Common use of Liquidation and Covering Positions Clause in Contracts

Liquidation and Covering Positions. Client understands that Baird shall endeavor, but shall not be obligated to, provide Client with notice of a margin deficiency. As such, Baird may, but shall not be obligated to request additional collateral from Client if Client’s Margin Account falls below minimum maintenance requirements. Baird may liquidate securities or other property in Client’s Margin Account without notice to Client to ensure that minimum maintenance requirements are satisfied. Client acknowledges and agrees that Baird may in Xxxxx’x sole discretion whenever Baird considers it necessary for Xxxxx’x protection, require Client to post additional collateral to the Margin Account or effect the liquidation of any securities and other property in the Margin Account. Situations in which Baird may exercise this right include but shall not be limited to: (i) the failure of Client to promptly meet any call for additional collateral; (ii) the filing of a petition in bankruptcy by or against Client; (iii) the appointment of a receiver is filed by or against Client; (iv) an attachment is levied against any account or Margin Account of Client or any Baird account in which Client has an interest; or (v) upon Client’s death. Baird is authorized to sell any and all securities and other property in any Client account, whether carried individually or jointly with others, to buy all securities or other property that may be short in such account(s), to cancel any open orders and to close any or all outstanding contracts, all without demand for margin or additional margin, other notice of sale or purchase, or other notice or advertisement, each of which is expressly waived by Client. Any such sales or purchases may be made in Xxxxx’x sole discretion, on any exchange or in any market where such business is usually transacted, or at public auction or private sale. In such an event, Baird may be the purchaser for Xxxxx’x own accounts. A prior demand, or call, or prior notice, of the time and place of such sale or purchase, shall not be considered a waiver of Xxxxx’x right to sell or buy without demand or notice as herein provided.