Common use of SEGREGATED FUNDS ACCOUNT Clause in Contracts

SEGREGATED FUNDS ACCOUNT. 18.1 Subject to this Agreement and Applicable Law, Velocity Trade will hold Client Money in respect of Transactions in a Segregated Funds Account - 18.1.1 in South Africa with one or more Registered Banks; or 18.1.2 outside South Africa with one or more overseas banks. 18.2 The Client acknowledges and agrees that, where Client Money is described as being held in a “segregated funds account” - 18.2.1 that account is maintained by Velocity Trade in its own name or by one of its Service Providers but is held in trust for the benefit of the Clients; 18.2.2 that account is managed by the Service Provider; 18.2.3 Client Money of the Client is pooled with client money of other clients of Velocity Trade; 18.2.4 Client Money of the Client may, in the insolvency of Velocity Trade and subject to Applicable Law, be held in favour of all clients of Velocity Trade with funds in the relevant Segregated Funds Account; and 18.2.5 there are risks involved in the manner in which Client Money is so held 18.3 The Parties wish to record that the Client Money falls under the Financial Institutions (Protections of Funds) Act 28 of 2001 and which act applies in relation to the protection of Client Money and trust property and Velocity Trade undertakes at all times to comply with its obligations as a financial institution under such act. 18.4 The Client acknowledges and agrees that Velocity Trade and the appointed service provider may, jointly, subject to Applicable Law withdraw moneys from a Segregated Funds Account for the purpose of - 18.4.1 making a payment for, or in connection with, the entering into settling of Transactions by Velocity Trade (including any such payment referred to in this Agreement); or 18.4.2 making a payment to the Client; or 18.4.3 making a payment to another person designated by Velocity Trade in connection with a Transaction entered into under this Agreement and agreed to by the Client, such payments being, for the purposes of this clause, payments made to persons specified by the Client in accordance with the SSI - 18.4.4 meeting the amount of any fees, commissions or other charges payable under this Agreement by the Client to Velocity Trade in respect of any Transaction; or 18.4.5 making a payment to Velocity Trade in reimbursement for any payment made by Velocity Trade to or on behalf of the Client for which Velocity Trade is entitled to be reimbursed by the Client under this Agreement; or 18.4.6 where funds are deposited into the Segregated Funds Account that include Client Money and other money, withdrawing that portion of the funds that is not Client Money; or 18.4.7 where Velocity Trade has deposited its own money into the Segregated Funds Account to cover a shortfall in the Segregated Funds Account, withdrawing that money once it is no longer required to cover the shortfall. 18.5 Velocity Trade is entitled at any time to deduct, without notice or recourse to the Client, any moneys deposited in, or credited to, the Segregated Funds Account - 18.5.1 in error by, or on behalf of, Velocity Trade; or 18.5.2 that are not Client Money.

SEGREGATED FUNDS ACCOUNT. 18.1 14.1 Subject to this Agreement and Applicable Law, Velocity Trade will hold Client Money in respect of Transactions in a Segregated Funds Account -Account: 18.1.1 14.1.1 in South Africa with one or more Registered Banks; or 18.1.2 14.1.2 outside South Africa with one or more overseas banks. 18.2 14.2 The Client acknowledges and agrees that, where Client Money is described as being held in a “segregated funds account” -”: 18.2.1 14.2.1 that account is maintained by Velocity Trade in its own name or by one of its Service Providers but is held in trust for the benefit of the Clientsclients; 18.2.2 14.2.2 that account is managed by the Service Providerservice provider; 18.2.3 14.2.3 Client Money of the Client is pooled with client money of other clients of Velocity Trade; 18.2.4 14.2.4 Client Money of the Client may, in the insolvency of Velocity Trade and subject to Applicable Law, be held in favour of all clients of Velocity Trade with funds in the relevant Segregated Funds Account; and 18.2.5 14.2.5 there are risks involved in the manner in which Client Money is so held 18.3 14.3 The Parties wish to record that the Client Money falls under the Financial Institutions (Protections of Funds) Act 28 of 2001 and which act applies in relation to the protection of Client Money and trust property and Velocity Trade undertakes at all times to comply with its obligations as a financial institution under such act. 18.4 14.4 The Client acknowledges and agrees that Velocity Trade and the appointed service provider may, jointly, subject to Applicable Law withdraw moneys from a Segregated Funds Account for the purpose of -of: 18.4.1 14.4.1 making a payment for, or in connection with, the entering into settling of Transactions by Velocity Trade (including any such payment referred to in this Agreement); or 18.4.2 14.4.2 making a payment to the Client; or 18.4.3 14.4.3 making a payment to another person designated by Velocity Trade in connection with a Transaction entered into under this Agreement and agreed to by the Client, such payments being, for the purposes of this clause, payments made to persons specified by the Client in accordance with the SSI -SSI: 18.4.4 14.4.4 meeting the amount of any fees, commissions or other charges payable under this Agreement by the Client to Velocity Trade in respect of any Transaction; or 18.4.5 14.4.5 making a payment to Velocity Trade in reimbursement for any payment made by Velocity Trade to or on behalf of the Client for which Velocity Trade is entitled to be reimbursed by the Client under this Agreement; or 18.4.6 14.4.6 where funds are deposited into the Segregated Funds Account that include Client Money and other money, withdrawing that portion of the funds that is not Client Money; or 18.4.7 14.4.7 where Velocity Trade has deposited its own money into the Segregated Funds Account to cover a shortfall in the Segregated Funds Account, withdrawing that money once it is no longer required to cover the shortfall. 18.5 14.5 Velocity Trade is entitled at any time to deduct, without notice or recourse to the Client, any moneys deposited in, or credited to, the Segregated Funds Account -Account: 18.5.1 14.5.1 in error by, or on behalf of, Velocity Trade; or 18.5.2 14.5.2 that are not Client Money.

SEGREGATED FUNDS ACCOUNT. 18.1 14.1 Subject to this Agreement and Applicable Law, Velocity Trade will hold Client Money in respect of Transactions in a Segregated Funds Account -– 18.1.1 14.1.1 in South Africa with one or more Registered Banksbanks registered as such in South Africa; or 18.1.2 14.1.2 outside South Africa with one or more overseas banks. 18.2 14.2 The Client acknowledges and agrees that, where Client Money is described as being held in a “segregated funds account” -– 18.2.1 14.2.1 that account is maintained by Velocity Trade in its own name or by one of its Service Associates or Services Providers but is held in trust for the benefit of the Clientsclients; 18.2.2 14.2.2 that account is managed by the Service ProviderAdministrator, who will act as independent trustees; 18.2.3 14.2.3 Client Money of the Client is pooled with client money of other clients of Velocity Trade; 18.2.4 14.2.4 Client Money of the Client may, in the insolvency of Velocity Trade and subject to Applicable Law, be held in favour of all clients of Velocity Trade with funds in the relevant Segregated Funds Account; and 18.2.5 14.2.5 there are risks involved in the manner in which Client Money is so held 18.3 14.3 The Parties wish to record that the Client Money falls under the Financial Institutions (Protections of Funds) Act 28 of 2001 and which act applies in relation to the protection of Client Money and trust property and Velocity Trade undertakes at all times to comply with its obligations as a financial institution under such act. 18.4 14.4 The Client acknowledges and agrees that Velocity Trade and the appointed service provider Administrator may, jointly, subject to Applicable Law withdraw moneys from a Segregated Funds Account for the purpose of -– 18.4.1 14.4.1 making a payment for, or in connection with, the entering into into, margining or settling of Transactions by Velocity Trade (including any such payment referred to in this Agreement); or 18.4.2 14.4.2 making a payment to the Client; or 18.4.3 14.4.3 making a payment to another person designated by Velocity Trade in connection with a Transaction entered into under this Agreement and agreed to by the Client, such payments being, for the purposes of this clause, payments made to persons specified by the Client in accordance with the SSI -standard settlement instruction issued by the Client to Velocity Trade – 18.4.4 14.4.4 meeting the amount of any fees, commissions or other charges payable under this Agreement by the Client to Velocity Trade in respect of any Transaction; or 18.4.5 14.4.5 making a payment to Velocity Trade in reimbursement for any payment made by Velocity Trade to or on behalf of the Client for which Velocity Trade is entitled to be reimbursed by the Client under this Agreement; or 18.4.6 14.4.6 where funds are deposited into the Segregated Funds Account that include Client Money and other money, withdrawing that portion of the funds that is not Client Money; or 18.4.7 14.4.7 where Velocity Trade has deposited its own money into the Segregated Funds Account to cover a shortfall in the Segregated Funds Account, withdrawing that money once it is no longer required to cover the shortfall. 18.5 14.5 Velocity Trade is entitled at any time to deduct, without notice or recourse to the Client, any moneys deposited in, or credited to, the Segregated Funds Account -– 18.5.1 14.5.1 in error by, or on behalf of, Velocity Trade; or 18.5.2 14.5.2 that are not Client Money.

SEGREGATED FUNDS ACCOUNT. 18.1 17.1 Subject to this Agreement and Applicable Law, Velocity Trade will hold Client Money in respect of Transactions in a Segregated Funds Account - 18.1.1 17.1.1 in South Africa with one or more Registered Banks; or 18.1.2 17.1.2 outside South Africa with one or more overseas banks. 18.2 17.2 The Client acknowledges and agrees that, where Client Money is described as being held in a “segregated funds account” - 18.2.1 17.2.1 that account is maintained by Velocity Trade in its own name or by one of its Service Providers but is held in trust for the benefit of the Clients; 18.2.2 17.2.2 that account is managed by the Service Provider; 18.2.3 17.2.3 Client Money of the Client is pooled with client money of other clients of Velocity Trade; 18.2.4 17.2.4 Client Money of the Client may, in the insolvency of Velocity Trade and subject to Applicable Law, be held in favour of all clients of Velocity Trade with funds in the relevant Segregated Funds Account; and 18.2.5 17.2.5 there are risks involved in the manner in which Client Money is so held 18.3 17.3 The Parties wish to record that the Client Money falls under the Financial Institutions (Protections of Funds) Act 28 of 2001 and which act applies in relation to the protection of Client Money and trust property and Velocity Trade undertakes at all times to comply with its obligations as a financial institution under such act. 18.4 17.4 The Client acknowledges and agrees that Velocity Trade and the appointed service provider may, jointly, subject to Applicable Law withdraw moneys from a Segregated Funds Account for the purpose of - 18.4.1 17.4.1 making a payment for, or in connection with, the entering into settling of Transactions by Velocity Trade (including any such payment referred to in this Agreement); or 18.4.2 17.4.2 making a payment to the Client; or 18.4.3 17.4.3 making a payment to another person designated by Velocity Trade in connection with a Transaction entered into under this Agreement and agreed to by the Client, such payments being, for the purposes of this clause, payments made to persons specified by the Client in accordance with the SSI - 18.4.4 17.4.4 meeting the amount of any fees, commissions or other charges payable under this Agreement by the Client to Velocity Trade in respect of any Transaction; or 18.4.5 17.4.5 making a payment to Velocity Trade in reimbursement for any payment made by Velocity Trade to or on behalf of the Client for which Velocity Trade is entitled to be reimbursed by the Client under this Agreement; or 18.4.6 17.4.6 where funds are deposited into the Segregated Funds Account that include Client Money and other money, withdrawing that portion of the funds that is not Client Money; or 18.4.7 17.4.7 where Velocity Trade has deposited its own money into the Segregated Funds Account to cover a shortfall in the Segregated Funds Account, withdrawing that money once it is no longer required to cover the shortfall. 18.5 17.5 Velocity Trade is entitled at any time to deduct, without notice or recourse to the Client, any moneys deposited in, or credited to, the Segregated Funds Account - 18.5.1 17.5.1 in error by, or on behalf of, Velocity Trade; or 18.5.2 that are not Client Money.or

SEGREGATED FUNDS ACCOUNT. 18.1 14.1 Subject to this Agreement and Applicable Law, Velocity Trade will hold Client Money in respect of Transactions in a Segregated Funds Account -Account: 18.1.1 14.1.1 in South Africa with one or more Registered Banks; or 18.1.2 14.1.2 outside South Africa with one or more overseas banks. 18.2 14.2 The Client acknowledges and agrees that, where Client Money is described as being held in a “segregated funds account” -”: 18.2.1 14.2.1 that account is maintained by Velocity Trade in its own name or by one of its Service Providers but is held in trust for the benefit of the Clientsclients; 18.2.2 14.2.2 that account is managed by the Service ProviderAdministrator, who will act as independent trustees; 18.2.3 14.2.3 Client Money of the Client is pooled with client money of other clients of Velocity Trade; 18.2.4 14.2.4 Client Money of the Client may, in the insolvency of Velocity Trade and subject to Applicable Law, be held in favour of all clients of Velocity Trade with funds in the relevant Segregated Funds Account; and 18.2.5 14.2.5 there are risks involved in the manner in which Client Money is so held 18.3 14.3 The Parties wish to record that the Client Money falls under the Financial Institutions (Protections of Funds) Act 28 of 2001 and which act applies in relation to the protection of Client Money and trust property and Velocity Trade undertakes at all times to comply with its obligations as a financial institution under such act. 18.4 14.4 The Client acknowledges and agrees that Velocity Trade and the appointed service provider Administrator may, jointly, subject to Applicable Law withdraw moneys from a Segregated Funds Account for the purpose of -of: 18.4.1 14.4.1 making a payment for, or in connection with, the entering into into, margining or settling of Transactions by Velocity Trade (including any such payment referred to in this Agreement); or 18.4.2 14.4.2 making a payment to the Client; or 18.4.3 14.4.3 making a payment to another person designated by Velocity Trade in connection with a Transaction entered into under this Agreement and agreed to by the Client, such payments being, for the purposes of this clause, payments made to persons specified by the Client in accordance with the SSI -SSI: 18.4.4 14.4.4 meeting the amount of any fees, commissions or other charges payable under this Agreement by the Client to Velocity Trade in respect of any Transaction; or 18.4.5 14.4.5 making a payment to Velocity Trade in reimbursement for any payment made by Velocity Trade to or on behalf of the Client for which Velocity Trade is entitled to be reimbursed by the Client under this Agreement; or 18.4.6 14.4.6 where funds are deposited into the Segregated Funds Account that include Client Money and other money, withdrawing that portion of the funds that is not Client Money; or 18.4.7 14.4.7 where Velocity Trade has deposited its own money into the Segregated Funds Account to cover a shortfall in the Segregated Funds Account, withdrawing that money once it is no longer required to cover the shortfall. 18.5 14.5 Velocity Trade is entitled at any time to deduct, without notice or recourse to the Client, any moneys deposited in, or credited to, the Segregated Funds Account -Account: 18.5.1 14.5.1 in error by, or on behalf of, Velocity Trade; or 18.5.2 or 14.5.2 that are not Client Money.

SEGREGATED FUNDS ACCOUNT. 18.1 Subject to this Agreement and Applicable Law, Velocity Trade will hold Client Money in respect of Transactions in a Segregated Funds Account - 18.1.1 in South Africa with one or more Registered Banks; or 18.1.2 outside South Africa with one or more overseas banks. 18.2 The Client acknowledges and agrees that, where Client Money is described as being held in a “segregated funds account” - 18.2.1 that account is maintained by Velocity Trade in its own name or by one of its Service Providers but is held in trust for the benefit of the Clients; 18.2.2 that account is managed by the Service Provider; 18.2.3 Client Money of the Client is pooled with client money of other clients of Velocity Trade; 18.2.4 Client Money of the Client may, in the insolvency of Velocity Trade and subject to Applicable Law, be held in favour of all clients of Velocity Trade with funds in the relevant Segregated Funds Account; and 18.2.5 there are risks involved in the manner in which Client Money is so held 18.3 The Parties wish to record that the Client Money falls under the Financial Institutions (Protections of Funds) Act 28 of 2001 and which act applies in relation to the protection of Client Money and trust property and Velocity Trade undertakes at all times to comply with its obligations as a financial institution under such act. 18.4 The Client acknowledges and agrees that Velocity Trade and the appointed service provider may, jointly, subject to Applicable Law withdraw moneys from a Segregated Funds Account for the purpose of - 18.4.1 making a payment for, or in connection with, the entering into settling of Transactions by Velocity Trade (including any such payment referred to in this Agreement); or 18.4.2 making a payment to the Client; or 18.4.3 making a payment to another person designated by Velocity Trade in connection with a Transaction entered into under this Agreement and agreed to by the Client, such payments being, for the purposes of this clause, payments made to persons specified by the Client in accordance with for the SSI purpose of - 18.4.4 meeting the amount of any fees, commissions or other charges payable under this Agreement by the Client to Velocity Trade in respect of any Transaction; or 18.4.5 making a payment to Velocity Trade in reimbursement for any payment made by Velocity Trade to or on behalf of the Client for which Velocity Trade is entitled to be reimbursed by the Client under this Agreement; or 18.4.6 where funds are deposited into the Segregated Funds Account that include Client Money and other money, withdrawing that portion of the funds that is not Client Money; or 18.4.7 where Velocity Trade has deposited its own money into the Segregated Funds Account to cover a shortfall in the Segregated Funds Account, withdrawing that money once it is no longer required to cover the shortfall. 18.5 Velocity Trade is entitled at any time to deduct, without notice or recourse to the Client, any moneys deposited in, or credited to, the Segregated Funds Account - 18.5.1 in error by, or on behalf of, Velocity Trade; or 18.5.2 that are not Client Money.