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Agreement	Application	Deposit

RISK DISCLOSURE STATEMENT
Risk Disclosure Statement This brief statement (even though not required for OTCFX Trading but applicable to currency Forex Trading) does not disclose all of the risks and other significant aspects of trading in leveraged investments. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. TRADING IN LEVERAGED CONTRACTS SUCH AS FOREX CURRENCY CONTRACTS IS NOT SUITABLE FOR MEMBERS OF THE PUBLIC, ONLY SOPHISTICATED FINANCIAL INSTITUTIONS AND/OR INSTITUTIONAL PARTICIPANTS MAY TRADE CURRENCY FOREX CONTRACTS OFF EXCHANGE according to the “Treasury Amendment” as set forth in section 2(a)(1)(A) of the Commodity Exchange Act (“Act”), 7 U.S.C.2 (1982). You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other circumstances. 1. Effect of ‘Leverage’ or ‘Gearing’ Transactions in OTCFX accounts carry a high degree of risk. The amount of initial margin is small relative to the value of the OTCFX contract so that transactions are ‘leveraged’ or ‘geared’. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit; this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit. 2. Risk-reducing orders or strategies The placing of certain orders (e.g. ‘stop-loss’ order, where permitted under local law, or ‘stop-limit’ orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as ‘spread’ and ‘straddle’ positions may be as risky as taking simple ‘long’ or ‘short’ positions. 3. Terms and conditions of contracts You should ask the firm with which you deal about the terms and conditions of the specific currencies which you are trading and associated obligations (e.g. the circumstances under which you may become obligated to make or take delivery of the full currency value). 4. Suspension or restriction of trading and pricing relationships Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. suspension of trading in any currency because of price limits, government intervention or “circuit breakers”) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. 5. Deposited cash and property You should familiarize yourself with the protections accorded money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall. 6. Commission and other charges Before you begin to trade, you should obtain a clear explanation of all commission, fees, markups, markdowns, rollovers, interest rate differential and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss. 7. Transactions in other jurisdictions Transactions on currencies of other countries in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade you should inquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade. 9. Currency risks The profit and loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency. 10. Trading facilities OTCFX business is not traded on a regulated market and therefore does not require open-outcry. Even though quotations or prices are afforded by many computer-based component systems, the quotations and prices may vary due to market liquidity. Many electronic trading facilities are supported by computer-based component systems for the order-routing, execution or matching of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the bank and/or financial institution. Such limits may vary; you should ask the firm with which you deal for details in this respect. 11. Electronic trading Trading on an electronic trading system may differ not only from trading in the interbank market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all. Disclaimers a) Internet failures Since DFA does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when you trade on-line (via Internet). b) Market risks and on-line trading Trading currencies involves substantial risk that is not be suitable for everyone. See Trader Agreement for more detailed description of risks. Trading on-line, no matter how convenient or efficient, does not necessarily reduce risks associated with currency trading. c) Password protection The Trader is obligated to keep passwords secret and ensure that third parties do not obtain access to the trading facilities. The Trader will be liable to DFA for trades executed by means of the Trader’s password even if such use may be wrongful. d) Quoting errors Should quoting errors occur due to a dealer’s mistype of a quote or an erroneous price quote from a Trader, such as but not limited to a wrong big figure quote, DFA will not be liable for the resulting errors in account balances. DFA reserves the right to make the necessary corrections or adjustments on the account involved. Any dispute arising from such quoting errors will be resolved on a basis of a fair market value of a currency at the time such an error occurred. 12. Off-exchange transactions In OTCFX, firms are not restricted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks. Off Exchange Transaction Disclosure The signing of this Agreement gives acknowledgment that Trader has read, understands, and gives authorization to the following disclosure to trade currencies through the OTC foreign exchange market (“OTCFX”): DFA may from time to time execute transactions as Trader’s agent on OTCFX market to trade currencies, pursuant to an agreement between the interbank agent and DFA, and that a trade executed between one bank executes a trade onset by another banking agent. Traders who trade through this market may not be afforded certainty of the protective measures provided by the Commodity Exchange Act, the CFTC’s regulations, and the rules of the NFA, and any domestic futures exchange, including the right to use reparation proceedings before the CFTC and arbitration proceedings provided by the NFA or any domestic futures exchange. Trader understands that Trader may be giving up the right to have arbitration through the above paragraph on foreign exchanges. All customer accounts will have their margin requirements established by the dealing desk at DFA. DFA establishes all rules and provisions for customer accounts, including but not limited to minimum account size, investment time period, commissions and incentive fees, or any other financial arrangements. It is the customer’s responsibility to find out all necessary information about DFA and make sure that all arrangements are discussed and clearly understood prior to any trading activity. All customers should be aware that guaranteeing any return is illegal. In addition, DFA is not responsible for any claims or assurances made by DFA, its employees and/or associates.

I have read and agree              Printable Version

CUSTOMER AGREEMENT Trader Agreement In consideration of DFA agreeing to carry one or more accounts of the undersigned (“Trader”) and providing services to Trader in connection with the purchase and sale of cash currencies (including options thereon) and any similar instruments (collectively referred to as “OTCFX”), which may be purchased or sold by or through DFA for Trader’s accounts(s), Trader agrees as follows: 1. AUTHORIZATION TO TRADE: DFA is authorized to purchase and sell OTCFX for Trader’s account(s) with a counter party bank or sophisticated institutions or participants in accordance with Trader’s oral or written or computer instructions. Unless instructed by Trader to the contrary in writing, DFA is authorized to execute all orders with such banking institutions, counter party, bank, or sophisticated institutional participants as DFA deems appropriate. 2. GOVERNMENTAL, COUNTER PARTY INSTITUTION AND INTERBANKING SYSTEM RULES: All transactions under this Agreement shall be subject to the constitution, by-laws, rules, regulations, customs, usage, rulings and interpretations of the counter party institution or other interbank market (and its clearing organization, if any) where executed and to all applicable Federal and State laws and regulations. Trader acknowledges that all transactions under this Agreement are subject to the aforementioned regulatory requirements and Trader shall not thereby be given any independent legal or contractual rights with respect to such requirements. 3. MARGINS AND DEPOSIT REQUIREMENTS: Trader shall provide to and maintain with DFA margin in such amounts and in such forms as DFA, in its sole discretion, may require. Such margin requirements may be greater or less than margins required by a counter party bank. DFA may change margin requirements at any time. Trader agrees to deposit by immediate wire transfer such additional margin when and as required by DFA and will promptly meet all margin calls as per article 3.1 of this agreement in such mode of transmission as DFA in its sole discretion designates. DFA may at any time proceed to liquidate Trader’s account in accordance with paragraph 6 below and any failure by DFA to enforce its rights hereunder shall not be deemed a waiver by DFA to enforce its rights thereafter. No previous margin requirement by DFA shall preclude DFA from increasing that requirement without prior notice. DFA retains the right to limit the amount and/or total number of open positions which Trader may acquire or maintain at DFA. DFA will attempt to execute all orders that it may, in its sole discretion, choose to accept in accordance with the oral or written or computer instructions of Trader’s. DFA reserves the right to refuse to accept any order. However, DFA shall not be responsible for any loss or damage caused, directly or indirectly, by any events, actions or omissions beyond the control of DFA including, without limitation, loss or damage resulting, directly or indirectly, from any delays or inaccuracies in the transmission of orders and/or information due to a breakdown in or failure of any transmission or communication facilities. 3.1. MARGIN CALL LEVELS: Your account details under the “Account Information” in the trading platform contains a column denoted by “MC” which refers to Margin Call. The following when in appearance at the column shall correspond to respective meanings. N - No Margin Call 1 - 1st Margin Call.（Nil） 2 - 2nd Margin Call. (Your equity have fallen to 50% of the Margin Requirement) Your positions will be automatically “hedged”, meaning that a lot of opposing trade for every trade shall be done for the account. You have to top up adequate margin to trade further. 3 - 3rd Margin Call. (Your equity have fallen to 0%). All your positions will be closed by the system. 4. SETTLEMENT DATE AND ROLLOVERS: In the absence of contrary instructions from Trader, DFA is authorized, at DFA’s absolute discretion, to rollover or offset all or any portion of the Currency positions in the OTCFX account(s) for Trader’s Account(s) and at Trader’s risk in advance of settlement dates. 5. COLLATERAL AND LENDING AGREEMENT: All funds, securities, currencies, and other property of Trader which DFA or its affiliates may at any time be carrying for Trader (either individually, jointly with other, or as a guarantor of the account of any other person,) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by DFA as security and subject to a general lien and right of set-off for liabilities of Trader to DFA whether or not DFA has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts Trader may have with DFA. DFA may in its discretion, at any time and from time to time, without notice to Trader, apply and/or transfer any or all funds or other property of Trader between any of Trader’s accounts. Trader hereby also grants to DFA the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Traders, to itself as broker or to others, any securities or other property of Trader held by DFA as margin or security. DFA shall at no time be required to deliver to Trader the identical property delivered to or purchased by DFA for any account of Trader. The rights of DFA are subject to the applicable requirements for the segregation of Trader funds and property under the Commodity Exchange Act, as amended (the “Act”). The purpose of the Lending Agreement is to allow DFA to use depository receipts (representing delivery) as collateral. Should Trader take delivery of Currencies through settlement of trades, DFA is obliged to make full payment for the delivery on 24 hours notice. If the balance in the Trader’s account is not adequate to pay for the delivery, the depository receipts become property carried on margin in the Trader’s account, since they are not fully paid for by Trader. This authorization shall apply to all accounts carried by DFA for Trader and shall remain in full force until all accounts are fully paid for by Trader or notice of revocation is sent by DFA from its home office. 6. LIQUIDATION OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES: In the event of (a) the death or judicial declaration of incompetence of Trader; (b) the filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Trader; (c) the filing of an attachment against any of Trader’s accounts carried by DFA, (d) insufficient margin, or DFA’s determination that any collateral deposited to protect one or more accounts of Trader is inadequate, regardless of current market quotations, to secure the account; (e) Trader’s failure to provide DFA any information requested pursuant to this agreement; or (f) any other circumstances or developments that DFA deems appropriate for its protection, and in DFA’s sole discretion, it may take one or more, or any portion of, the following actions: (1) satisfy any obligation Trader may have to DFA, either directly or by way of guaranty of suretyship, out of any of Trader’s funds or property in its custody or control; (2) sell any or purchase any or all Currency contracts, securities held or carried for Trader; and (3) cancel any or all outstanding orders or contracts, or any other commitments made on behalf of Trader. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice to Trader, Trader’s personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Trader’s or held jointly with others. In liquidation of Trader’s long or short positions, DFA may, in its sole discretion, offset in the same settlement or it may initiate new long or short positions in order to establish a spread or straddle which in DFA’s sole judgment may be advisable to protect or reduce existing positions in Trader’s account. Any sales or purchases hereunder may be made according to DFA’s judgment and at its discretion with any interbank or other exchange market where such business is then usually transacted or at a public auction or private sale, and DFA may purchase the whole or any part thereof free from any right of redemption. Trader shall at all times be liable for the payment of any deficit balance of Trader upon demand by DFA and in all cases, Trader shall be liable for any deficiency remaining in Trader’s account(s) in the event of the liquidation thereof in whole or in part by DFA or by Trader. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all liabilities of Trader due to DFA, trader shall promptly pay upon demand, the deficit and all unpaid liabilities, together with interest thereon equal to three (3) percentage points above the then prevailing prime rate at DFA’s principal bank or the maximum interest rate allowed by law, whichever is lower, and all costs of collection, including attorney’s fees, witness fees, travel expenses and the like. In the event DFA incurs expenses other than for the collection of deficits, with respect to any of the account(s) of Trader, Trader agrees to pay such expenses. 7. SETTLEMENT DATE OFFSET INSTRUCTIONS: Offset instructions on Currency positions open prior to settlement arriving at settlement date must be given to DFA at least one (1) business day prior to the settlement or value day. Alternatively, sufficient funds to take delivery or the necessary delivery documents must be in the possession of DFA within the same period described above. If neither instructions, funds nor documents are received, DFA may without notice, either offset Trader’s position or roll Trader’s positions into the next settlement time period or make or receive delivery on behalf of Trader upon such terms and by such methods deemed reasonable by DFA in its sole discretion. 8. STATEMENT AND CONFIRMATION: Reports of the confirmation of orders and statements of accounts for Trader shall be deemed correct and shall be conclusive and binding upon Trader if not objected to immediately upon receipt and confirmed in writing within (1) day after transmittal to Trader by mail or otherwise. Margin calls shall be conclusive and binding unless objected to immediately in writing. Written objections on Trader’s part shall be directed to DIRECTFOREX ASIA INC. at its home office located at: Akara Bldg.,24 De Castro Street, Wickhams Cay I Road Town Tortola, British Virgin Islands and shall be deemed received only if actually delivered or mailed by registered mail, return receipt requested. Failure to object shall be deemed ratification of all actions taken by DFA or DFA’s agents prior to Trader’s receipt of said reports. Trader’s failure to receive a trade confirmation shall not relieve Trader of the obligation to object as set out herein. 9. COMMUNICATIONS: Reports, statements, notices and any other communications may be transmitted online or to such other address as Trader may from time to time designate in writing to DFA. All communications so sent, whether by mail, telegraph messenger or otherwise, shall be deemed transmitted by DFA when deposited in via mail, or when received by a transmitting agent, and deemed delivered to Trader personally, whether actually received by Trader or not. 10. DFA RESPONSIBILITIES: DFA will not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other cause beyond DFA’s control or anticipation. DFA shall only be liable for its actions directly attributable to negligence, willful default or fraud on the part of DFA. DFA shall not be liable for losses arising from the default of any agent or any other party used by DFA under this agreement. As OTCFX is not an exchange traded market, prices at which DFA deals at or quotes may or may not be similar to prices at which other OTCFX market makers deal at or quote. 11. CURRENCY FLUCTUATION RISK: If Trader directs DFA to enter into any currency forex transaction: (a) any profit or loss arising as a result of a fluctuation in the exchange rate affecting such currency will be entirely for Trader’s account and risk; (b) all initial and subsequent deposits for margin purposes shall be made in U.S. dollars, in such amounts as DFA may in its sole discretion require; and (c) DFA is authorized to convert funds in Trader’s account for margin into and from such foreign currency at a rate of exchange determined by DFA in its sole discretion on the basis of the then prevailing money market rates. 12. RISK ACKNOWLEDGMENT: Trader acknowledges that investment in leveraged and non-leveraged transactions are speculative, involves a high degree of risk, and is appropriate only for persons who can assume risk of loss in excess of their margin deposit. Trader understands that because of the low margin normally required in OTCFX trading, price changes in OTCFX may result in significant losses that may substantially exceed Trader’s investment and margin deposit. Trader warrants that Trader is willing and able, financially and otherwise, to assume the risk of OTCFX trading, and in consideration of DFA’s carrying his/her account(s), Trader agrees not to hold DFA responsible for losses incurred through following its trading recommendations or suggestions or those of its employees, agents or representatives. Trader recognizes that guarantees of profit or freedom from loss are impossible of performance in OTCFX trading. Trader acknowledges that Trader has received no such guarantees from DFA or from any of its representatives or any introducing agent or other entity with whom Trader is conducting his/her DFA account and has not entered into this agreement in consideration of or in reliance upon any such guarantees or similar representations. 13. TRADING RECOMMENDATIONS: a) Trader acknowledges that (i) any market recommendations and information communicated to Trader by DFA or by any person within the company, does not constitute an offer to sell or the solicitation of an offer to buy any OTCFX contract, (ii) such recommendation and information, although based upon information obtained form sources believed by DFA to be reliable, may be based solely on a broker’s opinion and that such information may be incomplete and may be unverified, and (iii) DFA makes no representation, warranty or guarantee as to, and shall not be responsible for, the accuracy or completeness of any information or trading recommendation furnished to Trader. Trader acknowledges that DFA and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to buy or sell currencies, which are the subject of market recommendations furnished to Trader, and that the market position of DFA or any such officer, director, affiliate, associate, stockholder or representative may not be consistent with the recommendations furnished to Trader by DFA. Trader acknowledges that DFA makes no representations concerning the tax implications or treatment of contracts; and, (b) Trader further acknowledges that should Trader grant trading authority or control over Trader’s account to a third party (“Trading Agent”), whether on a discretionary or non-discretionary basis, DFA shall in no way be responsible for reviewing Trader’s choice of such Trading Agent nor making any recommendations with respect thereto. Trader understands that DFA makes no warranties nor representations concerning the Trading Agent, that DFA shall not be responsible for any loss to Trader occasioned by the actions of the Trading Agent and that DFA does not, by implication or otherwise, endorse or approve of the operating methods of the Trading Agent. If Trader gives Trading Agent authority to exercise any of its rights over Trader’s account(s), Trader understands that Trader does so at Trader’s own risk. 14. TRADER REPRESENTATIONS AND WARRANTIES: Trader represents and warrants that: (a) Trader is of sound mind, legal age and legal competence; and, (b) No person other than Trader has or will have an interest in Trader’s account(s); and, (c) Trader hereby warrants that regardless of any subsequent determination to the contrary, Trader is suitable to trade OTCFX and is a sophisticated institution and/or institutional participant; and, (d) Trader is not now an employee of any exchange, any corporation in which any exchange owns a majority of the capital stock, any member of any exchange and/or firm registered on any exchange, or any bank, trust, or insurance company, and in the event that Trader becomes so employed, Trader will promptly notify DFA at its home office in writing of such employment; and, (e) All the information provided in the information portion of this booklet is true, correct and complete as of the date hereof and Trader will notify DFA promptly of any changes in such information. 15. DISCLOSURE OF FINANCIAL INFORMATION: The Trader represents and warrants that the financial information disclosed to DFA in this document is an accurate representation of the Trader’s current financial condition. The Trader represents and warrants that the Trader has very carefully considered the portion of the Trader’s assets which the Trader considers to be Risk Capital. The Trader recognizes that Risk Capital is the amount of money the Trader is willing to put at risk and if lost would not, in any way, change the Trader’s lifestyle. The Trader agrees to immediately inform DFA if the Trader’s financial condition changes in such a way to reduce the Trader’s Net Worth, Liquid Assets and/or Risk Capital. 16. NO GUARANTEES: Trader acknowledges that Trader has no separate agreement with Trader’s broker or any DFA employee or agent regarding the trading in Trader’s DFA account, including any agreement to guarantee profits or limit losses in Trader’s account. Trader understands that Trader must authorize every transaction prior to its execution unless Trader has delegated discretion to another party by signing DFA’s limited trading authorization, and any disputed transactions must be brought to the attention of DFA’s Compliance Officer pursuant to the notice requirements of this Trader Agreement. Trader agrees to indemnify and hold DFA harmless form all damages or liability resulting form Trader’s failure to immediately notify DFA’s Compliance Officer of any of the occurrences referred to herein. All notices required under this section shall be sent to DFA at its home office. 17. JOINT ACCOUNTS: All transactions correspond to the “Trader Account Letter” and “Trader Agreement”. Each tenant has authority: a) To trade for the account with restraint to the agreements of the account, b) To receive all correspondence and documents in respect to the account, c) To receive or withdraw money from the account, d) To execute agreements relating to the account, and e) To deal with DFA fully. DFA has the authority to require joint action by the parties of the account in matters of the account. DFA has possession over the security of the account individually or jointly. If a death occurs to one or more of the tenants, DFA shall be notified in writing and shown proof of a death certificate. All expenses due at the date of notification shall be charged to the account. Unless Joint Account Allocation Addendum is completed, then each tenant is presumed to have equal share. . 18. NO WAIVER OR AMENDMENT: No provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both Trader and an authorized officer of DFA. No waiver or amendment of this Agreement may be implied from any course of dealing between the parties or from any failure by DFA or its agents to assert its rights under this Agreement on any occasion or series of occasions. No oral agreements or instructions to the contrary shall be recognized or enforceable. This instrument and the attachments hereto embody the entire agreement of the parties, superseding any and all prior written and oral agreements and there are no other terms, conditions or obligations other than those contained herein. 19. GOVERNING LAW AND JURISDICTION: This Agreement, the rights and obligations of the parties hereto, and any judicial or administrative action or proceeding arising directly or indirectly hereunder or in connection with the transactions contemplated hereby, whether brought by Trader or DFA, shall be governed by, construed and enforced in all respects by the laws of the State of Ctonnecticu, where DFA’s principal offices are located. 20. BINDING EFFECT: This Agreement shall be continuous and shall cover, individually and collectively, all accounts of Trader at any time opened or reopened with DFA irrespective of any change or changes at any time in the personnel of DFA or its successors, assigns, or affiliates. This Agreement including all authorizations, shall inure to the benefit of DFA and its successors and assigns, whether by merger, consolidation or otherwise, and shall be binding upon Trader and/or the estate, executor, trustees, administrators, legal representatives, successors and assigns of Trader. Trader hereby ratifies all transactions with DFA effected prior to the date of this Agreement, and agrees that the rights and obligations of Trader in respect thereto shall be governed by the terms of this Agreement. 21. TERMINATION: This Agreement shall continue in effect until termination, and may be terminated by Trader at any time when Trader has no open Currency position(s) and no liabilities held by or owed to DFA upon the actual receipt by DFA at its home office of written notice of termination, or at any time whatsoever by DFA upon the transmittal of written notice of termination to Trader; provided, that such termination shall not affect any transactions previously entered into and shall not relieve either party of any obligations set out in this agreement nor shall it relieve Trader of any obligations arising out of any deficit balance. 22. INDEMNIFICATION: Trader agrees to indemnify and hold DFA, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs and expenses, including attorney’s fees, incurred by DFA arising out of Trader’s failure to fully and timely perform Trader’s agreements herein or should any of the representations and warranties fail to be true and correct. Trader also agrees to pay promptly to DFA all damages, costs and expenses, including attorney’s fees, incurred by DFA in the enforcement of any of the provisions of this Agreement and any other agreements between DFA and Trader. 23. TERMS AND HEADINGS: The term “DFA” shall be deemed to include DFA, its divisions, its successors and assigns; the term “home office” is DIRECTFOREX ASIA INC., Akara Bldg.,24 De Castro Street, Wickhams Cay I Road Town Tortola, British Virgin Islands; the term “Trader” shall mean the party (or parties) executing the Agreement; and the term “Agreement” shall include all other agreements and authorizations executed by Trader in connection with the maintenance of Trader’s account with DFA regardless of when executed. The paragraph headings in this Agreement are inserted for convenience of reference only and are not deemed to limit the applicability or affect the meaning of any of its provisions. 24. RECORDINGS: Trader agrees and acknowledges that all conversations regarding Trader’s account(s) between Trader and DFA personnel may be electronically recorded with or without the use of an automatic tone warning device. Trader further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving Trader or DFA. Trader understands that DFA destroys such recordings at regular intervals in accordance with DFA’s established business procedures and Trader hereby consents to such destruction. I have read and agree              Printable Version