Common use of MORGAN STANLEY’S POWERS Clause in Contracts

MORGAN STANLEY’S POWERS. 9.1 Without prejudice to Morgan Stanley’s rights under the Agreement, following an Event of Default Morgan Stanley may (with prior notice to the Client if this is practicable) take such steps as Morgan Stanley, in its absolute discretion, consider necessary or desirable to comply with, perform or cancel any of Morgan Stanley’s obligations to the relevant Exchange, Clearing House or Broker in respect of any Exchange Contract, including: (a) buying or selling the Investment or asset underlying the Exchange Contract; (b) buying or selling futures or options contracts; (c) opening new long or short positions in order to establish a spread or straddle; (d) applying any Margin; (e) cancelling, terminating or otherwise liquidating any Transaction; and/or (f) setting off any obligation of Morgan Stanley’s against an obligation of the Client’s. Any amounts that Morgan Stanley incurs in exercising rights under this paragraph 9 will be immediately due by the Client to Morgan Stanley and Morgan Stanley may apply any Margin, including realising Margin, in satisfaction of the Client’s liability. 9.2 Morgan Stanley may convert any funds realised under this paragraph 9 at such rate and into such currencies as Morgan Stanley may reasonably consider appropriate. 9.3 The Client agrees that following an Event of Default Morgan Stanley will not be obliged to deliver to the Client under any Client Contract the underlying Investment or asset or any money received or receivable on closing out until the Client have satisfied or discharged all of the Client’s liabilities to Morgan Stanley under the Agreement.