Margin and Settlement Sample Clauses

Margin and Settlement. 3.1 Unless otherwise agreed by the Dealer or stated in the Precious Metals Contract, all transaction to be made / Investment orders to be executed shall be in the currency of U.S. dollars. In the event that the Client deposits other currencies, such deposits shall be converted into U.S. dollars at the exchange rate quoted by the corresponding bank at the time of receipt in the Dealer’s account with the bank. The client acknowledges that all references to the price of Precious Metals in the Precious Metals Contract and all and any statements or communication the Client may receive from the Dealer in relation to the funds in the Client’s account shall be stated in U.S. dollars. 3.2 The Client shall deposit and will at all times maintain, without any call or notice by the Dealer, the Initial Margin required by the Dealer, and upon call from the Dealer (by means including but not limited to email, fax, telephone or other means mutually agreed by both parties), the Client will deposit with the Dealer on or before the time and date prescribed by the Dealer and/or maintain forthwith Additional Margins and/or other funds which the Dealer may at its absolute discretion deem necessary for the Dealer’s protection. The Client fully understands that the Initial Margin can be changed from time to time at the Dealer’s absolute discretion without giving the Client any prior notice. 3.3 Upon failure for any reason to deposit and/or maintain such margins and/or other funds, or the Client request to terminate this agreement pursuant to Article 2.21, or in the event the Dealer terminates this agreement as hereinafter provided, the Client will confer upon the Dealer the right, at the Dealer’s election and without any call or notice and at the Client’s risk, to close out the whole or part of such transaction(s) which may be left unliquidated, or to take any action(s), at the Dealer’s discretion at any market price at any time and order the Dealer thinks fit. The Client will be liable for any loss or deficiency resulting therefrom. The enforcement of any right hereunder shall not operate as any waiver, release or discharge of any deficit or net balance which may occur in the Client’s account(s) with the Dealer. 3.4 The Client shall be liable to the Dealer for any deficit resulting from losses and any costs and expenses incurred by the Dealer, on a fully indemnity basis, relating to any action taken under Article 3.3, which shall be immediately due and payable failing which inter...

Margin and Settlement. 5.1 I/We agree that notwithstanding any of the other provisions of this Agreement, I/we will pay all my/our indebtedness to you on demand or earlier when due and at your request from time to time will deposit such Margin (whether original, additional or otherwise) and/or variation adjustment in cash, Commodities, Approved Debt Securities, Approved Securities, securities or otherwise and maintain such security with you as you deem satisfactory or which may be required by the rules of any exchange or market of which you are a member /exchange participant or to which you may have any obligation. Any such Margin/security call and demand for variation adjustment must be met within 24 hours (or such shorter period as you may specify in respect of such call), failing which I/we acknowledge that, without prejudice to your other rights under this Agreement, you shall be entitled and, in the case of open positions in respect of which two successive Margin calls and demands for variation adjustment are not met within any such period, may be required, to report particulars of such open positions to the HKFE and the SFC, and that you may require more Margin, or variation adjustments than that specified by the HKFE and/or its Clearing House and may close out open positions in respect of which any Margin calls and demand for variation adjustments are not met. 5.2 I /We agree that whenever as you deem it advisable for your protection, by reason of insufficiency of Margin or security or otherwise, and upon any closure of any Account or termination of your relationship (in whole or part) with me/us, you are irrevocably authorised at your discretion (as to timing, terms and otherwise), without demand of any kind upon or notice to me/us or any other person, and on the exchanges where such business is usually transacted or by private sale, or purchase as the case may be, or in any other manner, and whether to or from yourself or otherwise, to buy in any or all Commodities of which the Account is short and/or sell any or all Commodities which you are holding or carrying for or on Account and cancel any outstanding orders, in each case without any liability on your part to me/us for any such action taken except in the case of gross negligence or wilful default. The net proceeds of any such sale, or the Commodities received on any such purchase shall be applied against my/our indebtedness to you or my/our short position with you, without prejudice to my/our liability for any defi...