Common use of Termination of Facility Clause in Contracts

Termination of Facility. 7.1 The Facility is repayable on demand and may be varied or terminated in the absolute discretion of WLSL. In particular the Facility will be terminated upon the occurrence of any one or more of the following events:- (a) the withdrawal of the Client’s authorisation to WLSL as contained in the said Standing Authority (Client Securities), or (b) the non-renewal of such authorisation in favour of WLSL upon expiry or when called upon to do so; or (c) any termination in accordance with Clause(s) 17.2(c)(ii) and/or 18 of the main body of this Agreement and any notice of termination for that purpose shall be deemed to be a notice of termination of the Facility. 7.2 Upon termination of the Facility, any outstanding indebtedness by the Client shall forthwith be repaid to WLSL. 7.3 Repayment of all or any of the loan amounts owed to WLSL will not of itself constitute cancellation or termination of the Margin Facility Terms.

Termination of Facility. 7.1 The Facility is repayable on demand and may be varied or terminated in the absolute discretion of WLSLWLIS. In particular the Facility will be terminated upon the occurrence of any one or more of the following events:- (a) the withdrawal of the Client’s authorisation to WLSL WLIS as contained in the said Standing Authority (Client Securities), or (b) the non-renewal of such authorisation in favour of WLSL WLIS upon expiry or when called upon to do so; or (c) any termination in accordance with Clause(s) 17.2(c)(ii) and/or 18 of the main body of this Agreement and any notice of termination for that purpose shall be deemed to be a notice of termination of the Facility. 7.2 Upon termination of the Facility, any outstanding indebtedness by the Client shall forthwith be repaid to WLSLWLIS. 7.3 Repayment of all or any of the loan amounts owed to WLSL WLIS will not of itself constitute cancellation or termination of the Margin Facility Terms.