Default. Upon the default of the Client, all amounts owing by the Client to the Company or the VMI Securities Limited together with interestwill become immediately due and payable without any notice or demand. The following events are deemed to be an event of default:-
(a) if, in the Company's opinion, the Client has breached any material term of the Cash Client Agreement, the Stock Options Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts(wherever applicable) or defaulted in respect of any transaction with or throughthe Company or the VMI Securities Limited;
(b) if any representation, warranty or undertaking to the Company was when givenor hereafter becomes incorrect in any material respect;
(c) failure by the Client to comply with any rules or regulations of any relevant exchangeor clearing house;
(d) in the event of the Client’s death or being declared incompetent or a petitionin bankruptcy is filed by or against the Client or an order is made orresolution passed for the Client’s voluntary or compulsory winding up or ameeting is convened to consider a resolution that it should be sowound up; or
(e) any warranty or order of attachment or distress or equivalent order isissued against any of the Client’s accounts with the Company or the VMI Securities Limited. Upon the occurrence of any of such events, the Company shall be entitled in itsabsolute discretion, without notice or demand and without prejudice toany other rights or remedies available to the Company, forthwith to:-
(a) sell or realize all or any part of the Client’s property held by the Company or the VMI Securities Limited in such manner and upon such terms as the Company may conclusively decideand satisfy the Client’s obligations and indebtedness towards the Company or the VMI Securities Limited out of the net proceeds (with fees, expenses and costsdeducted) thereof;
(b) cancel any open orders for the purchase or sale of securities;
(c) sell any or all securities long in the Client’s account;
(d) buy any or all securities which may be short in the Client’s account; and/or
(e) exercise any of its rights under the Cash Client Agreement, the Stock Options Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts (wherever applicable). Any monies so received by the Company or the VMI Securities Limited under subparagraph 12.2 shall be applied in the following order ofpriority and a...
Default. 12.1 Upon the default of the Client, all amounts owing by the Client to the Company or the Conrad Group together with interest will become immediately due and payable without any notice or demand. The following events are deemed to be an event of default:-
(a) if, in the Company's opinion, the Client has breached any material term of the Cash Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts(wherever applicable) or defaulted in respect of any transaction with or through the Company or the Conrad Group;
(b) if any representation, warranty or undertaking to the Company was when given or hereafter becomes incorrect in any material respect;
(c) failure by the Client to comply with any rules or regulations of any relevant exchange or clearing house;
(d) in the event of the Client’s death or being declared incompetent or a petition in bankruptcy is filed by or against the Client or an order is made or resolution passed for the Client’s voluntary or compulsory winding up or a meeting is convened to consider a resolution that it should be so wound up; or
(e) any warranty or order of attachment or distress or equivalent order is issued against any of the Client’s accounts with the Company or the Conrad Group.
12.2 Upon the occurrence of any of such events, the Company shall be entitled in its absolute discretion, without notice or demand and without prejudice to any other rights or remedies available to the Company, forthwith to:-
(a) sell or realize all or any part of the Client’s property held by the Company or the Conrad Group in such manner and upon such terms as the Company may conclusively decide and satisfy the Client’s obligations and indebtedness towards the Company or the Conrad Group out of the net proceeds (with fees, expenses and costs deducted) thereof;
(b) cancel any open orders for the purchase or sale of securities;
(c) sell any or all securities long in the Client’s account;
(d) buy any or all securities which may be short in the Client’s account;
Default. Buyer may, by written notice to Seller, terminate the whole or any part of this order if (i) Seller fails to
Default. 12.1 For the purpose of this Agreement and for any Contract to be entered into pursuant to this Agreement, any of the following events shall constitute an Event of Default:
(a) Any delay or default by the Client hereunder or under the terms of any Contract.
(b) In the case of an individual Client or a Client’s firm, the Client or any of its constituent partners:
(i) dies;
(ii) commits any act of bankruptcy, or a petition for bankruptcy having been filed against him; or
(iii) becoming insane or otherwise losing his full capacity to enter into agreements or Contracts in general.
(c) In the case of a corporate Client, the winding-up or liquidation of the Client or any event, resolutions, meeting, petition or order which may lead to such winding-up or liquidation.
(d) In the case of all Clients:
(i) the appointment of a receiver over any of the Client’s assets or the Client suffering any levy or execution thereon;
(ii) the Client shall for any reason fail or cease to pay any of his or its debts as and when they fall due or mature; or
(iii) there has been proposal or implementation of any composition between the Client and his or its creditors.
12.2 Upon the happening of any Event of Default, all the rights and remedies of the Company shall automatically become exercisable without the need of any notice being given to the Client, including but not limited to all powers of sale of collateral, set-off and consolidation of accounts, settlement of unperformed Contracts and appropriation of spot Bullion from the Client’s account(s), or sale thereof.
12.3 The Company shall in no way be liable to the Client for any loss or damage arising from the exercise of any of its rights and remedies as aforesaid.
Default. 12.1 An Event of Default (“Event of Default”) means the occurrence of one or more of the following events:
(a) Client’s failure to comply with any of these Terms and Conditions;
(b) if Client fails duly to pay any amount payable by Client when due or, if payable on demand, on demand or to make delivery of any underlying asset as required when due or, if deliverable on demand, on demand;
(c) if any representation, statement and warranty made, deemed or implied to be made by Client is proved to have been incorrect or misleading in any material respect when made or becomes incorrect at any time thereafter;
(d) an event of default (howsoever described) which results in any of Client’s indebtedness or liability becoming or being declared or capable of being declared due and payable prior to the date on which it would otherwise become due and payable or if Client fails duly to pay any amount under any such arrangement when due or on demand;
(e) Client’s business license is revoked by government authority; or
(f) Client has entered into any winding-up, dissolution, bankruptcy or closure procedure.
12.2 Without prejudice to any other right of Bank hereunder or otherwise at laws, on the occurrence of Event of Default, Bank may (but is not obliged to) immediately or at any time thereafter, do any one or more of the following:
(a) suspend (indefinitely or otherwise) or terminate any Account and/or any transaction of any product and service or herein, and accelerate any and all liabilities of Client to Bank so that they shall become immediately due and payable;
(b) terminate all outstanding transaction (including any transaction which has yet to be settled on the day on which Bank terminates such transaction);
(c) cover positions by trading or entering into further transactions on Client’s behalf;
(d) take such other action as a reasonably prudent person would take in the circumstances to protect Xxxx’x position;
(e) exercise any other power or right that Bank may have under applicable laws, the rules of any relevant exchange, clearing house, depository or these Terms and Conditions;
(f) apply any amounts of whatsoever nature standing to the credit of Client’s Accounts and/or any product and service against any amounts which Client owe to Bank, or generally exercise Bank’s right of set- off against Client;
(g) after any amounts standing to the credit of Client’s Accounts and/or any product and service are applied against any amounts which Client owe to Bank or after B...