Termination and Default. 33.1 The Client reserves the right to terminate the Agreement within 15 (fifteen) business days from the announcement of an amendment under paragraph 32.6 of this Agreement above, by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the Client has no outstanding obligations to Company. 33.2 The Client reserves the right to terminate the Agreement, for any reason, having given a seven (7) business days Written Notice by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the client has no amounts due for payment to Company. 33.3 The Company may terminate the Agreement by giving the Client at least 7 (seven) business days Written Notice, specifying the termination date. 33.4 The Client accepts that Company reserves the right to terminate the Agreement immediately by providing the former with a Written Notice, if paragraph 32.5 below, becomes effective. 33.5 Each of the following shall constitute an Event of Default: 33.5.1 The failure of the Client to perform any obligation due to the Company. 33.5.2 The Client fails to make a payment when due under this Agreement, or to observe or perform any other provision of this Agreement and such failure continues for one (1) Business Day after notice of non-performance has been given by the Company. 33.5.3 The Client has commenced a voluntary case or any other procedure seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to the Client or the Client’s debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each “a Custodian”) of you or any substantial part of the Client’s asserts; or if the Client takes any corporate action to authorize any of the foregoing; and, in the case of a reorganization, arrangement or composition, the Company does not consent to such proposals. 33.5.4 An involuntary case or other procedure is commenced against the Client seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if solvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such insolvency case or other procedure either, has not been dismissed within 15 (fifteen) days of its institution or presentation, or has been dismissed with such period but solely on the grounds of insufficiency of assets to cover the costs of such case or other procedure. 33.5.5 The Client is unable to pay their debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client; or indebtedness of the Client is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against or an encumbrance takes possession of, the whole or any part of the Client’s property, undertaking or assets (tangible and intangible). 33.5.6 The Client or any Credit Support Provider (or any insolvency officer acting on behalf of the Client or of the Credit Support Provider) disaffirm, disclaim or repudiate any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a Credit Support Provider, or of you, in favor of us supporting any of the Client’s obligations under this Agreement (each a “Credit Support Document”). 33.5.7 Any representation or warranty made or given or deemed made or given any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given. 33.5.8 Any Credit Support Provider fails or the Client fails to comply with or perform any agreement or obligation to be complied with or performed by the Client or it is in accordance with the applicable Credit Support Document; any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all the Client’s obligations under this Agreement, unless the Parties have agreed in writing that this shall not be an Event of Default; any representation or warranty made or given to deemed made or given by any Credit Support Provider pursuant to any Credit Support Document which proves to have been false or misleading in any material respect at the time it was made or given or deemed made or given or any even referred to in Paragraph 33.5 of this Agreement occurs in respect to any Credit Support Provider. 33.5.9 the Client is dissolved, or if the Client’s capacity or existence id dependent upon a record in a formal register, the registration is removed or ends, or any procedure is commenced seeking or proposing the Client’s dissolution, removal from such register, or the ending of such a registration; 33.5.10 where the Client or a Credit Support Provider is a partnership, any of the events referred to in this Paragraph 33.5 occurs in respect of one or more of the Client’s partners; 33.5.11 the Company considers it necessary or desirable to prevent what the Company considers is or might be a violation of any applicable laws and/or regulations or good standard of market practice; 33.5.12 any Event of Default (however described) occurs in relation to the Client under and additional agreement between the Company and the Client.
Appears in 6 contracts
Samples: Client Agreement, Client Agreement, Client Agreement
Termination and Default. 33.1 32.1 The Client reserves the right to terminate the Agreement within 15 (fifteen) business days from the announcement of an amendment under paragraph 32.6 31.6 of this Agreement above, by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the Client has no outstanding obligations to the Company.
33.2 32.2 The Client reserves the right to terminate the Agreement, for any reason, having given a seven (7) business days Written Notice by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the client has no amounts due for payment to the Company.
33.3 32.3 The Company may terminate the Agreement by giving the Client at least 7 (seven) business days Written Notice, specifying the termination date.
33.4 32.4 The Client accepts that the Company reserves the right to terminate the Agreement immediately by providing the former with a Written Notice, if paragraph 32.5 below, 20.5 above becomes effective.
33.5 Each 32.5 The Company shall immediately terminate the Agreement, in the event of:
(a) a violation of any part of the following shall constitute an Event Agreement on behalf of Default:the Client;
33.5.1 The (b) the failure of the Client to perform any obligation due to the Company.;
33.5.2 The (c) if an application is made in respect of the Client fails to make a payment when due under this Agreement, or to observe or perform any other provision of this Agreement and such failure continues for one (1) Business Day after notice of non-performance has been given by the Company.
33.5.3 The Client has commenced a voluntary case or any other procedure seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect pursuant to the Client or the Client’s debts under applicable bankruptcy Act of any bankruptcy, insolvency, regulatory, supervisory or similar law Jurisdiction (including any corporate or other law with potential application to the Client, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each “a Custodian”) of you or any substantial part of the Client’s asserts; or if the Client takes any corporate action to authorize any of the foregoing; and, in the case of a reorganization, arrangement or composition, the Company does not consent to such proposals.
33.5.4 An involuntary case or other procedure is commenced against the Client seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Clientindividual), if solvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such insolvency case or other procedure either, has not been dismissed within 15 (fifteen) days of its institution or presentation, or has been dismissed with such period but solely on the grounds of insufficiency of assets to cover the costs of such case or other procedure.
33.5.5 The Client is unable to pay their debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client; or indebtedness of the Client is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against or an encumbrance takes possession of, the whole or any part of the Client’s property, undertaking or assets (tangible and intangible).
33.5.6 The Client or any Credit Support Provider (or any insolvency officer acting on behalf of the Client or of the Credit Support Provider) disaffirm, disclaim or repudiate any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a Credit Support Provider, or of you, in favor of us supporting any of the Client’s obligations under this Agreement (each a “Credit Support Document”).
33.5.7 Any representation or warranty made or given or deemed made or given any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given.
33.5.8 Any Credit Support Provider fails or the Client fails to comply with or perform any agreement or obligation to be complied with or performed by the Client or it is in accordance with the applicable Credit Support Document; any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all the Client’s obligations under this Agreement, unless the Parties have agreed in writing that this shall not be an Event of Default; any representation or warranty made or given to deemed made or given by any Credit Support Provider pursuant to any Credit Support Document which proves to have been false or misleading in any material respect at the time it was made or given or deemed made or given or any even referred to in Paragraph 33.5 of this Agreement occurs in respect to any Credit Support Provider.
33.5.9 the Client is dissolved, or if the Client’s capacity or existence id dependent upon a record in a formal register, the registration is removed or ends, or any procedure is commenced seeking or proposing the Client’s dissolution, removal from such register, or the ending of such a registration;
33.5.10 where the Client or a Credit Support Provider is a partnership, any of the events referred to in this Paragraph 33.5 occurs in respect of one or more of the partners, or if a company, a receiver, trustee, administrative receiver or similar officer is appointed, or if the Client makes an arrangement or composition with the Client’s partnerscreditors or any procedure which is similar or analogous to any of the above is commenced in respect of the Client;
33.5.11 (d) the Client is unable to pay the Client’s debts when they fall due;
(e) a Client involving the Company considers in any type of fraud;
(f) the Client being deemed to be creating and/or trying to create an arbitrage scenario; or
(g) the Client trading in such a way that may harm the Company’s ability to have and/or to provide an effective service;
(h) the Client (if the Client is an individual) dies or is declared absent or becomes of unsound mind;
(i) any other circumstance where the Company reasonably believes that it is necessary or desirable to prevent what take any action set out in paragraph 32.7;
(j) the Client involves the Company considers in any type of fraud or illegality or the Company is placed at risk of being involved in any type of fraud or might be a violation of any applicable laws and/or regulations or good standard of market practiceillegality if it continues offering Services to the Client, even when this is not due to the Client’s wrongdoing;
33.5.12 (k) in cases of material violation by the Client of the requirements established by the applicable law in such countries having jurisdiction over the Client or his trading activities, such being materiality determined in good faith by the Company;
(l) if the Company suspects that the Client is engaged into money laundering activities or terrorist financing or card fraud or other criminal activities;
(m) the Company reasonably suspects that the Client performed a prohibited action as set out in this Agreement;
(n) the Company reasonably suspects that the Client performed abusive trading such as, but not limited to, Snipping, Scalping, Pip-hunting, placing “buy stop” or “sell stop” Orders prior to the release of financial data, arbitrage, manipulations or a combination of faster/slower feeds;
(o) the Company reasonably suspects that the Client opened the Client Account fraudulently; or
(p) the Company reasonably suspects that the Client performed forgery or used a stolen card to fund his Client Account.
32.6 A termination of the Agreement shall not imply that any of the Client’s responsibilities cease to exist; the latter shall still be liable to pay to the Company:
(a) Any amount that is due to the Company;
(b) Any expenses that are incurred by the Company, as a result of the termination of the Agreement; and
(c) Any damage that has arisen because of an arrangement settlement.
32.7 If an Event of Default occurs the Company may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
(however describeda) occurs terminate this Agreement immediately without prior notice to the Client;
(b) cancel any Open Positions;
(c) temporarily or permanently ban access to the Platform(s) or suspend or prohibit any functions of the Platform(s);
(d) reject or decline or refuse to transmit or execute any Order of the Client;
(e) restrict the Client’s trading activity;
(f) in relation the case of fraud, reverse the funds back to the real owner or according to the instructions of the law enforcement authorities of the relevant country;
(g) cancel of profits gained through abusive trading or the application of artificial intelligence in the Client Account; or
(h) take legal action for any losses suffered by the Company.
32.8 Upon termination of the Agreement the Company shall immediately transfer to the Client under and additional agreement between any amount available in the relevant trading account minus any outstanding amount that is due to the Company and by the Client.
32.9 If paragraph 32.5 above, becomes effective, the Company reserves the right to reverse any transactions that are deemed to be contrary to the Company’s interests.
32.10 Once notice of termination of this Agreement is sent and before the termination date:
(a) the Client will have an obligation to close all his Open Positions. If he fails to do so, upon termination, the Company will close any Open Positions;
(b) the Company will be entitled to cease to grant the Client access to the Platform(s) or may limit the functionalities the Client is allowed to use on the Platform(s);
(c) the Company will be entitled to refuse to accept new Orders from the Client;
(d) the Company will be entitled to refuse to the Client to withdraw money from the Client Account and the Company reserves the right to keep Client’s funds as necessary to close positions which have already been opened and/or pay any pending obligations of the Client under the Agreement.
32.11 Upon Termination any or all of the following may apply:
(a) the Company has the right to combine any Client Accounts of the Client, to consolidate the Balances in such Client Accounts and to set off those Balances;
(b) the Company has the right to close the Client Account(s);
(c) the Company has the right to convert any currency;
(d) the Company has the right to close out the Client’s Open Positions; or
(e) in absence of illegal activity or suspected illegal activity or fraud of the Client or instructions from the relevant authorities, if there is Balance in the Client’s favour, the Company will (after withholding such amounts that in the Company’s absolute discretion considers appropriate in respect of future liabilities) pay such Balance to the Client as soon as reasonably practicable and supply him with a statement showing how that Balance was arrived at and, where appropriate, instruct any Nominee or/and any Custodian to also pay any applicable amounts. Such funds shall be delivered in accordance to the Client’s Orders to the Client. It is understood that the Company will effect payments only to an account in the name of the Client. The Company has the right to refuse, at its discretion, to effect thirty party payments.
Appears in 2 contracts
Samples: Client Agreement, Client Agreement
Termination and Default. 33.1 36.1 The Client reserves the right to terminate the Agreement within 15 (fifteen) business days from the announcement of an amendment under paragraph 32.6 35.6 of this Agreement above, by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the Client has no outstanding obligations to Company.
33.2 36.2 The Client reserves the right to terminate the Agreement, for any reason, having given a seven five (75) business days Written Notice by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the client Client has no amounts due for payment to Company.
33.3 36.3 The Company may terminate the Agreement by giving the Client at least 7 five (seven5) business days Written Notice, specifying the termination date.
33.4 36.4 The Client accepts that Company reserves the right to terminate the Agreement immediately by providing the former with a Written Notice, if an Event of Default in paragraph 32.5 below, becomes effective36.5 below arises.
33.5 36.5 Each of the following shall constitute an Event of Default:
33.5.1 (a) The failure of the Client to perform any obligation due to the Company.
33.5.2 (b) The Client fails to make a payment when due under this Agreement, or to observe or perform any other provision of this Agreement and such failure continues for one (1) Business Day after notice of non-performance has been given by the Company.
33.5.3 (c) The Client has commenced a voluntary case or any other procedure seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to the Client or the Client’s debts under any nay bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each “a Custodian”) of you or any substantial part of the Client’s asserts; or if the Client takes any corporate action to authorize any of the foregoing; and, in the case of a reorganization, arrangement or composition, the Company does not consent to such proposals.
33.5.4 (d) An involuntary case or other procedure is commenced against the Client seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if solvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such insolvency case or other procedure either, has not been dismissed within 15 (fifteen) days of its institution or presentation, or has been dismissed with such period but solely on the grounds of insufficiency of assets to cover the costs of such case or other procedure.
33.5.5 (e) The Client is unable to pay their debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client; or indebtedness of the Client is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against or an encumbrance takes possession of, the whole or any part of the Client’s property, undertaking or assets (tangible and intangible).
33.5.6 (f) The Client or any Credit Support Provider (or any insolvency officer acting on behalf of the Client or of the Credit Support Provider) disaffirm, disclaim or repudiate any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a Credit Support Provider, or of you, in favor of us supporting any of the Client’s obligations under this Agreement (each a “Credit Support Document”).
33.5.7 (g) Any representation or warranty made or given or deemed made or given any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given.
33.5.8 (h) Any Credit Support Provider fails or the Client fails to comply with or perform any agreement or obligation to be complied with or performed by the Client or it is in accordance with the applicable Credit Support Document; any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all the Client’s obligations under this Agreement, unless the Parties have agreed in writing that this shall not be an Event of Default; any representation or warranty made or given to deemed made or given by any Credit Support Provider pursuant to any Credit Support Document which proves to have been false or misleading in any material respect at the time it was made or given or deemed made or given or any even referred to in Paragraph 33.5 36.5 of this Agreement occurs in respect to any Credit Support Provider.
33.5.9 (i) the Client is dissolved, or if the Client’s capacity or existence id dependent upon a record in a formal register, the registration is removed or ends, or any procedure is commenced seeking or proposing the Client’s dissolution, removal from such register, or the ending of such a registration;
33.5.10 (j) where the Client or a Credit Support Provider is a partnership, any of the events referred to in this Paragraph 33.5 36.5 occurs in respect of one or more of the Client’s partners;
33.5.11 (k) the Company considers it necessary or desirable to prevent what the Company considers is or might be a violation of any applicable laws and/or regulations or good standard of market practice;
33.5.12 (l) any Event of Default (however described) occurs in relation to the Client under and additional agreement between the Company and the Client.
36.6 The Company shall immediately terminate the Agreement, in the event of:
(a) a violation of any part of the Agreement or the Terms and Conditions of Business on behalf of the Client;
(b) the failure of the Client to perform any obligation due to the Company;
(c) if an application is made in respect of the Client pursuant to the Cyprus Bankruptcy Act or any equivalent act in another Jurisdiction (if the Client is an individual), if a partnership, in respect of one or more of the partners, or if a company, a receiver, trustee, administrative receiver or similar officer is appointed, or if the Client makes an arrangement or composition with the Client’s creditors or any procedure which is similar or analogous to any of the above is commenced in respect of the Client;
(d) the Client is unable to pay the Client’s debts when they fall due;
(e) a Client involving the Company in any type of fraud;
(f) the Client being deemed to be creating and/or trying to create an arbitrage scenario; or
(g) the Client trading in such a way that may harm the Company’s ability to have and/or to provide an effective service;
(h) the Client (if the Client is an individual) dies or is declared absent or becomes of unsound mind;
(i) any other circumstance where the Company reasonably believes that it is necessary or desirable to take any action set out in paragraph 36.8;
(j) an action set out in paragraph 36.8 is required by a competent regulatory authority or body or court;
(k) the Client involves the Company in any type of fraud or illegality or breach of Applicable Regulations or the Company is placed at risk of being involved in any type of fraud or illegality or breach of Applicable Regulations if it continues offering Services to the Client, even when this is not due to the Client’s wrongdoing;
(l) in cases of material violation by the Client of the requirements established by legislation of the Republic of Cyprus or other countries having jurisdiction over the Client or his trading activities, such being materiality determined in good faith by the Company;
(m) if the Company suspects that the Client is engaged into money laundering activities or terrorist financing or card fraud or other criminal activities;
(n) the Company reasonably suspects that the Client performed a prohibited action as set out in this Agreement;
(o) the Company reasonably suspects that the Client performed abusive trading such as, but not limited to, Snipping, Scalping, Pip- hunting, placing “buy stop” or “sell stop” Orders prior to the release of financial data, arbitrage, manipulations or a combination of faster/slower feeds;
(p) the Company reasonably suspects that the Client opened the Client Account fraudulently; or
(q) the Company reasonably suspects that the Client performed forgery or used a stolen card to fund his Client Account.
36.7 A termination of the Agreement shall not imply that any of the Client’s responsibilities cease to exist; the latter shall still be liable to pay to the Company:
(a) Any amount that is due to Company;
(b) Any expenses that are incurred by Company, as a result of the termination of the Agreement; and
(c) Any damage that has arisen because of an arrangement settlement.
36.8 If an Event of Default occurs the Company may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
(a) terminate this Agreement immediately without prior notice to the Client;
(b) cancel any Open Positions;
(c) temporarily or permanently bar access to the Platform(s) or suspend or prohibit any functions of the Platform(s);
(d) reject or decline or refuse to transmit or execute any Order of the Client;
(e) restrict the Client’s trading activity;
(f) in the case of fraud, reverse the funds back to real owner or according to the instructions of the law enforcement authorities of the relevant country;
(g) cancel of profits gained through abusive trading or the application of artificial intelligence in the Client Account; or
(h) close out all or any of the Client’s Open Positions at current Quotes;
(i) debit the Client’s Trading Account(s) for the amounts which are due to the Company;
(j) close any or all of the Client’s Trading Accounts held by the Company;
(k) refuse to open new Trading Accounts for the Client;
(l) adjust the Client’s trading account balance to remove illicit profit;
(m) take legal action for any losses suffered by the Company.
36.9 Upon termination of the Agreement the Company shall immediately transfer to the Client any amount available in the relevant trading account minus any outstanding amount that is due to the Company by the Client.
36.10 If paragraph 36.6 above becomes effective, the Company reserves the right to reverse any transactions that are deemed to be contrary to the Company’s interests.
36.11 Once notice of termination of this Agreement is sent and before the termination date:
(a) the Client will have an obligation close all his Open Positions. If he fails to do so, upon termination, the Company will close any Open Positions;
(b) the Company will be entitled to cease to grant the Client access to the Platform(s) or may limit the functionalities the Client is allowed to use on the Platform(s);
(c) the Company will be entitled to refuse to accept new Orders from the Client;
(d) the Company will be entitled to refuse to the Client to withdraw money from the Client Account and the Company reserves the right to keep Client’s funds as necessary to close positions which have already been opened and/or pay any pending obligations of the Client under the Agreement.
36.12 Upon Termination any or all the following may apply:
(a) the Company has the right to combine any Client Accounts of the Client, to consolidate the Balances in such Client Accounts and to set off those Balances;
(b) the Company has the right to close the Client Account(s);
(c) the Company has the right to convert any currency;
(d) the Company has the right to close out the Client’s Open Positions; or
(e) in absence of illegal activity or suspected illegal activity or fraud of the Client or instructions from the relevant authorities, if there is Balance in the Client’s favour, the Company will (after withholding such amounts that in the Company’s absolute discretion considers appropriate in respect of future liabilities) pay such Balance to the Client as soon as reasonably practicable and supply him with a statement showing how that Balance was arrived at and, where appropriate, instruct any Nominee or/and any Custodian to also pay any applicable amounts. Such funds shall be delivered in accordance to the Client’s Orders to the Client. It is understood that the Company will effect payments only to an account in the name of the Client. The Company has the right to refuse, at its discretion, to effect third party payments.
Appears in 2 contracts
Samples: Client Agreement, Client Agreement
Termination and Default. 33.1 17.1. The Client reserves the right to client may terminate the Client Agreement within 15 (fifteen) business days from the announcement of an amendment under paragraph 32.6 of this the ‘Notification and Amendments to the Client Agreement section above, by sending a notification through registered post to the CompanyFirm’s registered officeHead Office, provided only that there are no Open Positions open positions traded through the relevant trading account and the Client client has no outstanding obligations to CompanyAFSUK.
33.2 17.2. The Client reserves the right to client may terminate the Client Agreement, for any reason, having given provided a seven 7 (7seven) business days Written Notice written notice by sending a notification specifying the termination date through registered post to the CompanyFirm’s registered officeHead Office, provided only that there are no Open Positions open positions traded through the relevant trading account and the client has no amounts due for payment to CompanyAFSUK.
33.3 17.3. The Company may terminate the Agreement by giving the Client at least 7 (seven) business days Written Notice, specifying the termination date.
33.4 The Client client accepts that Company AFSUK reserves the right to terminate the Client Agreement immediately by providing the former with a Written Noticewritten notice, if paragraph 32.5 clause 17.5, below, becomes effective.
33.5 Each of the following shall constitute an Event of Default:
33.5.1 The failure of 17.4. AFSUK may terminate the Client to perform any obligation due to the Company.
33.5.2 The Client fails to make a payment when due under this Agreement, or to observe or perform any other provision of this Agreement and such failure continues for one (1) Business Day after notice of non-performance has been given by the Company.
33.5.3 The Client has commenced a voluntary case or any other procedure seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to the Client or the Client’s debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each “a Custodian”) of you or any substantial part of the Client’s asserts; or if the Client takes any corporate action to authorize any of the foregoing; andimmediately, in the case event of:
17.4.1. a violation of a reorganization, arrangement or composition, the Company does not consent to such proposals.
33.5.4 An involuntary case or other procedure is commenced against the Client seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if solvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such insolvency case or other procedure either, has not been dismissed within 15 (fifteen) days of its institution or presentation, or has been dismissed with such period but solely on the grounds of insufficiency of assets to cover the costs of such case or other procedure.
33.5.5 The Client is unable to pay their debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client; or indebtedness of the Client is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against or an encumbrance takes possession of, the whole or any part of the Client’s property, undertaking or assets (tangible and intangible).
33.5.6 The Client or any Credit Support Provider (or any insolvency officer acting Agreement on behalf of the Client client;
17.4.2. an issuance of an application, order, resolution or other announcement in relation to bankruptcy or winding-up proceedings that involve the client;
17.4.3. client’s death; and
17.4.4. a client involving the Firm in any type of fraud based on the Firm's reasonable suspicion
17.5. A termination of the Credit Support Provider) disaffirm, disclaim or repudiate any obligation under this Client Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a Credit Support Provider, or of you, in favor of us supporting shall not imply that any of the Clientclient’s obligations under this Agreement (each responsibilities cease to exist; the latter shall still be liable to pay to the Firm:
17.5.1. any amount that is due to AFSUK;
17.5.2. any expenses that are incurred by or charged to AFSUK, as a “Credit Support Document”)result of the termination of the Client Agreement; and
17.5.3. any damage or loss that has arisen because of an arrangement or settlement.
33.5.7 Any representation or warranty made or given or deemed made or given 17.6. Upon termination of the Client Agreement under clause 17.1, above, AFSUK shall immediately transfer to the client any Credit Support Provider pursuant amount available in the relevant trading account minus any outstanding amount that is due to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or givenFirm by the client.
33.5.8 Any Credit Support Provider fails or 17.7. If clause 17.5, above, becomes effective AFSUK reserves the Client fails right to comply with or perform reverse any agreement or obligation transactions that are deemed to be complied with or performed by the Client or it is in accordance with the applicable Credit Support Document; any Credit Support Document expires or ceases to be in full force and effect prior contrary to the satisfaction of all Firm’s interests
18.1. Details relating to the Client’s obligations under risks involved in trading CFDs are contained in the Annex to this Agreement, unless the Parties have agreed in writing that this shall not be an Event of Default; any representation or warranty made or given to deemed made or given by any Credit Support Provider pursuant to any Credit Support Document which proves to have been false or misleading in any material respect at the time it was made or given or deemed made or given or any even referred to in Paragraph 33.5 of this Agreement occurs in respect to any Credit Support Provider.
33.5.9 the Client is dissolved, or if the Client’s capacity or existence id dependent upon a record in a formal register, the registration is removed or ends, or any procedure is commenced seeking or proposing the Client’s dissolution, removal from such register, or the ending of such a registration;
33.5.10 where the Client or a Credit Support Provider is a partnership, any of the events referred to in this Paragraph 33.5 occurs in respect of one or more of the Client’s partners;
33.5.11 the Company considers it necessary or desirable to prevent what the Company considers is or might be a violation of any applicable laws and/or regulations or good standard of market practice;
33.5.12 any Event of Default (however described) occurs in relation to the Client under and additional agreement between the Company and the Client.
Appears in 1 contract
Samples: Client Agreement
Termination and Default. 33.1 35.1 The Client reserves the right to terminate the Agreement within 15 (fifteen) business days from the announcement of an amendment under paragraph 32.6 34.6 of this Agreement above, by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the Client has no outstanding obligations to Company.
33.2 35.2 The Client reserves the right to terminate the Agreement, for any reason, having given a seven (7) business days Written Notice by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the client has no amounts due for payment to Company.
33.3 35.3 The Company may terminate the Agreement by giving the Client at least 7 (seven) business days Written Notice, specifying the termination date.
33.4 35.4 The Client accepts that Company reserves the right to terminate the Agreement immediately by providing the former with a Written Notice, if paragraph 32.5 34.5 below, becomes effective.
33.5 35.5 Each of the following shall constitute an Event of Default:
33.5.1 (a) The failure of the Client to perform any obligation due to the Company.
33.5.2 (b) The Client fails to make a payment when due under this Agreement, or to observe or perform any other provision of this Agreement and such failure continues for one (1) Business Day after notice of non-performance has been given by the Company.
33.5.3 (c) The Client has commenced a voluntary case or any other procedure seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to the Client or the Client’s debts under any nay bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each “a Custodian”) of you or any substantial part of the Client’s asserts; or if the Client takes any corporate action to authorize any of the foregoing; and, in the case of a reorganization, arrangement or composition, the Company does not consent to such proposals.
33.5.4 (d) An involuntary case or other procedure is commenced against the Client seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if solvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such insolvency case or other procedure either, has not been dismissed within 15 (fifteen) days of its institution or presentation, or has been dismissed with such period but solely on the grounds of insufficiency of assets to cover the costs of such case or other procedure.
33.5.5 (e) The Client is unable to pay their debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client; or indebtedness of the Client is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against or an encumbrance takes possession of, the whole or any part of the Client’s property, undertaking or assets (tangible and intangible).
33.5.6 (f) The Client or any Credit Support Provider (or any insolvency officer acting on behalf of the Client or of the Credit Support Provider) disaffirm, disclaim or repudiate any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a Credit Support Provider, or of you, in favor favour of us supporting any of the Client’s obligations under this Agreement (each a “Credit Support Document”).
33.5.7 (g) Any representation or warranty made or given or deemed made or given any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given.
33.5.8 (h) Any Credit Support Provider fails or the Client fails to comply with or perform any agreement or obligation to be complied with or performed by the Client or it is in accordance with the applicable Credit Support Document; any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all the Client’s obligations under this Agreement, unless the Parties have agreed in writing that this shall not be an Event of Default; any representation or warranty made or given to deemed made or given by any Credit Support Provider pursuant to any Credit Support Document which proves to have been false or misleading in any material respect at the time it was made or given or deemed made or given or any even referred to in Paragraph 33.5 35.5 of this Agreement occurs in respect to any Credit Support Provider.
33.5.9 (i) the Client is dissolved, or if the Client’s capacity or existence id dependent upon a record in a formal register, the registration is removed or ends, or any procedure is commenced seeking or proposing the Client’s dissolution, removal from such register, or the ending of such a registration;
33.5.10 (j) where the Client or a Credit Support Provider is a partnership, any of the events referred to in this Paragraph 33.5 35.5 occurs in respect of one or more of the Client’s partners;
33.5.11 (k) the Company considers it necessary or desirable to prevent what the Company considers is or might be a violation of any applicable laws and/or regulations or good standard of market practice;
33.5.12 (l) any Event of Default (however described) occurs in relation to the Client under and additional agreement between the Company and the Client.
35.6 The Company shall immediately terminate the Agreement, in the event of:
(a) a violation of any part of the Agreement on behalf of the Client;
(b) the failure of the Client to perform any obligation due to the Company;
(c) if an application is made in respect of the Client pursuant to the Cyprus Bankruptcy Act or any equivalent act in another Jurisdiction (if the Client is an individual), if a partnership, in respect of one or more of the partners, or if a company, a receiver, trustee, administrative receiver or similar officer is appointed, or if the Client makes an arrangement or composition with the Client’s creditors or any procedure which is similar or analogous to any of the above is commenced in respect of the Client;
(d) the Client is unable to pay the Client’s debts when they fall due;
(e) a Client involving the Company in any type of fraud;
(f) the Client being deemed to be creating and/or trying to create an arbitrage scenario; or
(g) the Client trading in such a way that may harm the Company’s ability to have and/or to provide an effective service;
(h) the Client (if the Client is an individual) dies or is declared absent or becomes of unsound mind;
(i) any other circumstance where the Company reasonably believes that it is necessary or desirable to take any action set out in paragraph 35.8;
(j) an action set out in paragraph 35.8 is required by a competent regulatory authority or body or court;
(k) the Client involves the Company in any type of fraud or illegality or breach of Applicable Regulations or the Company is placed at risk of being involved in any type of fraud or illegality or breach of Applicable Regulations if it continues offering Services to the Client, even when this is not due to the Client’s wrongdoing;
(l) in cases of material violation by the Client of the requirements established by legislation of the Republic of Cyprus or other countries having jurisdiction over the Client or his trading activities, such being materiality determined in good faith by the Company;
(m) if the Company suspects that the Client is engaged into money laundering activities or terrorist financing or card fraud or other criminal activities;
(n) the Company reasonably suspects that the Client performed a prohibited action as set out in this Agreement;
(o) the Company reasonably suspects that the Client performed abusive trading such as, but not limited to, Snipping, Scalping, Pip-hunting, placing “buy stop” or “sell stop” Orders prior to the release of financial data, arbitrage, manipulations or a combination of faster/slower feeds;
(p) the Company reasonably suspects that the Client opened the Client Account fraudulently; or
(q) the Company reasonably suspects that the Client performed forgery or used a stolen card to fund his Client Account.
35.7 A termination of the Agreement shall not imply that any of the Client’s responsibilities cease to exist; the latter shall still be liable to pay to the Company:
(a) Any amount that is due to Company;
(b) Any expenses that are incurred by Company, as a result of the termination of the Agreement; and
(c) Any damage that has arisen because of an arrangement settlement.
35.8 If an Event of Default occurs the Company may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
(a) terminate this Agreement immediately without prior notice to the Client;
(b) cancel any Open Positions;
(c) temporarily or permanently bar access to the Platform(s) or suspend or prohibit any functions of the Platform(s);
(d) reject or decline or refuse to transmit or execute any Order of the Client;
(e) restrict the Client’s trading activity;
(f) in the case of fraud, reverse the funds back to real owner or according to the instructions of the law enforcement authorities of the relevant country;
(g) cancel of profits gained through abusive trading or the application of artificial intelligence in the Client Account; or
(h) close out all or any of the Client’s Open Positions at current Quotes;
(i) debit the Client’s Trading Account(s) for the amounts which are due to the Company;
(j) close any or all of the Client’s Trading Accounts held by the Company;
(k) refuse to open new Trading Accounts for the Client;
(l) adjust the Client’s trading account balance to remove illicit profit;
(m) take legal action for any losses suffered by the Company.
35.9 Upon termination of the Agreement the Company shall immediately transfer to the Client any amount available in the relevant trading account minus any outstanding amount that is due to the Company by the Client.
35.10 If paragraph 35.6 above, becomes effective, the Company reserves the right to reverse any transactions that are deemed to be contrary to the Company’s interests.
35.11 Once notice of termination of this Agreement is sent and before the termination date:
(a) the Client will have an obligation close all his Open Positions. If he fails to do so, upon termination, the Company will close any Open Positions;
(b) the Company will be entitled to cease to grant the Client access to the Platform(s) or may limit the functionalities the Client is allowed to use on the Platform(s);
(c) the Company will be entitled to refuse to accept new Orders from the Client;
(d) the Company will be entitled to refuse to the Client to withdraw money from the Client Account and the Company reserves the right to keep Client’s funds as necessary to close positions which have already been opened and/or pay any pending obligations of the Client under the Agreement.
35.12 Upon Termination any or all the following may apply:
(a) the Company has the right to combine any Client Accounts of the Client, to consolidate the Balances in such Client Accounts and to set off those Balances;
(b) the Company has the right to close the Client Account(s);
(c) the Company has the right to convert any currency;
(d) the Company has the right to close out the Client’s Open Positions; or
(e) in absence of illegal activity or suspected illegal activity or fraud of the Client or instructions from the relevant authorities, if there is Balance in the Client’s favour, the Company will (after withholding such amounts that in the Company’s absolute discretion considers appropriate in respect of future liabilities) pay such Balance to the Client as soon as reasonably practicable and supply him with a statement showing how that Balance was arrived at and, where appropriate, instruct any Nominee or/and any Custodian to also pay any applicable amounts. Such funds shall be delivered in accordance to the Client’s Orders to the Client. It is understood that the Company will effect payments only to an account in the name of the Client. The Company has the right to refuse, at its discretion, to effect third party payments.
Appears in 1 contract
Samples: Client Agreement
Termination and Default. 33.1 35.1 The Client reserves the right to terminate the Agreement within 15 (fifteen) business days from the announcement of an amendment under paragraph 32.6 34.6 of this Agreement above, by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the Client has no outstanding obligations to Company.
33.2 35.2 The Client reserves the right to terminate the Agreement, for any reason, having given a seven (7) business days Written Notice by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the client has no amounts due for payment to Company.
33.3 35.3 The Company may terminate the Agreement by giving the Client at least 7 (seven) business days Written Notice, specifying the termination date.
33.4 35.4 The Client accepts that Company reserves the right to terminate the Agreement immediately by providing the former with a Written Notice, if paragraph 32.5 34.5 below, becomes effective.
33.5 35.5 Each of the following shall constitute an Event of Default:
33.5.1 (a) The failure of the Client to perform any obligation due to the Company.
33.5.2 (b) The Client fails to make a payment when due under this Agreement, or to observe or perform any other provision of this Agreement and such failure continues for one (1) Business Day after notice of non-performance has been given by the Company.
33.5.3 (c) The Client has commenced a voluntary case or any other procedure seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to the Client or the Client’s debts under any nay bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each “a Custodian”) of you or any substantial part of the Client’s asserts; or if the Client takes any corporate action to authorize any of the foregoing; and, in the case of a reorganization, arrangement or composition, the Company does not consent to such proposals.
33.5.4 (d) An involuntary case or other procedure is commenced against the Client seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with reliefwith respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if solvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such insolvency case or other procedure either, has not been dismissed within 15 (fifteen) days of its institution or presentation, or has been dismissed with such period but solely on the grounds of insufficiency of assets to cover the costs of such case or other procedure.
33.5.5 (e) The Client is unable to pay their debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client; or indebtedness of the Client is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against or an encumbrance takes possession of, the whole or any part of the Client’s property, undertaking or assets (tangible and intangible).
33.5.6 (f) The Client or any Credit Support Provider (or any insolvency officer acting on behalf of the Client or of the Credit Support Provider) disaffirm, disclaim or repudiate any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a Credit Support Provider, or of you, in favor favour of us supporting any of the Client’s obligations under this Agreement (each a “Credit Support Document”).
33.5.7 (g) Any representation or warranty made or given or deemed made or given any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given.
33.5.8 (h) Any Credit Support Provider fails or the Client fails to comply with or perform any agreement or obligation to be complied with or performed by the Client or it is in accordance with the applicable Credit Support Document; any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all the Client’s obligations under this Agreement, unless the Parties have agreed in writing that this shall not be an Event of Default; any representation or warranty made or given to deemed made or given by any Credit Support Provider pursuant to any Credit Support Document which proves to have been false or misleading in any material respect at the time it was made or given or deemed made or given or any even referred to in Paragraph 33.5 35.5 of this Agreement occurs in respect to any Credit Support Provider.
33.5.9 (i) the Client is dissolved, or if the Client’s capacity or existence id dependent upon a record in a formal register, the registration is removed or ends, or any procedure is commenced seeking or proposing the Client’s dissolution, removal from such register, or the ending of such a registration;
33.5.10 (j) where the Client or a Credit Support Provider is a partnership, any of the events referred to in this Paragraph 33.5 35.5 occurs in respect of one or more of the Client’s partners;
33.5.11 (k) the Company considers it necessary or desirable to prevent what the Company considers is or might be a violation of any applicable laws and/or regulations or good standard of market practice;
33.5.12 (l) any Event of Default (however described) occurs in relation to the Client under and additional agreement between the Company and the Client.
35.6 The Company shall immediately terminate the Agreement, in the event of:
(a) a violation of any part of the Agreement on behalf of the Client;
(b) the failure of the Client to perform any obligation due to the Company;
(c) if an application is made in respect of the Client pursuant to the Cyprus Bankruptcy Act or any equivalent act in another Jurisdiction (if the Client is an individual), if a partnership, in respect of one or more of the partners, or if a company, a receiver, trustee, administrative receiver or similar officer is appointed, or if the Client makes an arrangement or composition with the Client’s creditors or any procedure which is similar or analogous to any of the above is commenced in respect of the Client;
(d) the Client is unable to pay the Client’s debts when they fall due;
(e) a Client involving the Company in any type of fraud;
(f) the Client being deemed to be creating and/or trying to create an arbitrage scenario; or
(g) the Client trading in such a way that may harm the Company’s ability to have and/or to provide an effectiveservice;
(h) the Client (if the Client is an individual) dies or is declared absent or becomes of unsound mind;
(i) any other circumstance where the Company reasonably believes that it is necessary or desirable to take any action set out in paragraph 35.8;
(j) an action set out in paragraph 35.8 is required by a competent regulatory authority or body or court;
(k) the Client involves the Company in any type of fraud or illegality or breach of Applicable Regulations or the Company is placed at risk of being involved in any type of fraud or illegality or breach of Applicable Regulations if it continues offering Services to the Client, even when this is not due to the Client’s wrongdoing;
(l) in cases of material violation by the Client of the requirements established by legislation of the Republic of Cyprus or other countries havingjurisdiction over the Clientorhis trading activities, such being materiality determined in good faith by the Company;
(m) if the Company suspects that the Client is engaged into money laundering activities or terrorist financing or card fraud or other criminal activities;
(n) the Company reasonably suspects that the Client performed a prohibited action as set out in this Agreement;
(o) the Company reasonably suspects that the Client performed abusive trading such as, but not limited to, Snipping, Scalping, Pip-hunting, placing “buy stop” or “sell stop” Orders prior to the release of financial data, arbitrage, manipulations or a combination of faster/slower feeds;
(p) the Company reasonably suspects that the Client opened the Client Account fraudulently; or
(q) the Company reasonably suspects that the Client performed forgery or used a stolen card to fund his Client Account.
35.7 A termination of the Agreement shall not imply that any of the Client’s responsibilities cease to exist; the latter shall still be liable to pay to the Company:
(a) Any amount that is due to Company;
(b) Any expenses that are incurred by Company, as a result of the termination of the Agreement; and
(c) Any damage that has arisen because of an arrangement settlement.
35.8 If an Event of Default occurs the Company may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
(a) terminate this Agreement immediately without prior notice to the Client;
(b) cancel any Open Positions;
(c) temporarily or permanently bar access to the Platform(s) or suspend or prohibit any functions of the Platform(s);
(d) reject or decline or refuse to transmit or execute any Order of the Client;
(e) restrict the Client’s trading activity;
(f) in the case of fraud, reverse the funds back to real owner or according to the instructions of the law enforcement authorities of the relevant country;
(g) cancel of profits gained through abusive trading or the application of artificial intelligence in the Client Account; or
(h) close out all or any of the Client’s Open Positions at current Quotes;
(i) debit the Client’s Trading Account(s) for the amounts which are due to the Company;
(j) close any or all of the Client’s Trading Accounts held by the Company;
(k) refuse to open new Trading Accounts for the Client;
(l) adjust the Client’s trading account balance to remove illicit profit;
(m) take legal action for any losses suffered by the Company.
35.9 Upon termination of the Agreement the Company shall immediately transfer to the Client any amount available in the relevant trading account minus any outstanding amount that is due to the Company by the Client.
35.10 If paragraph 35.6 above, becomes effective, the Company reserves the right to reverse any transactions that are deemed to be contrary to the Company’s interests.
35.11 Once notice of termination of this Agreement is sent and before the termination date:
(a) the Client will have an obligation close all his Open Positions. If he fails to do so, upon termination, the Company will close any Open Positions;
(b) the Company will be entitled to cease to grant the Client access to the Platform(s) or may limit the functionalities the Client is allowed to use on the Platform(s);
(c) the Company will be entitled to refuse to accept new Orders from the Client;
(d) the Company will be entitled to refuse to the Client to withdraw money from the Client Account and the Company reserves the right to keep Client’s funds as necessary to close positions which have already been opened and/or pay any pending obligations of the Client under the Agreement.
35.12 Upon Termination any or all the following may apply:
(a) the Company has the right to combine any Client Accounts of the Client, to consolidate the Balances in such Client Accounts and to set off those Balances;
(b) the Company has the right to close the Client Account(s);
(c) the Company has the right to convert any currency;
(d) the Company has the right to close out the Client’s Open Positions; or
(e) in absence ofillegalactivity or suspected illegalactivity or fraudofthe Clientorinstructions from the relevant authorities, if there is Balance in the Client’s favour, the Company will (after withholding such amounts that in the Company’s absolute discretion considers appropriate in respect of future liabilities) pay such Balance to the Client as soon as reasonably practicable and supply him with a statement showing how that Balance was arrived at and, where appropriate, instruct any Nominee or/and any Custodian to also pay any applicable amounts. Such funds shall be delivered in accordance to the Client’s Orders to the Client. It is understood that the Company will effect payments only to an account in the name of the Client. The Company has the right to refuse, at its discretion, to effect third party payments.
Appears in 1 contract
Samples: Client Agreement
Termination and Default. 33.1 35.1 The Client reserves the right to terminate the Agreement within 15 (fifteen) business days from the announcement of an amendment under paragraph 32.6 34.6 of this Agreement above, by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the Client has no outstanding obligations to Company.
33.2 35.2 The Client reserves the right to terminate the Agreement, for any reason, having given a seven (7) business days Written Notice by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the client has no amounts due for payment to Company.
33.3 35.3 The Company may terminate the Agreement by giving the Client at least 7 (seven) business days Written Notice, specifying the termination date.
33.4 35.4 The Client accepts that Company reserves the right to terminate the Agreement immediately by providing the former with a Written Notice, if paragraph 32.5 34.5 below, becomes effective.
33.5 35.5 Each of the following shall constitute an Event of Default:
33.5.1 (a) The failure of the Client to perform any obligation due to the Company.
33.5.2 (b) The Client fails to make a payment when due under this Agreement, or to observe or perform any other provision of this Agreement and such failure continues for one (1) Business Day after notice of non-performance has been given by the Company.
33.5.3 (c) The Client has commenced a voluntary case or any other procedure seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to the Client or the Client’s debts under any nay bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each “a Custodian”) of you or any substantial part of the Client’s asserts; or if the Client takes any corporate action to authorize any of the foregoing; and, in the case of a reorganization, arrangement or composition, the Company does not consent to such proposals.
33.5.4 (d) An involuntary case or other procedure is commenced against the Client seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if solvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such insolvency case or other procedure either, has not been dismissed within 15 (fifteen) days of its institution or presentation, or has been dismissed with such period but solely on the grounds of insufficiency of assets to cover the costs of such case or other procedure.
33.5.5 (e) The Client is unable to pay their debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client; or indebtedness of the Client is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against or an encumbrance takes possession of, the whole or any part of the Client’s property, undertaking or assets (tangible and intangible).
33.5.6 (f) The Client or any Credit Support Provider (or any insolvency officer acting on behalf of the Client or of the Credit Support Provider) disaffirm, disclaim or repudiate any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a Credit Support Provider, or of you, in favor favour of us supporting any of the Client’s obligations under this Agreement (each a “Credit Support Document”).
33.5.7 (g) Any representation or warranty made or given or deemed made or given any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given.
33.5.8 (h) Any Credit Support Provider fails or the Client fails to comply with or perform any agreement or obligation to be complied with or performed by the Client or it is in accordance with the applicable Credit Support Document; any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all the Client’s obligations under this Agreement, unless the Parties have agreed in writing that this shall not be an Event of Default; any representation or warranty made or given to deemed made or given by any Credit Support Provider pursuant to any Credit Support Document which proves to have been false or misleading in any material respect at the time it was made or given or deemed made or given or any even referred to in Paragraph 33.5 35.5 of this Agreement occurs in respect to any Credit Support Provider.
33.5.9 (i) the Client is dissolved, or if the Client’s capacity or existence id dependent upon a record in a formal register, the registration is removed or ends, or any procedure is commenced seeking or proposing the Client’s dissolution, removal from such register, or the ending of such a registration;
33.5.10 (j) where the Client or a Credit Support Provider is a partnership, any of the events referred to in this Paragraph 33.5 35.5 occurs in respect of one or more of the Client’s partners;
33.5.11 (k) the Company considers it necessary or desirable to prevent what the Company considers is or might be a violation of any applicable laws and/or regulations or good standard of market practice;
33.5.12 (l) any Event of Default (however described) occurs in relation to the Client under and additional agreement between the Company and the Client.
35.6 The Company shall immediately terminate the Agreement, in the event of:
(a) a violation of any part of the Agreement on behalf of the Client;
(b) the failure of the Client to perform any obligation due to the Company;
(c) if an application is made in respect of the Client pursuant to the Cyprus Bankruptcy Act or any equivalent act in another Jurisdiction (if the Client is an individual), if a partnership, in respect of one or more of the partners, or if a company, a receiver, trustee, administrative receiver or similar officer is appointed, or if the Client makes an arrangement or composition with the Client’s creditors or any procedure which is similar or analogous to any of the above is commenced in respect of the Client;
(d) the Client is unable to pay the Client’s debts when they fall due;
(e) a Client involving the Company in any type of fraud;
(f) the Client being deemed to be creating and/or trying to create an arbitrage scenario; or
(g) the Client trading in such a way that may harm the Company’s ability to have and/or to provide an effectiveservice;
(h) the Client (if the Client is an individual) dies or is declared absent or becomes of unsound mind;
(i) any other circumstance where the Company reasonably believes that it is necessary or desirable to take any action set out in paragraph 35.8;
(j) an action set out in paragraph 35.8 is required by acompetent regulatory authority or body or court;
(k) the Client involves the Company in any type of fraud or illegality or breach of Applicable Regulations or the Company is placed at risk of being involved in any type of fraud or illegality or breach of Applicable Regulations if it continues offering Services to the Client, even when this is not due to the Client’s wrongdoing;
(l) in cases of material violation by the Client of the requirements established by legislation of the Republic of Cyprus or other countries having jurisdiction over the Client or his trading activities, such being materiality determined in good faith by the Company;
(m) if the Company suspects that the Client is engaged into money laundering activities or terrorist financing or card fraud or other criminal activities;
(n) the Company reasonably suspects that the Client performed a prohibited action as set out in this Agreement;
(o) the Company reasonably suspects that the Client performed abusive trading such as, but not limited to, Snipping, Scalping, Pip-hunting, placing “buy stop” or “sell stop” Orders prior to the release of financial data, arbitrage, manipulations or a combination of faster/slower feeds;
(p) the Company reasonably suspects that the Client opened the Client Account fraudulently; or
(q) the Company reasonably suspects that the Client performed forgery or used a stolen card to fund his Client Account.
35.7 A termination of the Agreement shall not imply that any of the Client’s responsibilities cease to exist; the latter shall still be liable to pay to the Company:
(a) Any amount that is due to Company;
(b) Any expensesthat are incurred by Company, as a result of the termination of the Agreement; and
(c) Any damage that has arisen because of an arrangement settlement.
35.8 If an Event of Default occurs the Company may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
(a) terminate this Agreement immediately without prior notice to the Client;
(b) cancel any Open Positions;
(c) temporarily or permanently bar access to the Platform(s) or suspend or prohibit any functions of the Platform(s);
(d) reject or decline or refuse to transmit or execute any Order of the Client;
(e) restrict the Client’s trading activity;
(f) in the case of fraud, reverse the funds back to real owner or according to the instructions of the law enforcement authorities of the relevant country;
(g) cancel of profits gained through abusive trading or the application of artificial intelligence in the Client Account; or
(h) close out all or any of the Client’s Open Positions at current Quotes;
(i) debit the Client’s Trading Account(s) for the amounts which are due to the Company;
(j) close any or all of the Client’s Trading Accounts held by the Company;
(k) refuse to open new Trading Accounts for the Client;
(l) adjust the Client’s trading account balance to remove illicit profit;
(m) take legal action for any losses suffered by the Company.
35.9 Upon termination of the Agreement the Company shall immediately transfer to the Client any amount available in the relevant trading account minus any outstanding amount that is due to the Company by theClient.
35.10 If paragraph 35.6 above, becomes effective, the Company reserves the right to reverse any transactions that are deemed to be contrary to the Company’s interests.
35.11 Once notice of termination of this Agreement is sent and before the termination date:
(a) the Client will have an obligation close all his Open Positions. If he fails to do so, upon termination, the Company will close any Open Positions;
(b) the Company will be entitled to cease to grant the Client access to the Platform(s) or may limit the functionalities the Client is allowed to use on the Platform(s);
(c) the Company will be entitled to refuse to accept new Orders from the Client;
(d) the Company will be entitled to refuse to the Client to withdraw money from the Client Account and the Company reserves the right to keep Client’s funds as necessary to close positions which have already been opened and/or pay any pending obligations of the Client under the Agreement.
35.12 Upon Termination any or all the following may apply:
(a) the Company has the right to combine any Client Accounts of the Client, to consolidate the Balances in such Client Accounts and to set off those Balances;
(b) the Company has the right to close the Client Account(s);
(c) the Company has the right to convert any currency;
(d) the Company has the right to close out the Client’s Open Positions; or
(e) inabsenceofillegalactivityorsuspectedillegalactivityorfraudoftheClientorinstructions from the relevant authorities, if there is Balance in the Client’s favour, the Company will (after withholding such amounts that in the Company’s absolute discretion considers appropriate in respect of future liabilities) pay such Balance to the Client as soon as reasonably practicable and supply him with a statement showing how that Balance was arrived at and, where appropriate, instruct any Nominee or/and any Custodian to also pay any applicable amounts. Such funds shall be delivered in accordance to the Client’s Orders to the Client. It is understood that the Company will effect payments only to an account in the name of the Client. The Company has the right to refuse, at its discretion, to effect third party payments.
Appears in 1 contract
Samples: Client Agreement
Termination and Default. 33.1 35.1 The Client reserves the right to terminate the Agreement within 15 (fifteen) business days from the announcement of an amendment under paragraph 32.6 34.6 of this Agreement above, by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the Client has no outstanding obligations to Company.
33.2 35.2 The Client reserves the right to terminate the Agreement, for any reason, having given a seven (7) business days Written Notice by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the client has no amounts due for payment to Company.
33.3 35.3 The Company may terminate the Agreement by giving the Client at least 7 (seven) business days Written Notice, specifying the termination date.
33.4 35.4 The Client accepts that Company reserves the right to terminate the Agreement immediately by providing the former with a Written Notice, if paragraph 32.5 34.5 below, becomes effective.
33.5 35.5 Each of the following shall constitute an Event of Default:
33.5.1 (a) The failure of the Client to perform any obligation due to the Company.
33.5.2 (b) The Client fails to make a payment when due under this Agreement, or to observe or perform any other provision of this Agreement and such failure continues for one (1) Business Day after notice of non-performance has been given by the Company.
33.5.3 (c) The Client has commenced a voluntary case or any other procedure seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to the Client or the Client’s debts under any nay bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each “a Custodian”) of you or any substantial part of the Client’s asserts; or if the Client takes any corporate action to authorize any of the foregoing; and, in the case of a reorganization, arrangement or composition, the Company does not consent to such proposals.
33.5.4 (d) An involuntary case or other procedure is commenced against the Client seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Client, if solvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such insolvency case or other procedure either, has not been dismissed within 15 (fifteen) days of its institution or presentation, or has been dismissed with such period but solely on the grounds of insufficiency of assets to cover the costs of such case or other procedure.
33.5.5 (e) The Client is unable to pay their debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client; or indebtedness of the Client is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against or an encumbrance takes possession of, the whole or any part of the Client’s property, undertaking or assets (tangible and intangible).
33.5.6 (f) The Client or any Credit Support Provider (or any insolvency officer acting on behalf of the Client or of the Credit Support Provider) disaffirm, disclaim or repudiate any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a Credit Support Provider, or of you, in favor favour of us supporting any of the Client’s obligations under this Agreement (each a “Credit Support Document”).
33.5.7 (g) Any representation or warranty made or given or deemed made or given any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given.
33.5.8 (h) Any Credit Support Provider fails or the Client fails to comply with or perform any agreement or obligation to be complied with or performed by the Client or it is in accordance with the applicable Credit Support Document; any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all the Client’s obligations under this Agreement, unless the Parties have agreed in writing that this shall not be an Event of Default; any representation or warranty made or given to deemed made or given by any Credit Support Provider pursuant to any Credit Support Document which proves to have been false or misleading in any material respect at the time it was made or given or deemed made or given or any even referred to in Paragraph 33.5 35.5 of this Agreement occurs in respect to any Credit Support Provider.
33.5.9 (i) the Client is dissolved, or if the Client’s capacity or existence id dependent upon a record in a formal register, the registration is removed or ends, or any procedure is commenced seeking or proposing the Client’s dissolution, removal from such register, or the ending of such a registration;
33.5.10 (j) where the Client or a Credit Support Provider is a partnership, any of the events referred to in this Paragraph 33.5 35.5 occurs in respect of one or more of the Client’s partners;
33.5.11 (k) the Company considers it necessary or desirable to prevent what the Company considers is or might be a violation of any applicable laws and/or regulations or good standard of market practice;
33.5.12 (l) any Event of Default (however described) occurs in relation to the Client under and additional agreement between the Company and the Client.
Appears in 1 contract
Samples: Client Agreement
Termination and Default. 33.1 32.1 The Client reserves the right to terminate the Agreement within 15 (fifteen) business days from the announcement of an amendment under paragraph 32.6 31.6 of this Agreement above, by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the Client has no outstanding obligations to Company.
33.2 32.2 The Client reserves the right to terminate the Agreement, for any reason, having given a seven (7) business days Written Notice by sending a notification through registered post to the Company’s registered office, provided that there are no Open Positions traded through the relevant trading account and the client has no amounts due for payment to Company.
33.3 32.3 The Company may terminate the Agreement by giving the Client at least 7 (seven) business days Written Notice, specifying the termination date.
33.4 32.4 The Client accepts that Company reserves the right to terminate the Agreement immediately by providing the former with a Written Notice, if paragraph 32.5 below, 20.5 above becomes effective.
33.5 Each 32.5 The Company shall immediately terminate the Agreement, in the event of:
(a) a violation of any part of the following shall constitute an Event Agreement on behalf of Default:the Client;
33.5.1 The (b) the failure of the Client to perform any obligation due to the Company.;
33.5.2 The (c) if an application is made in respect of the Client fails to make a payment when due under this Agreement, or to observe or perform any other provision of this Agreement and such failure continues for one (1) Business Day after notice of non-performance has been given by the Company.
33.5.3 The Client has commenced a voluntary case or any other procedure seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect pursuant to the Client or the Client’s debts under applicable bankruptcy Act of any bankruptcy, insolvency, regulatory, supervisory or similar law Jurisdiction (including any corporate or other law with potential application to the Client, if insolvent), or seeking the appointment of a trustee, receiver, liquidator, conservator, administrator, custodian or other similar official (each “a Custodian”) of you or any substantial part of the Client’s asserts; or if the Client takes any corporate action to authorize any of the foregoing; and, in the case of a reorganization, arrangement or composition, the Company does not consent to such proposals.
33.5.4 An involuntary case or other procedure is commenced against the Client seeking or proposing liquidation, reorganization, an arrangement or composition, a freeze or moratorium, or other similar relief with respect to you or your debts under any bankruptcy, insolvency, regulatory, supervisory or similar law (including any corporate or other law with potential application to the Clientindividual), if solvent) or seeking the appointment of a Custodian of you or any substantial part of your assets and such insolvency case or other procedure either, has not been dismissed within 15 (fifteen) days of its institution or presentation, or has been dismissed with such period but solely on the grounds of insufficiency of assets to cover the costs of such case or other procedure.
33.5.5 The Client is unable to pay their debts as they fall due or are bankrupt or insolvent, as defined under any bankruptcy or insolvency law applicable to the Client; or indebtedness of the Client is not paid on the due date therefore, or becomes capable at any time of being declared, due and payable, or any suit, action or other proceedings relating to this Agreement are commenced for any execution, any attachment or garnishment, or distress against or an encumbrance takes possession of, the whole or any part of the Client’s property, undertaking or assets (tangible and intangible).
33.5.6 The Client or any Credit Support Provider (or any insolvency officer acting on behalf of the Client or of the Credit Support Provider) disaffirm, disclaim or repudiate any obligation under this Agreement or any guarantee, hypothecation agreement, margin or security agreement or document, or any other document containing an obligation of a Credit Support Provider, or of you, in favor of us supporting any of the Client’s obligations under this Agreement (each a “Credit Support Document”).
33.5.7 Any representation or warranty made or given or deemed made or given any Credit Support Provider pursuant to any Credit Support Document proves to have been false or misleading in any material respect as at the time it was made or given or deemed made or given.
33.5.8 Any Credit Support Provider fails or the Client fails to comply with or perform any agreement or obligation to be complied with or performed by the Client or it is in accordance with the applicable Credit Support Document; any Credit Support Document expires or ceases to be in full force and effect prior to the satisfaction of all the Client’s obligations under this Agreement, unless the Parties have agreed in writing that this shall not be an Event of Default; any representation or warranty made or given to deemed made or given by any Credit Support Provider pursuant to any Credit Support Document which proves to have been false or misleading in any material respect at the time it was made or given or deemed made or given or any even referred to in Paragraph 33.5 of this Agreement occurs in respect to any Credit Support Provider.
33.5.9 the Client is dissolved, or if the Client’s capacity or existence id dependent upon a record in a formal register, the registration is removed or ends, or any procedure is commenced seeking or proposing the Client’s dissolution, removal from such register, or the ending of such a registration;
33.5.10 where the Client or a Credit Support Provider is a partnership, any of the events referred to in this Paragraph 33.5 occurs in respect of one or more of the partners, or if a company, a receiver, trustee, administrative receiver or similar officer is appointed, or if the Client makes an arrangement or composition with the Client’s partnerscreditors or any procedure which is similar or analogous to any of the above is commenced in respect of the Client;
33.5.11 (d) the Client is unable to pay the Client’s debts when they fall due;
(e) a Client involving the Company considers in any type of fraud;
(f) the Client being deemed to be creating and/or trying to create an arbitrage scenario; or
(g) the Client trading in such a way that may harm the Company’s ability to have and/or to provide an effective service;
(h) the Client (if the Client is an individual) dies or is declared absent or becomes of unsound mind;
(i) any other circumstance where the Company reasonably believes that it is necessary or desirable to prevent what take any action set out in paragraph 32.7;
(j) the Client involves the Company considers in any type of fraud or illegality or the Company is placed at risk of being involved in any type of fraud or might be a violation of any applicable laws and/or regulations or good standard of market practiceillegality if it continues offering Services to the Client, even when this is not due to the Client’s wrongdoing;
33.5.12 (k) in cases of material violation by the Client of the requirements established by the applicable law in such countries having jurisdiction over the Client or his trading activities, such being materiality determined in good faith by the Company;
(l) if the Company suspects that the Client is engaged into money laundering activities or terrorist financing or card fraud or other criminal activities;
(m) the Company reasonably suspects that the Client performed a prohibited action as set out in this Agreement;
(n) the Company reasonably suspects that the Client performed abusive trading such as, but not limited to, Snipping, Scalping, Pip-hunting, placing “buy stop” or “sell stop” Orders prior to the release of financial data, arbitrage, manipulations or a combination of faster/slower feeds;
(o) the Company reasonably suspects that the Client opened the Client Account fraudulently; or
(p) the Company reasonably suspects that the Client performed forgery or used a stolen card to fund his Client Account.
32.6 A termination of the Agreement shall not imply that any of the Client’s responsibilities cease to exist; the latter shall still be liable to pay to the Company:
(a) Any amount that is due to Company;
(b) Any expenses that are incurred by Company, as a result of the termination of the Agreement; and
(c) Any damage that has arisen because of an arrangement settlement.
32.7 If an Event of Default occurs the Company may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
(however describeda) occurs terminate this Agreement immediately without prior notice to the Client;
(b) cancel any Open Positions;
(c) temporarily or permanently bar access to the Platform(s) or suspend or prohibit any functions of the Platform(s);
(d) reject or decline or refuse to transmit or execute any Order of the Client;
(e) restrict the Client’s trading activity;
(f) in relation the case of fraud, reverse the funds back to real owner or according to the instructions of the law enforcement authorities of the relevant country;
(g) cancel of profits gained through abusive trading or the application of artificial intelligence in the Client Account; or
(h) take legal action for any losses suffered by the Company.
32.8 Upon termination of the Agreement the Company shall immediately transfer to the Client under and additional agreement between any amount available in the relevant trading account minus any outstanding amount that is due to the Company and by the Client.
32.9 If paragraph 32.5 above, becomes effective, the Company reserves the right to reverse any transactions that are deemed to be contrary to the Company’s interests.
32.10 Once notice of termination of this Agreement is sent and before the termination date:
(a) the Client will have an obligation close all his Open Positions. If he fails to do so, upon termination, the Company will close any Open Positions;
(b) the Company will be entitled to cease to grant the Client access to the Platform(s) or may limit the functionalities the Client is allowed to use on the Platform(s);
(c) the Company will be entitled to refuse to accept new Orders from the Client;
(d) the Company will be entitled to refuse to the Client to withdraw money from the
(e) Client Account and the Company reserves the right to keep Client’s funds as necessary to close positions which have already been opened and/or pay any pending obligations of the Client under the Agreement.
32.11 Upon Termination any or all the following may apply:
(a) the Company has the right to combine any Client Accounts of the Client, to consolidate the Balances in such Client Accounts and to set off those Balances;
(b) the Company has the right to close the Client Account(s);
(c) the Company has the right to convert any currency;
(d) the Company has the right to close out the Client’s Open Positions; or
(e) in absence of illegal activity or suspected illegal activity or fraud of the Client or instructions from the relevant authorities, if there is Balance in the Client’s favour, the Company will (after withholding such amounts that in the Company’s absolute discretion considers appropriate in respect of future liabilities) pay such Balance to the Client as soon as reasonably practicable and supply him with a statement showing how that Balance was arrived at and, where appropriate, instruct any Nominee or/and any Custodian to also pay any applicable amounts. Such funds shall be delivered in accordance to the Client’s Orders to the Client. It is understood that the Company will effect payments only to an account in the name of the Client. The Company has the right to refuse, at its discretion, to effect thirty party payments.
Appears in 1 contract
Samples: Client Agreement
