Automatic closure Sample Clauses
An Automatic Closure clause defines the conditions under which an agreement or contract will terminate automatically without the need for further action by either party. Typically, this clause specifies certain events—such as the completion of a project, the expiration of a set term, or the occurrence of a triggering event like insolvency—that will cause the contract to end immediately. Its core practical function is to provide certainty and efficiency by ensuring that the contract concludes at a predetermined point or upon specific circumstances, thereby reducing administrative burdens and potential disputes over when or how the agreement should end.
Automatic closure. A Position will close automatically on the fifth anniversary of the date on which the Position was first entered into.
Automatic closure. A Margin Contract or CFD, will close automatically on the fifth anniversary of the date on the Contract was first entered.
Automatic closure. Excepted CFDs
(a) if the period from the date of the transaction to the Specified Date of the Excepted Contract is, or is part of, a market standard period during which equivalent contracts are traded on the relevant exchange, as reasonably determined by us, such Excepted Contract will be replaced with effect immediately after Close of Business on the Specified Date by an equivalent Excepted Contract for the same market standard period to the replacement Specified Date. The provisions of this Agreement will then apply to such Excepted Contract, but this will not affect the automatic closing of an Excepted Contract under clause 12.3, with effect that the 5-year period will run from the date on which the original Excepted Contract was first entered into, and when that Excepted Contract closes automatically under clause 12.3 it will not be reopened in accordance with this clause 12.11.
(b) when an Excepted Contract is closed by another Excepted Contract under this clause 12.11, at Close of Business on the Specified Date of the original Excepted Contract, we will calculate the difference between the Closing Contract Value of the original Excepted Contract as determined by us under clause 12.7 and the opening value of the replacement Excepted Contract.
Automatic closure. Margin FX Contracts and CFDs (other than Excepted Contracts)
Automatic closure. Margin FX Contracts and CFDs (other than Excepted Contracts) Subject to clauses 12.12 and 12.13, Margin FX Contracts and CFDs other than Excepted Contracts close automatically at Close of Business on each Business Day and are to be replaced by an equivalent contract with effect immediately after Close of Business on that Business Day, and this will not affect the automatic closing of a contract under clause 12.3, with effect that the 5 year period will run from the date on which the contract was first entered into and when such contract closes automatically under clause 12.3 will not be reopened in accordance with this clause 12.10.
Automatic closure. Margin FX Contracts Subject to clauses 11.10 and 11.11, Margin FX Contracts close automatically at Close of Business on each Business Day and are to be replaced by an equivalent contract with effect immediately after Close of Business on that Business Day, and this will not affect the automatic closing of a contract under clause 21.11, with effect that the 5 year period will run from the date on which the contract was first entered into and when such contract closes automatically under clause 11.11 will not be reopened in accordance with this clause 11.9.
Automatic closure. Margin FX Contracts 30
Automatic closure. Commodity CFDs Subject to clauses 6.2 of this Agreement and clauses 4.3 and 4.4 of this Part B.3, a Commodity CFD will close automatically at Close of Business on the Closing Date and not on the daily Close of Business:
Automatic closure. A Margin FX Contract, will close automatically on the fifth anniversary of the date on which the Contract was first entered into.
Automatic closure. Excepted CFDs Subject to clauses 12.12 and 12.13, an Excepted Contract will close automatically at Close of Business on the Specified Date and not on the daily Close of Business:
(a) if the period from the date of the transaction to the Specified Date of the Excepted Contract is, or is part of, a market standard period during which equivalent contracts are traded on the relevant exchange, as reasonably determined by us, such Excepted Contract will be replaced with effect immediately after Close of Business on the Specified Date by an equivalent Excepted Contract for the same market standard period to the replacement Specified Date. The provisions of this Agreement will then apply to such Excepted Contract, but this will not affect the automatic closing of an Excepted Contract under clause 12.3, with effect that the 5-year period will run from the date on which the original Excepted Contract was first entered into, and when that Excepted Contract closes automatically under clause 12.3 it will not be reopened in accordance with this clause 12.11.
(b) when an Excepted Contract is closed by another Excepted Contract under this clause 12.11, at Close of Business on the Specified Date of the original Excepted Contract, we will calculate the difference between the Closing Contract Value of the original Excepted Contract as determined by us under clause 12.7 and the opening value of the replacement Excepted Contract.