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remedies to which you may be entitled either at law or by the custom of Bankers.
2. I/we authorize you, or any of your Agents, but so as not to make it obligatory, to insure any goods forming the collateral security for any Bills of Exchange or advances or otherwise against such risks and on such terms as you in your absolute discretion may think fit and to add the premiums and expenses of such insurances to the amount chargeable to me/us, and also to sell any portion of such goods which you or your Agents may deem necessary for payment of freight insurance and any other expenses of whatsoever nature, and generally to take such measures and make such charges for commuission, and be accountable as in ordinary cases between a Merchant and his Correspondent. And I/we consent to the goods being warehoused at any public or private wharf or warehouse selected by the Drawees or Acceptors of Bills, or by Consignees of goods, or by yourselves, or by your Agents, but without risk or responsibility on your part for damage, loss or theft.
3. [/we also authorize you, or your Agents, to take conditional acceptances to any Bills, to the effect that on payment thereof, the Documents handed to you as collateral security, or any of them, shall be delivered to the Drawees or Acceptors thereof, and such authorization shall be taken to extend to cases of acceptance for honour.
4. I/we further authorize vou, or your Agents, on default being made in acceptance on presentation, or in payment at maturity, of any Bills, or in case of the Drawees or Acceptors suspending payment, having a receiving order made against them or any of them becoming bankrupt, or presenting or having presented against them or any of them a petition in Bankruptcy or for winding up, or taking steps towards entering into Liquidation, or compromising or arranging with Creditors, during the currency of such Bills, whether accepted conditionally or absolutely, or in the case of an advance against shipping
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or other documents without Bills of Exchange attached thereto, upon my/our failure to pay the amounts advanced, and/or all interest, commission and other charges thereon in accordance with the terms of the advance, to sell all, or any part of the goods forming the collateral security for the payment thereof at such times and in such manner and on such terms as you in your absolute discretion shall deem fit, either by public auction or private contract and in such lot or lots as you may decide, and without notice to me/us or any other person or persons, and after deducting usual commission, charges, expenses and all payments made by you under any of the powers hereof, together with such commission on any proceeds of such goods as is charged in ordinary cases between a Merchant and his Correspondent, to apply the net proceeds in payment of such Bills or advances, with interest thereon, and with re-exchange and charges where payable ; the balance, if any, to be placed at your option against any of my/our Bills, or any other debt.or liability, secured or otherwise, including Bills or advances current and subject thereto, to be accounted for to the proper parties. In case of loss of ship or goods insured at any time [/we authorize you to realize the policy or policies and charge the same commission and apply the proceeds in like manner as upon a sale of goods.
5. In case the net proceeds of goods and/or policies should be insufficient to pay the amount of any Bills or advances with re-exchange and charges [/we authorize you, or your Agents, to draw on me/us for the deficiency, without prejudice nevertheless to any claim against any endorser or endorsers of the Bills, and without prejudice to your right to sue for and recover in my/our name and at my/our expense from such party or parties as may be liable ; and [/we engage to honour such Drafts on presentation, it being understood that the Account Current rendered by you shall be acknowledged as sufficient proof of the amount due.
