Common use of Margin Facility Clause in Contracts

Margin Facility. 2.1 The Facility is extended to the Customer in accordance with the provisions set out in this Margin Client Agreement, any fees and charges sheet from the Company to the Customer and in the Securities Client Agreement (collectively called “Margin Facility Terms”). The Customer agrees to use the Facility only in connection with the acquisition or holding of Securities by the Company for the Customer. 2.2 Subject to Clause 2.4 below, the Company may grant the Customer Facility of such amount up to the Credit Limit as may be notified to the Customer from time to time. The Credit Limit available to the Customer and the Margin Ratio may be varied by notice by the Company from time to time. Notwithstanding the credit limit as notified to the Client, the Company may at its discretion extend Facility to the Customer in excess of the Credit Limit and the Customer agrees that the Customer shall be liable to repay the full amount of any Facility given by the Company in accordance with Clause 6.1. 2.3 The Company is instructed and authorized by the Customer to draw on the Facility to settle any amounts due to the Company or its Associates in respect of the Customer’s purchase of Securities, margin maintenance obligations for any positions required by the Company or its Associates, or payment of any commission or other costs and expenses owing to the Company or its Associates. 2.4 The Company will not at any time be obliged to provide any Facility to the Customer. In particular, the Customer understands that the Company may not provide any Facility to the Customer if any of the following circumstances should arise: (i) the Customer is in default of any provisions of the Agreement; or (ii) in the opinion of the Company there is or has been a material adverse change in the Customer's financial condition or in the financial condition of any person which might adversely affect the Customer's ability to discharge the Customer's liabilities or perform the Customer's obligations under the Agreement; or (iii) making an advance would cause the applicable Credit Limit to be exceeded; or (iv) the Company in its absolute discretion considers it prudent or desirable for its protection not to do so. 2.5 For so long as there exists any indebtedness to the Company on the Customer's part, the Company shall be entitled at any time and from time to time to refuse any withdrawal of any or all of the Collateral and the Customer shall not without the prior written consent of the Company be entitled to withdraw any Collateral in part or in whole from the Customer's Account. 2.6 The Customer shall on demand from the Company make payments of deposits or margin in monies, Securities and/or other assets in such amount and in such form into a designated account and within such time as specified by the Company (referred to as a “Margin Call”), as the Company in its absolute discretion determines necessary to provide adequate security in respect of the Facility. For the purpose of a Margin Call, the Company shall use its best endeavours to contact the Customer promptly by phone on the telephone numbers indicated by the Customer on the Account Opening Form and/or by sending to the Customer a Margin Call notice by post, fax, email or otherwise. The Customer agrees that it shall be deemed properly notified of the Margin Call even if the Company fails to contact it by phone or the Customer fails to receive the written notice. 2.7 Any failure by the Customer to comply with Clause 2.6 of this Margin Client Agreement will constitute an Event of Default under Clause 11 of the Securities Client Agreement. 2.8 The Customer agrees to pay interest on a daily basis on the amount of Facility extended to the Customer. The interest rate shall be at a percentage above the Company's cost of funds which will vary according to the prevailing money market situation and as notified to the Customer by the Company from time to time. Such interest charges may be deducted by the Company from the Margin Account or any other account of the Customer with the Company or its Associates.

Margin Facility. 2.1 The Facility is extended to the Customer Client in accordance with the provisions set out in this Margin Client Agreement, any fees and charges sheet from the Company to the Customer Client and in the Securities Cash Client Agreement (collectively called “"Margin Facility Terms”"). The Customer Client agrees to use the Facility only in connection with the acquisition or holding of Securities by the Company for the CustomerClient. 2.2 Subject to Clause 2.4 below, the Company may grant the Customer Client Facility of such amount up to the Credit Limit as may be notified to the Customer Client from time to time. The Credit Limit available to the Customer Client and the Margin Ratio may be varied by notice by the Company from time to time. Notwithstanding the credit limit as notified to the Client, the Company may at its discretion extend Facility to the Customer Client in excess of the Credit Limit and the Customer Client agrees that the Customer Client shall be liable to repay the full amount of any Facility given by the Company in accordance with Clause 6.1. 2.3 The Company is instructed and authorized by the Customer Client to draw on the Facility to settle any amounts due to the Company or its Associates in respect of the CustomerClient’s purchase of Securities, margin maintenance obligations for any positions required by the Company or its Associates, or payment of any commission or other costs and expenses owing to the Company or its Associates. 2.4 The Company will not at any time be obliged to provide any Facility to the CustomerClient. In particular, the Customer Client understands that the Company may not provide any Facility to the Customer Client if any of the following circumstances should arise: (i) the Customer Client is in default of any provisions of the Agreement; or (ii) in the opinion of the Company there is or has been a material adverse change in the Customer's Client’s financial condition or in the financial condition of any person which might adversely affect the Customer's Client’s ability to discharge the Customer's Client’s liabilities or perform the Customer's Client’s obligations under the Agreement; or (iii) making an advance would cause the applicable Credit Limit to be exceeded; or (iv) the Company in its absolute discretion considers it prudent or desirable for its protection not to do so. 2.5 For so long as there exists any indebtedness to the Company on the Customer's Client’s part, the Company shall be entitled at any time and from time to time to refuse any withdrawal of any or all of the Collateral and the Customer Client shall not without the prior written consent of the Company be entitled to withdraw any Collateral in part or in whole from the Customer's Client’s Account. 2.6 The Customer Client shall on demand from the Company make payments of deposits or margin in monies, Securities and/or other assets in such amount and in such form into a designated account and within such time as specified by the Company (referred to as a “Margin Call”), as the Company in its absolute discretion determines necessary to provide adequate security in respect of the Facility. For the purpose of a Margin Call, the Company shall use its best endeavours to contact the Customer Client promptly by phone on the telephone numbers indicated by the Customer Client on the Account Opening Form and/or by sending to the Customer Client a Margin Call notice by post, fax, email or otherwise. The Customer Client agrees that it shall be deemed properly notified of the Margin Call even if the Company fails to contact it by phone or the Customer Client fails to receive the written notice. 2.7 Any failure by the Customer Client to comply with Clause 2.6 of this Margin Client Agreement will constitute an Event of Default under Clause 11 of the Securities Cash Client Agreement. 2.8 The Customer Client agrees to pay interest on a daily basis on the amount of Facility extended to the CustomerClient. The interest rate shall be at a percentage above the Company's ’s cost of funds which will vary according to the prevailing money market situation and as notified to the Customer Client by the Company from time to time. Such interest charges may be deducted by the Company from the Margin Account or any other account of the Customer Client with the Company or its Associates.