Forward Contracts. 6.1. If you wish to enter a Forward Contract, you must also give us an Instruction to make a payment on or before the Value Date of the Forward Contract. If you fail to do so, we reserve the right to Close Out or reverse the currency conversion and return the funds to the bank or other account from which relevant currency was received. You will be liable for any loss and costs incurred by us in connection with this, and in addition we reserve the right to charge you a fee to cover our reasonable costs.
6.2. Where you give us an Instruction for a Forward Contact we may, at our sole discretion, require an Initial Margin of between 3% and 10% of the Sale Currency (or such other amounts as we may determine). The value of the Initial Margin will form part of the Forward Contact and will be disclosed to you prior to concluding a Forward Contact. Payment of the Initial Margin must be made to a bank account nominated by us. For larger or higher-risk transactions, we may insist on the Initial Margin being paid on or in advance of the deal date by CHAPS or same-day SWIFT payment. For the avoidance of doubt an Initial Margin is treated as a part payment of your Forward Contract and, unless agreed otherwise, will not be returned to you until settlement of the Forward Contract. FX transactions carry market risk and market movements could result in your Forward Contract(s) moving out of the money.
6.3. We may, at any time up to the Settlement Date, notify you that we require further funds to be delivered to and maintained on your behalf (a “Margin Call”). Reasons for requiring you to settle a Margin Call include, for example, to re-establish the Initial Margin percentage level; to put in place Margin where there has been no Initial Margin; or to increase the margin level where we determine this is required to cover any risks under a Forward Contract. Following receipt of notification to make a Margin Call, you agree to settle such Xxxxxx Call immediately.
6.4. We shall have the right, at our sole discretion, to determine the mark-to-market value of a Forward Contract at any time.
Forward Contracts. Forward contracts are foreign currency exchange contracts. They are used to buy or sell foreign currency for future delivery at a fixed price. The Fund uses them to "lock in" the U.S. dollar price of a security denominated in a foreign currency that the Fund has bought or sold, or to protect against possible losses from changes in the relative values of the U.S. dollar and a foreign currency. The Fund limits its exposure in foreign currency exchange contracts in a particular foreign currency to the amount of its assets denominated in that currency or a closely-correlated currency. The Fund may also use "cross-hedging" where the Fund xxxxxx against changes in currencies other than the currency in which a security it holds is denominated. Under a forward contract, one party agrees to purchase, and another party agrees to sell, a specific currency at a future date. That date may be any fixed number of days from the date of the contract agreed upon by the parties. The transaction price is set at the time the contract is entered into. These contracts are traded in the inter-bank market conducted directly among currency traders (usually large commercial banks) and their customers. The Fund may use forward contracts to protect against uncertainty in the level of future exchange rates. The use of forward contracts does not eliminate the risk of fluctuations in the prices of the underlying securities the Fund owns or intends to acquire, but it does fix a rate of exchange in advance. Although forward contracts may reduce the risk of loss from a decline in the value of the hedged currency, at the same time they limit any potential gain if the value of the hedged currency increases. When the Fund enters into a contract for the purchase or sale of a security denominated in a foreign currency, or when it anticipates receiving dividend payments in a foreign currency, the Fund might desire to "lock-in" the U.S. dollar price of the security or the U.S. dollar equivalent of the dividend payments. To do so, the Fund could enter into a forward contract for the purchase or sale of the amount of foreign currency involved in the underlying transaction, in a fixed amount of U.S. dollars per unit of the foreign currency. This is called a "transaction hedge." The transaction hedge will protect the Fund against a loss from an adverse change in the currency exchange rates during the period between the date on which the security is purchased or sold or on which the payment is declared...
Forward Contracts. 22.1 From time to time we may agree to enter into a Forward Contract with you. You understand and agree that:
(a) we buy and sell currency for non-speculative purposes only and will not trade with you if you are seeking to enter into Forward Contract(s) as an investment or to profit by pure speculation on foreign exchange rate movements;
(b) we will only enter a Forward Contract with you if we are satisfied that you are entering such Trade (i) for non- speculative reasons and (ii) to facilitate the payment by you of goods, services and/or direct investments; and
(c) you will immediately notify us if the purpose of your Forward Contract (i) has ceased to become one to facilitate payment of identifiable goods, services and/or direct investment or (ii) could be considered as being for speculative reasons.
22.2 At any time and from time to time, we may, in our sole discretion, notify you of a Margin Call. You understand and agree that in the event we consider (in our sole discretion) from time to time, that the amount of Margin you have transferred to us hereunder is insufficient to secure or otherwise collateralise your obligations and liabilities to us, we may make additional Margin Calls to you.
22.3 In the event of a Margin Call, you must transfer the relevant Margin amount (or additional Margin amount, as the case may be) to our Nominated Account by the later of (i) twenty-four (24) hours of us notifying you of a Margin Call or (ii) the due date stipulated in the Margin Call Receipt (if applicable).
22.4 In providing us with Margin, you agree that such monies (i) will become the absolute property of ours, free from any equity, right, title or interest of yours; (ii) may be used by us in the ordinary course of our business, including without limitation to cover any exposure we may have to a third party liquidity provider with whom we have entered into transactions to hedge our exposure; (iii) will not be maintained by us in a segregated account; (iv) shall not be subject to a trust, deemed or otherwise, in your favour and (v) represents an unsecured claim against us for an amount equal to such amount and does not represent a claim, by way of trust or otherwise to the Margin or any assets of or under the control of Ebury.
22.5 If at any time and from time to time we determine that the Margin you have transferred to us is in excess of the amount we require for the purposes of securing or otherwise collateralising your obligations and liabilities to us hereun...
Forward Contracts. If you are approved to enter into Forward Contracts, you may request to enter into a Forward Contract by providing instructions to us through the Airwallex Platform. If we agree to your request we will provide you with a Confirmation setting out the details of the Forward Contract. You agree that it is your responsibility to check the Confirmation to ensure that it corresponds with your instructions. You agree to enter into Forward Contracts only for the purpose of facilitating payment for identifiable goods or services. If we reasonably believe that you intend to enter into the Forward Contract for other purposes, we:
(a) may decline to accept your instruction in respect of a Forward Contract; or
(b) if we have already accepted your instruction, we may cancel the Forward Contract.
Forward Contracts. A forward contract locks-in the price at which an index or asset may be purchased or sold on a future date. In currency forward contracts, the contract holders are obligated to buy or sell the currency at a specified price, at a specified quantity and on a specified future date, whereas an interest rate forward determines an interest rate to be paid or received on an obligation beginning at a start date sometime in the future. Forward contracts may be cash settled between the parties. These contracts cannot be transferred. The Sub- Funds' use of forward foreign exchange contracts may include, but is not be limited to, altering the currency exposure of securities held, hedging against exchange risks, increasing exposure to a currency, shifting exposure to currency fluctuations from one currency to another and hedging Classes denominated in a currency (other than the base currency of the relevant Sub-Fund) to the base currency of the relevant Sub- Fund (as set out in Annex A). The Management Company may on behalf of the relevant Sub-Fund enter into swaps for the account of the relevant Sub-Fund, provided that the investment principles are adhered to. A swap is an agreement between two parties that involves the swapping of cash flows, assets, income or risks. The swap transactions that may be concluded for the relevant Sub-Fund include interest-rate, currency, asset, equity, credit default swaps and Total Return Swaps. This is not an exhaustive list. An interest-rate swap is a transaction involving two parties swapping cash flows that are based on fixed or variable interest payments. This transaction is comparable to the raising of funds at a fixed interest rate while at the same time lending funds at a variable interest rate, with the nominal amounts of the assets not being exchanged. Currency swaps usually involve the swapping of the nominal amounts of the assets and may be equated to the raising of funds in one currency while at the same time lending funds in another. Asset swaps (often referred to as "synthetic securities") are transactions that convert the yield from a specific asset to another interest rate flow (fixed or variable) or to another currency by combining the asset (e.g. bond, floating-rate note) with an interest-rate or currency swap. An equity swap is characterized by the swapping of cash flows, changes in value and/or returns from an asset for cash flows, changes in value and/or returns from another asset, with at least one of the swapped...
Forward Contracts. Buyer and Seller shall acknowledge that it is a “forward contract merchant” and that all transactions pursuant to this Contract constitute “forward contracts” within the meaning of the United States Bankruptcy Code.
Forward Contracts. The Parties agree that the transactions contemplated in this Agreement constitute a “forward contract” within the meaning of the United States Bankruptcy Code, and that each Party is a “forward contract merchant” within the meaning of the United States Bankruptcy Code.
Forward Contracts. The Parties acknowledge and agree that all transactions under the Agreement and Confirmation Agreement(s) are forward contracts and that the Parties are forward contract merchants, as those terms are used in the United States Bankruptcy Code. The Parties acknowledge and agree that all of their transactions, together with this Agreement and the related Confirmation Agreement(s) form a single, integrated agreement, and agreements and transactions are entered into in reliance on the fact that the agreements and each transaction form a single agreement between the Parties.
Forward Contracts. 6.1. If you enter into a Forward Contract, instead of paying Us the Sale Currency Monies in one lump sum, you will pay to us an Initial Payment and a Balance. The standard amount of the Initial Payment is 10% of the Sale Currency Monies. However, we reserve the right to charge more or less than this depending on the circumstances of each Contract. The Balance will be the Sale Currency Monies less the Initial Payment. We may, at any time prior to the Value Date, request that an Additional Payment be made. If we make a request for an Additional Payment, it will need to be deposited in full in cleared funds, into the relevant Client FX Account within 2 Business Days of the request. If an Additional Payment is requested, then the Balance will be adjusted accordingly.
6.2. You are obliged to pay any Initial Payment, any Additional Payment and the Balance in full in cleared funds into the relevant Client FX Account by midday (UK local time) on the dates specified in the Contract.
6.3. In accordance with the permissions we have with the FCA, we are only able to enter into a Forward Contract with you which is:
6.3.1. settled physically; and
6.3.2. for the purpose of:
Forward Contracts. The Customers and the Metal Lender may from time elect to time enter into Forward Contracts in form and substance and on terms, including pricing, as are mutually satisfactory to the Metal Lender and the Customers, so long as at such time (a) no Default has occurred and is continuing, (b) the aggregate stated face value or notional amount, as applicable, of all Forward Contracts then in effect does not exceed $5,000,000, and (c) the Forward Contract Exposure does not exceed at such time the Forward Contract Limit. If the Forward Contract Exposure at any time exceeds the Forward Contract Limit, the Customers will promptly, without further notice or demand by the Metal Lender, make payment to the Metal Lender, or amend one or more Forward Contracts to reduce the applicable stated face amount or notional amount thereof, in either case, in an amount sufficient to result in the remaining Forward Contract Exposure being not more than the Forward Contract Limit. Unless otherwise agreed by the Metal Lender, no Forward Contract shall have a maturity in excess of twelve (12) months or later than the Maturity Date.
