Common use of Discharge and Termination Clause in Contracts

Discharge and Termination. Unless otherwise agreed, any Call or any Put written by a party will automatically be terminated and discharged, in whole or in part, as applicable, against a Call or a Put, respectively, written by the other party, such termination and discharge to occur automatically upon the payment in full of the last Premium payable in respect of such Currency Option Transactions; provided that such termination and discharge may only occur in respect of Currency Option Transactions: (i) each being with respect to the same Put Currency and the same Call Currency; (ii) each having the same Expiration Date and Expiration Time; (iii) each being of the same style, i.e. either both being American style Currency Option Transactions or both being European style Currency Option Transactions; (iv) each having the same Strike Price and other material terms; (v) neither of which shall have been exercised by delivery of a Notice of Exercise; and (vi) each having been transacted by the same pair of Offices of the Buyer and Seller. and, upon the occurrence of such termination and discharge, neither party shall have any further obligation to the other party in respect of the relevant Currency Option Transactions or, as the case may be, parts thereof so terminated and discharged. In the case of a partial termination and discharge (i.e., where the relevant Currency Option Transactions are for different amounts of the Currency Pair), the remaining portion of the Currency Option Transaction which is partially discharged and terminated shall continue to be a Currency Option Transaction for all purposes of this Agreement, including this Section 3.4(c). (3) Section 3.7(a) of the FX Definitions is hereby amended by substituting the following therefor in its entirety:

Discharge and Termination. Unless otherwise agreed, any Any Call or any Put written by a party will Party shall automatically be terminated discharged and dischargedterminated, in whole or in part, as applicable, against a Call or a Put, respectively, written by the other partyParty, such discharge and termination and discharge to occur automatically auto- matically upon the payment in full of the last Premium payable in respect of such Currency Option Transactions; provided that such dis- charge and termination and discharge may only occur in respect of Currency Option Transactions: (i) each being with respect to the same Put Currency and the same Call Currency; (ii) each having the same Expiration Date and Expiration Time; (iii) each being of the same style, i.e. either that is, both being American style Currency Option Transactions or both being European style Currency Option TransactionsEuropean; (iv) each having the same Strike Price and other material termsPrice; (v) each being transacted by the same pair of Offices of Buyer and Seller; (vi) neither of which shall have been exercised by delivery of a Notice of Exercise; and (vivii) each having been transacted by any other fundamental features are the same pair of Offices of the Buyer (for example, both are “vanilla” or both are “barriers,” both are “binaries,” and Seller. so forth); and, upon the occurrence of such termination discharge and dischargetermination, neither party Party shall have any further fur- ther obligation to the other party Party in respect of the relevant Currency Option Transactions or, as the case may be, parts thereof so terminated discharged and dischargedterminated. Such discharge and termination shall be effective notwithstanding that either Party may fail to record such discharge and ter- mination in its books. In the case of a partial discharge and termination and discharge (i.e.that is, where the relevant Currency Option Transactions are for different amounts of the Currency Pair), the remaining portion of the Currency Option Transaction Transaction, which is partially discharged and terminated terminated, shall continue to be a Currency Option Transaction for all purposes of this the Agreement, including this Section 3.4(cPart XVI(a). (3) Section 3.7(a) of the FX Definitions is hereby amended by substituting the following therefor in its entirety:

Discharge and Termination. Unless otherwise agreed, any Any Call or any Put written by a party will Party shall automatically be terminated discharged and dischargedterminated, in whole or in part, as applicable, against a Call or a Put, respectively, written by the other partyParty, such discharge and termination and discharge to occur automatically upon the payment pay- ment in full of the last Premium payable in respect of such Currency Option Transactions; provided that such discharge and termination and discharge may only occur in respect of Currency Option Transactions: (i) each being with respect to the same Put Currency and the same Call Currency; (ii) each having the same Expiration Date and Expiration Time; (iii) each being of the same style, i.e. either that is, both being American style Currency Option Transactions or both being European style Currency Option TransactionsEuropean; (iv) each having the same Strike Price and other material termsPrice; (v) each being transacted by the same pair of Offices of Buyer and Seller; (vi) neither of which shall have been exercised by delivery of a Notice of Exercise; and (vivii) each having been transacted by any other fundamental features are the same pair of Offices of the Buyer (for example, both are “vanilla” or both are “barriers,” both are “binaries,” and Seller. so forth); and, upon the occurrence of such termination dis- charge and dischargetermination, neither party Party shall have any further obligation to the other party Party in respect of the relevant Currency Option Transactions or, as the case may be, parts thereof so terminated discharged and dischargedtermi- nated. Such discharge and termination shall be effective notwithstanding that either Party may fail to record such dis- charge and termination in its books. In the case of a partial discharge and termination and discharge (i.e.that is, where the relevant Currency Option Transactions are for different amounts of the Currency Pair), the remaining remain- ing portion of the Currency Option Transaction Transaction, which is partially discharged and terminated terminated, shall continue to be a Currency Option Transaction for all purposes pur- poses of this the Agreement, including this Section 3.4(cPart XVI(a). (3) Section 3.7(a) of the FX Definitions is hereby amended by substituting the following therefor in its entirety:

Discharge and Termination. Unless otherwise agreed, any Call or any Put written by a party will automatically be terminated and discharged, in whole or in part, as applicable, against a Call or a Put, respectively, written by the other party, such termination and discharge to occur automatically upon the payment in full of the last Premium payable in respect of such Currency Option Transactions; provided that such termination and discharge may only occur in respect of Currency Option Transactions: (i) each being with respect to the same Put Currency and the same Call Currency; (ii) each having the same Expiration Date and Expiration Time; (iii) each being of the same style, i.e. either both being American style Currency Option Transactions or both being European style Currency Option Transactions; (iv) each having the same Strike Price and other material termsPrice; (v) neither of which shall have been exercised by delivery of a Notice of Exercise; and (vi) each having been transacted by the same pair of Offices offices of the Buyer and Seller. the Seller and, upon the occurrence of such termination and discharge, neither party shall have any further obligation to the other party in respect of the relevant Currency Option Transactions or, as the case may be, parts thereof so terminated and discharged. In the case of a partial termination and discharge (i.e., where the relevant Currency Option Transactions are for different amounts of the Currency Pair), the remaining portion of the Currency Option Transaction which is partially discharged and terminated shall continue to be a Currency Option Transaction for all purposes of this Agreement, including this Section 3.4(c3.4(d). (b) CONFIRMATIONS. In respect of FX Transactions and Currency Option Transactions, the term "Confirmation" means a writing (including telex, facsimile or other electronic means from which it is possible to produce a hard copy) evidencing an FX Transaction or Currency Option Transaction, as the case may be, notwithstanding the absence of any reference to this Agreement therein or the reference therein to any other governing terms or law. In relation to such Confirmations, unless either party objects to the terms contained in any Confirmation within three (3) Section 3.7(a) of the FX Definitions is hereby amended by substituting the following therefor Business Days in its entirety:location of receipt thereof, or such shorter time as may be appropriate given the Settlement Date of an FX Transaction, the terms of such Confirmation shall be deemed correct and accepted absent manifest error, unless a corrected Confirmation is sent by a party within such three (3) Business Days, or shorter period, as appropriate, in which case the party receiving such corrected Confirmation shall have three (3) Business Days in its location, or shorter period, as appropriate, after receipt thereof to object to the terms contained in such corrected Confirmation. In the event of any conflict between the terms of such a Confirmation of an FX Transaction or a Currency Option Transaction, as the case may be, and this Agreement, the terms of this Agreement shall prevail, and the Confirmation shall not modify the terms of this Agreement.

Discharge and Termination. Unless otherwise agreed, any Call or any Put written by a party will automatically be terminated and discharged, in whole or in part, as applicable, against a Call or a Put, respectively, written by the other party, such termination and discharge to occur automatically upon the payment in full of the last Premium payable in respect of such Currency Option Transactions; provided that such termination and discharge may only occur in respect of Currency Option Transactions: (i) each being with respect to the same Put Currency and the same Call Currency; (ii) each having the same Expiration Date and Expiration Time; (iii) each being of the same style, i.e. either both being American style Currency Option Transactions Transaction or both being European style Currency Option Transactions; (iv) each having the same Strike Price and other material termsPrice; (v) neither of which shall have been exercised by delivery of a Notice of Exercise; and (vi) each having been transacted by the same pair of Offices offices of the Buyer and Seller. the Seller and, upon the occurrence of such termination and discharge, neither party shall have any further obligation to the other party in respect of the relevant Currency Option Transactions or, as the case may be, parts thereof so terminated and discharged. In the case of a partial termination and discharge (i.e., where the relevant Currency Option Transactions are for different amounts of the Currency Pair), the remaining portion of the Currency Option Transaction which is partially discharged and terminated shall continue to be a Currency Option Transaction for all purposes of this Agreement, including this Section 3.4(c3.4(d). (3) Section 3.7(a) of the FX Definitions is hereby amended by substituting the following therefor in its entirety: