UBS May Liquidate. In the event that Customer has exceeded its Net Open Position Limit, UBS may, in its sole and absolute discretion and without notice, liquidate all or part of any Customer Transaction.
UBS May Liquidate. In the event that Customer has exceeded its Net Open Position Limit, UBS may, in its sole and absolute discretion and without notice, liquidate all or part of any Customer Transaction. 4.2 (a) Offsetting Transactions. (i) Offsetting Transaction with Customer. Except for any Reverse Give-Up Portion resulting in a Reverse Give-Up Transaction described below, contemporaneous with each Authorized Transaction becoming a Confirmed Dealer Transaction, Customer and UBS will be deemed to have automatically entered into a Transaction (the “Customer Transaction”) on terms and conditions identical to the Confirmed Dealer Transaction, except that in the Customer Transaction, (A) UBS’s position as buyer (or seller) thereunder, as applicable, will be the reverse of UBS’s position as buyer (or seller), as applicable, in the Confirmed Dealer Transaction and (B) the Calculation Agent and/or barrier determination agent in such transaction shall be as set forth in Article V hereto. Each Customer Transaction shall be governed by the Customer Master Trading Agreement or if such agreement is either not then executed or effective, pursuant to such other master agreement(s) as Customer and UBS may agree from time to time. Nothing in this Agreement limits UBS from time to time agreeing, in its discretion, with a Dealer that UBS and Dealer shall be joint calculation agent on a Confirmed Dealer Transaction. (ii) Offsetting Transaction (UBS reverse give-up to another institution). UBS may in its sole discretion from time to time enter into an agreement (a “Reverse Give-Up Agreement”) to partially or completely economically offset Confirmed Dealer Transactions with a third party (each such party a “Reverse Give-up Party”). At such time that a Reverse Give-Up Agreement is effective and Customer gives UBS prior notice that it seeks to cause all or a portion of a Confirmed Dealer Transaction to be economically offset as against a Reverse Give-Up Party (the portion thereof to be offset against the Reverse Give-Up Party, the “Reverse Give-up Portion”), UBS may, in accordance with the terms of the Reverse Give-Up Agreement enter into a Transaction (the “Reverse Give-up Transaction”) on terms and conditions identical to the Confirmed Dealer Transaction, except that in the Reverse Give-Up Transaction, UBS’s position as buyer (or seller) thereunder in respect of the Reverse Give-Up Portion, as applicable, will be the reverse of UBS’s position as buyer (or seller), as applicable, in the Confirme...
