Common use of Active Management Clause in Contracts

Active Management. If the Firm exercises any of its powers under clause 27.2 (Additional powers on termination of the Agreement) or clause 27.3 (Additional powers on termination of a Clearing Service) to terminate or close out any Transactions, the Firm shall be entitled to determine the resultant amount (if any) owed by the Firm or the Client in relation to those Transactions. The Client agrees that, for these purposes, the Firm is entitled to take into account any Losses realised in closing out any Firm/CCP or CM/Firm Transactions or settling or concluding outstanding obligations incurred by the Firm on the Client's behalf. The Firm's rights under this clause 27.4 (Active management) apply separately to each Transaction and the Firm does not need to account for a single amount payable by the Firm or the Client in respect of all Transactions. Any account for payment in relation to closed- out or terminated Transactions will not prejudice the Firm's surviving rights in relation to Transactions which have not been closed out or terminated (including the Firm's right to charge amounts under clause 28.4 (Charges), to demand amounts under applicable indemnities and to make margin calls in respect of those Transactions).