|
Article 25
|
If customer exhibits any one of the following, the securities firm shall dispose the customer's collaterals the next business day and take the necessary measures agreed in the agreement:
- The customer fails to return the borrowed book-entry central government bonds upon the due date or at any earlier date agreed between the two parties.
- The customer fails to pay compensation upon the due date.
- The customer fails to remargin to the satisfactory level or provide eligible collaterals within a given period.
- The customer does not pay the agreed expenses.
If the disposal of customer's collateral does not sufficiently cover customer's outstanding debts, the securities firm may proceed to close customer's other lending deals to the extent necessary to cover outstanding debts. Any amounts remaining after the forced closure are returned to the customer, whereas shortfalls are claimed from the customer within a given notice period.
|