Common use of Customer Default in Respect of Physical Settlement Clause in Contracts

Customer Default in Respect of Physical Settlement. 1.26.1 For any open position of any Transaction which involves physical settlement, the Customer shall: (a) give SFP instructions to terminate, close-out or otherwise liquidate such open position; or (b) provide SFP with: (i) sufficient funds in respect of the Account to which such open position relates; (ii) the underlying subject matter of the Transaction for any delivery to be made in connection with such physical settlement; and/or (iii) all necessary delivery documents to take or make delivery of the underlying subject matter of the Transaction, all in accordance with SFP’s general operating procedures, not later than such date and time as SFP may specify. 1.26.2 If the Customer fails to comply with Clause 1.26.1, SFP may take any one or more of the following actions: (a) liquidate such open position (whether by terminating or closing-out or otherwise); (b) make or receive delivery of the underlying subject matter of the Transaction on the Customer's behalf upon such terms and by such methods which SFP determines without any liability whatsoever to the Customer; (c) take any of the actions described in Clause 1.17; and (d) where the Transaction is a foreign exchange Transaction, roll over such Transaction by extending its Value Date to a new Value Date for any number of times and on such terms as SFP may determine.

Customer Default in Respect of Physical Settlement. 1.26.1 For any open position of any Transaction which involves physical settlement, the Customer shall: (a) give SFP IFPL instructions to terminate, close-out or otherwise liquidate such open position; or (b) provide SFP IFPL with: (i) sufficient funds in respect of the Account to which such open position relates; (ii) the underlying subject matter of the Transaction for any delivery to be made in connection with such physical settlement; and/or (iii) all necessary delivery documents to take or make delivery of the underlying subject matter of the Transaction, all in accordance with SFPIFPL’s general operating procedures, not later than such date and time as SFP IFPL may specify. 1.26.2 If the Customer fails to comply with Clause 1.26.1, SFP IFPL may take any one or more of the following actions: (a) liquidate such open position (whether by terminating or closing-out or otherwise); (b) make or receive delivery of the underlying subject matter of the Transaction on the Customer's behalf upon such terms and by such methods which SFP IFPL determines without any liability whatsoever to the Customer; (c) take any of the actions described in Clause 1.17; and (d) where the Transaction is a foreign exchange Transaction, roll over such Transaction by extending its Value Date to a new Value Date for any number of times and on such terms as SFP IFPL may determine.

Customer Default in Respect of Physical Settlement. 1.26.1 1.25.1 For any open position of any Transaction which involves physical settlement, the Customer shall: (a) give SFP UOB instructions to terminate, close-out or otherwise liquidate such open position; or (b) provide SFP UOB with: (i) sufficient funds in respect of the Account to which such open position relates; (ii) the underlying subject matter of the Transaction for any delivery to be made in connection with such physical settlement; and/or (iii) all necessary delivery documents to take or make delivery of the underlying subject matter of the Transaction, all in accordance with SFPUOB’s general operating procedures, not later than such date and time as SFP UOB may specify. 1.26.2 1.25.2 If the Customer fails to comply with Clause 1.26.11.25.1, SFP UOB may take any one or more of the following actions: (a) liquidate such open position (whether by terminating or closing-out or otherwise); (b) make or receive delivery of the underlying subject matter of the Transaction on the Customer's behalf upon such terms and by such methods which SFP UOB determines without any liability whatsoever to the Customer; (c) take any of the actions described in Clause 1.171.6 or 1.16; and (d) where the Transaction is a foreign exchange Transaction, roll over such Transaction by extending its Value Date to a new Value Date for any number of times and on such terms as SFP UOB may determine.