Common use of Client Default Clause in Contracts

Client Default. 1. In the event of default in the payment of any amount owed to the Bank the Client shall ipso jure be considered to be in default, without notice, and shall owe the default interest calculated on the basis of the current legal annual default interest rate. Default interest shall also be charged over the value of financial instruments whose delivery to the Bank is delayed by the Client. If the Bank proceeds, in line with legislation, with forced acquisition of financial instruments (closing out), the price of the financial instruments that is posted shall be that paid by the Bank for the said forced acquisition of such. 2. If the Client fails to meet any obligation deriving from any transaction or relationship, the Bank shall implement without limit every measure provided for by Law, against the Client, without prior notice, in order to recover any loss or damage. The Bank’s right to pursue satisfaction of its claims on the Client shall include, without being limited to, the right to: (a) set- off the Bank’s claims on the Client against Client’s counter-claims on the Bank, (b) withhold any amounts, whether funds or assets, held with the Bank in the Client’s name, and (c) sell Client’s financial instruments to satisfy its claim(s) on the Client, pursuant to special provisions of current legislation regarding required sale and/or liquidation or freely at the Bank’s discretion, on the basis of express and irrevocable authorization provided herewith by the Client. In pursuing satisfaction of its claims on the Client, the Bank shall be entitled to exercise the aforesaid rights even if the funds or the assets on which the Bank shall seek to enforce its claim(s) relate to a transaction other than the one in respect of which the Client is in default.

Client Default. 1. In the event of default in the payment of any amount owed to the Bank the Client shall ipso jure be considered to be in default, without notice, and shall owe the default interest calculated on the basis of the current legal annual default interest rate. Default interest shall also be charged over the value of financial instruments whose delivery to the Bank is delayed by the Client. If the Bank proceeds, in line with legislation, with forced acquisition of financial instruments (closing out), the their price of the financial instruments that is posted shall be that paid by the Bank for the said forced acquisition of such. 2. If the Client fails to meet any obligation deriving from any transaction or relationship, the Bank shall implement without limit every measure provided for by Law, against the Client, without prior notice, in order to recover any loss or damage. The Bank’s right to pursue satisfaction of its claims on the Client shall include, without being limited to, the right to: (a) set- set-off the Bank’s claims on the Client against Client’s counter-claims on the Bank, (b) withhold any amounts, whether funds or assets, held with the Bank in the Client’s name, and (c) sell Client’s financial instruments to satisfy its claim(s) on the Client, pursuant to special provisions of current legislation regarding required sale and/or liquidation or freely at the Bank’s discretion, on the basis of express and irrevocable authorization provided herewith by the Client. In pursuing satisfaction of its claims on the Client, the Bank shall be entitled to exercise the aforesaid rights even if the funds or the assets on which the Bank shall seek to enforce its claim(s) relate to a transaction other than the one in respect of which the Client is in default.