Common use of XXXX HELD FOR THE CLIENT Clause in Contracts

XXXX HELD FOR THE CLIENT. 7.1 Any cash held for the Client, other than cash received by CAL in respect of Transactions and which is onpaid for settlement purposes or to the Client, shall be credited to a client trust account maintained with a licensed bank as required by applicable laws and rules of any relevant Exchange or regulatory authority, except that any interest earned on such balance or money shall, to the extent that it exceeds interest payable to the Client at the rate determined by CAL to be applicable, be retained by CAL for its account from time to time. For avoidance of doubt, the Client acknowledges that no interest will be payable to the Client if the daily balance of the Account falls below HK$10,000. 7.2 The Account shall be in Hong Kong dollars or such other currencies as CAL may agree from time to time with the Client. In the event that the Client instructs CAL to execute any of the Transaction in a foreign currency, any profit or loss arising as a result of fluctuation in the exchange rate of the relevant currencies will be for the account of the Client solely. CAL is entitled to convert one currency into the other for the purpose of undertaking any action or step taken by CAL under this Agreement in such manner and at such time as it may in its absolute discretion determine. 7.3 Any profit or loss resulting from exchange rate fluctuations affecting such other currency will be entirely for the Client’s account and risk. Such profit or loss will accordingly be credited or debited (as the case may be) to the Account.