Common use of Account Closing Clause in Contracts

Account Closing. In the absence of an Ev ent of Def ▇▇▇▇ (def ined below), Umicore may close a Customer’s Metal Account at any time by prov iding Customer with at least f our (4) weeks’ prior written notice. If Umicore closes a Metal Account because of an Ev ent of Def ▇▇▇▇, then title to any Metals in such Metal Account will transf er to Umicore upon closure and compensation f or the Metals will be paid by Umicore to Customer af ter setoff and deducting t he v alue of any debit balances on such Metal Account. If the closed Metal Account shows a negativ e balance, then Umicore will inv oice Customer f or the v alue of such negativ e balance pertaining to a Metal Account.