Deficit. It is the responsibility of Finst to always make sure that the value of all positions in Digital Assets, which SPV holds for the account and risk of the clients of Finst, corresponds with the value of all rights in Digital Assets of all clients together towards SPV. It nonetheless may occur that there is a deficit at a given moment in certain Digital Assets, which SPV holds for the clients of Finst. This could for instance be caused by an error of Finst or of a third party used by Xxxxx. It goes without saying that Xxxxx will attempt to find out at such time how the deficit was caused and will make an effort to undo the deficit as soon as possible. As long as there is a deficit which has not been allocated to one or more clients, the following applies in order to protect the clients of Finst: if there is a deficit in a certain Digital Asset, which SPV holds for the account and risk of the clients of Finst, then Finst will be entitled to divide this deficit over all clients of Finst for whose account such type of Digital Asset is or should be held, pro rata to the total position of such Digital Asset that should be held for each of them. In case of a deficit, Xxxxx is entitled to suspend the execution of relevant Instructions until there is sufficient clarity with respect to the deficit and the distribution or undoing thereof.
Appears in 5 contracts
Samples: Crypto Services Agreement, Crypto Services Agreement, Crypto Services Agreement
