Common use of Closing Out Clause in Contracts

Closing Out. Global Prime may (without notice to Client) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Transactions, at that time or any later time as Global Prime determines (whether in its discretion or by automatic trading platform management) if: (a) on any day on which Client has an Open Transaction, the value of the Account and any other Margin paid by Client under these Terms does not exceed the Margin Requirement; or (b) Client fails to make a Margin payment by the due date and time, which may be immediately after the call is made; or (c) at any time, and from time to time, Global Prime determines that the value of all of Client’s Open Transactions (and not taking into account any cash balance in Client’s Account) represents a substantial net unrealised loss to Client such that, in Global Prime’s belief, the continued trading, or failure to Close Out, one or more of Client’s Open Transactions will or is likely to materially prejudice Client’s Account balance.