Common use of Failure to Settle Clause in Contracts

Failure to Settle. (a) If you fail to settle a transaction by the due date, or fail to pay money you owe to us: (1) we can sell Financial Products we hold for you to pay for an unsettled buy order; (2) we can buy Financial Products to close out an unsettled sell order; (3) we can charge interest on the amount outstanding at the official cash rate plus 3% and late settlement fees; and (4) you must reimburse us for all costs, expenses and losses incurred resulting from your failure to settle. (b) If you fail to settle, you appoint us, and our directors and officers, as your attorney. As your attorney we can give instructions on your behalf about your: (1) issuer sponsored Financial Products you instructed us to purchase that are awaiting registration; (2) Financial Products which are sponsored by us; (3) Financial Products held by our nominee company; and (4) funds held in any account with us, or in any other account which we are authorised to access. (c) As your attorney, we can sell any Financial Products we hold for you, in our absolute discretion, and we can set off the proceeds we generate against money you owe to us. You will bear the cost of that action, such as fees, costs (including legal costs) and taxes. (d) You agree that we may use funds we receive from you held in any account with us to satisfy any outstanding debt you owe us. (e) When we do something under this clause, we will follow the ASX Group Rules and the Chi-X Rules in doing it.

Failure to Settle. (a) If you fail to settle a transaction by the due date, or fail to pay money you owe to us: (1) we can sell Financial Products we hold for you to pay for an unsettled buy order; (2) we can buy Financial Products to close out an unsettled sell order; (3) we can charge interest on the amount outstanding at the official cash rate plus 3% and late settlement fees; and (4) you must reimburse us for all costs, expenses and losses incurred resulting from your failure to settle. (b) If you fail to settle, you appoint us, and our directors and officers, as your attorney. As your attorney we can give instructions on your behalf about your: (1) issuer Financial Products which are CHESS sponsored by us; (2) Financial Products you instructed us to purchase that are awaiting registration; (2) Financial Products which are sponsored by us;; and/or (3) Financial Products held by our nominee company; and (4) funds held in any account with us, or in any other account which we are authorised to access. (c) As your attorney, we can sell any Financial Products we hold for you, in our absolute discretion, and we can set off the proceeds we generate against money you owe to us. You will bear the cost of that action, such as fees, costs (including legal costs) and taxes. (d) You agree that we may use funds we receive from you held in any account with us to satisfy any outstanding debt you owe us. (e) When we do something under this clause, we will follow the ASX Group Rules and the Chi-X Rules in doing it.