Common use of Other Rights and Powers Clause in Contracts

Other Rights and Powers. In the event this Agreement is terminated or deemed terminated under paragraphs 5 or 6, or the Customer dies or is incapacitated or in case a petition for bankruptcy or for the appointment of a receiver or conservator, or similar petition, is filed by or against the Customer, or in the event the Customer fails to deliver the required margin cover pursuant to paragraph 5(c) or otherwise fails to comply with this Agreement, or whenever in its discretion ABCSI deems it necessary for its protection and notifies Customer of such finding, all amounts owing to ABCSI under this Agreement or any margin credit hereunder shall be immediately due and payable without demand or notice other that as specified in this Paragraph, and ABCSI shall be deemed to have, and is hereby granted, an irrevocable power of attorney (coupled with interest) to do the following on behalf of the Corporation: a) To sell any or all of the securities which may be in ABCSI’s possession or which it may be carrying for the Customer, either individually or jointly with others. ABCSI shall, in case of any such sale, be entitled to any deficiency in case the net proceeds of the sale are less than the obligations of the Customer which deficiency the Customer, its successors or assigns shall remit to ABCSI upon demand, and the Customer shall, at all times, be liable for the payment of the full amount deficiency of any obligations owing under the Margin Facility and for any remaining thereunder in the event of the liquidation thereof in whole or in part by anyone of the parties hereto; b) To buy any or all securities of which the Customer’s account may be short; c) To cancel any outstanding orders in order to close out the Customer’s account in whole or in part, or in order to close out any commitments made in the Customer’s behalf; and d) To apply to the payment of any of the obligations under the Margin Facility, any funds, securities or things of value belonging to the Customer which may now or hereafter be in ABCSI’s possession or control. Any such sales or purchases provided in this paragraph may be made at ABCSI’s discretion at any Exchange or other markets where such business is then usually transacted, or at public auction or private sale.

Other Rights and Powers. In the event this Agreement is terminated or deemed terminated under paragraphs 5 or 6, or the Customer dies or is incapacitated or in case a petition for bankruptcy or for the appointment of a receiver or conservator, or similar petition, is filed by or against the Customer, or in the event the Customer fails to deliver the required margin cover pursuant to paragraph 5(c) or otherwise fails to comply with this Agreement, or whenever in its discretion ABCSI deems it necessary for its protection and notifies Customer of such finding, all amounts owing to ABCSI under this Agreement or any margin credit hereunder shall be immediately due and payable without demand or notice other that than as specified in this Paragraph, and ABCSI shall be deemed to have, and is hereby granted, an irrevocable power of attorney (coupled with interest) to do the following on behalf of the Corporation: a) To sell any or all of the securities which may be in ABCSI’s possession or which it may be carrying for the Customer, either individually or jointly with others. ABCSI shall, in case of any such sale, be entitled to any deficiency in case the net proceeds of the sale are less than the obligations of the Customer which deficiency the Customer, its successors or assigns shall remit to ABCSI upon demand, and the Customer shall, at all times, be liable for the payment of the full amount of the deficiency of any obligations obligation owing under the Margin Facility and for any remaining balance thereunder in the event of the liquidation thereof in whole or in part by anyone of the parties hereto; b) To buy any or all securities of which the Customer’s account may be short; c) To cancel any outstanding orders in order to close out the Customer’s account in whole or in part, or in order to close out any commitments made in the Customer’s behalf; and d) To apply to the payment of any of the obligations under the Margin Facility, any funds, securities or things of value belonging to the Customer which may now or hereafter be in ABCSI’s possession or control. Any such sales or purchases provided in this paragraph may be made at ABCSI’s discretion at any Exchange or other markets where such business is then usually transacted, or at public auction or private sale.

Other Rights and Powers. In the event this Agreement is terminated or deemed terminated under paragraphs 5 or 6, or the Customer dies or is incapacitated or in case a petition for bankruptcy or for the appointment of a receiver or conservator, or similar petition, is filed by or against the Customer, or in the event the Customer fails to deliver the required margin cover pursuant to paragraph 5(c) or otherwise fails to comply with this Agreement, or whenever in its discretion ABCSI deems it necessary for its protection and notifies Customer of such finding, all amounts owing to ABCSI under this Agreement or any margin credit hereunder shall be immediately due and payable without demand or notice other that than as specified in this Paragraph, and ABCSI shall be deemed to have, and is hereby granted, an irrevocable power of attorney (coupled cou pled with interest) to do the following on behalf of the Corporation: a) To sell any or all of the securities which may be in ABCSI’s possession or which it may be carrying for the Customer, either individually or jointly with others. ABCSI shall, in case of any such sale, be entitled to any deficiency in case the net proceeds of the sale are less than the obligations of the Customer which deficiency the Customer, its successors or assigns shall remit to ABCSI upon demand, and the Customer shall, at all times, be liable for the payment of the full amount of the deficiency of any obligations obligation owing under the Margin Facility and for any remaining balance thereunder in the event of the liquidation thereof in whole or in part by anyone of the parties hereto; b) To buy any or all securities of which the Customer’s account may be short; c) To cancel any outstanding orders in order to close out the th e Customer’s account in whole or in part, or in order to close out any commitments made in the Customer’s behalf; and d) To apply to the payment of any of the obligations under the Margin Facility, any funds, securities or things of value belonging to the Customer which may now or hereafter be in ABCSI’s possession or control. Any such sales or purchases provided in this paragraph may be made at ABCSI’s discretion at any Exchange or other markets where such business is then usually transacted, or at public auction or private sale.