DEFERRED BULLION DELIVERY. 11.1 In the event that the Client chooses not to take or make delivery of the Bullion upon the transaction date as set out in the Contract, the following terms and conditions shall apply:
(a) the delivery of Bullion of each Contract shall be made on the Settlement Day as defined in Clause 1; but if the delivery of Bullion is not made on the Settlement Date, this original Settlement Date shall be retained in the Company’s record, provided that each Contract shall remain open beyond the original Settlement Date until the Company agrees to make or take physical delivery, or until the Parties enter into a Netting Contract and the Delivery obligations of the original Contract are reduced, in whole or in part, to a net settlement payment by one of the Parties; and
(b) while and or so long as any such Contract remains open beyond the original Settlement Date, the Company from time to time shall credit or debit the Client’s account for interest:
(i) in Loco London Bullion trading, the credits or debits of Client’s account for interest for the period at the annual rate to be determined conclusively by the Company according to market condition from time to time; or
(ii) in Hong Kong Bullion trading, the credits or debits of Client’s account for interest for the period at the rate to be determined conclusively by the carried over charges of the Chinese Gold & Silver Exchange Society from time to time.
11.2 Any or all Contract entered into by the Parties pursuant to this Clause 11 shall be subject to all of the provisions of Clause 4.
