CLOSING A CFD TRANSACTION Clause Samples

The 'Closing a CFD Transaction' clause defines the process and conditions under which a contract for difference (CFD) position is brought to an end. It typically outlines how either party can initiate the closing of a position, the calculation of the final settlement amount based on the difference between the opening and closing prices, and the timing for such actions. For example, it may specify that a position can be closed at the prevailing market price or according to pre-agreed terms. This clause ensures both parties understand how and when a CFD transaction can be concluded, thereby providing clarity and reducing the risk of disputes regarding settlement.
CLOSING A CFD TRANSACTION. 5.1. On a Business Day on which either of us wishes to close any CFD Transaction (whether in whole or in part) either of us may give a Closing Notice to the other specifying the CFD Transaction it wishes to close, the related CFD Instrument, the CFD Quantity and the Closing Date. 5.2. Any Closing Notice served by you shall take effect immediately subject to prevailing Market conditions. 5.3. Any Closing Notice served by us subject to Section 5.1 of this Schedule 4 shall take effect two (2) Business Days following the giving of the Closing Notice. 5.4. Following receipt of a Closing Notice, we shall inform you of the Closing Price of the CFD Transaction and the CFD Transaction will be closed on that price on the Closing Date. Any amounts payable by either part to the CFD Transaction are immediately due and payable on closing and shall be paid on the Contract Settlement Date. 5.5. In addition to our rights in Section 13 (Events of Default) of the Agreement and our rights pursuant to Section 5.1 of this Schedule 4 to serve a Closing Notice, we may in our sole discretion close any CFD Transaction at any time without prior notice in the event that: 5.5.1. It is a “sell” CFD Transaction, and due to illiquidity in the relevant CFD Instrument we are unable to borrow a sufficient number of such CFD Instruments to settle any underlying hedge position in respect of the CFD Transaction; or 5.5.2. We are required, at any time, to a lender to return any CFD Instrument, borrowed by us which relates to a CFD Transaction and we are then unable to maintain a hedge position in respect of that CFD Transaction; or 5.5.3. At any time we are unable to establish or maintain a hedge position in respect of a CFD Transaction; or 5.5.4. You fail to honour a ▇▇▇▇▇▇ Call in accordance with Section 11 of the Agreement (Margining Arrangements); or 5.5.5. The Agreement is terminated.
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CLOSING A CFD TRANSACTION. 4.1. You acknowledge that: a) Most (but not all…) CFDs do not expire or have a fixed term of existence, so they must be Closed Out by you (or us). b) CFDs with an expiry date will be governed by clauses 10.7 through 10.16 of the Agree- ment. 4.2. If you wish to close an Open Position in respect of a CFD Transaction, you enter into a new position, which is equal and opposite to the Open Position. To close a ‘bought’ or ‘long’ po- sition - you sell. To close a ‘short’ or ‘sold’ position - you buy. 4.3. At the time that the Open Positions are Closed Out, the Electronic Trading Service will cal- culate the remaining payment rights and obligations to reflect movements in the Contract Value since the previous business close (including any other credits/debits). Since you en- ter into a position to Close Out the existing position, there may be a fee on the position used to close the position, which you agree to pay. 4.4. You may give us notice of your intention to close any CFD (whether in whole or part) by specifying the Underlying Instrument and the quantity of CFDs that you wish to close. This must be done by you placing an Order for a CFD Transaction, which, if accepted, would Close Out the CFD that you wish to close. 4.5. At the Closing Out of a CFD Transaction, if there is a difference between the Closing Value and the Contract Value of the CFD it must be accounted for in the following way: a) if the Closing Value is greater than the Contract Value, the Short Party must pay to the Long Party the difference; and – b) if the Closing Value is less than the Contract Value, the Long Party must pay to the Short Party the difference. 4.6. If the issuer whose security represents the Underlying Instrument on which all or part of a CFD Transaction is based becomes insolvent, the CFD Transaction will be taken to have been Closed Out at that time. The Closing Price of the CFD Transaction will be determined by us and we may consider a number of factors we believe appropriate in the circum- stances. 4.7. If the Underlying Instrument on which the CFD Transaction is based ceases to be listed for quotation on an Exchange, or is suspended or is halted from quotation, we may, in its ab- solute discretion, elect to terminate the relevant CFD Transaction and make necessary ad- justments that we believe are necessary. 4.8. All adjustments or price calculations made by us in respect of a CFD Transaction is binding on you.
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CLOSING A CFD TRANSACTION. 4.1 You acknowledge that: (a) CFDs do not expire or have a fixed term of existence, so they must be Closed Out by you (or us). (b) CFDs with an expiry date will be governed by clauses 9.7 to
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Related to CLOSING A CFD TRANSACTION

  • Closing Transactions On the terms and subject to the conditions set forth in this Agreement, the following transactions shall occur in the order set forth in this Section 2.1:

  • CLOSING AND CLOSING DATE 3.1 Subject to the terms and conditions set forth herein, the Closing Date shall be April 27, 2007, or such other date as the parties may agree. All acts taking place at the closing of the transactions provided for in this Agreement (Closing) shall be deemed to take place simultaneously as of the close of business on the Closing Date unless otherwise agreed to by the parties. The close of business on the Closing Date shall be as of 4:00 p.m., Eastern Time or such later time on that date as the Acquired Funds net asset value and/or the net asset value per share of each class of shares of the Acquiring Fund is calculated in accordance with paragraph 2.2 and after the declaration of any dividends. The Closing shall be held at the offices of ▇▇▇▇▇▇▇ ▇▇▇▇ & ▇▇▇▇▇▇▇▇▇ LLP or at such other time and/or place as the parties may agree. 3.2 The Acquired Entity shall direct State Street Bank and Trust Company (the Custodian) to transfer ownership of the Assets from the accounts of the Acquired Fund that the Custodian maintains as custodian for the Acquired Fund to the accounts of the Acquiring Fund that the Custodian maintains as custodian for the Acquiring Fund and to deliver to the Acquiring Entity, at the Closing, a certificate of an authorized officer stating that (i) the Assets of the Acquired Fund have been so transferred as of the Closing Date, and (ii) all necessary taxes in connection with the delivery of the Assets of the Acquired Fund, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made. 3.3 The Acquired Entity shall direct PFPC Inc., in its capacity as transfer agent for the Acquired Fund (Transfer Agent), to deliver to the Acquiring Entity at the Closing a certificate of an authorized officer stating that its records contain the name and address of each Acquired Fund Shareholder and the number and percentage ownership of each outstanding class of Acquired Fund Shares owned by each such shareholder immediately prior to the Closing. The Acquiring Fund shall deliver to the Secretary of the Acquired Fund a confirmation evidencing that (a) the appropriate number of Acquiring Fund Shares have been credited to the Acquired Funds account on the books of the Acquiring Fund pursuant to paragraph 1.1 prior to the actions contemplated by paragraph 1.5 and (b) the appropriate number of Acquiring Fund Shares have been credited to the accounts of the Acquired Fund Shareholders on the books of the Acquiring Fund pursuant to paragraph 1.5. At the Closing, each party shall deliver to the other party such bills of sale, checks, assignments, share certificates, if any, receipts or other documents as the other party or its counsel may reasonably request. 3.4 In the event that on the Valuation Date (a) the New York Stock Exchange or another primary trading market for portfolio securities of the Acquiring Fund or the Acquired Fund (each, an Exchange) shall be closed to trading or trading thereupon shall be restricted, or (b) trading or the reporting of trading on such Exchange or elsewhere shall be disrupted so that accurate appraisal of the value of the net assets of the Acquired Fund or the Acquiring Fund is impracticable (in the judgment of the Acquiring Entity Board with respect to the Acquiring Fund and the Acquired Entity Board with respect to the Acquired Fund), the Closing Date shall be postponed until the first Friday (that is also a business day) after the day when trading shall have been fully resumed and reporting shall have been restored.

  • Pre-Closing Transactions Prior to the purchase of the Initial Securities on the Closing Date, the Pre-Closing Transactions shall have been duly consummated at the respective times and on the terms contemplated by this Agreement, the General Disclosure Package and the Prospectus and the Representatives shall have received such evidence that the Pre-Closing Transactions have been consummated as the Representatives may reasonably request.

  • Merger Transaction 2.1 Merger of Acquisition Sub into the Company. Upon the terms and subject to the conditions set forth in this Agreement and in accordance with the DGCL, at the Effective Time (as defined in Section 2.3), Acquisition Sub shall be merged with and into the Company, the separate existence of Acquisition Sub shall cease and the Company will continue as the surviving corporation in the Merger (the “Surviving Corporation”).

  • Pre-Closing Reorganization Buyer agrees that any or all of the Sellers may, at any time before Closing, implement a reorganization (“Pre-Closing Reorganization”) in the manner described at SCHEDULE T, provided that any new shareholders arising as a result of such reorganization will be bound by the terms of this Agreement, deemed to be “Sellers” for the purpose of this Agreement, obliged to sell their shares in the Relevant Holdco to the Buyer on the terms and conditions contained herein, and required to provide all of the representations, warranties and covenants that are provided by the Sellers herein, shall assume all liabilities and duties of any shareholder or Seller for whom such shareholder is the successor in interest, and provided further that the Pre-Closing Reorganization: (a) will not have the effect of imposing any incremental obligations for Taxes for the Buyer, the Holdcos, the Corporation or the Subsidiaries; and (b) will not have an adverse effect on Holdcos, the Corporation or the Subsidiaries or their respective businesses or Assets or impose any cost, liability or expense on any of them that is not reimbursed by Sellers. No Pre-Closing Reorganization will be considered in determining whether a representation, warranty or covenant of the Sellers hereunder has been breached, other than pursuant to the terms of this Section 5.9 but excluding the consideration of the Competition Act Approval. The Sellers will provide written notice to the Buyer upon completion of any Pre-Closing Reorganization together with an updated SCHEDULE A reflecting any changes to Sellers, Shares and Purchase Price allocation resulting from the Pre-Closing Reorganization (which updated SCHEDULE A will be deemed to be incorporated into and form part of this Agreement), and access to all relevant documentation relating to such Pre-Closing Reorganization.