Common use of FORCED LIQUIDATION Clause in Contracts

FORCED LIQUIDATION. On the happening of any of the following:- (a) the dissolution or liquidation of the Client, (b) the filing of a petition in bankruptcy, or a petition for the appoint of a receiver, by or against the Client, (c) the filing of any attachment against any of the Client’s accounts carried by GTJAF, (d) insufficient margin or GTJAF’s determination that any collateral deposited to protect one or more accounts of the Client is inadequate, regardless of current market quotations, to secure the account, or (e) any other circumstances or developments that GTJAF deems to require action necessary for its protection, GTJAF is hereby authorized, according to its judgment and in its sole discretion, to take one or more or any portion of the following actions:- (1) satisfy any obligation the Client may have to GTJAF, either directly or by way of guaranty or suretyship, out of any of the Client’s funds or property in the custody or control of GTJAF; (2) sell any or all Derivatives contracts of the Client or to purchase any or all Derivatives for the Client; and (3) cancel any or all outstanding orders, contracts, or any other commitments made on behalf of the Client. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice or advertisement to the Client, and regardless of whether the ownership interests shall be solely the Client’s or held jointly with others. In liquidating the Client’s long or short positions, GTJAF in its sole discretion, may sell or purchase in the same contract month. Any sales or purchases hereunder may be made according to GTJAF’s judgment and at its sole discretion on any exchange or other market where such business is then usually transacted or at public auction or at private sale, and GTJAF may purchase the whole or any part thereof free from any right of redemption. It is understood that, in all cases, a prior demand, call, or notice of the time and place of a sale or purchase shall not be considered a waiver of GTJAF’s right to sell or buy without demand or notice as herein provided. The Client at all times shall be liable for the payment of any debit balance of the Client upon demand by GTJAF and shall be liable for any deficiency remaining in the Client’s accounts(s) in the event of the liquidation thereof in whole or in part by GTJAF or by the Client. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all liabilities of the Client due to GTJAF, the Client promptly shall pay, upon demand, the deficit and all unpaid liabilities, together with interest thereon equal to an annual rate of eight (8) per cent above the best lending rate quoted by the Standard Chartered Bank (Hong Kong) Limited from time to time and all costs of collection including reasonable attorney’s fees, with respect to any account of the Client, the Client agrees to be liable therefor.

FORCED LIQUIDATION. On the happening of any of the following:- (a) the dissolution or liquidation of the Client, (b) the filing of a petition in bankruptcy, or a petition for the appoint of a receiver, by or against the Client, (c) the filing of any attachment against any of the Client’s accounts carried by GTJAF, (d) insufficient margin or GTJAF’s determination that any collateral deposited to protect one or more accounts Accounts of the Client is inadequate, regardless of current market quotations, to secure the accountAccount, or (e) any other circumstances or developments that GTJAF deems to require action necessary for its protection, . GTJAF is hereby authorized, according to its judgment and in its sole discretion, to take one or more or any portion of the following actions:- (1) satisfy any obligation the Client may have to GTJAF, either directly or by way of guaranty or suretyship, out of any of the Client’s funds or property in the custody or control of GTJAF; (2) sell any or all Derivatives contracts of the Client or to purchase any or all Derivatives for the Client; and (3) cancel any or all outstanding orders, contracts, or any other commitments made on behalf of the Client. Any of the above actions may be taken without demand for margin or additional margin, without prior notice of sale or purchase or other notice or advertisement to the Client, and regardless of whether the ownership interests shall be solely the Client’s or held jointly with others. In liquidating the Client’s long or short positions, GTJAF in its sole discretion, may sell or purchase in the same contract month. Any sales or purchases hereunder may be made according to GTJAF’s judgment and at its sole discretion on any exchange or other market where such business is then usually transacted or at public auction or at private sale, and GTJAF may purchase the whole or any part thereof free from any right of redemption. It is understood that, in all cases, a prior demand, call, or notice of the time and place of a sale or purchase shall not be considered a waiver of GTJAF’s right to sell or buy without demand or notice as herein provided. The Client at all times shall be liable for the payment of any debit balance of the Client upon demand by GTJAF and shall be liable for any deficiency remaining in the Client’s accounts(s) in the event of the liquidation thereof in whole or in part by GTJAF or by the Client. In the event the proceeds realized pursuant to this authorization are insufficient for the payment of all liabilities of the Client due to GTJAF, the Client promptly shall pay, upon demand, the deficit and all unpaid liabilities, together with interest thereon equal to an annual rate of eight (8) per cent above the best lending rate Prime Rate on Hong Kong dollars quoted by a GTJAF’s usual banker, including (i) the Standard Chartered Bank (Hong Kong) Limited or (ii) the Hongkong and Shanghai Banking Corporation Limited from time to time and all costs of collection including reasonable attorney’s fees, with respect to any account of the Client, the Client agrees to be liable therefor.