Special Terms applying to Customer’s Margin

　　本專項(xiàng)條款是對(duì)客戶與本公司之間不時(shí)簽訂的客戶文件的補(bǔ)充并構(gòu)成其組成部分。

　　These Special Terms supplement and form part of the Customer Documents entered into between you and us from time to time.

　　第一部分 序言Part I Introduction

　　在本專項(xiàng)條款中，保證金一詞具有兩種不同的意義：

　　第二部分中的保證金借出是指本公司提供給客戶的獲得購(gòu)買投資的資金的一種信用延展。

　　第三部分中的保證金是指本公司要求客戶用現(xiàn)金和/或(視情況而定)證券形式支付存款作為客戶不時(shí)欠負(fù)本公司義務(wù)的擔(dān)保品的權(quán)利。

　　In these Special Terms, the word margin is used in two distinct senses:

　　In Part II it refers to margin lending which is an extension of credit by us to you to fund your acquisition of Investments.

　　In Part III it refers to our right to ask you for a deposit in cash and/or, as the case may be, securities as collateral against any obligations that you may at any time owe to us.

　　第二部分 保證金借出Part II Margin Lending

　　1 保證金交易賬戶 Margin Trading Accounts

　　一般而言，客戶必須于交收到期日支付資產(chǎn)或貨幣的買價(jià)。但是本公司可能同意開設(shè)一個(gè)或多個(gè)賬戶(稱為保證金交易賬戶)向客戶提供貸款，條件是本公司保留對(duì)賬戶的資產(chǎn)的保管權(quán)。在這種情況下，客戶茲不可更改地授權(quán)本公司立即擁有該等資產(chǎn)，并發(fā)出該等資產(chǎn)以本公司名義或按本公司指示登記的指示。不時(shí)發(fā)放的信用金額稱為貸款。

　　Normally the purchase price for assets or currencies must be paid by you on the due settlement date. However, we may agree to open one or more accounts (called Margin Trading Accounts) under which we are prepared to extend a credit facility to you provided that we retain custody of the assets in that account. In those circumstances you hereby irrevocably authorise us to take possession of those assets immediately and to give instructions for the registration of those assets in our name or on our instructions. The amount of credit from time to time extended is referred to as the Loan.

　　2 貸款 The Credit Facility

　　2.1 可得貸款的金額：任何保證金交易賬戶可不時(shí)獲得的貸款的總金額不得超過本公司不時(shí)通知客戶的資產(chǎn)的市場(chǎng)實(shí)時(shí)凈值的百分比，或匯入保證金交易賬戶的現(xiàn)金減去當(dāng)時(shí)的未償貸款額。本公司可酌情隨時(shí)限制繼續(xù)發(fā)放貸款，但是貸款總額以及不時(shí)可借用的基金將或者超過2.5萬英鎊(或其等價(jià)物)，或者為零。

　　2.1 Amount of credit available: The aggregate amount of credit available from time to time for any Margin Trading Account will not exceed such percentage as we may notify to you from time to time of the net amount equal to the mark to market value of the assets and cash credited to that Margin Trading Account less any Loan then outstanding. We may at our discretion limit further the amounts of credit available at any time but the aggregate amount of the Loan and the amounts available for borrowing from time to time will always be either an amount exceeding £25,000 (or its equivalent), or zero.

　　2.2 要求貸款：若客戶從或通過本公司購(gòu)買將由本公司保管的股票，而且貸款還未被全額提取，則該購(gòu)買將被視為對(duì)交收時(shí)欠負(fù)本公司的金額或(若更小)對(duì)剩余的未提貸款的提款要求，而且，使用本公司資金進(jìn)行購(gòu)買的交收將(以所使用的資金為限)加至貸款的提取金額。

　　2.2 Requesting Credit: Whenever you purchase a security from or through us which is to be retained by us in safe custody and the full amount of the Loan has not been drawn down then that purchase will be treated as a drawdown request for the amount due to us on settlement or (if smaller) the remaining undrawn portion of the Loan, and the settlement of the purchase using our own funds will (to the extent of those funds used) amount to a drawdown of a Loan under the credit facility.

　　3 償還貸款 Repayment of Loans

　　3.1 還款通知：客戶可以隨時(shí)全額償還或部分償還貸款。本公司可以隨時(shí)發(fā)出書面通知要求客戶還款。

　　3.2 還款的金額、時(shí)間和方式：當(dāng)本公司向客戶發(fā)出通知或收到客戶的通知后，本公司將立即通知客戶欠負(fù)的總金額(應(yīng)償還的本金和至當(dāng)月最后一個(gè)營(yíng)業(yè)日(含)止的應(yīng)計(jì)利息?？蛻舯仨氃谠摖I(yíng)業(yè)日或之前將總金額(或本公司指示的金額)償還給本公司。

　　3.1 Notice to repay: You may at any time repay the whole or part of the Loan. We may, by written notice to you at any time, require you to repay the Loan.

　　3.2 Amount, time and manner of repayment: When giving you a notice or promptly after receipt of your notice, we will notify you of the total amount due (being the principal sum to be repaid together with accrued interest up to and including the last business day of the month). You must pay that total amount to us (or on our instructions) on or before that business day.

　　3.3 收入的應(yīng)用：所有收入、資本收入、銷售收益或保證金交易賬戶下的項(xiàng)目增加的或產(chǎn)生的現(xiàn)金，以及本公司或聯(lián)屬公司為客戶賬戶收到的與貸款貨幣相同的現(xiàn)金額(以匯入本公司的款項(xiàng)為限)將自動(dòng)用于立即償還貸款(以收到的現(xiàn)金額為限)。

　　3.3 Application of receipts: All income and capital receipts, sale proceeds and other cash accruing on or arising in respect of items in a Margin Trading Account and other cash sums received by us or (to the extent remitted to us) by an affiliate for your account in the same currency as the Loan will be automatically applied in immediate repayment (to the extent of the cash amount received) of the Loan.

　　4 費(fèi)用增加 Increased costs

　　若：If:

　　4.1 相關(guān)法律或法規(guī)或負(fù)責(zé)管理該法律法規(guī)的政府當(dāng)局對(duì)其解釋發(fā)生了改變，增加了本公司與本專項(xiàng)條款項(xiàng)下的交易有關(guān)的任何稅項(xiàng)等，或改變了向本公司支付的貸款本金或應(yīng)付利息的計(jì)稅基礎(chǔ)(基于本公司凈收入或按本公司凈收入計(jì)量的稅收的稅率變動(dòng)除外)

　　4.1 any change in applicable law or regulation or in its interpretation by any governmental authority responsible for the administration of that law or regulation subjects us to any tax of any kind whatsoever in relation to transactions covered by these Special Terms or changes the basis of taxation of payments to us of principal or interest payable on the Loan (except changes in the rate of tax based on or measured by our net income); or

　　4.2 本公司直接或間接承受了任何影響本專項(xiàng)條款的其他條件，或本公司在同業(yè)拆借市場(chǎng)上獲得存款的費(fèi)用增加了，而且上述任何情況實(shí)質(zhì)性(本公司認(rèn)為的數(shù)額)增加了本公司發(fā)放或維持貸款的成本，則客戶必須在本公司要求的情況下向本公司支付補(bǔ)償本公司增加的成本所必須的額外款項(xiàng)，但若本公司合理地認(rèn)為當(dāng)時(shí)適用的貸款利率已經(jīng)過了增加成本的調(diào)整，則不需支付補(bǔ)償。

　　4.2 there is imposed on us, directly or indirectly, any other condition affecting these Special Terms or the cost of deposits obtained by us in the inter-bank market, and the result of any of the above is to increase the cost to us of making or maintaining the Loan by an amount which we deem to be material, then you will pay us on our demand the additional amount or amounts necessary to compensate us for that additional cost but compensation will not be payable to the extent that, in our reasonable opinion, the interest rate then applicable to the Loan has been adjusted to account for that increased cost.

　　5 賣空與買空 Short and Long Sales

　　客戶了解并同意，若客戶向本公司發(fā)出空頭賬戶賣出指示，客戶將其指定為空頭而且客戶茲授權(quán)本公司將該指示標(biāo)記為空頭;若客戶向本公司發(fā)出多頭賬戶賣出指示，客戶將其指定為多頭而且客戶茲授權(quán)本公司將該指示標(biāo)記為多頭。任何客戶指定的上述多頭賬戶的賣出指示，都是針對(duì)客戶當(dāng)時(shí)持有的證券做出的;若當(dāng)時(shí)本公司無法從客戶的任何賬戶交付該等證券，則發(fā)出該賣出指示構(gòu)成客戶做出的一項(xiàng)陳述：客戶當(dāng)時(shí)無法向本公司交付該等證券，但是客戶將盡可能快地將該等證券交付給本公司，并不對(duì)本公司造成任何不合適的不便和費(fèi)用。

　　It is understood and agreed that whenever you place with us any sell order for a short account, you will designate it as ‘short’ and you hereby authorise us to mark that order as being ‘short’ and whenever you place with us any sell order for a long account, you will designate it as ‘long’ and hereby authorise us to mark that order as being ‘long’. Any sell order which you designate as being for a long account, as referred to above, is for securities then owned by you and, if those securities are not then deliverable by us from any account of yours, the placing of such an order constitutes a representation by you that it is impracticable for you then to deliver those securities to us but that you will deliver them as soon as it is possible to do so, without undue inconvenience or expense to us.

　　6 確認(rèn) Acknowledgement

　　客戶茲確認(rèn)客戶已經(jīng)收到本專項(xiàng)條款隨附的信貸費(fèi)用和保證金信息披露聲明，并同意其對(duì)客戶具有約束。本公司將根據(jù)該聲明中界定的方法對(duì)客戶賬戶的借方余額收取利息，以及本公司為了彌補(bǔ)貸款和其他服務(wù)可能收取的其他費(fèi)用。利息期間期末未付的借方余額的利息將加至下一利息期間的期初余額。

　　You hereby acknowledge that you have received and agree to be bound by our Credit Charge and Margin Information disclosure statement which is attached to these Special Terms. Debit balances of your accounts will be charged with interest, in accordance with the methods described in that statement, and with such other charges as we may impose to cover our facilities and extra services. Any interest charged on debit balances which is not paid at the close of an interest period will be added to the opening balance for the next interest period.

　　第三部分 保證金擔(dān)保品Part III Margin Collateral

　　1 支付保證金的義務(wù) Undertaking to pay Margin

　　關(guān)于客戶對(duì)本公司造成了負(fù)債的任何交易，客戶必須向本公司提供本公司要求的并以本公司決定的方式計(jì)算的保證金，并以本公司按其絕對(duì)酌情權(quán)根據(jù)具體情況確定的方式支付。

　　In respect of any transaction under which you incur a liability to us, you will provide to us the margin that we require, calculated in whatever manner as we may determine and payable in whatever form as we in each case determine in our absolute discretion.

　　2 保證金的持有 Holding of Margin

　　在遵守FSA客戶款項(xiàng)規(guī)則或證券和期貨(許可和經(jīng)營(yíng)活動(dòng)監(jiān)管)規(guī)定(視情況而定)的情況下，本公司將按下列優(yōu)先權(quán)順序以信托方式為下列受益人持有所有以現(xiàn)金形式存入本公司的保證金(而不是按照其將成為本公司絕對(duì)財(cái)產(chǎn)的條款)：

　　Subject to the client money rules of the FSA or the Securities and Futures (Licensing and Conduct of Business) Regulations (as the case may be), we will hold all margin in the form of cash deposited with us (other than on terms that it shall become our absolute property) on trust for the following beneficiaries in the following order of priority:

　　2.1 本公司可獲得，本客戶文件項(xiàng)下或根據(jù)本客戶文件客戶欠負(fù)或?qū)⑶坟?fù)本公司或本公司代表客戶應(yīng)支付的所有金額(若客戶欠負(fù)摩根士丹利屬下多家公司的總金額超過所持有的保證金，則持有保證金的摩根士丹利公司將按其決定在所有相關(guān)的摩根士丹利屬下公司之間分配保證金);和

　　2.1 for ourselves to the extent of all sums due or which may become due to any of us or payable by us on your behalf under or pursuant to the Customer Documents (and where sums are due to more than one of us in an aggregate amount greater than the aggregate amount of the money held, that money will be allocated between all of us as the Morgan Stanley Company holding that money determines); and

　　2.2 對(duì)于客戶，支付本文件項(xiàng)下客戶欠負(fù)本公司的所有款項(xiàng)之后的剩余部分。

　　本公司可以提取所持有的保證金用于向任何經(jīng)紀(jì)商、結(jié)算所、交易所或其他方支付其追繳的所有本公司代表客戶欠負(fù)的保證金、溢價(jià)以及期貨與期權(quán)合約的費(fèi)用，以及FSA規(guī)則或證券和期貨(許可和經(jīng)營(yíng)活動(dòng)監(jiān)管)規(guī)定(視情況而定)允許的其他用途。

　　2.2 for you to the extent of any surplus which remains following payment of all those sums due from you to us under the Customer Documents.

　　We may withdraw any money held as margin to pay to any broker, clearing house, exchange or other party all margins, premiums and any other amounts on futures and options contracts demanded or due from us in respect of our clients, and for any other purposes allowed under the rules of the FSA or the Securities and Futures (Licensing and Conduct of Business) Regulations (as the case may be).

　　3 收益+

　　4 Income

　　將客戶作為保證金存在本公司的資產(chǎn)再轉(zhuǎn)讓或再交付給客戶之前，本公司將把收到的該資產(chǎn)的收益減去本公司應(yīng)付的相應(yīng)的稅金之后(無論是預(yù)扣稅還是其他稅款)的凈額匯入客戶的任一賬戶。

　　Pending re-transfer or re-delivery to you of assets deposited by you as margin we will credit any income received on those assets, net of any taxes payable by us on that income (whether by withholding or otherwise) to one of your accounts.

　　4 未能追加保證金 Failure to meet Margin Calls

　　若客戶未能如期追加保證金，則構(gòu)成違約事件，且本公司有權(quán)行使一般交易條款中列出的本公司的權(quán)利。

　　If you fail to meet margin calls when due this will constitute an Event of Default and we will be entitled to exercise our rights set out in the General Dealing Terms.