replied 1 year ago.
11. Margin Agreement
To: ***** ***** (“The Broker”), A Division Of BBS Securities Inc.
In consideration of The Broker agreeing to operate, open or maintain one or more accounts (collectively the “Accounts”), for the purchase or sale of, or otherwise dealing in Securities (as defined below), for the customer executing this Agreement (the “Customer”), the Customer represents, warrants, covenants and agrees with The Broker as follows: 1. Applicable By-Laws, Customs, etc. - All transactions executed for the Accounts shall be subject to the constitution, articles, by-laws, regulations, rules, rulings, policies, customs and usages (in force now or in the future) of the Investment Industry Regulatory Organization of Canada, and of any applicable exchanges or markets and of their clearing houses, if any (collectively the “Rules”). These transactions shall also be subject to all applicable federal, provincial or territorial laws or regulations and to the regulations of any applicable governmental or regulatory authorities (now in force or in the future), including securities commissions and any other similar authority. The Customer further recognizes that the Rules constitute a minimum standard in the securities brokerage industry and that The Broker may subject any transaction to more restrictive standards. 2. Settlement, Commissions and Interest - Full and timely settlement shall be made of each transaction. The Customer agrees to pay for all securities purchased by the day of settlement. The Customer undertakes to pay to The Broker commissions and other charges in respect of each transaction (including any transaction made pursuant to section 8), and any other services charges, and interest, calculated daily and compounded monthly, on the outstanding Indebtedness (as defined below). Such commissions and other charges will be computed at the rate or amount as set out by The Broker from time to time. The Customer acknowledges that every debit balance appearing form time to time in the Accounts shall bear interest at the rate set out by The Broker which may be modified from time to time without prior notice to the Customer. 3. Operation Of The Account - (a) The Broker will credit to the Accounts any interest, dividends or other monies received in respect of Securities held in the Accounts and any monies received as proceeds from the sale or other disposition of Securities from the Accounts (net of all applicable commissions and fees) and will debit from the Accounts any amounts, including interest, owed by the Customer to The Broker pursuant to this Agreement. (b) For the purposes of this Agreement “Indebtedness” means, at any time, all indebtedness of the Customer owing to The Broker represented by the debit balance, if any, in the Accounts at that time and includes interest on any credit extended to the Customer and the reasonable costs of collection of payment owed to The Broker, together with legal fees associated therewith. 4. Payment Of Indebtedness - The Customer will promptly pay Indebtedness when due except to the extent covered by a margin facility, and will maintain adequate margin and security in the Accounts. Notwithstanding the
V I R T U A L B R O K E R S™ (A Division Of BBS Securities Inc.)***** Suite 415, Toronto, ON M2P 2B5 CANADA Tel:(###) ###-####Fax:(###) ###-####VB-Disclosures and Customer Agreements (2015-V2)---ORDER EXECUTION ONLY ACCOUNT Page 7 of 19
foregoing, the Customer agrees to pay to The Broker, on demand in The Broker’s discretion, the total amount of the Indebtedness.
5. Margin - The Broker will open or maintain the Accounts and grant a margin facility to the Customer provided that The Broker may, in its entire discretion, without notice, at any time and from time to time: (a) reduce or cancel any margin facility made available to the Customer or refuse to grant any additional margin facility to the Customer; or (b) require the Customer to provide margin in addition to the margin required by the Regulatory Authorities (as defined below). The Customer will provide The Broker with any margin requested by The Broker and will promptly pay any Indebtedness due as a result of any reduction or cancellation of any margin facility. 6. Collateral - As long as the Customer is indebted to The Broker, all Securities, property and monies, which may now or hereafter be held by The Broker or its agents for or on account of the Customer (including any Securities in which the Customer has an interest and which are shown on the records of any clearing or similar agency in the name of The Broker) (collectively the “Collateral”) shall be and are hereby hypothecated, pledged and shall constitute a continuing collateral security in favor of The Broker, and the Customer acknowledges that The Broker has a general stockbroker’s lien on the Collateral to insure payment of all Indebtedness, whether or not such Indebtedness relates to such Securities, property or monies. Whether the Custome