Common use of PAYMENTS TO US Clause in Contracts

PAYMENTS TO US. 20.1 In the event of a Spot FX Contract, you will ensure that you hold enough Electronic Money in the Sale Currency in your Lumon Wallet to cover the Sale Monies no later than the close of business on the Value Date. 20.2 In the event of a Forward FX Contract, you will ensure that you hold enough Electronic Money in Sale Currency in your Lumon Wallet: (a) to cover the Margin, within one Business Day of the Contract Date, unless otherwise agreed; (b) to cover any request for a Margin Call by 4pm on the Business Day following the day upon which the Margin Call was made; and (c) to cover any outstanding balance of the Sale Monies, no later than close of business on the Value Date. You have to allow enough time for money to clear into our account and for your Lumon Wallet to be credited. If you do not hold enough money in the Sale Currency at the appropriate time, we may (d) terminate the FX Contract or (e) convert the Electronic Money you hold in your Lumon Wallet which is not in the Sale Currency into the Sale Currency using an exchange rate we believe is reasonable so that you meet your obligations under the FX Contract. 20.3 We accept no responsibility in the event that you send money to the incorrect account. 20.4 Someone other than you can send money to us on your behalf, provided that you have obtained our prior consent and they have complied with our requirements for additional information and documentation. We accept no liability if a third party sends us money on your behalf but they do not pass our due diligence requirements and you fail to meet your obligations under an FX Contract or a Payment is not executed at all or on time. 20.5 You should pay us by sending funds from your bank account to our bank account (the details of which we shall provide you). With our consent, you may be able to pay via direct debit. We do not accept cash, cheques or credit or debit card payments. 20.6 Banks have specified cut off times for the receipt and dispatch of electronic payments. We accept no responsibility for any consequence attributable to the arrival of funds or instruction of payment after the relevant cut off times. 20.7 All funds provided by you under a Contract (whether as security or otherwise) or standing to the credit of your Lumon Wallet may be appropriated by us if we incur any liability in respect of any Contract or in the event that you are unable to pay sums due to us or breach of these Terms. 20.8 If you fail to make any payments, in full or in part, due to us on time then (without prejudice to any other right or remedy that may be available to us under the Contract or general law): (a) we may charge you interest at the rate of 4% above the base rate, from time to time in force, of the Bank of England from the date payment is due until the date payment is made and shall be compounded monthly; (b) we will be entitled to terminate the Contract. 20.9 We may, at our discretion, make payments to third party introducers. 20.10 For the avoidance of doubt, we will not pay you interest on any Margin or any Electronic Money held by us on your behalf.

PAYMENTS TO US. 20.1 18.1. In the event of a Spot FX Contract, you will ensure that you hold enough Electronic Money in the Sale Currency in your Lumon Wallet to cover have sent us the Sale Monies no later than the close of business on the Value Date. 20.2 18.2. In the event of a Forward FX Contract, you will ensure that you hold have sent us enough Electronic Money money in Sale Currency in your Lumon WalletCurrency: (a) to cover the Margin, within one Business Day of the Contract Date, unless otherwise agreed; (b) to cover any request for a Margin Call by 4pm on the Business Day following the day upon which the Margin Call was made; and (c) to cover any outstanding balance of the Sale Monies, no later than close of business on the Value Date. You have to allow enough time for money the Sale Monies to clear into our account and for your Lumon Wallet to be creditedaccount. If you do not hold enough money in the Sale Currency at the appropriate time, we may (d) terminate the FX Contract or (e) convert debit money from your Fiscal Payment Account to meet your obligations under the Electronic Money you hold in your Lumon Wallet which FX Contract and if any of it is not in the Sale Currency we can convert this money into the Sale Currency using an exchange rate we believe is reasonable so that you meet your obligations under the FX Contractreasonable. 20.3 We accept no responsibility in the event that you send money to the incorrect account. 20.4 Someone other than you can send money to us on your behalf, provided that you have obtained our prior consent and they have complied with our requirements for additional information and documentation18.3. We accept no liability if a third party sends us money on your behalf but they do not pass our due diligence requirements and you fail to meet your obligations under an FX Contract or a Payment is not executed at all or on time. 20.5 You should pay us by sending funds from your bank account to our bank account (the details of which we shall provide you). With our consent, you may be able to pay via direct debit. We do not accept cash, cheques or credit or debit card payments. 20.6 Banks have specified cut off times for the receipt and dispatch of electronic payments. We accept no responsibility for any consequence attributable to the arrival of funds or instruction of payment after the relevant cut off times. 20.7 All funds provided by you under a Contract (whether as security or otherwise) or standing to the credit of your Lumon Wallet Fiscal Payment Account may be appropriated by us if we incur any liability in respect of any Contract or in the event that you are unable to pay sums due to us or breach of these Terms. 20.8 18.4. If you fail to make any payments, in full or in part, due to us on time then (without prejudice to any other right or remedy that may be available to us under the Contract or general law): (a) we may charge you interest at the rate of 4% above the base rate, from time to time in force, of the Bank of England from the date payment is due until the date payment is made and shall be compounded monthly; (b) we will be entitled to terminate the Contract. 20.9 18.5. We may, at our discretion, make payments to third party introducers. 20.10 18.6. For the avoidance of doubt, we will not pay you interest on any Margin or any Electronic Money held by us on your behalf.