Common use of Default Events Clause in Contracts

Default Events. 13.1. We have the right to terminate or suspend our Agreement with you under term 4.14. If we so terminate or suspend our Agreement with you, and/or if an event specified in term 4.14.3 occurs, such termination, suspension or event shall constitute a Default Event. 13.2. We may choose to close-out all FX Transactions outstanding on the date of a Default Event. 13.3. Specifically, upon a Default Event we may designate by notice (immediate or otherwise) to you a Closing-Out Date. Upon the occurrence of a Closing- Out Date: 13.3.1. neither party shall be obliged to make any further payments or deliveries under each FX Transaction which would, but for this Term, have fallen due for performance on or after the Closing- Out Date and such obligations shall be satisfied by settlement (whether by payment, set off under Paragraph 14 or otherwise) of the Liquidation Amount; 13.3.2. we shall on, or as soon as reasonably practicable after, the Closing-Out Date for each outstanding FX Transaction determine and aggregate each payment owed by you as positive amounts and each delivery owed by us to you as negative amounts to produce a single, net positive or negative amount denominated in sterling, the Liquidation Amount;if the Liquidation Amount is a positive amount payable by you to us you shall pay such amount to us to a bank account notified by us to you in writing. If the Liquidation Amount is a negative amount payable by us to you, subject to Paragraph 14, we shall pay such amount to you to a bank account in your name in the UK or EU as notified to us by you in writing; and 13.3.3. the amount payable by one party to the other party pursuant to this Term shall be paid in sterling by the close of business on the second Business Day following notification of the Liquidation Amount by us to you.

Default Events. 13.1. We have the right to terminate or suspend our Agreement with you under term 4.14. If we so terminate or suspend our Agreement with you, and/or if an event specified in term 4.14.3 occurs, such termination, suspension or event shall constitute a Default Event. 13.2. We may choose to close-out all FX Transactions outstanding on the date of a Default Event. 13.3. Specifically, upon a Default Event we may designate by notice (immediate or otherwise) to you a Closing-Out Date. Upon the occurrence of a Closing- Closing-Out Date: 13.3.1. neither party shall be obliged to make any further payments or deliveries under each FX Transaction which would, but for this Term, have fallen due for performance on or after the Closing- Closing-Out Date and such obligations shall be satisfied by settlement (whether by payment, set off under Paragraph 14 or otherwise) of the Liquidation Amount; 13.3.2. we shall on, or as soon as reasonably practicable after, the Closing-Closing- Out Date for each outstanding FX Transaction determine and aggregate each payment owed by you as positive amounts and each delivery owed by us to you as negative amounts to produce a single, net positive or negative amount denominated in sterling, the Liquidation Amount;if Amount; 13.3.3. if the Liquidation Amount is a positive amount payable by you to us you shall pay such amount to us to a bank account notified by us to you in writing. If the Liquidation Amount is a negative amount payable by us to you, subject to Paragraph 14, we shall pay such amount to you to a bank account in your name in the UK or EU as notified to us by you in writing; and 13.3.313.3.4. the amount payable by one party to the other party pursuant to this Term shall be paid in sterling by the close of business on the second Business Day following notification of the Liquidation Amount by us to you.