Transacting as principal. 9.1 We may as principal enter into transactions (in Clause 9, each a "transaction") with you, each of which is evidenced by a confirmation ("Confirmation") issued by us and expressed to be subject to these Terms and Conditions. Terms used bear the meaning ascribed in the Confirmation.
9.2 In the event of inconsistency, the terms of one document will prevail over the other(s) in the following order for the purpose of the relevant transaction:
(1) the Confirmation,
(2) the applicable Schedule and (3) these Terms and Conditions.
9.3 A contract between you and us for the sale or purchase of securities is made as soon as its terms have been confirmed orally by our authorised officer or in writing signed by our authorised officer. The terms of an oral contract will be as set out in our written Confirmation.
9.4 All transactions constitute a single agreement between the parties ("Agreement"). The parties will only enter into transactions in reliance on such fact.
9.5 The parties will make payments and deliveries in accordance with each Confirmation, subject to the condition precedent that no Event of Default (see Clause 9.7) or Potential Event of Default has occurred and is continuing. “Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.
