Common use of Close-Out Netting Clause in Contracts

Close-Out Netting. If Client: (a) incurs a margin deficit in any IBKR account, (b) defaults on any obligation to IBKR, (c) becomes subject to bankruptcy, insolvency or other similar proceedings, or (d) fails to pay debts when due, IBKR has the right in its sole discretion, but not the obligation, to close out Client's Forex transactions, liquidate all or some of Client's collateral (as set forth in Paragraph 16) and apply the proceeds to any debt to IBKR.

Close-Out Netting. If Client: (a) incurs a margin deficit in any IBKR account, (b) defaults on any obligation to IBKR, (c) becomes subject to bankruptcy, insolvency or other similar proceedings, or (d) fails to pay debts when due, IBKR has the right in its sole discretion, but not the obligation, to close out Client's Forex transactions, liquidate all or some of Client's collateral (as set forth in Paragraph 16) and apply the proceeds to any debt to IBKR.or