Close-out netting and set-off Sample Clauses

Close-out netting and set-off. If the Agreement is terminated in accordance with clause 3 above, the Bank shall, following the closing of the Customer’s positions done by the Bank or the Customer, calculate the aggregate net loss or net profit of the Customer’s transactions as per their date of termination (close-out netting). Close-out netting is done by (i) aggregating the net loss or net profit of each individual transaction existing on the date of termination, (ii) adding or subtracting any amount the Customer owes to the Bank under this Agreement and (iii) adding or subtracting all reasonable out-of-pocket expenses the Bank has paid to any third parties, including legal fees, execution fees and any tax incurred by the Bank and all expenses incurred by the Bank due to the enforcement and protection of its rights. Amounts denominated in other currencies shall be converted into the base currency at the bid rate reasonably available to the Bank on the date of termination. If the said calculation of close-out netting shows a net profit for the Customer’s transactions, the Bank shall as soon as reasonably possible pay such sum to the Customer. If the said calculation shows a net loss for the Customer’s transactions, the Customer shall immediately pay such sum to the Bank. The Bank has a right to sell or otherwise use the collateral referred to under clause 13 of Part II to cover its receivables from the customer. Moreover, the Bank has the right to set off any amount due against any claim or liability, whether matured or not and/or irrespective of the currency, owed by the Bank or a bank Affiliate to the Customer.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to Close-out netting and set-off

  • Netting and Set-Off 20.1. If the aggregate amount payable by the Client is equal to the aggregate amount payable by the Company, then automatically the mutual obligations to make payment are set-off and cancel each other.

  • Netting and Setoff Except for security provided pursuant to this Agreement (which shall not be considered for purposes of this Section 5.5) and unless otherwise specified in another agreement between the Parties, if the Parties are required to pay an amount on the same date each to the other under this Agreement or any other agreement between the Parties, or if any costs that are a Party’s responsibility under this Agreement are incorrectly or inappropriately charged to the Party by the ISO, such amounts shall be netted, and the Party owing the greater aggregate amount shall pay to the other Party any difference between the amounts owed. Each Party reserves all rights, setoffs, counterclaims and other remedies and defenses (to the extent not expressly herein or therein waived or denied) that such Party has or to which such Party may be entitled arising from or out of this Agreement or the other agreement. Further, if the Buyer incurs any costs or charges that are the responsibility of Seller under this Agreement, such costs or charges may, at the Buyer’s election, be netted against any amount due to Seller under this Agreement. All outstanding obligations to make payment under this Agreement or any other agreement between the Parties may be netted against each other, set off or recouped therefrom, or otherwise adjusted.

  • CLOSING AND SETTLEMENT Seller/Landlord shall determine the title company at which settlement shall occur and shall inform Buyer/Tenant of this location in writing. Buyer/Tenant agrees that closing costs in their entirety, including any points, fees, and other charges required by the third-party lender, shall be the sole responsibility of Buyer/Tenant. The only expense related to closing costs apportioned to Seller/Landlord shall be the pro-rated share of the ad valorem taxes due at the time of closing, for which Seller/Landlord is solely responsible.

  • PURPOSE OF THE CONTRACT DSHS agrees to purchase, and Contractor agrees to provide, services or goods to the eligible populations.

  • Net Out of Settlement Amounts The Non-Defaulting Party will aggregate all Settlement Amounts into a single amount by netting out (a) all amounts that are due to the Defaulting Party for Product that has been Delivered and not yet paid for, plus, at the option of the Non-Defaulting Party, any cash, security or other Performance Assurance then available to the Non-Defaulting Party, plus any or all other amounts due to the Defaulting Party under this Agreement against (b) all Settlement Amounts that are due to the Non-Defaulting Party, plus any or all other amounts due to the Non-Defaulting Party under this Agreement, so that all such amounts will be netted out to a single liquidated amount (the “Termination Payment”) payable by the Defaulting Party. The Termination Payment, if any, is due from the Defaulting Party to the Non-Defaulting Party within two Business Days following notice.

  • PAYMENTS AND SET-OFF 8.1 All sums payable by the Guarantor under this Deed of Guarantee shall be paid without any set-off, lien or counterclaim, deduction or withholding, howsoever arising, except for those required by law, and if any deduction or withholding must be made by law, the Guarantor will pay that additional amount which is necessary to ensure that the Beneficiary receives a net amount equal to the full amount which it would have received if the payment had been made without the deduction or withholding.

  • Payment Netting If on any delivery date more than one delivery of a currency is due, each party shall aggregate the amounts deliverable in that currency and only the difference shall be delivered.

  • Objections to Settlement 7.7.1 Only Participating Class Members may object to the class action components of the Settlement and/or this Agreement, including contesting the fairness of the Settlement, and/or amounts requested for the Class Counsel Fees Payment, Class Counsel Litigation Expenses Payment and/or Class Representative Service Payment.

  • On Reconciliation and Settlement If the year-end reconciliation and settlement process demonstrates that the HSP received Funding in excess of its confirmed funds, the LHIN will require the repayment of the excess Funding.

  • Card Transactions (a) Card Network Rules. When accepting payment card Transactions, you must comply with all applicable Card Network Rules, including the Visa Rules specified by Visa, the Mastercard Rules specified by Mastercard, and the Card Network Rules specified by American Express. Each Card Network may amend its Card Network Rules at any time without notice to you.

Time is Money Join Law Insider Premium to draft better contracts faster.