SETTLEMENT. 12.1 Client accepts that every Transaction effected for the Account contemplates actual performance in accordance with its terms, including delivery and receipt of any Commodities and payment for them. Notwithstanding this and subject to paragraph 12.4 below, in respect of each open position in relation to the Account which remains subsisting on the maturity date for its settlement, neither SYS nor Client shall have any obligation to make or take delivery (as the case may be) of the Commodity the subject matter of the transaction on the maturity date, if, according to the rules or usual practice of the relevant exchange, the outstanding obligations of the buyer and seller of such open position shall be satisfied solely by cash settlement based on a difference in price or value, in which case SYS or Client (as the case may be) shall settle or close the open position by paying the relevant difference to the other on the maturity date thereof. Client shall take all necessary actions to enable SYS to effect due settlement of each transaction effected for the Account in accordance with the rules, regulations and requirements of the relevant exchange and/ or clearing house.
12.2 Subject to the terms of this Agreement and to the rules, regulations and requirements of the relevant exchange and/or clearing house adopted from time to time, Client may, at any time before the last trading day of a contract or transaction in relation to the Account, request SYS to close out or in the case of an Option Contract, exercise (providing exercise is then possible) the matching Option Contract. Any amount (including, without limitation, any amount payable by SYS to the relevant exchange and/or clearing house and/or SYS's brokers or agents) payable by Client arising out of the closing out of any contract or transaction or the exercise of any Option Contract shall become immediately due and payable to SYS upon the closing out or exercise.
12.3 To exercise an option pursuant to an Option Contract effected for the Account, Client shall (subject to the rules and regulations of the relevant exchange on which the Option Contract is traded or entered into) deliver to SYS a notice of exercise no later than such time limit as may be specified by SYS from time to time before the cut-off date for the tender of exercise Instruction prescribed by the writer of the option or the relevant exchange or clearing house (whichever prescribes the earliest cut-off date). Such notice shall only be co...
SETTLEMENT. 11.1. The Client agrees to pay the premium in cash for long call/put Options payable in respect of an Options Contract in cash in such amount and within such time period as notified by GTJAS. If no time period is specified by GTJAS, then the Client is required to comply with such demand before expiry of two (2) hours from the time of making the demand (or more quickly if GTJAS requires the Client to do so). GTJAS may require the Client to make arrangements for payment of premium in cash in advance of accepting long call/put Instructions from the Client or may impose other requirements from time to time for the payment of premium as GTJAS in its absolute discretion thinks fit.
11.2. The Client acknowledges that on and only on the expiry day, the SEOCH Options System will automatically generate exercise instructions in respect of all open long positions which are in-the-money by or above the percentage prescribed by SEOCH from time to time. The Client may instruct GTJAS to override these automatically generated exercise instructions before System Closure on the expiry day in accordance with the Operational Clearing Procedures of SEOCH as amended from time to time.
11.3. In respect of the Client's short positions, in cases where the Options Contract is validly exercised (including cases pursuant to Clause 11.4), the Client shall fulfill his obligations under the relevant Options Contract by the relevant cut off time as stipulated by GTJAS for the relevant market from time to time (being 3:15 p.m. on the Business Day following the day of exercise in respect of Options Contracts listed in Hong Kong, as amended and notified by GTJAS from time to time). In default thereof, without prejudice to other rights or remedies that GTJAS may have against the Client, GTJAS may without demand or notice cover any liability of the Client under any short positions or deal with the same in the manner deemed most appropriate by GTJAS. The Client agrees that the Client will be responsible for all the expenses of GTJAS in connection with the above and that GTJAS will not be liable for any loss that may thereby be incurred.
11.4. The Client understands and agrees that in accordance with the relevant Rules, the relevant exchange or clearing house may randomly select any options trading exchange participant to perform the delivery obligation under an Options Contract in a short open position. If GTJAS is selected, GTJAS will randomly select an Options Contract from among all Options ...