Securities Trading Settlement. Unless otherwise agreed or where CIF is already holding cash or Securities on Client's behalf to settle a Transaction in Securities, Client will, by such time as CIF has notified to Client in relation to the relevant Transaction in Securities: (i) pay CIF cleared funds or deliver Securities to CIF in deliverable form; or (ii) otherwise ensure that CIF has received such funds or Securities, equivalent to the sum or the number of Securities required to settle such transaction in Securities. If the Client fails to do so, CIF will be entitled, in its absolute discretion: (i) in the case of a purchase or subscription Transaction in Securities, to sell the purchased or subscribed Securities; or (ii) in the case of a sale Transaction in Securities, to borrow and/or purchase securities in order to settle the Transaction in Securities, or, in addition or as an alternative to (i) or (ii) above, to have recourse to its rights of combination and set-off as set out in Clause 16.1 in order to settle the Transactions in Securities.
Appears in 5 contracts
Samples: Securities and Futures Client Agreement, Securities and Futures Client Agreement, Securities and Futures Client Agreement
