Common use of Account Closing Clause in Contracts

Account Closing. In the absence of an Event of Default (defined below), Umicore may close a Customer’s Metal Account at any time by providing Customer with at least four (4) weeks’ prior written notice. If Umicore closes a Metal Account because of an Event of Default, then title to any Metals in such Metal Account will transfer to Umicore upon closure and compensation for the Metals will be paid by Umicore to Customer after setoff and deducting the value of any debit balances on such Metal Account. If the closed Metal Account shows a negative balance, then Umicore will invoice Customer for the value of such negative balance pertaining to a Metal Account.

Account Closing. In the absence of an Event of Default (defined below), Umicore may close a Customer’s Metal Account at any time by providing Customer with at least four thirty (430) weeksdays’ prior written noticeNotice. If Umicore closes a Metal Account because of an any Event of Default, then title to any Metals in such Metal Account will transfer to Umicore upon closure and compensation for the Metals will be paid by Umicore to Customer after setoff and deducting the value of any debit balances on such Metal Account. If the closed Metal Account shows a negative balance, then Umicore will invoice Customer for the value of such negative balance pertaining to a Metal Account.