Common use of Close-Out Netting and Set-Off Rights Clause in Contracts

Close-Out Netting and Set-Off Rights. Subject to applicable European Union laws and regulations, if the Client: (i) incurs a margin deficit in any IBIE account, (ii) defaults on any obligation to IBIE, (iii) incurs a "Default" as specified in Clause 6A, or (iv) fails to pay debts when due, IBIE has the right but not the obligation to close-out the Client's Transactions, liquidate all or some of the Client's collateral and apply the proceeds to any debt to IBIE. IBIE shall be entitled to charge the Client all commissions, spreads, costs and charges incurred.