Commissions and Charges. 10.1 KGI Asia will charge the Client fees, charges and commissions calculated at such rates or on such basis as KGI Asia may from time to time determine and notify to the Client and/or publish on KGI Asia’s Website(s). The Client shall be liable for payment upon demand of any debts and debit balances whatsoever and howsoever arising in respect of the Account including but not limited to commissions, charges, fees, statutory fees, taxes, levies, and delivery charges. KGI Asia and its associated entities may withdraw cash from or liquidate Securities in the Account to discharge any amounts due and outstanding on the Account. 10.2 Without prejudice to any other rights and remedies available to KGI Asia, KGI Asia may charge a maintenance fee payable at such rate or in such amount and upon such other terms as KGI Asia may prescribe from time to time on any Account which has no trading activity for a consecutive six-month period or longer. Payment of such fees will be automatically deducted from the Account. 10.3 The Client hereby irrevocably authorizes KGI Asia to collect all levies that any relevant exchange(s) may from time to time impose on any Transaction executed pursuant to this Client Agreement in accordance with the rules prescribed by the relevant exchange(s) from time to time. 10.4 Without prejudice and in addition to any other rights and remedies of KGI Asia hereunder, the Client hereby irrevocably authorizes KGI Asia (without being obliged so to do or any prior notice to the Client) to apply or withhold all or any part of any cash, Securities or other assets or property whatsoever held for or on behalf of the Client by KGI Asia on the Account(s) and whether or not relating to a particular Transaction or Instruction, in or towards payment of money properly required to meet commissions, brokerages, taxes (including taxes that are potentially payable as determined by KGI Asia in its reasonable discretion), stamp duties, bank charges, transfer fees, interest, custodial expenses or other charges in respect of or connected with the Account(s) or any Transactions or Instructions or services thereof or any Securities therein. The Client shall also on demand pay KGI Asia forthwith such amounts or additional amounts as may be notified by KGI Asia to the Client from time to time. 10.5 All indebtedness to KGI Asia will be charged with interest at such rate(s) to be notified by KGI Asia to the Client from time to time. In the absence of such notification and subject to the applicable law, the Client’s Hong Kong dollars indebtedness will be charged with interest at an annual rate of the higher of (i) ten per cent above the prime lending rate of Hong Kong dollars quoted by the Standard Chartered Bank; or (ii) twelve and a half per cent above the prevailing one-month Hong Kong Inter-bank Offered Rate. In the case of foreign currency indebtedness, the annual interest rate will be ten per cent over the cost of funds of KGI Asia to be quoted by KGI Asia whether or not it has actually borrowed the funds. 10.6 The Client waives its rights to any interest, dividend, or other payment under the Securities where such interest, dividend, or other payment is of a negligible amount, determined by KGI Asia in its sole discretion, having regard to the circumstances then prevailing, and any such interest, dividend or other payment received shall become KGI Asia’s property. The Client further agrees that once such amounts have become KGI Asia’s property (in accordance with the terms of this provision) the Client shall have no claims whatsoever against KGI Asia in respect of such amounts or any part thereof and the Client hereby waives any rights or claims whatsoever which the Client may have or acquire over such amounts or any part thereof.
Appears in 3 contracts
Sources: Client Agreement, Client Agreement, Client Agreement
Commissions and Charges. 10.1 KGI Asia will charge the Client fees, charges and commissions calculated at such rates or on such basis as KGI Asia may from time to time determine and notify to the Client and/or publish on KGI Asia’s Website(s). The Client shall be liable for payment upon demand of any debts and debit balances whatsoever and howsoever arising in respect of the Account including but not limited to commissions, charges, fees, statutory fees, taxes, levies, and delivery charges. KGI Asia and its associated entities may withdraw cash from or liquidate Securities in the Account to discharge any amounts due and outstanding on the Account.
10.2 Without prejudice to any other rights and remedies available to KGI Asia, KGI Asia may charge a maintenance fee payable at such rate or in such amount and upon such other terms as KGI Asia may prescribe from time to time on any Account which has no trading activity for a consecutive six-month period or longer. Payment of such fees will be automatically deducted from the Account.
10.3 The Client hereby irrevocably authorizes KGI Asia to collect all levies that any relevant exchange(s) may from time to time impose on any Transaction executed pursuant to this Client Agreement in accordance with the rules prescribed by the relevant exchange(s) from time to time.
10.4 Without prejudice and in addition to any other rights and remedies of KGI Asia hereunder, the Client hereby irrevocably authorizes KGI Asia (without being obliged so to do or any prior notice to the Client) to apply or withhold all or any part of any cash, Securities or other assets or property whatsoever held for or on behalf of the Client by KGI Asia on the Account(s) and whether or not relating to a particular Transaction or Instruction, in or towards payment of money properly required to meet commissions, brokerages, taxes (including taxes that are potentially payable as determined by KGI Asia in its reasonable discretion), stamp duties, bank charges, transfer fees, interest, custodial expenses or other charges in respect of or connected with the Account(s) or any Transactions or Instructions or services thereof or any Securities therein. The Client shall also on demand pay KGI Asia forthwith such amounts or additional amounts as may be notified by KGI Asia to the Client from time to time.
10.5 All indebtedness to KGI Asia will be charged with interest at such rate(s) to be notified by KGI Asia to the Client from time to time. In the absence of such notification and subject to the applicable law, the Client’s Hong Kong dollars indebtedness will be charged with interest at an annual rate of the higher of (i) ten per cent above the prime lending rate of Hong Kong dollars quoted by the Standard Chartered Bank; or (ii) twelve and a half per cent above the prevailing one-month Hong Kong Inter-bank Offered Rate. In the case of foreign currency indebtedness, the annual interest rate will be ten per cent over the cost of funds of KGI Asia to be quoted by KGI Asia whether or not it has actually borrowed the funds.
10.6 The Client waives its rights to any interest, dividend, or other payment under the Securities where such interest, dividend, or other payment is of a negligible amount, determined by KGI Asia in its sole discretion, having regard to the circumstances then prevailing, and any such interest, dividend or other payment received shall become KGI Asia’s property. The Client further agrees that once such amounts have become KGI Asia’s property (in accordance with the terms of this provision) the Client shall have no claims whatsoever against KGI Asia in respect of such amounts or any part thereof and the Client hereby waives any rights or claims whatsoever which the Client may have or acquire over such amounts or any part thereof.
Appears in 1 contract
Sources: Client Agreement