Common use of Express Authorisation for Collateral Clause in Contracts

Express Authorisation for Collateral. Without limiting UBS’s right to request transfer of any of the Custodial Assets under clause 10.2, the Customer expressly authorises UBS in its discretion to: (a) identify any Collateral as being held as margin or security against a particular obligation of the Customer under this agreement or against an UBS Transaction; (b) subject to clauses 10.2 and 10.5, transfer any Custodial Assets to UBS expressly as Collateral for any obligations of the Customer under this agreement or an UBS Transaction; and (c) transfer the proceeds of a cash advance made to the Customer to any Related Entity to satisfy any margin or security requirement of a Related Entity in relation to a Transaction (provided that the Customer and UBS have previously agreed in writing that the Transaction is a Transaction to which this clause 10.3 applies).