Common use of Sell Out Clause in Contracts

Sell Out. (a) If I/we shall fail to comply with the requirements under Clause 5.1, you may without demand, notice, legal process or other action sell, realise, redeem, liquidate or otherwise dispose of, as appropriate, such of the securities in the Securities Account (if any), the Margin Securities Account or any part thereof at the relevant market or by private contract, and on such terms as you in your absolute discretion think fit, free from all trusts, claims, rights of redemption and equities. (b) Any proceeds resulting from such sale, realisation, redemption, liquidation or disposal shall be applied firstly towards payment of all costs, charges, legal fees and expenses incurred in such sale or disposal, and secondly towards repayment of the outstanding amount of the Credit Facilities until the aggregate Acceptable Margin Value of all the securities in the Margin Securities Account shall be not less than the outstanding amount of the Credit Facilities.