at its discretion be entitled to:
i. : i sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Ltd ZAINFXM or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Ltd in its reasonable discretion determines and at the price that Benor Capital Ltd ZAINFXM in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Ltd ZAINFXM shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. ii buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Ltd ZAINFXM likely to be, necessary in order for Benor Capital Ltd ZAINFXM to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Ltd ZAINFXM for the full amount of the purchase price plus any associated costs and expenses;; iii deliver any Security, investment or property to any third party, or otherwise take any action ZAINFXM considers to be desirable in order to close any Contract. iv Require the Client immediately to close and settle a Contract in such manner as ZAINFXM may in its reasonable discretion request; v To enter into any foreign exchange transaction, at such market rates and times as ZAINFXM may determine in order to meet obligations incurred under a Contract; re- invoice all or part of any assets standing to the debit or credit of any Account (including commuting ZAINFXM or the Client’s obligation to deliver an asset into an obligation to pay an amount equal to the market value of the asset (determined by ZAINFXM at its reasonable discretion) on the date re-invoicing takes place); and close-out all Contracts and net all the Client’s and ZAINFXM obligation towards each other as of the date fixed by ZAINFXM with effect to third parties.
19.6 The Client authorizes ZAINFXM to take any or all of the steps described in this Clause without notice to the Client and acknowledges that ZAINFXM shall not be responsible for any consequences of it taking any such steps, unless ZAINFXM has exercised gross negligence in connection herewith. The Client shall execute the documents and take the action as ZAINFXM may request in order to protect the rights of ZAINFXM and its associated under this Agreement or under any agreement the /client may have entered into with ZAINFXM associates.
19.7 If ZAINFXM exercises its rights to sell any Security or property of the Client under this Clause, it will effect such sale, without notice or liability to the Client, on behalf of the /client and apply the proceeds of sale in or towards discharge of any of the Client’s obligations to ZAINFXM or to ZAINFXM associates.
Appears in 1 contract
Samples: Client Services Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 18.1 The provisions contained in this Clause supplement any other rights that Benor Capital Oneprime Ltd or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore furthermore, any other rights Benor Capital that Oneprime Ltd has.
20.2 Benor Capital 18.2 Oneprime Ltd reserves the right to retain, or make deductions from, any amounts which Benor Capital Oneprime Ltd owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Oneprime Ltd or Benor Capital Oneprime Ltd’s associates.
20.3 18.3 The Client authorises Benor Capital Oneprime Ltd, at Benor Capital Oneprime Ltd's discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Oneprime Ltd or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Oneprime Ltd or to Benor Capital Oneprime Ltd's associates.
20.4 18.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Oneprime Ltd (regardless of whether the Event of Default only relates to part of the business with Benor Capital Oneprime Ltd):
i. 18.4.1 if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Oneprime Ltd at its reasonable discretion;
ii. 18.4.2 if the Client fails to remit funds necessary to enable Benor Capital Oneprime Ltd to take delivery under any Contract on the first due date;
iii. 18.4.3 if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. 18.4.4 if the Client dies or becomes of unsound mind;
v. 18.4.5 if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. 18.4.6 if a petition is presented for the winding-up or administration of the Client;
vii. 18.4.7 if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital Oneprime Ltd);
viii. 18.4.8 if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. 18.4.9 if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge chargee takes steps to enforce the security or charge;
x. 18.4.10 if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. 18.4.11 if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. 18.4.12 if any of the representations or warranties given by the Client are, or become, untrue;
xiii. 18.4.13 if Benor Capital Oneprime Ltd or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. 18.4.14 if Benor Capital Oneprime Ltd reasonably considers it necessary for its own protection or the protection of its associates.
20.5 18.5 Upon the occurrence of an Event of Default, Benor Capital Oneprime Ltd shall at its discretion be entitled to:
i. 18.5.1 sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Oneprime Ltd or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Oneprime Ltd in its reasonable discretion determines and at the price that Benor Capital Oneprime Ltd in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Oneprime Ltd shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. ;
18.5.2 buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Oneprime Ltd likely to be, necessary in order for Benor Capital Oneprime Ltd to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Oneprime Ltd for the full amount of the purchase price plus any associated costs and expenses;
18.5.3 deliver any Security, investment or property to any third party, or otherwise take any action Oneprime Ltd considers to be desirable in order to close any Contract;
18.5.4 require the Client immediately to close and settle a Contract in such manner as Oneprime Ltd may in its reasonable discretion request;
18.5.5 to enter into any foreign exchange transaction, at such market rates and times as Oneprime Ltd may determine, in order to meet obligations incurred under a Contract;
18.5.6 reinvoice all or part of any assets standing to the debit or credit of any Account (including commuting Oneprime Ltd's or the Client's obligation to deliver an asset into an obligation to pay an amount equal to the market value of the asset (determined by Oneprime Ltd at its reasonable discretion) on the date reinvoicing takes place); and
18.5.7 close-out all Contracts and net all the Client's and Oneprime Ltd’s obligations towards each other as of the date fixed by Oneprime Ltd with effect to third parties.
18.6 The Client authorises Oneprime Ltd to take any or all of the steps described in this Clause without notice to the Client and acknowledges that Oneprime Ltd shall not be responsible for any consequences of it taking any such steps, unless Oneprime Ltd has exercised gross negligence in connection herewith. The Client shall execute the documents and take the action as Oneprime Ltd may request in order to protect the rights of Oneprime Ltd and its associates under this Agreement or under any agreement the Client may have entered into with Oneprime Ltd's associates.
18.7 If Oneprime Ltd exercises its rights to sell any Security or property of the Client under this Clause, it will effect such sale, without notice or liability to the Client, on behalf of the Client and apply the proceeds of sale in or towards discharge of any of the Client's obligations to Oneprime Ltd or to Oneprime Ltd's associates.
18.8 Without prejudice to Oneprime Ltd's other rights under this Agreement or under prevailing law, Oneprime Ltd may, at any time and without notice, combine or consolidate any of the accounts maintained by the Client with Oneprime Ltd or any of its associates and off-set any and all amounts owed to, or by, Oneprime Ltd or any of its associates in such manner as Oneprime Ltd at its reasonable discretion may determine.
Appears in 1 contract
Samples: Client Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 19.1 The provisions contained in this Clause supplement any other rights that Benor Capital Tickmill Ltd or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Tickmill Ltd has.
20.2 Benor Capital 19.2 Tickmill Ltd reserves the right to retain, or make deductions from, any amounts which Benor Capital Tickmill Ltd owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Tickmill Ltd or Benor Capital Tickmill Ltd’s associates.
20.3 19.3 The Client authorises Benor Capital Tickmill Ltd, at Benor Capital Tickmill Ltd's discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Tickmill Ltd or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Tickmill Ltd or to Benor Capital Tickmill Ltd's associates.
20.4 19.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Tickmill Ltd (regardless of whether the Event of Default only relates to part of the business with Benor Capital Tickmill Ltd):
i. ): i if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Tickmill Ltd at its reasonable discretion;
ii. ; ii if the Client fails to remit funds necessary to enable Benor Capital Tickmill Ltd to take delivery under any Contract on the first due date;
iii. ; iii if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. ; iv if the Client dies or becomes of unsound mind;
v. ; v if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. ; vi if a petition is presented for the winding-up or administration of the Client;
vii. ; vii if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital Tickmill Ltd);
viii. ; viii if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. ; ix if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge chargee takes steps to enforce the security or charge;
x. ; x if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. ; xi if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. ; xii if any of the representations or warranties given by the Client are, or become, untrue;
xiii. ; xiii if Benor Capital Tickmill Ltd or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. xiv if Benor Capital Tickmill Ltd reasonably considers it necessary for its own protection or the protection of its associates; xv The Company reasonably considers that the Client involves the Company in any type of fraud or illegality or breach of Applicable Regulations or the Company is placed at risk of being involved in any type of fraud or illegality or breach of Applicable Regulations if it continues offering Services to the Client, even when this is not due to the Client’s wrongdoing; xvi Tickmill Ltd reasonably considers that there is a material violation by the Client of the requirements established by legislation of the Republic of Seychelles or other countries having jurisdiction over the Client and/or or his/her trading activities, such being materiality determined in good faith by Tickmill Ltd; xvii If Tickmill Ltd suspects that the Client is engaged into money laundering activities or terrorist financing or card fraud and/or other criminal activities.
20.5 19.5 Upon the occurrence of an Event of Default, Benor Capital Tickmill Ltd shall at its discretion be entitled to:
i. : i sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Tickmill Ltd or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Tickmill Ltd in its reasonable discretion determines and at the price that Benor Capital Tickmill Ltd in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Tickmill Ltd shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. ii buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Tickmill Ltd likely to be, necessary in order for Benor Capital Tickmill Ltd to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Tickmill Ltd for the full amount of the purchase price plus any associated costs and expenses;; iii deliver any Security, investment or property to any third party, or otherwise take any action Tickmill Ltd considers to be desirable in order to close any Contract; iv require the Client immediately to close and settle a Contract in such manner as Tickmill Ltd may in its reasonable discretion request; v to enter into any foreign exchange transaction, at such market rates and times as Tickmill Ltd may determine, in order to meet obligations incurred under a Contract; vi reinvoice all or part of any assets standing to the debit or credit of any Account (including commuting Tickmill Ltd's or the Client's obligation to deliver an asset into an obligation to pay an amount equal to the market value of the asset (determined by Tickmill Ltd at its reasonable discretion) on the date reinvoicing takes place); and vii close-out all Contracts and net all the Client's and Tickmill Ltd’s obligations towards each other as of the date fixed by Tickmill Ltd with effect to third parties.
19.6 The Client authorises Tickmill Ltd to take any or all of the steps described in this Clause without notice to the Client and acknowledges that Tickmill Ltd shall not be responsible for any consequences of it taking any such steps, unless Tickmill Ltd has exercised gross negligence in connection herewith. The Client shall execute the documents and take the action as Tickmill Ltd may request in order to protect the rights of Tickmill Ltd and its associates under this Agreement or under any agreement the Client may have entered into with Tickmill Ltd's associates.
19.7 If Tickmill Ltd exercises its rights to sell any Security or property of the Client under this Clause, it will effect such sale, without notice or liability to the Client, on behalf of the Client and apply the proceeds of sale in or towards discharge of any of the Client's obligations to Tickmill Ltd or to Tickmill Ltd's associates.
19.8 Without prejudice to Tickmill Ltd's other rights under this Agreement or under prevailing law, Tickmill Ltd may, at any time and without notice, combine or consolidate any of the accounts maintained by the Client with Tickmill Ltd or any of its associates and off-set any and all amounts owed to, or by, Tickmill Ltd or any of its associates in such manner as Tickmill Ltd at its reasonable discretion may determine.
Appears in 1 contract
Samples: Client Service Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 19.1 The provisions contained in this Clause supplement any other rights that Benor Capital Ltd ZAINFX FINCROP LTD or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Ltd ZAINFX FINCROP LTD has.
20.2 Benor Capital Ltd 19.2 ZAINFX FINCROP LTD reserves the right to retain, or make deductions from, any amounts which Benor Capital Ltd ZAINFX FINCROP LTD owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Ltd ZAINFX FINCROP LTD or Benor Capital Ltd’s ZAINFX FINCROP LTD associates.
20.3 19.3 The Client authorises Benor Capital Ltdauthorizes ZAINFX FINCROP LTD, at Benor Capital Ltd's ZAINFX FINCROP LTD discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Ltd ZAINFX FINCROP LTD or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Ltd ZAINFX FINCROP LTD or to Benor Capital Ltd's ZAINFX FINCROP LTD associates.
20.4 19.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Ltd ZAINFX FINCROP LTD (regardless of whether the Event of Default only relates to part of the business with Benor Capital Ltd):
i. ZAINFX FINCROP LTD): i if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Ltd ZAINFX FINCROP LTD at its reasonable discretion;
ii. ; ii if the Client fails to remit funds necessary to enable Benor Capital Ltd ZAINFX FINCROP LTD to take delivery under any Contract on the first due date;
iii. ; iii if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. ; iv if the Client dies or becomes of unsound mind;
v. ; v if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. ; vi if a petition is presented for the winding-up or administration of the Client;
vii. ; vii if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital LtdZAINFX FINCROP LTD);
viii. ; viii if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. ; ix if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge takes steps to enforce the security or charge;
x. ; x if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. ; xi if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. ; xii if any of the representations or warranties given by the Client are, or become, untrue;
xiii. ; xiii if Benor Capital Ltd ZAINFX FINCROP LTD or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. or xiv if Benor Capital Ltd ZAINFX FINCROP LTD reasonably considers it necessary for its own protection or the protection of its associates.
20.5 19.5 Upon the occurrence of an Event of Default, Benor Capital Ltd ZAINFX FINCROP LTD shall at its discretion be entitled to:
i. : i sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Ltd ZAINFX FINCROP LTD or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Ltd in its reasonable discretion determines and at the price that Benor Capital Ltd ZAINFX FINCROP LTD in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Ltd ZAINFX FINCROP LTD shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. ii buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Ltd ZAINFX FINCROP LTD likely to be, necessary in order for Benor Capital Ltd ZAINFX FINCROP LTD to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Ltd ZAINFX FINCROP LTD for the full amount of the purchase price plus any associated costs and expenses;; iii deliver any Security, investment or property to any third party, or otherwise take any action ZAINFX FINCROP LTD considers to be desirable in order to close any Contract. iv Require the Client immediately to close and settle a Contract in such manner as ZAINFX FINCROP LTD may in its reasonable discretion request; v To enter into any foreign exchange transaction, at such market rates and times as ZAINFX FINCROP LTD may determine in order to meet obligations incurred under a Contract; re-invoice all or part of any assets standing to the debit or credit of any Account (including commuting ZAINFX FINCROP LTD or the Client’s obligation to deliver an asset into an obligation to pay an amount equal to the market value of the asset (determined by ZAINFX FINCROP LTD at its reasonable discretion) on the date re-invoicing takes place); and close-out all Contracts and net all the Client’s and ZAINFX FINCROP LTD obligation towards each other as of the date fixed by ZAINFX FINCROP LTD with effect to third parties.
19.6 T he Client authorizes ZAINFX FINCROP LTD to take any or all of the steps described in this Clause without notice to the Client and acknowledges that ZAINFX FINCROP LTD shall not be responsible for any consequences of it taking any such steps, unless ZAINFX FINCROP LTD has exercised gross negligence in connection herewith. The Client shall execute the documents and take the action as ZAINFX FINCROP LTD may request in order to protect the rights of ZAINFX FINCROP LTD and its associated under this Agreement or under any agreement the /client may have entered into with ZAINFX FINCROP LTD associates.
19.7 If ZAINFX FINCROP LTD exercises its rights to sell any Security or property of the Client under this Clause, it will effect such sale, without notice or liability to the Client, on behalf of the /client and apply the proceeds of sale in or towards discharge of any of the Client’s obligations to ZAINFX FINCROP LTD or to ZAINFX FINCROP LTD associates.
19.8 Without prejudice to ZAINFX FINCROP LTD other rights under this Agreement or under prevailing law. ZAINFX FINCROP LTD may, at any time and without notice, combine or consolidate any of the accounts maintained by the Client with ZAINFX FINCROP LTD or any of its associates and off-set any and all or any of its associates in such manner as ZAINFX FINCROP LTD at its reasonable discretion may determine.
Appears in 1 contract
Samples: Client Services Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 19.1 The provisions contained in this Clause supplement any other rights that Benor Capital Ltd Bofinassets or any of its associates have according to this Agreement, ,including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Ltd Xxxxxxxxxxx has.
20.2 Benor Capital Ltd 19.2 Bofinassets reserves the right to retain, or make deductions from, any amounts which Benor Capital Ltd Bofinassets owes to or is holding for the Client if any amounts are amountsare due from the Client to Benor Capital Ltd Bofinassets or Benor Capital LtdBofinassets’s associates.
20.3 19.3 The Client authorises Benor Capital LtdXxxxxxxxxxx, at Benor Capital LtdBofinassets's discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or anyor all of the Client's property and/or the proceeds of any of the same of which Benor Capital Ltd Xxxxxxxxxxx or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Ltd Bofinassets or to Benor Capital LtdBofinassets's associates.
20.4 19.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Ltd Xxxxxxxxxxx (regardless of whether the Event of Default only relates to part of the business with Benor Capital Ltd):
i. Xxxxxxxxxxx): i if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Ltd Bofinassets at its reasonable discretion;
ii. reasonablediscretion; ii if the Client fails to remit funds necessary to enable Benor Capital Ltd Xxxxxxxxxxx to take delivery under any Contract on the first due date;
iii. date;iii if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. ; iv if the Client dies or becomes of unsound mind;
v. ; v if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. ; vi if a petition is presented for the winding-up or administration of the Client;
vii. ; vii if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital LtdBofinassets);
viii. ; viii if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. ; ix if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge chargee takes steps to enforce the security or charge;
x. ; x if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. ; xi if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. ; xii if any of the representations or warranties given by the Client are, or become, untrue;
xiii. ; xiii if Benor Capital Ltd Bofinassets or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. or xiv if Benor Capital Ltd Bofinassets reasonably considers it necessary for its own protection or the protection of its associates.
20.5 19.5 Upon the occurrence of an Event of Default, Benor Capital Ltd Bofinassets shall at its discretion be entitled to:
i. : i sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Ltd Bofinassets or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Ltd Bofinassets in its reasonable discretion determines and at the price that Benor Capital Ltd Bofinassets in its reasonable discretion reasonablediscretion determines to be the best obtainable, provided that Benor Capital Ltd Bofinassets shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. ii buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Ltd Xxxxxxxxxxx likely to be, necessary in order for Benor Capital Ltd Bofinassets to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Ltd Bofinassets for the full amount of the purchase price purchaseprice plus any associated costs and expenses;; iii deliver any Security, investment or property to any third party, or otherwise take any action Xxxxxxxxxxx considers to be desirable in order toclose any Contract; obligationsincurred under a Contract; vi reinvoice all or part of any assets standing to the debit or credit of any Account (including commuting Bofinassets's or the Client's obligationto deliver an asset into an obligation to pay an amount equal to the market value of the asset (determined by Xxxxxxxxxxx at its reasonable discretion) on the date reinvoicing takes place); and vii close-out all Contracts and net all the Client's and Bofinassets’s obligations towards each other as of the date fixed by Xxxxxxxxxxx with effect tothird parties.
19.6 The Client authorises Xxxxxxxxxxx to take any or all of the steps described in this Clause without notice to the Client and acknowledges that Bofinassets shall not be responsible for any consequences of it taking any such steps, unless Xxxxxxxxxxx has exercised gross negligence in connectionherewith. The Client shall execute the documents and take the action as Xxxxxxxxxxx may request in order to protect the rights of Xxxxxxxxxxx and its associates under this Agreement or under any agreement the Client may have entered into with Bofinassets's associates.
19.7 If Bofinassets exercises its rights to sell any Security or property of the Client under this Clause, it will effect such sale, without notice or liability tothe Client, on behalf of the Client and apply the proceeds of sale in or towards discharge of any of the Client's obligations to Bofinassets or to Bofinassets's associates.
Appears in 1 contract
Samples: Client Services Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 The provisions contained in this Clause supplement any other rights that Benor Capital Ltd or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Ltd has.
20.2 Benor Capital Ltd reserves the right to retain, or make deductions from, any amounts which Benor Capital Ltd owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Ltd or Benor Capital Ltd’s associates.
20.3 The Client authorises Benor Capital Ltd, at Benor Capital Ltd's discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Ltd or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Ltd or to Benor Capital Ltd's associates.
20.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Ltd (regardless of whether the Event of Default only relates to part of the business with Benor Capital Ltd):
i. if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Ltd at its reasonable discretion;
ii. if the Client fails to remit funds necessary to enable Benor Capital Ltd to take delivery under any Contract on the first due date;
iii. if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. if the Client dies or becomes of unsound mind;
v. if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a Page 37 of 54 partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. if a petition is presented for the winding-up or administration of the Client;
vii. if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital Ltd);
viii. if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge takes steps to enforce the security or charge;
x. if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. if any of the representations or warranties given by the Client are, or become, untrue;
xiii. if Benor Capital Ltd or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. if Benor Capital Ltd reasonably considers it necessary for its own protection or the protection of its associates.
20.5 Upon the occurrence of an Event of Default, Benor Capital Ltd shall at its discretion be entitled to:
i. sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Ltd or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Ltd in its reasonable discretion determines and at the price that Benor Capital Ltd in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Ltd shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Ltd likely to be, necessary in order for Benor Capital Ltd to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Ltd for the full amount of the purchase price plus any associated costs and expenses;
Appears in 1 contract
Samples: Client Services Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 18.1. The provisions contained in this Clause supplement any other rights that Benor Capital Ltd PALMA STREET or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Ltd PALMA STREET has.
20.2 Benor Capital Ltd 18.2. PALMA STREET reserves the right to retain, or make deductions from, any amounts which Benor Capital Ltd PALMA STREET owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Ltd PALMA STREET or Benor Capital LtdPALMA STREET’s associates.
20.3 18.3. The Client authorises Benor Capital LtdPALMA STREET, at Benor Capital LtdPALMA STREET's discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Ltd PALMA STREET or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Ltd PALMA STREET or to Benor Capital Ltd's associates.
20.4 PALMA STREET'sassociates. 18.4. Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Ltd PALMA STREET (regardless of whether the Event of Default only relates to part of the business with Benor Capital Ltd):
i. PALMA STREET): i if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Ltd PALMA STREET at its reasonable discretion;
ii. ; ii if the Client fails to remit funds necessary to enable Benor Capital Ltd PALMA STREET to take delivery under any Contract on the first due date;
iii. ; iii if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. ; iv if the Client dies or becomes of unsound mind;
v. ; v if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. ; vi if a petition is presented for the winding-up or administration of the Client;
vii. ; vii if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital LtdPALMA STREET);
viii. ; viii if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. ; ix if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge chargee takes steps to enforce the security or charge;
x. ; x if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. ; xi if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. Marginrequirements; xii if any of the representations or warranties given by the Client are, or become, untrue;
xiii. ; xiii if Benor Capital Ltd PALMA STREET or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. or xiv if Benor Capital Ltd PALMA STREET reasonably considers it necessary for its own protection or the protection of its associates.
20.5 Upon the occurrence of an Event of Default, Benor Capital Ltd shall at its discretion be entitled to:
i. sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Ltd or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Ltd in its reasonable discretion determines and at the price that Benor Capital Ltd in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Ltd shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Ltd likely to be, necessary in order for Benor Capital Ltd to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Ltd for the full amount of the purchase price plus any associated costs and expenses;
Appears in 1 contract
Samples: Account Opening Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 19.1 The provisions contained in this Clause supplement any other rights that Benor Capital Tickmill Ltd or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Tickmill Ltd has.
20.2 Benor Capital 19.2 Tickmill Ltd reserves the right to retain, or make deductions from, any amounts which Benor Capital Tickmill Ltd owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Tickmill Ltd or Benor Capital Tickmill Ltd’s associates.
20.3 19.3 The Client authorises Benor Capital Tickmill Ltd, at Benor Capital Tickmill Ltd's discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Tickmill Ltd or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Tickmill Ltd or to Benor Capital Tickmill Ltd's associates.
20.4 19.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Tickmill Ltd (regardless of whether the Event of Default only relates to part of the business with Benor Capital Tickmill Ltd):
i. ): i if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Tickmill Ltd at its reasonable discretion;
ii. ; ii if the Client fails to remit funds necessary to enable Benor Capital Tickmill Ltd to take delivery under any Contract on the first due date;
iii. ; iii if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. ; iv if the Client dies or becomes of unsound mind;
v. ; v if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. ; vi if a petition is presented for the winding-up or administration of the Client;
vii. ; vii if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital Tickmill Ltd);
viii. ; viii if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. ; ix if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge chargee takes steps to enforce the security or charge;
x. ; x if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. ; xi if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. ; xii xii if any of the representations or warranties given by the Client are, or become, untrue;
xiii. ; xiii if Benor Capital Tickmill Ltd or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. or xiv if Benor Capital Tickmill Ltd reasonably considers it necessary for its own protection or the protection of its associates.
20.5 19.5 Upon the occurrence of an Event of Default, Benor Capital Tickmill Ltd shall at its discretion be entitled to:
i. : i sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Tickmill Ltd or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Tickmill Ltd in its reasonable discretion determines and at the price that Benor Capital Tickmill Ltd in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Tickmill Ltd shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. ii buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Tickmill Ltd likely to be, necessary in order for Benor Capital Tickmill Ltd to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Tickmill Ltd for the full amount of the purchase price plus any associated costs and expenses;; iii deliver any Security, investment or property to any third party, or otherwise take any action Tickmill Ltd considers to be desirable in order to close any Contract; iv require the Client immediately to close and settle a Contract in such manner as Tickmill Ltd may in its reasonable discretion request; v to enter into any foreign exchange transaction, at such market rates and times as Tickmill Ltd may determine, in order to meet obligations incurred under a Contract; vi reinvoice all or part of any assets standing to the debit or credit of any Account (including commuting Tickmill Ltd's or the Client's obligation to deliver an asset into an obligation to pay an amount equal to the market value of the asset (determined by Tickmill Ltd at its reasonable discretion) on the date reinvoicing takes place); and vii close-out all Contracts and net all the Client's and Tickmill Ltd’s obligations towards each other as of the date fixed by Tickmill Ltd with effect to third parties.
19.6 The Client authorises Tickmill Ltd to take any or all of the steps described in this Clause without notice to the Client and acknowledges that Tickmill Ltd shall not be responsible for any consequences of it taking any such steps, unless Tickmill Ltd has exercised gross negligence in connection herewith. The Client shall execute the documents and take the action as Tickmill Ltd may request in order to protect the rights of Tickmill Ltd and its associates under this Agreement or under any agreement the Client may have entered into with Tickmill Ltd's associates.
19.7 If Tickmill Ltd exercises its rights to sell any Security or property of the Client under this Clause, it will effect such sale, without notice or liability to the Client, on behalf of the Client and apply the proceeds of sale in or towards discharge of any of the Client's obligations to Tickmill Ltd or to Tickmill Ltd's associates.
19.8 Without prejudice to Tickmill Ltd's other rights under this Agreement or under prevailing law, Tickmill Ltd may, at any time and without notice, combine or consolidate any of the accounts maintained by the Client with Tickmill Ltd or any of its associates and off-set any and all amounts owed to, or by, Tickmill Ltd or any of its associates in such manner as Tickmill Ltd at its reasonable discretion may determine.
Appears in 1 contract
Samples: Client Service Agreement
DEFAULT AND DEFAULT REMEDIES. 20.1 19.1 The provisions contained in this Clause supplement any other rights that Benor Capital Ltd GRAND CAYMAN CAPITAL LTD or any of its associates have according to this Agreement, including but not limited to the Pledge Agreement referred to in Clause 12, and furthermore any other rights Benor Capital Ltd GRAND CAYMAN CAPITAL LTD has.
20.2 Benor Capital Ltd 19.2 GRAND CAYMAN CAPITAL LTD reserves the right to retain, or make deductions from, any amounts which Benor Capital Ltd GRAND CAYMAN CAPITAL LTD owes to or is holding for the Client if any amounts are due from the Client to Benor Capital Ltd GRAND CAYMAN CAPITAL LTD or Benor Capital LtdGRAND CAYMAN CAPITAL LTD’s associates.
20.3 19.3 The Client authorises Benor Capital LtdGRAND CAYMAN CAPITAL LTD, at Benor Capital LtdGRAND CAYMAN CAPITAL LTD's discretion, at any time and without notice, to sell, apply, set-off and/or charge in any manner any or all of the Client's property and/or the proceeds of any of the same of which Benor Capital Ltd GRAND CAYMAN CAPITAL LTD or any of its associates or Agents has custody or control, in order to discharge any or all of the Client's obligations to Benor Capital Ltd GRAND CAYMAN CAPITAL LTD or to Benor Capital LtdGRAND CAYMAN CAPITAL LTD's associates.
20.4 19.4 Each and any of the following events shall constitute an Event of Default in relation to all of a Client's Contracts, Margin Trades, securities and other business with Benor Capital Ltd GRAND CAYMAN CAPITAL LTD (regardless of whether the Event of Default only relates to part of the business with Benor Capital Ltd):
i. GRAND CAYMAN CAPITAL LTD): i if the Client fails to make any payment or fails to do any other act required under this Agreement or by Benor Capital Ltd GRAND CAYMAN CAPITAL LTD at its reasonable discretion;
ii. ; ii if the Client fails to remit funds necessary to enable Benor Capital Ltd GRAND CAYMAN CAPITAL LTD to take delivery under any Contract on the first due date;
iii. ; iii if the Client fails to provide assets for delivery, or take delivery of assets, under any Contract on the first due date;
iv. ; iv if the Client dies or becomes of unsound mind;
v. ; v if an application is made in respect of the Client for any action pursuant to Bankruptcy Act or any equivalent act applicable to the Client or, if a partnership, in respect of one or more of the partners, or if a company, that a receiver, trustee, administrative receiver or similar officer is appointed;
vi. ; vi if a petition is presented for the winding-up or administration of the Client;
vii. ; vii if an order is made or a resolution is passed for the winding-up or administration of the Client (other than for the purposes of amalgamation or reconstruction with the prior written approval of Benor Capital LtdGRAND CAYMAN CAPITAL LTD);
viii. ; viii if any distress, execution or other process is levied against any property of the Client and is not removed, discharged or paid within seven days;
ix. ; ix if any security created by any mortgage or charge becomes enforceable against the Client and the mortgagee or charge chargee takes steps to enforce the security or charge;
x. ; x if any indebtedness of the Client or any of its subsidiaries becomes immediately due and payable, or capable of being declared so due and payable, prior to its stated maturity by reason of default of the Client (or any of its subsidiaries) or the Client (or any of its subsidiaries) fails to discharge any indebtedness on its due date;
xi. ; xi if the Client fails to fully comply with obligations under this Agreement or any Contract, including refrains from complying with Margin requirements;
xii. ; xii if any of the representations or warranties given by the Client are, or become, untrue;
xiii. ; xiii if Benor Capital Ltd GRAND CAYMAN CAPITAL LTD or the Client is requested to close a Contract (or any part of a Contract) by any regulatory agency or authority; or
xiv. or xiv if Benor Capital Ltd GRAND CAYMAN CAPITAL LTD reasonably considers it necessary for its own protection or the protection of its associates.
20.5 19.5 Upon the occurrence of an Event of Default, Benor Capital Ltd GRAND CAYMAN CAPITAL LTD shall at its discretion be entitled to:
i. : i sell or charge in any way any or all of the Client's collateral, assets and property which may from time to time be in the possession or control of Benor Capital Ltd GRAND CAYMAN CAPITAL LTD or any of its associates or Agents or call on any guarantee, without any notice or court order. Sale of Security, assets and property shall take place by means that Benor Capital Ltd GRAND CAYMAN CAPITAL LTD in its reasonable discretion determines and at the price that Benor Capital Ltd GRAND CAYMAN CAPITAL LTD in its reasonable discretion determines to be the best obtainable, provided that Benor Capital Ltd GRAND CAYMAN CAPITAL LTD shall provide a 7-day notice period before realizing Security of any Client, unless immediate sale is necessary to avoid or limit a loss; ii. ii buy or sell any Security, investment or other property where this is, or is in the reasonable opinion of Benor Capital Ltd GRAND CAYMAN CAPITAL LTD likely to be, necessary in order for Benor Capital Ltd GRAND CAYMAN CAPITAL LTD to fulfill its obligations under any Contract and the Client shall reimburse Benor Capital Ltd GRAND CAYMAN CAPITAL LTD for the full amount of the purchase price plus any associated costs and expenses;; iii deliver any Security, investment or property to any third party, or otherwise take any action GRAND CAYMAN CAPITAL LTD considers to be desirable in order to close any Contract; iv require the Client immediately to close and settle a Contract in such manner as GRAND CAYMAN CAPITAL LTD may in its reasonable discretion request; v to enter into any foreign exchange transaction, at such market rates and times as GRAND CAYMAN CAPITAL LTD may determine, in order to meet obligations incurred under a Contract; vi reinvoice all or part of any assets standing to the debit or credit of any Account (including commuting GRAND CAYMAN CAPITAL LTD's or the Client's obligation to deliver an asset into an obligation to pay an amount equal to the market value of the asset (determined by GRAND CAYMAN CAPITAL LTD at its reasonable discretion) on the date reinvoicing takes place); and vii close-out all Contracts and net all the Client's and GRAND CAYMAN CAPITAL LTD’s obligations towards each other as of the date fixed by GRAND CAYMAN CAPITAL LTD with effect to third parties.
19.6 The Client authorises GRAND CAYMAN CAPITAL LTD to take any or all of the steps described in this Clause without notice to the Client and acknowledges that GRAND CAYMAN CAPITAL LTD shall not be responsible for any consequences of it taking any such steps, unless GRAND CAYMAN CAPITAL LTD has exercised gross negligence in connection herewith. The Client shall execute the documents and take the action as GRAND CAYMAN CAPITAL LTD may request in order to protect the rights of GRAND CAYMAN CAPITAL LTD and its associates under this Agreement or under any agreement the Client may have entered into with GRAND CAYMAN CAPITAL LTD's associates.
19.7 If GRAND CAYMAN CAPITAL LTD exercises its rights to sell any Security or property of the Client under this Clause, it will effect such sale, without notice or liability to the Client, on behalf of the Client and apply the proceeds of sale in or towards discharge of any of the Client's obligations to GRAND CAYMAN CAPITAL LTD or to GRAND CAYMAN CAPITAL LTD's associates.
19.8 Without prejudice to GRAND CAYMAN CAPITAL LTD's other rights under this Agreement or under prevailing law, GRAND CAYMAN CAPITAL LTD may, at any time and without notice, combine or consolidate any of the accounts maintained by the Client with GRAND CAYMAN CAPITAL LTD or any of its associates and off-set any and all amounts owed to, or by, GRAND CAYMAN CAPITAL LTD or any of its associates in such manner as GRAND CAYMAN CAPITAL LTD at its reasonable discretion may determine.
20.1 The Client warrants and represents that: i it is not under any legal disability with respect to, and is not subject to any law or regulation which prevents its performance according to this Agreement or any Contract or transaction contemplated by this Agreement; ii it has obtained all necessary consents and has the authority to operate according to this Agreement (and if the Client is not an individual person, that it is properly empowered and has obtained necessary corporate or other authority pursuant to its constitutional and organisational documents); iii investments or other assets supplied by the Client for any purpose shall, subject to this Agreement, at all times be free from any charge, lien, pledge or encumbrance and shall be beneficially owned by the Client; iv it is in compliance with all laws to which it is subject including, without limitation, all tax laws and regulations, exchange control requirements and registration requirements; and v the information provided by the Client to GRAND CAYMAN CAPITAL LTD is complete, accurate andnot misleading in any material respect.
20.2 The above warranties and representations shall be deemed to be repeated each time the Client in the future for the duration of the client relationship provides instructions to GRAND CAYMAN CAPITAL LTD.
Appears in 1 contract
Samples: Client Service Agreement
