Closing Out Clause Samples

Closing Out. Unless the Broker Member and the Client otherwise agree in writing, or the Applicable Regulations provide otherwise, if the Broker Member enters into any Transaction to close out any existing Transaction between the Broker Member and the Client, then each party’s obligations under both such Transactions shall automatically and immediately be terminated upon entering into the second Transaction, except for any settlement payment due from one party to the other in respect of such closed out Transactions.

Closing Out. A. County will pay Contractor's final request for payment providing Contractor has paid all financial obligations undertaken pursuant to this Contract or any other contract and/or obligation that Contractor may have with the County. If Contractor has failed to pay any obligations outstanding, County will withhold from Contractor's final request for payment the amount of such outstanding financial obligations owed by Contractor. Contractor is responsible for County's receipt of a final request for payment 30 days after termination of this Contract. B. A final undisputed invoice shall be submitted for payment no later than ninety

Closing Out. A. County will pay Contractor's final request for payment providing Contractor has paid all financial obligations undertaken pursuant to this Contract or any other contract and/or obligation that Contractor may have with the County. If Contractor has failed to pay any obligations outstanding, County will withhold from Contractor's final request for payment the amount of such outstanding financial obligations owed by Contractor. Contractor is responsible for County's receipt of a final request for payment 30 days after termination of this Contract. B. A final undisputed invoice shall be submitted for payment no later than ninety (90) calendar days following the expiration or termination of this Contract, unless a later or alternate deadline is agreed to in writing by the County. The final invoice must be clearly marked “FINAL INVOICE”, thus indicating that all payment obligations of the County under this Contract have ceased and that no further payments are due or outstanding. C. The County may, at its discretion, choose not to honor any delinquent final invoice if the Contractor fails to obtain prior written approval of an alternate final invoice submission deadline. Written County approval for an alternate final invoice submission deadline shall be sought from the County prior to the expiration or termination of this Contract.

Closing Out. SolTrans will pay Contractor's final invoice for payment providing Contractor has completed all obligations undertaken pursuant to this Contract. Contractor is responsible for SolTrans’ receipt of a final invoice for payment 60 days after termination or completion of this Contract.

Closing Out. Unless otherwise agreed in writing between us, or the Rules of any relevant Exchange/Market provide otherwise, if we enter into any Transaction with you in order to close out any existing Transaction between us then our respective obligations under both such Transactions shall automatically and immediately be terminated upon entering in to the second Transaction, except for any settlement payment due from one of us to the other in respect of such close-out.

Closing Out. (a) On or as soon as reasonably practicable following the occurrence of an Early Termination Date, Party A shall calculate the Early Termination Amount payable (together with Late Payment Compensation Charges) on the day on which notice on the amount payable is effective on the Early Termination Date. (b) An Early Termination Amount due in respect of any Early Termination Date will (together with any amount of Late Payment Compensation Charges) be payable on the day on which the notice of the amount payable is effective.

Closing Out. Global Prime may (without notice to Client) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Transactions, at that time or any later time as Global Prime determines (whether in its discretion or by automatic trading platform management) if: (a) on any day on which Client has an Open Transaction, the value of the Account and any other Margin paid by Client under these Terms does not exceed the Margin Requirement; or (b) Client fails to make a Margin payment by the due date and time, which may be immediately after the call is made; or (c) at any time, and from time to time, Global Prime determines that the value of all of Client’s Open Transactions (and not taking into account any cash balance in Client’s Account) represents a substantial net unrealised loss to Client such that, in Global Prime’s belief, the continued trading, or failure to Close Out, one or more of Client’s Open Transactions will or is likely to materially prejudice Client’s Account balance.

Closing Out. (a) In the event GTJAS determines, based on the circumstances then evident, that the Client is unlikely to be able to perform all its obligations under this Client Agreement, or that for GTJAS’s own protection it would be desirable or prudent for GTJAS to do so, GTJAS may, by giving notice to the Client: (i) cancel any outstanding orders or other commitments made on behalf of the Client; (ii) borrow or purchase any Investments required to make delivery on behalf of the Client; and/or (iii) in any manner deal with any property held in the name or for the account of the Client in the custody or control of GTJAS or any other Group Company and any security given to GTJAS for the Client’s obligations. (b) In the event that GTJAS exercises its rights as provided in Clause 19(a). (i) all amounts owing by the Client to GTJAS shall become immediately due and payable on demand; (ii) GTJAS’s further performance of any of its outstanding obligations to the Client under this Client Agreement shall be conditional upon the Client having discharged all its obligations hereunder to GTJAS; and (iii) GTJAS may elect to apply the net proceeds it actually receives in exercising the powers conferred by Clause 19(a) in reduction of the Client’s outstanding liabilities to GTJAS, as GTJAS thinks fit. (c) GTJAS shall have absolute discretion to choose the type of, and manner in which, any Investment shall be sold pursuant to Clause 19(a) and GTJAS and any other Group Company may purchase the Investments sold free from any right of redemption of the Client. The Client shall have no claim arising out of any sale under Clause 19(a), including any claim in respect of profits, charges or commissions received by GTJAS, any other Group Company or their respective nominees or agents.

Closing Out. 6.1 All Contracts shall be deemed to have been terminated and cancelled automatically prior to the occurrence of any of the Close-Out Events. Upon the termination of all Contracts, the Bank shall be entitled without further notice or demand to forthwith:- (a) cancel all the Customer’s outstanding orders in respect of Contracts placed with the Bank; (b) close out and liquidate all, but not some (save and except such of the Contracts which may not under the applicable laws be closed out and liquidated), outstanding Contracts in the following manner:- (i) The various amounts which would have been deliverable by either party on the value date of each outstanding Contract shall be notionally converted into a common Currency selected by the Bank at the spot rate of exchange quoted by the Bank for the relevant Currency at the time of conversion; (ii) Each amount calculated in accordance with clause 6.1(b) (i) of these Specific Terms shall, to the extent permitted by applicable law, be adjusted to present value by discounting the same from the relevant value date to the close out date using the relevant discount rate, or such other rate as may be prescribed by the applicable law; (iii) Each of the amounts calculated as aforesaid which is payable by and to the Bank shall be aggregated so that all amounts payable by and to the Bank respectively shall be netted into a single liquidated net amount in the common Currency; (iv) The difference between the aggregate net amount payable to the Bank and by the Bank calculated in accordance with clause 6.1(b) (iii) of these Specific Terms shall be the “Close-Out Amount”. If the Close-Out Amount shall be positive, the same shall be payable by the Customer and if the Close-Out Amount shall be negative, the same shall be payable by the Bank; (v) The Close-Out Amount shall be adjusted to the extent permitted by the applicable law to reflect any payment made by the Bank or the Customer to the other after the close out date; (vi) A certificate signed by any of the Bank’s authorized officers setting out the Close-Out Amount and the manner in which it is calculated shall be conclusive and binding on the Customer; (vii) Each of the Customer and the Bank agrees that the Close-Out Amount calculated as aforesaid reflects a reasonable pre-estimate of loss and not a penalty. Such Close-Out Amount is payable for the loss of bargain and the loss of protection against future risks and, except as otherwise provided in this agreement, neither o...