Common use of Action to be Taken upon Events of Default Clause in Contracts

Action to be Taken upon Events of Default. Without prejudice to your rights under the General Terms and Conditions of Business, you shall have the right, without notice and in your absolute discretion and sole judgement, to take such action as you may consider necessary or desirable to comply with or to perform, cancel or satisfy any of your obligations to me/us or any of our or your obligations to the relevant exchange and/or clearing house, as the case may be, in respect of any outstanding Futures Contract or Option Contract (including closing out and/or performing any and all such outstanding contracts) and may for such purpose buy or sell in any manner whatsoever the Commodity underlying any outstanding contract and/or apply any Margin and/or enforce any security held by you and apply the proceeds thereof in such manner as you may, in your absolute discretion, determine if any of the events of default as set out in the General Terms and Conditions of Business shall occur and all sums expended and liabilities incurred by you thereby shall be paid or reimbursed by me/us to you on demand.

Action to be Taken upon Events of Default. Without prejudice to your rights under the General Terms and Conditions of BusinessConditions, you shall have the right, without notice and in your absolute discretion and sole judgement, to take such action as you may consider necessary or desirable to comply with or to perform, cancel or satisfy any of your obligations to me/us or any of our or your obligations to the relevant exchange and/or clearing house, as the case may be, in respect of any outstanding Futures Contract or Option Contract (including closing out and/or performing any and all such outstanding contracts) and may for such purpose buy or sell in any manner whatsoever the Commodity underlying any outstanding contract and/or apply any Margin and/or enforce any security held by you and apply the proceeds thereof in such manner as you may, in your absolute discretion, determine if any of the events of default as set out in the General Terms and Conditions of Business shall occur and all sums expended and liabilities incurred by you thereby shall be paid or reimbursed by me/us to you on demand.