Common use of Client Default Clause in Contracts

Client Default. 5.1 The Client agrees to indemnify Galaxy International Securities, its officers (including directors), employees and agents, against all losses and expenses resulting from breach of the Client’s Obligation under this Agreement, including costs reasonably incurred in collecting debts from the Client, and in closing the Stock Options Account. 5.2 Without prejudice to Clause 12 of this Agreement, if the Client fails to comply with any of his Obligations and/ or to meet his liabilities under this Part F, including failure to provide Margin, and/or in any way commit default of Client’s obligations under the Options Trading Rules, Galaxy International Securities may : (a) decline to accept further Instructions from the Client in respect of Exchange Traded Options Business; (b) Close Out some or all of the Client’s Client Contracts with Galaxy International Securities; (c) enter into contracts, or transactions in Securities, futures or Commodities, in order to settle obligations arising or to hedge the risks to which Galaxy International Securities is exposed in relation to the Client’s failure; or (d) dispose of Xxxxxx, and apply the proceeds thereof to discharge the Client’s liabilities to Galaxy International Securities; or (e) dispose of any or all securities held for or on behalf of Client in order to set off any of its obligations and to exercise any rights of set off Galaxy International Securities may have in relation to the Client Any proceeds remaining after discharge of all of the Client’s liabilities to Galaxy International Securities shall be paid to the Client. 5.3 Client agrees to pay interest on all overdue balances (including interest arising after a judgment debt is obtained against the Client) at such rates and on such other terms as Galaxy International Securities has notified to the Client from time to time. Client agrees that Galaxy International Securities shall be entitled (but not be obliged), at any time and from time to time, without prior notice, to debit any Account with Galaxy International Securities and/or any other account(s) of Client with other members of the Group with any interest due and payable in accordance with this Clause 5.3 and Client undertakes to, immediately upon demand by Galaxy International Securities, do such act(s) and/or execute such document(s) as may be required by Galaxy International Securities at any time and from time to time in order to give full effect to each such debit.

Client Default. 5.1 The Client agrees to indemnify Galaxy International Securities, its officers (including directors), employees and agents, against all losses and expenses resulting from breach of the Client’s Obligation under this Agreement, including costs reasonably incurred in collecting debts from the Client, and in closing the Stock Options Account. 5.2 Without prejudice to Clause 12 of this Agreement, if the Client fails to comply with any of his Obligations and/ or to meet his liabilities under this Part F, including failure to provide Margin, and/or in any way commit default of Client’s obligations under the Options Trading Rules, Galaxy International Securities may : (a) decline to accept further Instructions from the Client in respect of Exchange Traded Options Business; (b) Close Out some or all of the Client’s Client Contracts with Galaxy International Securities; (c) enter into contracts, or transactions in Securities, futures or Commodities, in order to settle obligations arising or to hedge the risks to which Galaxy International Securities is exposed in relation to the Client’s failure; or (d) dispose of XxxxxxMargin, and apply the proceeds thereof to discharge the Client’s liabilities to Galaxy International Securities; or (e) dispose of any or all securities held for or on behalf of Client in order to set off any of its obligations and to exercise any rights of set off Galaxy International Securities may have in relation to the Client Any proceeds remaining after discharge of all of the Client’s liabilities to Galaxy International Securities shall be paid to the Client. 5.3 Client agrees to pay interest on all overdue balances (including interest arising after a judgment debt is obtained against the Client) at such rates and on such other terms as Galaxy International Securities has notified to the Client from time to time. Client agrees that Galaxy International Securities shall be entitled (but not be obliged), at any time and from time to time, without prior notice, to debit any Account with Galaxy International Securities and/or any other account(s) of Client with other members of the Group with any interest due and payable in accordance with this Clause 5.3 and Client undertakes to, immediately upon demand by Galaxy International Securities, do such act(s) and/or execute such document(s) as may be required by Galaxy International Securities at any time and from time to time in order to give full effect to each such debit.

Client Default. 5.1 The Client agrees to indemnify Galaxy International Securities, its officers (including directors), employees and agents, against all losses and expenses resulting from breach of the Client’s Obligation under this Agreement, including costs reasonably incurred in collecting debts from the Client, and in closing the Stock Options Account. 5.2 Without prejudice to Clause 12 13 of this Agreement, if the Client fails to comply with any of his Obligations and/ or to meet his liabilities under this Part F, including failure to provide Margin, and/or in any way commit default of Client’s obligations under the Options Trading Rules, Galaxy International Securities may : (a) decline to accept further Instructions from the Client in respect of Exchange Traded Options Business; (b) Close Out some or all of the Client’s Client Contracts with Galaxy International Securities; (c) enter into contracts, or transactions in Securities, futures or Commodities, in order to settle obligations arising or to hedge the risks to which Galaxy International Securities is exposed in relation to the Client’s failure; or (d) dispose of Xxxxxx, and apply the proceeds thereof to discharge the Client’s liabilities to Galaxy International Securities; or (e) dispose of any or all securities held for or on behalf of Client in order to set off any of its obligations and to exercise any rights of set off Galaxy International Securities may have in relation to the Client Any proceeds remaining after discharge of all of the Client’s liabilities to Galaxy International Securities shall be paid to the Client. 5.3 Client agrees to pay interest on all overdue balances (including interest arising after a judgment debt is obtained against the Client) at such rates and on such other terms as Galaxy International Securities has notified to the Client from time to time. Client agrees that Galaxy International Securities shall be entitled (but not be obliged), at any time and from time to time, without prior notice, to debit any Account with Galaxy International Securities and/or any other account(s) of Client with other members of the Group with any interest due and payable in accordance with this Clause 5.3 and Client undertakes to, immediately upon demand by Galaxy International Securities, do such act(s) and/or execute such document(s) as may be required by Galaxy International Securities at any time and from time to time in order to give full effect to each such debit.