Common use of Default If Clause in Contracts

Default If. (a) the Customer fails to complete the Option Contract in terms of arrangement; (b) the Customer fails to pay any Premium, or any Deposit or Margin Deposit, to Custom House Global Foreign Exchange; or (c) an Insolvency Event occurs, then the Customer agrees that Custom House Global Foreign Exchange shall no longer be obliged to fulfill the Option Contract, or any other existing Option or Forward Exchange Contract with the Customer, nor to enter into any further Contract with the Customer, and Custom House Global Foreign Exchange may, in its sole discretion: (d) calculate the value of the Option or Options and any required amounts payable to terminate the Option Contract and offset the obligations of the Customer under it; (e) charge the Customer with the damages, losses, including loss of profit, incurred by Custom House Global Foreign Exchange, and shall include additional processing fees, interest, costs and expenses incurred by Custom House Global Foreign Exchange; and (f) set off the amounts payable under paragraphs (d) and (e) to obtain a net amount to be paid by one party to the other.