Net Open Position Limit definition

Net Open Position Limit means, the maximum Net Open Position and Exotic Net Open Position, as an aggregate across all Tiers, that a Customer is authorized to have outstanding at any time with UBS, as determined by UBS and advised to the Customer (such amount may be amended from time to time by UBS upon reasonable notice to the Customer).
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Net Open Position Limit means, the aggregate amount owed by the Counterparty to Prime Broker with respect to Transactions entered into by the Advisor calculated as follows:
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Examples of Net Open Position Limit in a sentence

  • In the event that UBS accepts a Transaction which exceeded the Net Open Position Limit or the Exotic Notional Limit, Company for and on behalf of Customer agrees that UBS may, in its sole and absolute discretion and with two (2) hour prior notice, liquidate all or part of the corresponding Customer Contract (as defined below) for the account of the Customer, in order to reduce Customer’s Net Open Position to below the agreed Net Open Position Limit or reduce Customer’s utilization of Exotic Notional Limit.

  • With respect to Counterparty Transactions, the authority set forth in Section 2, in respect of any particular Designated Party, is expressly limited to a Net Daily Settlement Amount not to exceed the Settlement Limit and a Net Open Position not to exceed the Net Open Position Limit, as set forth in the applicable Notice.

  • Such Settlement Limit and Net Open Position Limit shall apply only to Counterparty Transactions entered into between Prime Broker and Dealer.

  • 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.

  • In the event that UBS accepts a Transaction which exceeded the Net Open Position Limit or the Exotic Notional Limit, Customer agrees that UBS may, in its sole and absolute discretion and without notice, liquidate all or part of the corresponding Customer Contract (as defined below) for the account of the Customer, in order to reduce Customer’s Net Open Position to below the agreed Net Open Position Limit or reduce Customer’s utilization of Exotic Notional Limit.

  • Both the Settlement Limit and Net Open Position Limit are specified for each Designated Party and apply only to trades executed by that Designated Party with the Dealer.

  • To control their credit exposure to their clients, Prime Brokers typically specify a Settlement Limit or Net Open Position Limit or both as applicable to the Designated Parties for which they are acting.

  • The provisions of Section 3 establish the general rule that the authority given to a Designated Party is limited to a Net Daily Settlement Amount not to exceed the Settlement Limit and a Net Open Position not to exceed the Net Open Position Limit.

  • UBS maintains the right to refuse to accept any Transactions which exceed the Net Open Position Limit or Exotic Notional Limit and Customer will indemnify UBS for any claims by Dealer as a result of UBS’s exercise of its rights under this clause 2(c), except to the extent that such claim results from the gross negligence, willful misconduct or fraud of UBS.

  • In addition, the Notice provides for specification of the Settlement Limit and Net Open Position Limit.