Clearing Terms and Conditions. To the extent your account(s) are custodied at Pershing, you agree to the following specific provisions: • In the Event of Failure to Pay or Deliver Securities. Whenever you fail, on or before the settlement date, to pay in full for any security purchased for your account, or deliver any security sold for such account, Pershing is authorized (subject to the provisions of any applicable statute, rule, or regulation) to: • Until payment or delivery is made in full, to pledge, repledge, hypothecate, or rehypothecate, without notice, any or all securities which MOIS or Pershing may hold for you (either individually or jointly with others), separately or in common with other securities or commodities or any other property, for the sum then due or for a greater or lesser sum and without retaining in Pershing’s possession and control for delivery a like amount of similar securities. • To sell any or all securities which MOIS or Pershing may hold for you (either individually or jointly with others), to buy in any or all securities required to make delivery for your account(s), or to cancel any or all outstanding orders or commitments for your account(s).
