Common use of Initiation, Confirmation and Termination Clause in Contracts

Initiation, Confirmation and Termination. 3.1. A Transaction may be entered into orally or in writing at the initiation of either party. 3.2. Upon agreeing to enter into a Transaction hereunder BCS shall promptly send to the Client a Confirmation of such Transaction. 3.3. A Confirmation shall describe the Purchased Securities (including CUSIP or ISIN or other identifying number or numbers, if any), identify the Buyer and the Seller and set forth – (i) the Purchase Date; (ii) the Purchase Price; (iii) the Repurchase Date, unless the Transaction is to be terminable on demand (in which case the Confirmation shall state that it is terminable on demand); (iv) the Pricing Rate applicable to the Transaction; (v) the Margin Ratio or Haircut; (vi) the Maximal Transaction Exposure; (vii) in respect of each party the details of the settlement account(s) to the Transaction; (viii) any additional terms or conditions of the Transaction; (ix) and may be in the form to which the parties agree. 3.4. The Confirmation relating to a Transaction shall, together with the terms of this Schedule and the Terms of Business, constitute prima facie evidence of the terms agreed between the parties for that Transaction. 3.5. On the Purchase Date for a Transaction, the Seller shall transfer the Purchased Securities to the Buyer or its agent against the payment of the Purchase Price by the Buyer in accordance with clause 6.4. 3.6. Termination of a Transaction will be effected, in the case of on demand Transactions, on the date specified for Termination in such demand, and, in the case of fixed term Transactions, on the date fixed for Termination. 3.7. In the case of on demand Transactions, demand for Termination shall be made by the Buyer or the Seller, by telephone or otherwise, and shall provide for Termination to occur after not less than the minimum period as is customarily required for the settlement or delivery of money or Equivalent Securities of the relevant kind. 3.8. On the Repurchase Date, the Buyer shall transfer to the Seller or its agent Equivalent Securities against the payment of the Repurchase Price by the Seller (less any amount then payable and unpaid by the Buyer to the Seller pursuant to clause 5). 3.9. Where the parties have agreed in relation to a Transaction that BCS shall, acting as agent for the Client, procure the payment of the Purchase or Repurchase Price or the delivery of Securities or Equivalent Securities on behalf of the Client, BCS will do so provided that BCS receives the Purchase or Repurchase Price to be so paid or Securities or Equivalent Securities to be so delivered on or before the Purchase or Repurchase Date. 3.10. Before the Purchase Date with respect to any Transaction, a Transaction may be terminated orally or in writing at the initiation of either party. Upon agreeing to terminate a Transaction hereunder BCS shall promptly send to the Client a cancellation notice. Such notice shall be subject to the terms of this Schedule and the Terms of Business and shall, in the absence of manifest error, be conclusive and binding on the Client, unless BCS receives written detailed objection from the Client within twenty four hours of dispatch. A cancellation notice,

Initiation, Confirmation and Termination. 3.1. A Transaction may be entered into orally or in writing at the initiation of either party. 3.2. Upon agreeing to enter into a Transaction hereunder BCS shall promptly send to the Client a Confirmation of such Transaction. 3.3. A Confirmation shall describe the Purchased Securities (including CUSIP or ISIN or other identifying number or numbers, if any), identify the Buyer and the Seller and set forth – (i) the Purchase Date; (ii) the Purchase Price; (iii) the Repurchase Date, unless the Transaction is to be terminable on demand (in which case the Confirmation shall state that it is terminable on demand); (iv) the Pricing Rate applicable to the Transaction; (v) the Margin Ratio or Haircut; (vi) the Maximal Transaction Exposure; (vii) in respect of each party the details of the settlement account(s) to the Transaction; (viii) any additional terms or conditions of the Transaction; (ix) and may be in the form to which the parties agree. 3.4. The Confirmation relating to a Transaction shall, together with the terms of this Schedule Section and the Terms of Business, constitute prima facie evidence of the terms agreed between the parties for that Transaction. 3.5. On the Purchase Date for a Transaction, the Seller shall transfer the Purchased Securities to the Buyer or its agent against the payment of the Purchase Price by the Buyer in accordance with clause 6.4. 3.6. Termination of a Transaction will be effected, in the case of on demand Transactions, on the date specified for Termination in such demand, and, in the case of fixed term Transactions, on the date fixed for Termination. 3.7. In the case of on demand Transactions, demand for Termination shall be made by the Buyer or the Seller, by telephone or otherwise, and shall provide for Termination to occur after not less than the minimum period as is customarily required for the settlement or delivery of money or Equivalent Securities of the relevant kind. 3.8. On the Repurchase Date, the Buyer shall transfer to the Seller or its agent Equivalent Securities against the payment of the Repurchase Price by the Seller (less any amount then payable and unpaid by the Buyer to the Seller pursuant to clause 5). 3.9. Where the parties have agreed in relation to a Transaction that BCS shall, acting as agent for the Client, procure the payment of the Purchase or Repurchase Price or the delivery of Securities or Equivalent Securities on behalf of the Client, BCS will do so provided that BCS receives the Purchase or Repurchase Price to be so paid or Securities or Equivalent Securities to be so delivered on or before the Purchase or Repurchase Date. 3.10. Before the Purchase Date with respect to any Transaction, a Transaction may be terminated orally or in writing at the initiation of either party. Upon agreeing to terminate a Transaction hereunder BCS shall promptly send to the Client a cancellation notice. Such notice shall be subject to the terms of this Schedule Section and the Terms of Business and shall, in the absence of manifest error, be conclusive and binding on the Client, unless BCS receives written detailed objection from the Client within twenty four hours of dispatch. A cancellation notice,, once not

Initiation, Confirmation and Termination. 3.1. A Transaction may be entered into orally or in writing at the initiation of either partyBuyer or Seller. 3.2. Upon agreeing to enter into a Transaction hereunder BCS shall promptly send to the Client a Confirmation written confirmation of such Transaction (a ‘Trade Confirmation’). If the Client fails to object to or request a correction of a Trade Confirmation sent by BCS within twenty four (24) hours after delivery thereof, that Trade Confirmation shall be deemed accepted by the Client and such failure shall not affect the validity or enforceability of that Trade Confirmation for the Transaction. The Client shall not be entitled to claim the Transaction void and refuse to perform its obligations thereunder on the grounds, that it has not received the Trade Confirmation due to any reasons whatsoever. BCS may at the sole option of BCS, incorporate any Trade Confirmation into the relevant Client’s Account Statement. 3.3. A The Trade Confirmation shall describe the Purchased Securities (including CUSIP or ISIN or other identifying number or numbers, if any), identify the Buyer and the Seller and set forth – (i) i. the Purchase Date; (ii) . the Purchase Price; (iii) . the Repurchase Date, unless the Transaction is to be terminable on demand (in which case the Trade Confirmation shall state that it is terminable on demand); (iv) . the Pricing Rate applicable to the Transaction; (v) v. the Margin Ratio or Haircut; (vi) . the Maximal Transaction Exposure; (vii) . in respect of each party the details of the settlement account(s) to the Transaction; (viii) . any additional terms or conditions of the Transaction; (; ix) . and may be in the form to which the parties agree. 3.4. The Trade Confirmation relating to a Transaction shall, together with the terms of this Schedule Section and the Terms of Business, constitute prima facie evidence of the terms agreed between the parties Buyer and the Seller for that Transaction. In the event of any conflict between the terms of this Section and the Terms of Business, this Section shall prevail. In the event of any conflict between the terms of this Section and the Trade Confirmation, the Trade Confirmation shall prevail. 3.5. On the Purchase Date for a Transaction, the Seller shall transfer the Purchased Securities to the Buyer or its agent against the payment of the Purchase Price by the Buyer in accordance with clause subparagraph 6.4. 3.6. Termination of a Transaction will be effected, in the case of on demand Transactions, on the date specified for Termination in such demand, and, in the case of fixed term Transactions, on the date fixed for Termination. 3.7. In the case of on demand Transactions, demand for Termination shall be made by the Buyer or the Seller, by telephone or otherwise, and shall provide for Termination to occur after not less than the minimum period as is customarily required for the settlement or delivery of money or Equivalent Securities of the relevant kind. 3.8. On the Repurchase Date, the Buyer shall transfer to the Seller or its agent Equivalent Securities against the payment of the Repurchase Price by the Seller (less any amount then payable and unpaid by the Buyer to the Seller pursuant to clause paragraph 5). 3.9. Where the parties have agreed in relation to a Transaction that BCS shall, acting as agent for the Client, procure transfer Equivalent Securities or pay the payment Repurchase Price, BCS obligation to settle any such Transaction shall be conditional upon receipt by BCS or its agents on or before the Termination date of the Purchase or Repurchase Price Equivalent Securities or the delivery of Securities or Equivalent Securities on behalf of the Client, BCS will do so provided that BCS receives the Purchase or Repurchase Price to be so paid or Securities or Equivalent Securities delivered. By entering into any Transaction where the Client’s account with BCS has been specified as a settlement account in the relevant Trade Confirmation, the Client undertakes to be so delivered deliver to that settlement account on or before the Purchase Repurchase Date the Securities or Repurchase Date. 3.10. Before the Purchase Date with respect to any Transaction, a Transaction may be terminated orally or in writing at the initiation of either party. Upon agreeing to terminate a Transaction hereunder BCS shall promptly send to the Client a cancellation notice. Such notice shall be subject to the terms of this Schedule and the Terms of Business and shall, funds in the absence of manifest error, be conclusive amount sufficient to settle and binding on terminate the Client, unless BCS receives written detailed objection from the Client within twenty four hours of dispatch. A cancellation notice,relevant Transaction.