Common use of Position Limits Clause in Contracts

Position Limits. (a) DBSI has established limits on the type of Contracts and other Contract parameters (“Contract Type Limits”), as well as the size and number of open Contracts (net and/or gross) that Customer may execute, clear and/or carry with it on a daily basis (“Daily Position Limits”) and on an overall basis (“Aggregate Position Limits”, together with Daily Position Limits, “Position Limits”). Contract Type Limits and Position Limits may be more restrictive than the limits imposed under Applicable Law (if any) and, with respect to Position Limits, may be set to zero. For the avoidance of doubt, DBSI may set different Position Limits for one or more types of Contracts. Subject to Section 14(n) Execution Version of this Agreement, DBSI shall have the right to establish new and amend and/or modify any then existing: (i) Daily Position Limits, upon one (1) Business Day notice to Customer; and (ii) Contract Type Limits and/or Aggregate Position Limits, upon 30 calendar days’ prior written notice to Customer (each such period, a “Limit Change Notice Period”). For avoidance of doubt, a new Daily Position Limit will not require Customer to reduce or close open positions that were within the limits imposed as of the date Customer entered into such positions. Customer agrees that it will not place any order, which, if filled, would cause Customer to violate any Contract Type Limit or exceed any Position Limit at the time of the relevant trade, as the same may have been established, amended and/or modified from time to time. DBSI may require Customer to liquidate any open positions carried in the Account in order to comply with such Contract Type Limits or Aggregate Position Limits (as they may be amended from time to time) or may refuse to accept any order of Customer establishing a new position in order to comply with such Contract Type Limits or Position Limits (as they may be amended from time to time). Without in any way limiting any then existing Contract Type Limits and Position Limits, upon the commencement of a Limit Change Notice Period, Customer shall only execute, clear and/or carry positions with DBSI that are risk-reducing, as determined by DBSI in its sole discretion. At all times on and from the earlier of (i) the first Business Day after the Limit Change Notice Period and (ii) the first date on which the portfolio of Contracts is in compliance with such new, amended and/or modified Contract Type Limits and/or Position Limits, as applicable, the portfolio of Contracts shall be, and shall remain, in compliance with such new, amended and/or modified Contract Type Limits and/or Position Limits. (b) In addition to Contract Type Limits and Position Limits, Customer agrees to (i) comply with any position, contract type or other limits established by Applicable Law and (ii) promptly (A) notify DBSI if Customer is required to file any report related to position, contract type or other limits to a regulatory or self-regulatory organization and (B) provide, upon request from DBSI, copies of any such report to DBSI. (c) DBSI may in its sole discretion select executing brokers, clearing and non-clearing brokers and floor brokers, whether or not related to DBSI, to execute, clear or carry Contracts.

Position Limits. (a) DBSI has established limits on the type of Contracts and other Contract parameters (“Contract Type Limits”), as well as the size and number of open Contracts (net and/or gross) that Customer may execute, clear and/or carry with it on a daily basis (“Daily Position Limits”) and on an overall basis (“Aggregate Position Limits”, together with Daily Position Limits, “Position Limits”). Contract Type Limits and Position Limits may be more restrictive than the limits imposed under Applicable Law (if any) and, with respect to Position Limits, may be set to zero. For the avoidance of doubt, DBSI may set different Position Limits for one or more types of Contracts. Subject to Section 14(n) Execution Version of this Agreement, DBSI shall have the right to establish new and amend and/or modify any then existing: (i) Daily Position Limits, upon one (1) Business Day notice to Customer; and (ii) Contract Type Limits and/or Aggregate Position Limits, upon 30 calendar days’ prior written notice to Customer (each such period, a “Limit Change Notice Period”). For avoidance of doubt, a new Daily Position Limit will not require Customer to reduce or close open positions that were within the limits imposed as of the date Customer entered into such positions. Customer agrees that it will not place any order, which, if filled, would cause Customer to violate any Contract Type Limit or exceed any Position Limit at the time of the relevant trade, as the same may have been established, amended and/or modified from time to time. DBSI may require Customer to liquidate any open positions carried in the Account in order to comply with such Contract Type Limits or Aggregate Position Limits (as they may be amended from time to time) or may refuse to accept any order of Customer establishing a new position in order to comply with such Contract Type Limits or Position Limits (as they may be amended from time to time). Without in any way limiting any then existing Contract Type Limits and Position Limits, upon the commencement of a Limit Change Notice Period, Customer shall only execute, clear and/or carry positions with DBSI that are risk-reducing, as determined by DBSI in its sole discretion. At all times on and from the earlier of (i) the first Business Day after the Limit Change Notice Period and (ii) the first date on which the portfolio of Contracts is in compliance with such new, amended and/or modified Contract Type Limits and/or Position Limits, as applicable, the portfolio of Contracts shall be, and shall remain, in compliance with such new, amended and/or modified Contract Type Limits and/or Position Limits. (b) In addition to Contract Type Limits and Position Limits, Customer agrees to (i) comply with any position, contract type or other limits established by Applicable Law and (ii) promptly (A) notify DBSI if Customer is required to file any report related to position, contract type or other limits to a regulatory or self-regulatory organization and (B) provide, upon request from DBSI, copies of any such report to DBSI. (c) DBSI may in its sole discretion select executing brokers, clearing and non-clearing brokers and floor brokers, whether or not related to DBSI, to execute, clear or carry Contracts.