Common use of Transfer of Positions Clause in Contracts

Transfer of Positions. 2.1 The Transferor hereby transfers all of the positions registered on its Clearing Account NC …………… (hereinafter the “Assumed Positions”). The Assumed Positions are further specified in Annex 1 attached hereto and shall include all of the Transferor’s positions, profits and losses in relation to the Assumed Positions, but shall not include any Collateral provided by the Transferor in relation to the Assumed Positions.‌ 2.2 The Assumed Positions shall be transferred to the Transferee’s Clearing Account NC …………… (the “Target Account”) on (the “Transfer Date”). 2.3 The transfer of the Assumed Positions shall be conditional on the Transferee providing sufficient Collateral no later than the Transfer Date. 2.4 Subject to Section 2.1: a. The Transferor and the Clearinghouse agree that as (and including) of the Transfer Date, the Transferor and the Clearinghouse release each other from all obligations and liabilities in relation to the Assumed Positions registered on the Transferor’s Clearing Account. b. The Transferee and the Clearinghouse agree that as of (and including) the Transfer Date, the Transferee shall assume all obligations and liabilities in relation to the Assumed Positions as if the Transferee had been the original Counterparty to each underlying Clearing Transaction constituting the Assumed Positions. 2.5 The Parties undertake that they will do all things necessary to ensure that the Assumed Positions are properly assigned, novated and transferred in accordance with this agreement.

Transfer of Positions. 2.1 The Transferor hereby transfers all of the positions registered on its Clearing Account with [number] (NC …………… [number]) [except for positions in Product Series [number] and [number] (hereinafter the “Assumed Positions”). The Assumed Positions are further specified in Annex 1 attached hereto and shall include all of the Transferor’s positions, profits and losses in relation to the Assumed Positions, but shall not include any Collateral provided by the Transferor in relation to the Assumed Positions.‌Positions. 2.2 The Assumed Positions shall be transferred to the Transferee’s Clearing Account with no: [number] (NC …………… [number]) (the “Target Account”) on [date] (the “Transfer Date”). 2.3 The transfer of the Assumed Positions shall be conditional on the Transferee providing sufficient Collateral no later than the Transfer Date. 2.4 Subject to Section 2.12.3: a. The Transferor and the Clearinghouse agree that as (and including) of the Transfer Date, the Transferor and the Clearinghouse release each other from all obligations and liabilities in relation to the Assumed Positions registered on the Transferor’s Clearing Account. b. The Transferee and the Clearinghouse agree that as of (and including) the Transfer Date, the Transferee shall assume all obligations and liabilities in relation to the Assumed Positions as if the Transferee had been the original Counterparty to each underlying Clearing Transaction constituting the Assumed Positions. 2.5 The Parties undertake that they will do all things necessary to ensure that the Assumed Positions are properly assigned, novated and transferred in accordance with this agreement.