Failure to Settle. (a) If by the settlement date shown on any Confirmation we have not received the relevant payment due, you agree to pay us: (i) interest on the amount outstanding from time to time at the interest rate equivalent to effective cash rate as announced by Reserve Bank of Australia from time to time, plus 8.85% per annum, calculated daily; and (ii) a late settlement fee determined by us from time to time to cover our reasonable costs and expenses arising from your failure to settle by the due date together with any applicable GST. (b) If by the settlement date shown on any Confirmation you have not delivered to us the relevant certificates or security holder information, you agree to pay us: (i) any fail fees levied by a Market Operator; and (ii) a late settlement fee determined by us from time to time to cover our reasonable costs and expenses arising from your failure to settle by the due date together with any applicable GST. (c) We may suspend your account at any time and without notice to you if you fail to settle on time for orders we have executed for you. (d) If, after a demand, you have not delivered to us the relevant certificates or security holder information, or payment due, then: (i) you direct us to buy back or sell on your behalf any of the securities that are the subject of the contract; (ii) you authorise us to sell any other securities outstanding on your account, or any securities in our control or possession; and (iii) you agree to indemnify us against all costs, expenses and losses incurred, including brokerage, GST, fail fees levied by a Market Operator and fees, resulting from your failure to settle by the due date.
Appears in 2 contracts
Sources: Client Services Agreement, Client Services Agreement
Failure to Settle. (a) If by the settlement date shown on any Confirmation we have not received the relevant payment due, you agree to pay us:
(i) interest on the amount outstanding from time to time at the [Futu to confirm interest rate equivalent to effective cash rate as announced by Reserve Bank of Australia from time to time, plus 8.85% per annumrate], calculated daily; and
(ii) a late settlement fee determined by us from time to time to cover our reasonable costs and expenses arising from your failure to settle by the due date together with any applicable GST.
(b) If by the settlement date shown on any Confirmation you have not delivered to us the relevant certificates or security holder information, you agree to pay us:
(i) any fail fees levied by a Market Operator; and
(ii) a late settlement fee determined by us from time to time to cover our reasonable costs and expenses arising from your failure to settle by the due date together with any applicable GST.
(c) We may suspend your account at any time and without notice to you if you fail to settle on time for orders we have executed for you.
(d) If, after a demand, you have not delivered to us the relevant certificates or security holder information, or payment due, then:
(i) you direct us to buy back or sell on your behalf any of the securities that are the subject of the contract;
(ii) you authorise us to sell any other securities outstanding on your account, or any securities in our control or possession; and
(iii) you agree to indemnify us against all costs, expenses and losses incurred, including brokerage, GST, fail fees levied by a Market Operator and fees, resulting from your failure to settle by the due date.
Appears in 2 contracts
Sources: Client Services Agreement, Client Services Agreement
Failure to Settle. β
(a) If In the case of a purchase or a subscription of securities or other financial products, if by the settlement date shown on any Confirmation we you do not have not received the relevant payment duesufficient cleared funds on your account to settle such purchase or subscription , you agree to pay us:
(i) interest on the amount outstanding from time to time at the interest rate equivalent to effective cash rate as announced by Reserve Bank of Australia from time to time, (RBA) Cash Rate on the settlement date plus 8.85% per annum100 basis points, calculated daily; and
(ii) a late settlement fee determined by us from time to time to cover our reasonable costs and expenses arising from your failure to settle by the due date together with any applicable GST.
(b) If In the case of a sale of securities or other financial products, if by the settlement date shown on any Confirmation you have not delivered to us the relevant certificates or security holder information, you agree to pay us:
(i) any fail fees levied by a Market Operator; and
(ii) a late settlement fee determined by us from time to time to cover our reasonable costs and expenses arising from your failure to settle by the due date together with any applicable GST.
(c) We may suspend your account at any time and without notice to you if you fail to settle on time for orders we have executed for you.
(d) If, after a demand, you have not delivered to us the relevant certificates or security holder information, or payment due, then:
(i) you direct us to buy back or sell on your behalf any of the securities that are the subject of the contract;
(ii) you authorise us to sell any other securities outstanding on your account, or any securities in our control or possession; and
(iii) you agree to indemnify us against all costs, expenses and losses incurred, including brokerage, GST, fail fees levied by a Market Operator and fees, resulting from your failure to settle by the due date.
Appears in 1 contract
Sources: Client Services Agreement