Common use of LIQUIDATED ACCOUNTS Clause in Contracts

LIQUIDATED ACCOUNTS. In the event of: (a) death or judicial declaration of incompetence of Client; (b) filing of a petition in bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against Client; (c) filing of an attachment against any of Client’s accounts carried by GMI; (d) insufficient margin, or GMI’s determination that any collateral deposited to protect one or more accounts of Client is inadequate, regardless of current market quotations, to secure the account; (e) Client’s failure to provide GMI any information requested pursuant to this Agreement; or (f) any other circumstances or developments that GMI deems appropriate for its protection, and in GMI’s sole discretion, it may take one or more, or any portion of, the following actions: (1) sell any or purchase any or all currency contracts, securities or other property held or carried for Client; (2) cancel any or all outstanding orders or contracts, or any other commitments made with Client; and (3) liquidate the account. 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 to Client, Client’s personal representatives, heirs, executors, administrators, trustees, legatees or assigns and regardless of whether the ownership interest shall be solely Client’s or held jointly with others.