Common use of Exercise of Securities Clause in Contracts

Exercise of Securities. If the Customer fails to make timely payment of any of the Liabilities, then, in addition to the right of The Brokers to make demand on the Guarantor pursuant to section 7 herein or to any other right which The Brokers may have, The Brokers may, without notice or demand to the Guarantor, apply any Collateral or sell, contract to sell or otherwise dispose of, whether by public or private sale, any or all of the Collateral and apply the net proceeds therefrom to eliminate or reduce the Liabilities. Such rights may be exercised separately, successively or concurrently. For this purpose, The Brokers may convert any amount or sum into the currency of the amount of the Liabilities owing at a rate of exchange at which The Brokers could purchase the relevant currency on the relevant date acting in good faith. If The Brokers make a demand on or give notice to the Guarantor prior to exercising any such right, then such demand or notice shall not constitute a waiver by The Brokers’ right to take any other action authorized herein without further demand or notice. Any and all expenses (including any legal expenses) reasonably incurred by The Brokers in exercising their rights herein may be charged to the Guarantor. The Guarantor shall remain liable to The Brokers for any deficiency remaining following the exercise of any of its rights herein or otherwise. The Guarantor acknowledges that the rights granted to The Brokers herein are reasonable and necessary for the protection of The Brokers having regard to the nature and volatility of the Securities markets.