Common use of Express Authorisation for Collateral Clause in Contracts

Express Authorisation for Collateral. Without limiting Global Prime’s right to request transfer of any of the Custodial Assets under clause 11.2, Client expressly authorises Global Prime in its discretion: (a) to identify any Collateral as being held as Margin or security against a particular obligation of Client under this agreement or against an Global Prime Transaction; (b) subject to clauses 11.2 and 11.5, to transfer any Custodial Assets to Global Prime expressly as Collateral for any obligations of Client under this agreement or a Global Prime Transaction; and (c) to transfer the proceeds of a credit advance made to Client to any Related Entity to satisfy any Margin or security requirement of a Related Entity in relation to a Transaction (provided that Client and Global Prime have previously agreed in writing that the Transaction is a Transaction to which this clause 11.3 applies).