Common use of Margin and Other Obligations Clause in Contracts

Margin and Other Obligations. (a) Customer agrees to deposit and to maintain initial and variation margin and to make any premium payments with respect to each Contract, in such form and in such amounts as may be required from time to time by Applicable Law or by Goldman in its sole discretion. Customer acknowledges and agrees that Goldman has no obligation to establish uniform margin, commission or fee requirements and that margin requirements imposed by Goldman may exceed those of the applicable Exchange. Customer further acknowledges and agrees that Goldman shall have the right, in accordance with Applicable Law, to transfer or pledge margin deposited by Customer to any Exchange, or to transfer or pledge other property to any Exchange in substitution for such margin, in order to satisfy obligations incurred by Goldman on behalf of its customers, and that any such transfer, pledge or substitution shall not diminish Customer’s obligations pursuant to Section 3(b) of this Agreement. (b) Customer also agrees to pay (i) all brokerage charges and commissions relating to each Contract executed, cleared and/or carried by Goldman on Customer’s behalf or to any Account maintained by Customer with Goldman, in each case in such manner and at such rates as may be agreed upon by Customer and Goldman from time to time; (ii) all regulatory, Exchange and other self-regulatory fees, fines, penalties and charges, and any taxes, incurred or imposed with respect to each Contract or Account; (iii) the amount of any trading loss, debit balance or deficiency in any Account; (iv) the amount of any losses sustained by Goldman in connection with its execution and/or clearing of Contracts for Customer’s Accounts hereunder, provided that such losses are not due to the negligence or willful misconduct of Goldman; and (v) interest on any debit balances or deficiencies in any Account and on any monies advanced to Customer at the rates charged from time to time to Xxxxxxx’x securities margin account customers. (c) Customer acknowledges and agrees that Goldman may (but shall not be obligated to) accept from Customer margin deposits in the form of cash or securities denominated in a currency other than the Contract Currency (the “Base Currency”). In that event, Goldman shall determine Customer’s margin requirements in the Base Currency on any day in a commercially reasonable manner based on current exchange rates between the Base Currency and the Contract Currency. Furthermore, Customer shall pay Xxxxxxx’x fees as in effect from time to time for Xxxxxxx’x deposit of margin in the Contract Currency with the applicable Exchange. (d) Customer hereby grants to Goldman the right to pledge, hypothecate, loan, invest or substitute any margin delivered to Goldman from time to time without notice to Customer (i) in accordance with Section 3(a) of this Agreement, and (ii) otherwise, to the extent permitted by Applicable Law. Upon Customer’s written request to Goldman, Goldman shall return excess Collateral (as defined below) (i.e., Collateral in excess of margin requirements hereunder) in the Account to Customer provided that (i) there are no outstanding obligations or margin calls owed by Customer to Goldman pursuant to this Agreement, (ii) no event of default, has occurred, and (iii) such transfer does not or would not, in Xxxxxxx’x good faith discretion, following the transfer, result in a margin or collateral deficiency in the Account.

Margin and Other Obligations. (a) Customer agrees Xxxxxxxr xxxxxs to deposit and to maintain initial and variation margin and to make any premium payments with respect to each Contract, in such form and in such amounts as may be required from time to time by Applicable Law or by Goldman in its sole REASONABLE discretion. Customer acknowledges and agrees that Goldman has no obligation to establish uniform margin, commission or fee requirements and that margin requirements imposed by Goldman may exceed those of the applicable Exchange. Customer further acknowledges and agrees that Goldman shall have the right, in accordance with Applicable Law, to transfer VARIATION MARGIN or pledge INITIAL margin deposited by Customer to any Exchange, or to transfer or pledge other property to any Exchange in substitution for such margin, in order to satisfy obligations incurred by Goldman on behalf of its customers, and that any such transfer, pledge or substitution shall not diminish Customer’s 's obligations pursuant to Section 3(b) of this Agreement. (b) Customer also agrees to pay (i) all brokerage charges and commissions relating to each Contract executed, cleared and/or carried by Goldman on Customer’s 's behalf or to any Account maintained by Customer with Goldman, in each case in such manner and at such rates as may be agreed upon by Customer and Goldman from time to time; (ii) all regulatory, Exchange and other self-regulatory fees, fines, penalties and charges, and any taxes, incurred or imposed with respect to each Contract or Account; (iii) the amount of any trading loss, debit balance or deficiency in any Account; (iv) the amount of any losses sustained by Goldman in connection with its execution and/or clearing of Contracts for Customer’s 's Accounts hereunder, provided that such losses are not due to the negligence or willful misconduct of Goldman; and (v) interest on any debit balances or deficiencies in any Account and on any monies advanced to Customer at the rates charged from time to time to Xxxxxxx’x Goldman's securities margin account customers. (c) Customer acknowledges axxxxxxxxxes and agrees that Goldman may (but shall not be obligated to) accept from Customer margin deposits in the form of cash or securities denominated in a currency other than the Contract Currency (the “"Base Currency”"). In that event, Goldman shall determine Customer’s 's margin requirements in the Base Currency on any day in a commercially reasonable manner based on current exchange rates between the Base Currency and the Contract Currency. Furthermore, Customer shall pay Xxxxxxx’x Goldman's fees as in effect from time to time for Xxxxxxx’x Goldman's deposit of margin xx xxxxxn in the Contract Currency with the applicable Exchangeapplixxxxx Xxxhange. (d) Customer hereby grants to Goldman the right to pledge, hypothecate, loan, invest or substitute any margin delivered to Goldman from time to time without notice to Customer (i) in accordance with Section 3(a) of this Agreement, and (ii) otherwise, to the extent permitted by Applicable Law. Upon Customer’s written request to Goldman, Goldman shall return excess Collateral (as defined below) (i.e., Collateral in excess of margin requirements hereunder) in the Account to Customer provided that (i) there are no outstanding obligations or margin calls owed by Customer to Goldman pursuant to this Agreement, (ii) no event of default, has occurred, and (iii) such transfer does not or would not, in Xxxxxxx’x good faith discretion, following the transfer, result in a margin or collateral deficiency in the Account.

Margin and Other Obligations. (a) Customer agrees shall at all times maintain adequate margins in the Account and pay all premiums so as continually to deposit meet the original and to maintain initial maintenance margin requirements and variation margin and to make any premium payments with respect to each Contract, in such form and in such amounts as may be required established by Broker for Customer from time to time by Applicable Law or by Goldman in its at Brokers sole discretion, Demands for margin received by Customer after 12pm EST may be satisfied by the close of the following business day. Customer acknowledges and agrees that Goldman Broker shall not have any obligation to execute any Transaction unless Customer has satisfied its margin requirements, in full as established by Broker in Broker’s sole discretion. Customer further acknowledges and agrees that the Broker has no obligation to establish uniform margin, commission or fee requirements and that margin requirements imposed by Goldman the Broker may exceed those of the applicable Exchange. Customer further acknowledges and agrees that Goldman Broker shall have the right, in accordance with Applicable Law, right to transfer or pledge margin deposited by Customer to any Exchange, or to transfer or pledge other property to any Exchange in substitution for such margin, in order to satisfy obligations incurred by Goldman Broker on behalf of its customers, and that any such transfer, pledge or substitution shall not diminish Customer’s obligations pursuant to Section 3(b2 (Payments to Broker) of this Agreement. . Except as expressly provided in this Section 3 (Margin and Other Obligations), Broker shall not have any light to hypothecate, rehypothecate, borrow, pledge, repledge, transfer, lend or invest any margin, money assets or other property now or at any future time held in the Account, including but not limited to, all futures and options positions maintained in the Account, or held by Broker for Customer (collectively. “Collateral”) without the express written agreement of Customer, which agreement may relate to a specified item or group of items of Collateral or may relate to all Collateral; provided that Broker shall have the right to invest margin or other money held in the Account in (a) obligations of the United States and obligations fully guaranteed as to principal and interest by the United States (U.S. government securities) and (b) Customer also agrees to pay (i) all brokerage charges and commissions relating to interests in money market funds, each Contract executed, cleared and/or carried by Goldman on Customer’s behalf or to any Account maintained by Customer with Goldman, in each case in such manner and at such rates as may be agreed upon by Customer and Goldman from time to time; (ii) all regulatory, Exchange and other self-regulatory fees, fines, penalties and charges, and any taxes, incurred or imposed with respect to each Contract or Account; (iii) the amount of any trading loss, debit balance or deficiency in any Account; (iv) the amount of any losses sustained by Goldman in connection with its execution and/or clearing of Contracts for Customer’s Accounts hereunder, provided that such losses are not due to the negligence or willful misconduct of Goldman; and (v) interest on any debit balances or deficiencies in any Account and on any monies advanced to Customer at the rates charged from time to time to Xxxxxxx’x securities margin account customers. (c) Customer acknowledges and agrees that Goldman may (but shall not be obligated to) accept from Customer margin deposits in the form of cash or securities denominated in a currency other than the Contract Currency (the “Base Currency”). In that event, Goldman shall determine Customer’s margin requirements in the Base Currency on any day in a commercially reasonable manner based on current exchange rates between the Base Currency and the Contract Currency. Furthermore, Customer shall pay Xxxxxxx’x fees as in effect from time to time for Xxxxxxx’x deposit of margin in the Contract Currency with the applicable Exchange. (d) Customer hereby grants to Goldman the right to pledge, hypothecate, loan, invest or substitute any margin delivered to Goldman from time to time without notice to Customer (i) in accordance with Section 3(a) of this AgreementApplicable Law Broker hereby agrees that it shall, and (ii) otherwise, to the extent permitted by Applicable Law. Upon upon Customer’s written request request, provide Customer with a record of Broker’s investment of Customer’s property under CFTC Rule 1.25, such record to Goldmancontain, Goldman shall return excess Collateral (as defined below) (i.e.at a minimum, Collateral in excess of margin requirements hereunder) in the Account information required to Customer provided that (i) there are no outstanding obligations or margin calls owed be kept by Customer to Goldman pursuant to this Agreement, (ii) no event of default, has occurred, and (iii) such transfer does not or would not, in Xxxxxxx’x good faith discretion, following the transfer, result in a margin or collateral deficiency in the Accountfutures commission merchant under CFTC Rule 1.27.

Margin and Other Obligations. (a) Customer agrees to deposit and to maintain initial and variation margin and to make any premium payments with respect to each Contract, in such form and in such amounts as may be required from time to time by Applicable Law or by Goldman in its sole discretion. Customer acknowledges and agrees that Goldman has no obligation to establish uniform margin, commission or fee requirements and that margin requirements imposed by Goldman may exceed those of the applicable Exchange. Customer further acknowledges and agrees that Goldman shall have the right, in accordance with Applicable Law, to transfer or pledge margin deposited by Customer to any Exchange, or to transfer or pledge other property to any Exchange in substitution for such margin, in order to satisfy obligations incurred by Goldman on behalf of its customers, and that any such transfer, pledge or substitution shall not diminish Customer’s obligations pursuant to Section 3(b) of this Agreement. (b) Customer also agrees to pay (i) all brokerage charges and commissions relating to each Contract executed, cleared and/or carried by Goldman on Customer’s behalf or to any Account maintained by Customer with Goldman, in each case in such manner and at such rates as may be agreed upon by Customer and Goldman from time to time; (ii) all regulatory, Exchange and other self-regulatory fees, fines, penalties and charges, and any taxes, incurred or imposed with respect to each Contract or Account; (iii) the amount of any trading loss, debit balance or deficiency in any Account; (iv) the amount of any losses sustained by Goldman in connection with its execution and/or clearing of Contracts for Customer’s Accounts hereunder, provided that such losses are not due to the negligence or willful misconduct of Goldman; and (v) interest on any debit balances or deficiencies in any Account and on any monies advanced to Customer at the rates charged from time to time to Xxxxxxx’x Gxxxxxx’x securities margin account customers. (c) Customer acknowledges and agrees that Goldman may (but shall not be obligated to) accept from Customer margin deposits in the form of cash or securities denominated in a currency other than the Contract Currency (the “Base Currency”). In that event, Goldman shall determine Customer’s margin requirements in the Base Currency on any day in a commercially reasonable manner based on current exchange rates between the Base Currency and the Contract Currency. Furthermore, Customer shall pay Xxxxxxx’x Gxxxxxx’x fees as in effect from time to time for Xxxxxxx’x Gxxxxxx’x deposit of margin in the Contract Currency with the applicable Exchange. (d) Customer hereby grants to Goldman the right to pledge, hypothecate, loan, invest or substitute any margin delivered to Goldman from time to time without notice to Customer (i) in accordance with Section 3(a) of this Agreement, and (ii) otherwise, to the extent permitted by Applicable Law. Upon Customer’s written request to Goldman, Goldman shall return excess Collateral (as defined below) (i.e., Collateral in excess of margin requirements hereunder) in the Account to Customer provided that (i) there are no outstanding obligations or margin calls owed by Customer to Goldman pursuant to this Agreement, (ii) no event of default, has occurred, and (iii) such transfer does not or would not, in Xxxxxxx’x good faith discretion, following the transfer, result in a margin or collateral deficiency in the Account.