Common use of LIQUIDATION OF COLLATERAL OR ACCOUNT Clause in Contracts

LIQUIDATION OF COLLATERAL OR ACCOUNT. Clearing Firm may sell any or all securities and other property held in any of my accounts and cancel any open orders for the purchase or sale of securities and other property without notice in the event of my death or whenever in its sole discretion Clearing Firm considers it necessary for its protection. In such events Clearing Firm also may borrow or buy-in all securities and other property required to make delivery against any sale, including a short sale, effected for me. Such sale or purchase may be public or private and may be made without advertising or notice to me and in such manner as Clearing Firm may in its sole discretion determine. No demands, calls, tenders or notices which Clearing Firm may make or give in any one or more instances shall invalidate the foregoing waiver on my part. At any such sale, Clearing Firm may purchase the property free of any right of redemption and I shall be liable for any deficiency in my accounts.