Common use of Close-out Clause in Contracts

Close-out. Unless otherwise agreed in writing between you and us or where the Rules of a Market provide otherwise [or in relation to Transactions subject to the Rules of any Market specified for these purposes in the Individually Agreed Terms Schedule], whenever any Transaction is entered into to close out any existing Transaction, then the obligations of each of us under both sets of Transactions shall automatically and immediately be terminated upon entering into the second Transaction, except for any settlement payment due in respect of such closed out Transactions.

Close-out. Unless otherwise agreed in writing between you and us or where the Rules of a Market provide otherwise [or in relation to Transactions subject to the Rules of any Market specified for these purposes in the Individually Agreed Terms Schedule]otherwise, whenever any Transaction is entered into to close out any existing Transaction, then the obligations of each of us under both sets of Transactions shall automatically and immediately be terminated upon entering into the second Transaction, except for any settlement payment due in respect of such closed out Transactions.