Common use of Callable Securities Clause in Contracts

Callable Securities. Securities which are held for your account and which are in "street name," or are being held by a securities depository, are commingled with the same securities being held for other customers of introducing firms and for Pershing's own customers. Your ownership of these securities is reflected in our records. You have the right at any time to require delivery to you of any such securities which are fully paid for or are in excess of margin requirements. The terms of many bonds allow the issuer to partially redeem or "call" the issue prior to maturity date. Certain preferred stocks are also subject to being called by the issuer. Whenever any such security being held by us is partially "called," we will determine, through a random selection procedure as prescribed by New York Stock Exchange Rules, the ownership of the securities to be submitted for redemption. In the event that such securities owned by you are selected and redeemed, your account will be credited with the proceeds. Should you not wish to be subject to this random selection process, you must instruct your introducing firm to have Pershing deliver your securities to you. Delivery will be effected provided, of course, that your position is unencumbered or had not already been called by the issuer as described, prior to receipt by Pershing of your instructions. The probability of one of your securities being called is the same whether they are held by you or by Pershing for you.

Callable Securities. Securities which are held for your account Your Account and which are in "“street name," ” or are being held by a securities depository, are commingled with the same securities being held for other customers of introducing firms Introducing Financial Organizations and for Pershing's ’s own customers. Your ownership of these securities is reflected in our Pershing’s records. You have the right at any time to require delivery to you You of any such securities which that are fully paid for or are in excess of margin requirements. The terms of many bonds allow the issuer to partially redeem or "“call" ” the issue prior to maturity date. Certain preferred stocks are also subject to being called by the issuer. Whenever any such security being held by us Pershing is partially "“called," we ” Pershing will determine, determine through a random selection procedure as prescribed by the New York Stock Exchange Rulesrules, the ownership of the securities to be submitted for redemption. In the event that such securities owned by you You are selected and redeemed, your account Your Account will be credited with the proceeds. Should you You not wish to be subject to this random selection process, you You must instruct your introducing firm Your Introducing Financial Organization to have Pershing deliver your Your securities to youYou. Delivery will be effected provided, of course, that your Your position is unencumbered or had not already been called by the issuer as described, prior to receipt by Pershing of your Your instructions. The probability of one of your Your securities being called is the same whether they are held by you You or by Pershing for youYou.

Callable Securities. Securities which are held for your the account of the undersigned and which are in "“street name," ” or are being held by a securities depository, are commingled with the same securities being held for other customers clients of introducing firms and for Pershing's ’s own customers. Your The ownership of these securities by the undersigned is reflected in our Pershing’s records. You have The undersigned has the right at any time to require delivery to you of any such securities which that are fully paid for for, or are in excess of margin of, collateral requirements. The terms of many bonds allow the issuer to partially redeem or "“call" ” the issue prior to maturity date. Certain preferred stocks are also subject to being called by the issuer. Whenever any such security being held by us Pershing is partially "“called," we ” Pershing will determine, determine through a random selection procedure as prescribed by the New York Stock Exchange Rulesrules, the ownership of the securities to be submitted for redemption. In the event that such securities owned by you the undersigned are selected and redeemed, your account the accounts of the undersigned will be credited with the proceeds. Should you In order not wish to be subject to this random selection process, you the undersigned must instruct your introducing firm the Introducing Firm to have Pershing deliver your the securities to youthe undersigned. Delivery will be effected provided, of course, that your the position is unencumbered or had not already been called by the issuer as described, prior to receipt by Pershing of your instructionsthe instructions of the undersigned. The probability of one of your securities a security being called is the same whether they are held by you Pershing or by Pershing for youthe undersigned.