Client Service Agreement

 
12. PLEDGE AGREEMENT
12.1
Any and all Security transferred to Tickmill Ltd by the Client or held by Tickmill Ltd
or by Tickmill Ltd’s Counterparties on behalf of the Client is pledged as a security 
for any liability that the Client may have or get towards Tickmill Ltd. Without 
limitation such Security shall comprise the credit balances on Accounts, the 
securities registered as belonging to the Client on Tickmill Ltd's books, and the 
value of the Client's open positions with Tickmill Ltd.
12.2 If the Client fails to fulfill any obligation under this Agreement, Tickmill Ltd is entitled to 
sell any pledged Security immediately without any notice or court action. Such sale 
shall take place by the means that Tickmill Ltd in its reasonable discretion 
determines and at the price that Tickmill Ltd in its reasonable discretion determines 
to be the best obtainable.

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Tickmill Ltd
www.tickmill.com
20 
13.
NETTING AGREEMENT
13.1 If on any date the same amounts are payable under this Agreement by each party to 
the other in the same currency, then, each party's obligations to make payment of 
any such amount will be automatically satisfied by netting. If the amounts are not in 
the same currency, the amounts are converted by Tickmill Ltd in accordance with 
the principles referred to in Clause 11.
13.2 If the aggregate amount that is payable by one party exceeds the aggregate amount 
that is payable by the other party, then the party by whom the larger aggregate 
amount is payable shall pay the excess to the other party and the obligations to 
make payment of each party will be satisfied and discharged.
13.3 If the Client, at any time during the Client relationship, has a negative cash-balance in 
any Account, Tickmill Ltd is entitled but not obligated to net between the Client's 
Accounts. The Client shall bear all the charges and any other costs associated with 
such netting in accordance with the Commissions, Charges & Margin Schedule.
13.4 If the Client relationship is terminated according to Clause 24, the claims that the