Common use of Termination of a Contract Clause in Contracts

Termination of a Contract. 18.1. We may terminate or Close-Out any Contract at any time without giving prior notice to you or obtaining further instructions from you if any of the following events occur: 18.1.1. you fail to provide us with material information when required or such information that you do provide is in our reasonable determination materially incorrect or misleading; 18.1.2. the Sale Currency Monies do not arrive in the correct account in cleared funds when due; 18.1.3. you are otherwise in breach of this agreement and where such a breach is, at our absolute determination, capable of remedy you have failed to remedy such breach within a reasonable time when notified; 18.1.4. we reasonably determine that you will be unable to fulfil your obligations under any Contract; 18.1.5. on the occurrence of a Force Majeure Event, for us to continue any Contract would expose us to a liability against which we are not protected; 18.1.6. we suspect that you have committed fraud, provided false or misleading information to us, have participated in or are participating or have assisted in or are assisting in money laundering or terrorist financing or otherwise fail to meet any checks required by law or regulation; 18.1.7. you die or become of unsound mind; 18.1.8. you cease to, or threaten to cease to, carry on your business, suspend payment of your debts, come to a mutual agreement with your creditors, have a receiver appointed over some or all of your assets, commence or are the subject of any bankruptcy or insolvency proceedings (other than for the purposes of amalgamation or reconstruction approved in advance in writing by us), or an analogous event occurs in the United Kingdom or in any other relevant jurisdiction; 18.1.9. you fail in any respect fully and promptly to comply with any obligations to us or through us to any clearing house or broker or bank; 18.1.10. we are required to do so on the instruction of any law enforcement or regulatory agency or other body with appropriate authority (in which case we may retain or otherwise deal with all or any of your money T: +00 (0) 00 0000 0000 F: +00 (0) 00 0000 0000 E: xxxx@xxxxxxxxxx.xx.xx Currency UK Limited is authorised and regulated by the Financial Conduct Authority for the provision of payment services (FRN 504592) and for the conduct of designated investment business (FRN 602052). Currency UK Limited is registered in England & Wales No 04017212. TERMS & CONDITIONS 19 as we are required to do so by such agency or body). 18.2. Should you become aware of the occurrence or likely occurrence of any of the events mentioned in paragraph 18.1, you shall forthwith give us notice of same. 18.3. When the Contract is formed, we take on a risk and incur liability on your behalf. For this reason, we do not give you the right to cancel any Contract. However, a Contract may be cancelled with our consent. If a Contract is so cancelled with our consent, you agree to be liable for any fees that you or we have incurred or will incur. 18.4. If a Contract is cancelled or terminated for any reason we will: 18.4.1. Close-Out any Trade Contract not yet completed and apply any proceeds thereof to payment of any amounts due to us. You acknowledge that, in the event we are required to Close-Out a transaction in these circumstances, we may need to enter into a Second Transaction to Close-Out our position in the market. In that event, we will charge you our reasonable costs incurred for the Second Transaction and for any loss realised on these transactions. If any gain is realised, due to the regulatory permission that we have, we are not entitled to pay this back you; 18.4.2. notify you of any loss that we make or liability we incur as a result of the Close-Out and the cancellation/ termination; 18.4.3. use any sum which you have paid us to settle any liability or recompense us for our loss/administration fees incurred in connection with the cancellation including the Close-Out; 18.4.4. return the balance of any sum remaining to you after the settlement of liabilities. 18.5. After Closing Out a Contract for any reason we shall, as soon as reasonably practicable, send to you a settlement notice recording your position as a consequence of the Closing Out of the Contract. OUR PAYMENT INITIATION SERVICE AND ACCOUNT INFORMATION SERVICE

Termination of a Contract. 18.120.1. We may terminate or Close-Out close out any Contract at any time without giving prior notice to you or obtaining further instructions from you if any of the following events occur: 18.1.120.1.1. you You fail to provide us with material information when required or such information that you do provide is in our reasonable determination materially incorrect or misleading; 18.1.220.1.2. the The Sale Currency Monies do not arrive come in the correct account in cleared funds when due; 18.1.320.1.3. you You are otherwise in breach of this agreement Agreement and where such a breach is, at our absolute determination, capable of remedy you have failed to remedy such breach within a reasonable time when notified; 18.1.420.1.4. we We reasonably determine that you will be unable to fulfil your obligations under any Contract; 18.1.520.1.5. on On the occurrence of a Force Majeure Event, for us to continue any Contract would expose us to a liability against which we are not protected; 18.1.620.1.6. we We suspect that you have committed fraud, provided false or misleading information to us, have participated in or are participating or have assisted in or are assisting in money laundering or terrorist financing or otherwise fail to meet any checks required by law or regulation; 18.1.720.1.7. you You die or become of unsound mind; 18.1.820.1.8. you You cease to, or threaten to cease to, carry on your business, suspend payment of your debts, come to a mutual E: xxxx@xxxxxxxxxx.xx.xx Currency UK Limited is authorised and regulated by the Financial Conduct Authority for the provision of payment services (FRN 504592) and for the conduct of designated investment business (FRN 602052). Currency UK Limited is registered in England & Wales Nº 04017212. agreement with your creditors, have a receiver appointed over some or all of your assets, commence or are the subject of any bankruptcy or insolvency proceedings (other than for the purposes of amalgamation or reconstruction approved in advance in writing by us), or an analogous event occurs in the United Kingdom or in any other relevant jurisdiction; 18.1.920.1.9. you You fail in any respect fully and promptly to comply with any obligations to us or through us to any clearing house or broker or bank; 18.1.1020.1.10. we We are required to do so on the instruction of any law enforcement or regulatory agency or other body with appropriate authority (in which case we may retain or otherwise deal with all or any of your money T: +00 (0) 00 0000 0000 F: +00 (0) 00 0000 0000 E: xxxx@xxxxxxxxxx.xx.xx Currency UK Limited is authorised and regulated by the Financial Conduct Authority for the provision of payment services (FRN 504592) and for the conduct of designated investment business (FRN 602052). Currency UK Limited is registered in England & Wales No 04017212. TERMS & CONDITIONS 19 as we are required to do so by such agency or body). 18.220.2. Should you become aware of the occurrence or likely occurrence of any of the events mentioned in paragraph 18.120.1, you shall forthwith give us notice of same. 18.320.3. When the Contract is formed, we take on a risk and incur liability on your behalf. For this reason, we do not give you the right to cancel any Contract. However, a Contract may be cancelled with our consent. If a Contract is so cancelled with our consentConsent, you agree to be liable for any fees that you or we have incurred or will incur. 18.420.4. If a Contract is cancelled or terminated for any reason we will: 18.4.120.4.1. Close-Close Out any Trade Contract not yet completed and apply any proceeds thereof to payment of any amounts due to us. You acknowledge that, in the event we are required to Closeclose-Out out a transaction in these circumstances, we may need to enter into a Second Transaction second currency transaction (the “second transaction”) to Close-Out close out our position in the market. In that event, we will charge you our reasonable costs incurred for the Second Transaction second transaction and for any loss realised on these transactions. If any gain is realised, due to the regulatory permission that we have, we are not entitled to pay this back you; 18.4.220.4.2. notify you of any loss that we make or liability we incur as a result of the Close-Close Out and the cancellation/ cancellation/termination; 18.4.320.4.3. use any sum which you have paid us to settle any liability or recompense us for our loss/administration fees fee incurred in connection with the cancellation including the Close-Close Out; 18.4.420.4.4. return the balance of any sum remaining to you after the settlement of liabilities. 18.520.5. After Closing Out a Contract for any reason we shall, as soon as reasonably practicable, send to you a settlement notice recording your position as a consequence of the Closing Out of the Contract. OUR PAYMENT INITIATION SERVICE AND ACCOUNT INFORMATION SERVICE.