Use of Margin. Customer acknowledges and agrees that:
Use of Margin. Counterparty hereby pledges to Basis, as security for its obligations hereunder and under all Transactions, and grants to Basis a first priority continuing security interest in, lien on and right of set‐off against all Margin transferred to or received by Basis hereunder. Upon the return by Basis to Counterparty of any Margin, the security interest and lien granted hereunder on that Xxxxxx will be released immediately, without any further action by either party. Basis shall be entitled to hold Variation Margin and Initial Margin, itself or to appoint an agent (a “Custodian”) to hold Margin on its behalf. Upon notice by Basis to Counterparty of the appointment of a Custodian, Counterparty’s obligations to make any transfer of Initial Margin will be discharged by making the transfer to that Custodian. The holding of Margin by a Custodian will be deemed to be the holding of that Margin by Basis. Basis shall be entitled to pledge, re-hypothecate, invest, use, and commingle Margin deposited by Counterparty, free from any claim or right of any nature whatsoever. Upon the occurrence of an Event of Default with respect to Counterparty, Basis may exercise all rights as a secured party under Law or in contract, including the right to immediately apply Margin deposited by Counterparty against any amounts owed to Basis by Counterparty hereunder or under any other agreement. Following the termination of a Transaction, Basis shall return to Counterparty any Margin deposited by Counterparty with respect to such Transaction, net of any amounts owed by Counterparty with respect to such Transaction at the Counterparties request. Counterparty shall not be entitled to interest on any Margin deposited with Basis.
Use of Margin. You acknowledge and agree that:
Use of Margin. In light of your classification as a Professional Client or Eligible Counterparty, you agree that we will treat all margin payments made by you to us (including margin transferred from sums previously held by us on deposit for you) as having been transferred to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations. Accordingly, where you pay margin money to us, we will thereby acquire full ownership of it and we will not hold such money in accordance with the Client Money Rules. You will not have any interest in or proprietary claim over money transferred to us pursuant to this clause and we can deal with it as our own. In the event of our insolvency you will have no rights or claim in relation to this money. We will transfer an equivalent amount of money back to you where, in our reasonable discretion, we consider that it is no longer necessary for us to retain the money you have paid to us. In determining the amount of money you will be required to pay to us pursuant to this clause and whether it is necessary to retain such money, we may apply such a methodology (including your trading history, judgements as to the future movement of markets and value) as we consider appropriate, consistent with this Agreement and applicable law and regulations.
Use of Margin. In light of your classification as a Professional Client, you agree that we will treat all Margin payments made by you to us (including Xxxxxx transferred from sums previously held by us on deposit for you) as having been transferred to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations.
