Common use of Settlement Failure Clause in Contracts

Settlement Failure. Should I/we fail to do so by the due settlement date, you and your Agents are hereby authorized, in your absolute discretion, (a) in the case of a purchase transaction, to transfer and sell any purchased Securities to satisfy my/our obligations to you; (b) in the case of a sale transaction, to borrow or purchase any sold Securities to satisfy my/our obligations to you; or (c) to take any other action you deem necessary or appropriate to meet my/our obligations hereunder. I/ We hereby acknowledge that I/we shall be responsible to and will indemnify and keep indemnified you from any loss, costs, fees and expenses incurred by you in connection with my/our failure to meet payment obligations by the due date as described in Clause 4.1. I/We will be responsible to you for and indemnify you and keep you indemnified against any losses, damages, demands, costs, fees and expenses in connection with any settlement failure.