CLIENT DEFAULT, LIQUIDATION OF ACCOUNTS AND OTHER RIGHTS OF X Sample Clauses

CLIENT DEFAULT, LIQUIDATION OF ACCOUNTS AND OTHER RIGHTS OF X. X. X’XXXXX As used herein, each of the following shall be an “Event of Default”: (i) Client defaults on any obligations to X.X. X’Xxxxx here- under or otherwise in respect of any transaction or agreement; (ii) Client fails to deposit or maintain required margin (as determined by X.X. X’Xxxxx in its sole discretion), fails to pay required premiums or fails to make any other payments required hereunder or otherwise in respect of any Contract, or X.X. X’Xxxxx determines that Collateral (as hereinafter defined) deposited to protect one or more Accounts is inadequate, regardless of current market quotations, to secure the Account; (iii) any representation made by Client is not or ceases to be accurate and complete in any material respect; (iv) a case in bankruptcy is commenced or a proceeding under any insolvency or other law for the protection of creditors or for the appointment of a receiver, trustee or similar officer is filed by or against Client, or Client makes or proposes to make any arrangement or composition for the benefit of its creditors, or Client or any of its property is subject to any agreement, order or judgment providing for Client’s dissolution, liquidation or reorganization, or for the appointment of a receiver, trustee or similar officer of Client or such property; (v) any warrant or order of an attachment is issued against any Account or a judgment is levied against any Account; or (vi) any event where X.X. X’Xxxxx reasonably considers it necessary, as determined in its sole discretion, to take the actions set forth herein for its protection. Upon the occurrence of an Event of Default, X.X. X’Xxxxx shall have the right, without limitation, to (A) liquidate or close out any or all of Client’s open Contracts in whole or in part; (B) cancel any or all of Client’s outstanding orders, Contracts or any other commitments made on behalf of Client; (C) treat any or all of Client’s obligations due to X.X. X’Xxxxx as immediately due and payable;
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