Common use of Purpose and scope of the Annex Clause in Contracts

Purpose and scope of the Annex. (1) In addition to the provisions of the Framework Agreement, the provisions of this Annex apply if the Bank offers to the Contracting Party the execution of F&O Contracts through central counterparties by means of members of these central counterparties (each a "Clearing Member") chosen by the Bank ("Indirect Clearing"). (2) The Bank will instruct one or more Clearing Members to perform clearing services as regards the Counterparty on the basis of a clearing agreement (each a "Client Clearing Agreement") for Indirect Clearing purposes. The Client Clearing Agreement contains, in particular, provisions regarding the establishment, margining, termination or transfer of clearing contracts between the Clearing Member and the Bank (each a "Client Clearing Transaction") relating to the respective Contracts entered into the execution system of the central counterparties for Indirect Clearing purposes.

Purpose and scope of the Annex. (1) In addition to the provisions of the Framework Agreement, the provisions of this Annex apply if the Bank offers to the Contracting Party the execution of F&O Contracts through central counterparties by means of members of these central counterparties (each a "Clearing Member") chosen by the Bank ("Indirect Clearing"). (2) The Bank will instruct one or more Clearing Members to perform clearing services as regards the Counterparty Contracting Party on the basis of a clearing agreement (each a "Client Clearing Agreement") for Indirect Clearing purposes. The Client Clearing Agreement contains, in particular, provisions regarding the establishment, margining, termination or transfer of clearing contracts between the Clearing Member and the Bank (each a "Client Clearing Transaction") relating to the respective Contracts entered into the execution system of the central counterparties for Indirect Clearing purposes.