Concentration of Positions. First Clearing may at any time refuse to execute, clear and settle transactions that would otherwise increase Broker’s net aggregate position of accounts in excess of the levels First Clearing may establish from time to time. First Clearing also may at any time require Broker to take steps promptly to reduce Broker’s net aggregate position of accounts below the applicable levels described above. If such position(s) is not so reduced by Broker in a timely manner as determined by First Clearing, First Clearing in its sole and absolute discretion and without further notice is authorized to sell or otherwise dispose of (in the case of a net aggregate long position), or purchase or otherwise acquire (in the case of a net aggregate short position) such securities (and options or warrants thereon) in an amount and manner sufficient to reduce the net aggregate position of accounts below the applicable levels described above.
Concentration of Positions. Introducing Firm shall ensure that its net aggregate proprietary and customer positions for any particular security (and/or options or warrants thereon) ("net aggregate position of Introduced Accounts") carried by the Clearing Firm for Introducing Firm shall not exceed such limits as may be set by Clearing Firm ("concentration limits") in a schedule of concentration limits, as amended by Clearing Firm from time to time and communicated in writing to the Introducing Firm. The Clearing Firm may at any time refuse to execute, clear and/or settle transactions that would otherwise increase the Introducing Firm's net aggregate position of Introduced Accounts in excess of the applicable concentration limit. The Clearing Firm also may at any time require the Introducing Firm to promptly take steps to reduce the Introducing Firm's net aggregate position of Introduced Accounts below the applicable concentration limit. If such position is not so reduced by the Introducing Firm in a timely manner as determined by the Clearing Firm and promptly communicated to the Introducing Firm, the Clearing Firm in its sole and absolute discretion and without further notice, is authorized to sell or otherwise dispose of (in the case of a net aggregate long position), or purchase or otherwise acquire (in the case of a net aggregate short position) such securities (and/or options or warrants thereon) in an amount and manner sufficient to reduce the net aggregate position of Introduced Accounts below the applicable concentration limit. Introducing Firm agrees to indemnify and hold the Clearing Firm harmless from and against any loss, liability, damage, cost or expense, penalties or taxes, (including but not otherwise limited to fees and expenses of legal counsel) arising out of or resulting from Introducing Firm's failure to comply with the terms of this Article VII.
