Common use of Payments and Withdrawals Clause in Contracts

Payments and Withdrawals. 13.1. If your Account shows a positive Cash balance, you may request that we make a payment to you of such amount. We may however elect to withhold any payment requested, in whole or in part, if: 13.1.1. you have Unrealised Losses on your Account; and/ or 13.1.2. we reasonably consider that funds may be required to meet any Margin Requirement; and/or 13.1.3. there is any amount outstanding from you to us; and/or 13.1.4. we are required to do so under any relevant legislation or regulation. 13.2. We may debit the Cash balance on your Account with any amount due to us under this Agreement and with any bank transfer charges we incur in transferring funds to you. In addition, you are responsible for all costs and expenses we incur as a result of you failing to pay amounts due or if you breach the Agreement including, without limitation, bank charges, court fees, legal fees and other third party costs we reasonably incur. 13.3. If we credit a payment to your Account but subsequently discover that the credit was made in error, we reserve the right to reverse any such credit and/or cancel any Trades which could not have been made but for that credit. 13.4. Unless we agree otherwise, any amounts payable to you will be paid by direct transfer to the same source (in your name) from which you have made payment to us. 13.5. Payment of any amount due to us is subject to the following conditions: 13.5.1. unless otherwise agreed, payment must be made in the Base Currency for your Account; 13.5.2. if made by debit or credit card, the debit or credit card must be accepted by us and we reserve the right to charge an administration fee; 13.5.3. unless otherwise agreed your Account will be credited with the net cleared funds received after all deductions of bank charges or any other costs of transfer incurred in relation to the payment; 13.5.4. if made by cheque or bank transfer, the cheque must be drawn on or the transfer made must be made from an account in your name with an approved financial institution or other bank we deem satisfactory; 13.5.5. if you wish to make a payment through any other financial institution (or card issued by such a bank) please contact us to confirm the acceptability of the bank concerned before a payment is required to be made; and 13.5.6. we do not accept cash or payments from third parties unless otherwise agreed. 13.6. If your Account is in debit, the full amount is due and payable immediately. 13.7. We may refuse to accept payment by cheque or banker’s draft and may require immediate payment by telegraphic transfer, debit card or any other method of electronic transfer acceptable to us. 13.8. If you fail to pay any sum due to us on the due date in accordance with this Agreement, we will charge interest on this amount. Interest will be due on a daily basis from the due date until the date on which payment is received in full at a rate not exceeding 4% above the applicable central bank’s official base rate for short-term funds (or a rate we reasonably consider serves materially the same function) from time to time and will be payable on demand.

Payments and Withdrawals. 13.1. 13.1 If your Account shows a positive Cash balanceEquity, you may request that we make a payment to you of such amount. We may however elect to withhold any payment requested, in whole or in part, if: 13.1.1. you have Unrealised Losses 13.1.1 The Net P & L is negative on your Account; and/ orand/or 13.1.2. we 13.1.2 We reasonably consider that funds may be required to meet any Margin Requirementrequirement; and/or 13.1.3. there 13.1.3 There is any amount outstanding from you to us; and/or 13.1.4. we 13.1.4 We are required to do so under any relevant legislation or regulation. 13.2. 13.2 We may debit the Cash balance on your Account with any amount due to us under this Agreement and with any bank transfer charges we incur in transferring funds to you. In addition, you are responsible for all costs and expenses we incur as a result of you failing to pay amounts due or if you breach the Agreement including, without limitation, bank charges, court fees, legal fees and other third party costs we reasonably incur. 13.3. 13.3 If we credit a payment to your Account but subsequently discover that the credit was made in error, we reserve the right to reverse any such credit and/or cancel any Trades which could not have been made but for that credit. 13.4. 13.4 Unless we agree otherwise, any amounts payable to you will be paid by direct transfer to the same source (in your name) from which you have made payment to us. 13.5. 13.5 If your Account is in debit, the full amount is due and payable immediately. 13.6 Payment of any amount due to us is subject to the following conditions: 13.5.1. unless otherwise agreed, payment must be made in the Base Currency for your Account; 13.5.2. if 13.6.1 If made by debit or credit card, the debit or credit card must be accepted by us and we reserve the right to charge an administration fee; 13.5.3. unless 13.6.2 Unless otherwise agreed your Account will be credited with the net cleared funds received after all deductions of bank charges or any other costs of transfer incurred in relation to the payment; 13.5.4. if 13.6.3 If made by cheque or bank transfer, the cheque must be drawn on or the transfer made must be made from an account in your name with an approved financial ENGLAND credit institution or other bank we deem satisfactory; 13.5.5. if you wish to make We will regard as an acceptable ENGLAND credit institution any bank incorporated and duly licensed in ENGLAND or any branch of a payment through any other financial institution (or card issued by such a bank) please contact us to confirm the acceptability of the bank concerned before a payment is required to be madelocated and duly licensed in ENGLAND; and 13.5.6. we 13.6.4 We do not accept cash or payments from third parties unless otherwise agreed. 13.6. If your Account is in debit, the full amount is due and payable immediately. 13.7. 13.7 We may refuse to accept payment by cheque or banker’s draft and may require immediate payment by telegraphic transfer, debit card or any other method of electronic transfer acceptable to us. 13.8. 13.8 If you fail to pay any sum due to us on the due date in accordance with this Agreement, we will charge interest on this amount. Interest will be due on a daily basis from the due date until the date on which payment is received in full at a rate not exceeding 4% above the applicable central bank’s 's official base rate for short-term funds (or a rate we reasonably consider serves materially the same function) from time to time and will be payable on demand.