Common use of Payments in gross Clause in Contracts

Payments in gross. 6.1 All moneys received by You for the Customer‟s account, whether received:- 6.1.1 from the Customer or from any person; 6.1.2 from the realisation of any security held by You; or 6.1.3 for the purpose of reducing the amount of the moneys and liabilities owing to You; may be treated by You as payments in gross, that is, You do not have to allocate any part of the moneys received by You towards the payment of any specific item of the moneys and liabilities owing to You even if that part of the moneys was meant for payment towards a specific item of such moneys and liabilities. 6.2 All securities held by You, whether at present or later, may be treated by You as security for all the moneys and liabilities whatsoever owing to You by the Customer. We will not make or try to make any claim whatsoever on those securities, any part of those securities, or any interest in those securities, unless and until We have paid to You all the moneys and settled with You all the liabilities which We have guaranteed to You under this Guarantee and unless and until You have been paid in full in respect of all the moneys and liabilities owing to You.

Payments in gross. 6.1 All moneys received by You for the Customer‟s Customer’s account, whether received:- 6.1.1 from the Customer or from any person; 6.1.2 from the realisation of any security held by You; or 6.1.3 for the purpose of reducing the amount of the moneys and liabilities owing to You; may be treated by You as payments in gross, that is, You do not have to allocate any part of the moneys received by You towards the payment of any specific item of the moneys and liabilities owing to You even if that part of the moneys was meant for payment towards a specific item of such moneys and liabilities. 6.2 All securities held by You, whether at present or later, may be treated by You as security for all the moneys and liabilities whatsoever owing to You by the Customer. We will not make or try to make any claim whatsoever on those securities, any part of those securities, or any interest in those securities, unless and until We have paid to You all the moneys and settled with You all the liabilities which We have guaranteed to You under this Guarantee and unless and until You have been paid in full in respect of all the moneys and liabilities owing to You.