Common use of Margin and Settlement Clause in Contracts

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 interest shall be charged with interest pursuant to Article 6. 3.5 Upon the request by the Client, the Dealer has the power to approve and provide credit facility to the Client at the Dealer’s sole discretion. The Dealer also has the absolute discretion to determine the credit limit and settlement cap of the Client’s margin facility from time to time without giving the Client any prior notice. The Dealer and the Client may enter into other margin facility letters setting out details of the margin facility. 3.6 The Client will observe and accept all rules, margin deposit requirements, trading facts, time table(s) for placing Investment order(s), taking delivery and/or other matters for the related to Investments as prescribed by the Dealer from time to time. 3.7 The Dealer is specifically authorized by the Client to transfer such necessary amount from the Client’s trading margin or any other trading account(s) belonging to the Client which has profit, without any call, or notice by either part, to the Dealer as trading margin/funds to cover trading loss relating to the Client’s Investments and to transfer any trading profits from the Dealer to the Client’s account without any call or notice by either party. 3.8 Any and all Investments, now or thereafter to be hold or carried by the Dealer for the Client are to be held by the Dealer as security for the payment of any liability of the Client to Dealer. 3.9 In addition and without prejudice to any general liens or other similar rights which the Dealer may be entitled under law or this agreement, the Dealer may, at any time without notice to the Client, combine or consolidate the accounts held by the Client and the Dealer may set off or transfer any monies, Investments or other property in any of his accounts to satisfy obligations or liabilities due to the Dealer, whether such obligations and liabilities are actual or contingent, primary or collateral, secured or unsecured, or joint or several. 3.10 The Client may make withdrawals from his margin account(s) by giving the Dealer at least three (3) Trading Days’ notice in writing of his intention to withdraw. The amount to be withdrawn by the Client must not exceed the credit balance in that particular account after deducting the necessary margin and gross floating loss to be calculated by the Dealer in his sole discretion on the date when actual payment shall be made to the Client. For the avoidance of doubt, Client expressly agrees and acknowledges that in the event the remaining balance of money held at Client’s account as at the actual payment date shall be less than the amount as set out in Client’s withdrawal notice, the Dealer shall be entitled to pay the lesser sum to Client notwithstanding what has been recorded in the withdrawal notice. 3.11 All withdrawals made pursuant to Article 3.10 will only be paid by the Dealer to the Client’s designated account as provided in the Client’s information statement, which may be amended from time to time by the Client in writing.

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 currenciesH.K. dollars or Euro in the Client’s account, such deposits shall be converted into U.S. dollars at the exchange rate quoted by of the corresponding bank Bank of China (Hong Kong) Limited at the time of receipt when the Client deposits money in the DealerClient’s account with or when the banktransaction is made / Investment orders is executed. 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 interest shall be charged with interest pursuant to Article 6. 3.5 Upon the request by the Client, the Dealer has the power to approve and provide credit facility to the Client at the Dealer’s sole discretion. The Dealer also has the absolute discretion to determine the credit limit and settlement cap of the Client’s margin facility from time to time without giving the Client any prior notice. The Dealer and the Client may enter into other margin facility letters setting out details of the margin facility. 3.6 The Client will observe and accept all rules, margin deposit requirements, trading facts, time table(s) for placing Investment order(s), taking delivery and/or other matters for the related to Investments as prescribed by the Dealer from time to time. 3.7 The Dealer is specifically authorized by the Client to transfer such necessary amount from the Client’s trading margin or any other trading account(s) belonging to the Client which has profit, without any call, or notice by either part, to the Dealer as trading margin/funds to cover trading loss relating to the Client’s Investments and to transfer any trading profits from the Dealer to the Client’s account without any call or notice by either party. 3.8 Any The Client is advised to deposit any funds/margin deposit directly to the Dealer during normal office hours and collect a receipt/margin receipt simultaneously. The Client shall not hold the Dealer responsible for any losses and/or deficiency of all Investments, now funds including but not limited to deposits and trading margin paid by the Client to the Dealer through the Client’s representative or thereafter to be hold or carried any of the Dealer’s staff member until and unless the funds are actually collected by the Dealer for from the Client are to be held by Client’s representative or any of the Dealer’s staff member and a receipt/margin receipt bearing the authorized signature(s) of the Dealer as security for thereof is issued to the payment of any liability of the Client to DealerClient. 3.9 In addition and without prejudice All receipts/margin receipt issued to any general liens or other similar rights which the Dealer may be entitled under law or this agreement, the Dealer may, at any time without notice to the Client, combine or consolidate the accounts held by the Client and the Dealer may set off or transfer any monies, Investments or other property in any of his accounts to satisfy obligations or liabilities due to the Dealer, whether such obligations and liabilities are actual or contingent, primary or collateral, secured or unsecured, or joint or several. 3.10 The Client may make withdrawals from his margin account(s) by giving the Dealer at least three (3) Trading Days’ notice in writing of his intention to withdraw. The amount to be withdrawn by the Client must not exceed bear the credit balance in that particular account after deducting the necessary margin and gross floating loss to be calculated by authorized signature(s) of the Dealer in his sole discretion on the date when actual payment shall be made and such margin deposit is subject to the Client. For the avoidance of doubt, Client expressly agrees and acknowledges that in the event the remaining balance of money held at Client’s account as at the actual payment date shall be less than the amount as set out in Client’s withdrawal notice, the Dealer shall be entitled to pay the lesser sum to Client notwithstanding what has been recorded in the withdrawal noticetransfer under Article 3. 3.11 All withdrawals made pursuant to Article 3.10 will only be paid by the Dealer to the Client’s designated account as provided in the Client’s information statement, which may be amended from time to time by the Client in writing.

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 currenciesH.K. dollars or Euro in the Client’s account, such deposits shall be converted into U.S. dollars at the exchange rate quoted of the Banking of China (Hong Kong) Limited ( or any other bank as determined by the corresponding bank Dealer from time to time) at the time of receipt when the Client deposits money in the DealerClient’s account with or when the banktransaction is made / Investment orders is executed. 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 interest shall be charged with interest pursuant to Article 6. 3.5 Upon the request by the Client, the Dealer has the power to approve and provide credit facility to the Client at the Dealer’s sole discretion. The Dealer also has the absolute discretion to determine the credit limit and settlement cap of the Client’s margin facility from time to time without giving the Client any prior notice. The Dealer and the Client may enter into other margin facility letters setting out details of the margin facility. 3.6 The Client will observe and accept all rules, margin deposit requirements, trading facts, time table(s) for placing Investment order(s), taking delivery and/or other matters for the related to Investments as prescribed by the Dealer from time to time. 3.7 The Dealer is specifically authorized by the Client to transfer such necessary amount from the Client’s trading margin or any other trading account(s) belonging to the Client which has profit, without any call, or notice by either part, to the Dealer as trading margin/funds to cover trading loss relating to the Client’s Investments and to transfer any trading profits from the Dealer to the Client’s account without any call or notice by either party. 3.8 Any The Client is advised to deposit any funds/margin deposit directly to the Dealer during normal office hours and collect a receipt/margin receipt simultaneously. The Client shall not hold the Dealer responsible for any losses and/or deficiency of all Investments, now funds including but not limited to deposits and trading margin paid by the Client to the Dealer through the Client’s representative or thereafter to be hold or carried any of the Dealer’s staff member until and unless the funds are actually collected by the Dealer for from the Client are to be held by Client’s representative or any of the Dealer’s staff member and a receipt/margin receipt bearing the authorized signature(s) of the Dealer as security for thereof is issued to the payment of any liability of the Client to DealerClient. 3.9 In addition and without prejudice All receipts/margin receipt issued to any general liens or other similar rights which the Dealer may be entitled under law or this agreement, the Dealer may, at any time without notice to the Client, combine or consolidate the accounts held by the Client and the Dealer may set off or transfer any monies, Investments or other property in any of his accounts to satisfy obligations or liabilities due to the Dealer, whether such obligations and liabilities are actual or contingent, primary or collateral, secured or unsecured, or joint or several. 3.10 The Client may make withdrawals from his margin account(s) by giving the Dealer at least three (3) Trading Days’ notice in writing of his intention to withdraw. The amount to be withdrawn by the Client must not exceed bear the credit balance in that particular account after deducting the necessary margin and gross floating loss to be calculated by authorized signature(s) of the Dealer in his sole discretion on the date when actual payment shall be made and such margin deposit is subject to the Client. For the avoidance of doubt, Client expressly agrees and acknowledges that in the event the remaining balance of money held at Client’s account as at the actual payment date shall be less than the amount as set out in Client’s withdrawal notice, the Dealer shall be entitled to pay the lesser sum to Client notwithstanding what has been recorded in the withdrawal noticetransfer under Article 3. 3.11 All withdrawals made pursuant to Article 3.10 will only be paid by the Dealer to the Client’s designated account as provided in the Client’s information statement, which may be amended from time to time by the Client in writing.