Common use of Client Default Clause in Contracts

Client Default. 1. In the event of default in the payment of any amount owed to the Bank the Client shall ipso jure be considered to be in default, without notice, and shall owe the default interest calculated on the basis of the current legal annual default interest rate. Default interest shall also be charged over the value of securities whose delivery to the Bank is delayed by the Client. If the Bank goes ahead with required acquisition of securities (closing out), the price of the securities shall be that paid by the Bank for their required acquisition.

Client Default. 1. In the event of default in the payment of any amount owed to the Bank the Client shall ipso jure be considered to be in default, without notice, and shall owe the default interest calculated on the basis of the current legal annual default interest rate. Default interest shall also be charged over the value of securities financial instruments whose delivery to the Bank is delayed by the Client. If the Bank goes ahead proceeds, in line with required legislation, with forced acquisition of securities financial instruments (closing out), the price of the securities financial instruments that is posted shall be that paid by the Bank for their required acquisitionthe said forced acquisition of such.

Client Default. 1. In the event of default in the payment of any amount owed to the Bank the Client shall ipso jure be considered to be in default, without notice, and shall owe the default interest calculated on the basis of the current legal annual default interest rate. Default interest shall also be charged over the value of securities financial instruments whose delivery to the Bank is delayed by the Client. If the Bank goes ahead proceeds, in line with required legislation, with forced acquisition of securities financial instruments (closing out), the their price of the securities that is posted shall be that paid by the Bank for their required acquisitionthe said forced acquisition of such.