Common use of Closing Positions Clause in Contracts

Closing Positions. The Client must ensure that the Client Account has a zero balance no later than the date on which the Client Agreement will be terminated and after immediate termination by BROKR. If a balance in Foreign Currencies or Financial Instruments still exists after that date, BROKR is authorised to close those positions. A balance in Cash remaining after closing all positions in Foreign Currencies and Financial In- struments and after all the Client's obligations to BROKR and Prime Broker have been fulfilled shall be transferred by BROKR to the Counter Account. If it is possible that after termination of the Client Agreement further costs or losses will arise in respect of the Client's transactions or positions, BROKR shall be entitled to retain all or part of the remaining balance (in propor- tion to the expected costs or losses) until such costs or losses have been met or it has become clear that such costs or losses will not be incurred.