LIQUIDATION OF ACCOUNT. 9.1. In the event of (a) death or judicial declaration of incompetence of the User; (b) filing of a petition for bankruptcy, or a petition for the appointment of a receiver, or the institution of any insolvency or similar proceeding by or against the User; (c) filing of an attachment against any of the User's Accounts carried by the Company, (d) insufficient margin, or Company’s determination that any collateral deposited to protect the User is inadequate, regardless of current market quotations, to secure the Account; (e) User's failure to provide the Company any information requested pursuant to this Agreement; or (f) any other circumstances or developments that the Company may deem appropriate for its protection, at the Company’s sole discretion, it may take one or more, or any part of the following actions: (1) satisfy any obligation the User may have to the Company, either directly or by way of guarantee with any of the User's Funds or property in its custody or control or in the custody or control of any of the Company's affiliates; (2) sell or purchase any or all Funds, or other property held or carried for the User; (3) cancel any or all outstanding orders or contracts, or any other commitments made to the User. 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 the User, the User's personal representatives, heirs, executors, administrators, trustees, legatees or assignees and regardless of whether the ownership interest shall be solely the User's or held jointly with others. In the liquidation of the User's positions, the Company, at its sole discretion, may offset in the same settlement or may initiate new long or short positions in order to establish a spread or straddle which, in Company’s sole judgment, may be advisable to protect or reduce existing positions in the User's Account. Any sales or purchases hereunder may be made according to the Company’s judgment and at its sole discretion.
Appears in 5 contracts
Samples: User Agreement, User Agreement, User Agreement
