With effect from 23 March 2009, Securities Margin Trading Service Terms and Conditions will be amended.
| 8.3 |
Between the time a Margin Call shall have been made and the time when the Bank has knowledge of such Margin Call having been satisfied, the Bank is entitled to exercise any of its rights under Clause 6 and this Clause 8 without notice to the Customer and shall not be required to carry out any Instruction of the Customer in relation to any dealing in Securities, the Securities Margin Trading Service Account or the Securities Margin Settlement Account. |
| 8.4 |
(a) |
Regardless of whether any Margin Call has been made, if at any time: |
|
|
(i) |
the Bank determines that the Portfolio Margin Ratio reaches or exceeds the Force-sale Percentage (notwithstanding that such determination is caused by the Bank's record not reflecting the latest transactions in respect of the Securities Margin Trading Service Account and/or Securities Margin Settlement Account due to the processing time required for updating the Bank's records and/or for clearing of funds, cheques or securities deposited to the Securities Margin Trading Service Account and/or Securities Margin Settlement Account and/or the Bank not being aware that the Margin Call has been satisfied); or |
|
|
(ii) |
the Bank in good faith considers that the market conditions are too unstable or unfavourable or abnormal or are likely to expose investors to unacceptable risk or heavy losses, |
|
the Bank may (but is not obliged to), without demand, notice, legal process or other action at any time thereafter terminate the Overdraft Facility and/or cancel or modify any outstanding Instructions and/or sell, realize, redeem, liquidate and/or otherwise dispose of, as appropriate, all of the Charged Securities or any part thereof at the relevant market or by private contract, and on such terms as the Bank in its absolute discretion thinks fit, free from all trusts, claims, rights of redemption and equities of the Customer. |
| 8.5 |
The Customer acknowledges and agrees that it is his duty from time to time to monitor and maintain (i) the Loan within the Maximum Principal Amount, (ii) the Portfolio Margin Ratio at a level satisfactory to the Bank and (iii) the margin requirement under Clause 8.2, for which purpose it is his duty to contact the Bank from time to time to ensure that he is being informed of the Stock Margin Ratio in respect of the Charged Securities, the Maximum Principal Amount, the Portfolio Margin Ratio, Top-up Percentage, the margin requirement and Force-sale Percentage as applicable from time to time. The Customer acknowledges and agrees that the Portfolio Margin Ratio may reach or exceed the Top-up Percentage or the Force-sale Percentage at any time as a result of fluctuation in the exchange rates of currencies or market prices of the Charged Securities, or the Bank making any change to the Maximum Principal Amount or any of the ratio or percentage as above-mentioned with immediate effect irrespective of whether the Customer is aware of any such fluctuation or change. The Bank shall not be liable to the Customer for any sale or realization of the Securities arising from no Margin Call having been made or the margin requirement not being satisfied or the Bank not being promptly informed of any margin requirement having been satisfied provided that the Bank has acted in good faith.
|
| 17.1 |
All communications, other than Margin Calls, shall be addressed to the Customer at the last address of the Customer registered by the Bank. Communications delivered personally or by telephone, pager, sent by post, internet, email, mobile short message, facsimile transmission or telex will be deemed to have been delivered to the Customer (where delivered personally) at the time of personal delivery or on leaving it at such address and (where sent by post), 48 hours after posting if the address is in Hong Kong and 7 days after posting if the address is outside Hong Kong or (where sent by telephone, pager, internet, email, facsimile transmission or telex or other electronic means of communication) within such reasonable time on the date of despatch or (where sent by mobile short message) on transmission of the mobile short message respectively. Items sent to the Customer or delivered to an authorised representative are supplied at the Customer's risk.
|
| 17.2 |
For the purposes of Clause 8.2, the Bank will normally give notice of a Margin Call to the Customer by mobile short message through the Bank's eAlerts Service and the Customer shall be deemed to be notified of the Margin Call on transmission of the mobile short message. The Customer must maintain at all times its subscription to the Bank's Investment Order Confirmation eAlerts Service (which shall be subject to the terms and conditions as set out in Schedule 2 to these Terms and Conditions) and a valid mobile phone number as determined by the Bank from time to time for receiving mobile short message sent by the Bank. The Bank shall have no obligation to give notice of any Margin Call to the Customer if the Customer fails to maintain such subscription or mobile phone number. Notwithstanding the foregoing, the Bank reserves the right to give notice of a Margin Call to the Customer by any other means as it considers appropriate in the circumstances.
|
The world's local bank
