Subject to the provisions of the SFO and relevant rules made thereunder, upon an event of default set out in Clause 10 of the Terms and Conditions hereof, CHIEF shall have the right, without any notice or demand, to take any of the actions set out in the said Clause 10 and apply the net proceeds (after deduction of all fees, costs and expenses incurred) in reduction of the Client’s outstanding obligations or indebtedness to CHIEF and/or the Affiliated Company of CHIEF.
