Common use of AUTOMATIC CLOSURE Clause in Contracts

AUTOMATIC CLOSURE. Excepted CFDs (a) if the period from the date of the transaction to the Specified Date of the Excepted Contract is, or is part of, a market standard period during which equivalent contracts are traded on the relevant exchange, as reasonably determined by us, such Excepted Contract will be replaced with effect immediately after Close of Business on the Specified Date by an equivalent Excepted Contract for the same market standard period to the replacement Specified Date. The provisions of this Agreement will then apply to such Excepted Contract, but this will not affect the automatic closing of an Excepted Contract under clause 12.3, with effect that the 5-year period will run from the date on which the original Excepted Contract was first entered into, and when that Excepted Contract closes automatically under clause 12.3 it will not be reopened in accordance with this clause 12.11. (b) when an Excepted Contract is closed by another Excepted Contract under this clause 12.11, at Close of Business on the Specified Date of the original Excepted Contract, we will calculate the difference between the Closing Contract Value of the original Excepted Contract as determined by us under clause 12.7 and the opening value of the replacement Excepted Contract.

AUTOMATIC CLOSURE. Excepted excepted CFDs (a) if the period from the date of the transaction to the Specified Date of the Excepted Contract is, or is part of, a market standard period during which equivalent contracts are traded on the relevant exchange, as reasonably determined by us, such Excepted Contract will be replaced with effect immediately after Close of Business on the Specified Date by an equivalent Excepted Contract for the same market standard period to the replacement Specified Date. The provisions of this Agreement will then apply to such Excepted Contract, but this will not affect the automatic closing of an Excepted Contract under clause 12.3, with effect that the 5-5 year period will run from the date on which the original Excepted Contract was first entered into, and when that Excepted Contract closes automatically under this clause 12.3 it will not be reopened in accordance with this clause 12.11. (b) when an Excepted Contract is closed by another Excepted Contract under this clause 12.11, at Close of Business on the Specified Date of the original Excepted Contract, we will calculate the difference between the Closing Contract Value of the original Excepted Contract as determined by us under clause 12.7 and the opening value of the replacement Excepted Contract.