Common use of Margin Accounts Clause in Contracts

Margin Accounts. (a) Any transaction for a customer will be considered a cash transaction until such time as Broker has furnished SLK with an executed customer's margin agreement and consent to loan of securities in a form acceptable to SLK. (b) All margin accounts introduced by Broker shall be subject to SLK's "house margin requirements." SLK currently imposes a 40% maintenance requirement. In its sole discretion, and subject to market conditions and periods of extreme volatility, SLK may change the house margin requirements applicable to any customer account or class of customer accounts on appropriate notice to Broker, unless market conditions prevent advance notice. Broker shall be responsible for advising its customer(s) of the changed requirements and for collecting any additional margin necessary to insure compliance with increased requirements. (c) In all margin accounts, Broker shall be responsible for the initial margin requirement for any transaction until such initial margin has been received by SLK in acceptable form. SLK reserves the right to refuse to accept any transaction in a margin account after the initial transaction, without actual receipt of the necessary margin, and to impose a higher margin requirement, when, in SLK's opinion, the past history or nature of such account or the securities therein justifies such action. (d) SLK shall endeavor to notify Broker in advance of all margin calls, and shall provide Broker with copies of such calls. In the event that satisfactory margin is not provided within the time specified by SLK, SLK shall be at liberty to take such actions as SLK may, in it a judgment, deem appropriate. After such initial margin has been received, subsequent margin calls may be made by SLK. Broker agrees to cooperate with SLK in complying with and obtaining margin on subsequent calls. (e) Interest charged with respect to debit balances in customers' accounts shall be determined in accordance with Exhibit A attached hereto. (f) Broker shall be responsible for any failure on the part o' a customer to meet a "maintenance call", except to the extent directly attributable to SLK's failure to give proper and timely notification to the customer, if, and to the extent, circumstances allow for such notice. An officer of Broker who has been designated by Broker (and acknowledged in writing by SLK) may request, to the extent permitted by the margin rules, that SLK withhold temporarily any contemplated action, or "Sell-out" or "Buy-in", for accounts which have failed to meet a margin call, Such requests shall be made in writing and shall clearly set forth the period of time during which the contemplated action is requested to be withheld. Should SLK comply in whole or in part with such request, Broker guarantees to reimburse SLK promptly for the maximum amount of loss or liability which SLK may sustain or incur by reason of any compliance with such request, by depositing sufficient funds with SLK in a reserve or other appropriate account at a bank of SLK's choosing over which SLK shall be signatory, to reimburse SLK for the loss or unsecured indebtedness held in the account of the particular customer; provided, however, that compliance with such a request shall not be deemed a waver by SLK of any of its rights hereunder, including but not limited to, the right to close out a contract or position if, in SLK's reasonable judgment, changing conditions render such action advisable. (g) Broker shall be responsible for sending each margin customer a written statement at the time of the opening of a margin account in compliance with Rule 10b -16 of the Securities Exchange Act of 1934. (h) Broker shall obtain a margin agreement from each margin account introduced to SLK, including a hypothecation authority, in a form and substance acceptable to SLK.

Margin Accounts. (a) Any transaction for a customer will be considered a cash transaction until such time as Broker has furnished SLK Pershing with an executed customer's margin agreement and consent to loan of securities in a form acceptable to SLKPershing. (b) All margin accounts introduced by Broker shall be subject to SLKPershing's "house margin requirements." SLK Pershing currently imposes a 4030% maintenance requirement, but said requirement and other margin requirements may be changed at any time by giving the Broker 10 days prior written notice of such change. In its sole discretion, and subject to market conditions and periods of extreme volatility, SLK may change the house margin requirements applicable to any customer account or class of customer accounts on appropriate notice to Broker, unless market conditions prevent advance notice. Broker shall be responsible for advising its customer(s) of the changed requirements and for collecting any additional margin necessary to insure compliance with increased requirements. (c) In all such margin accounts, Broker shall be responsible for the initial margin requirement for any transaction until such initial margin has been received by SLK Pershing in acceptable form. SLK Pershing reserves the right to refuse to accept any transaction in a margin account after the initial transaction, without the actual receipt of the necessary margin, and to impose a higher margin requirement, when, in SLKPershing's opinion, the past history or nature of such account or the securities therein justifies such action. (d) SLK . Pershing shall endeavor to notify Broker in advance of all margin calls, and shall provide Broker with copies of such calls. In the event that satisfactory margin is not provided within the time specified by SLKPershing, SLK Pershing shall be at liberty to take such actions as SLK may, Pershing may in it a judgment, its judgment deem appropriatebest. After such initial margin has been received, subsequent margin calls may be made by SLKPershing. Broker agrees to cooperate with SLK Pershing in complying with and obtaining margin on subsequent calls. (ec) Interest charged with respect to debit balances balance in customers' accounts shall be determined in accordance with Exhibit A the fully disclosed pricing schedule attached hereto. (fd) Broker shall be responsible for any failure on the part o' of a customer to meet a "maintenance call", except to the extent directly attributable to SLKPershing's failure to give proper and timely notification to the customer, if, and to the extent, circumstances allow for such notice. An officer of Broker who has been designated by Broker (and acknowledged in writing by SLKPershing) may request, to the extent permitted by the margin rules, that SLK Pershing withhold temporarily any contemplated action, or action to "Sell-out" or "Buy-in", for " accounts which have failed to meet a margin call, . Such requests shall be made in writing and shall clearly set forth the period of time during which the contemplated action is requested to be withheld. Should SLK Pershing comply in whole or in part with such request, Broker guarantees to reimburse SLK promptly Pershing immediately for the maximum amount of loss or liability which SLK Pershing may sustain or incur by reason of any compliance with such request, by depositing sufficient funds with SLK Pershing in a reserve or other appropriate account at a bank of SLKPershing's choosing over which SLK Pershing shall be a signatory, to reimburse SLK Pershing for the loss or unsecured indebtedness held in the account of the particular customer; provided, however, that compliance with such a request shall not be deemed a waver waiver by SLK Pershing of any of its rights hereunder, including but not limited to, the right to close out a contract or position ifposition, if in SLKPershing's reasonable judgment, changing conditions render such action advisable. (ge) Broker shall be responsible for sending to each margin customer a written statement at the time of the opening of a margin account in compliance with Rule 10b -16 of 10b-16 under the Securities Exchange Act of 1934. (hf) Broker shall obtain a margin agreement from each margin account introduced to SLKPershing a margin agreement, including a hypothecation authority, in a form and substance acceptable to SLKPershing.

Margin Accounts. (a) Any transaction for a customer will be considered a cash transaction until such time as Broker has furnished SLK with an executed customer's margin agreement and consent to loan of securities in a form acceptable to SLKSLK and Broker. (b) All margin accounts introduced by Broker shall be subject to SLK's "house margin requirements." which are attached as Appendix A hereto. SLK currently imposes a 40% maintenance requirement. In SLK shall provide Broker with not less than ten days advance written notice of changes to its sole discretionhouse margin requirements. NOTWITHSTANDING THE FOREGOING, and subject to market conditions and periods of extreme volatilityIN ITS SOLE DISCRETION, AND SUBJECT TO MARKET CONDITIONS AND PERIODS OF EXTREME VOLATILITY, SLK may change the house margin requirements applicable to any customer account or class of customer accounts on appropriate notice to BrokerMAY CHANGE THE HOUSE MARGIN REQUIREMENTS APPLICABLE TO ANY CUSTOMER ACCOUNT OR CLASS OF CUSTOMER ACCOUNTS ON APPROPRIATE NOTICE TO BROKER, unless market conditions prevent advance noticeUNLESS MARKET CONDITIONS PREVENT ADVANCE NOTICE. Broker shall be responsible for advising its customer(s) of the changed requirements and for collecting any additional margin necessary to insure compliance with increased requirements. (c) In all margin accounts, Broker shall be responsible for the initial margin requirement for any transaction until such initial margin has been received by SLK in acceptable form. SLK reserves the right to refuse to accept any transaction in a margin account after the initial transaction, without actual receipt of the necessary margin, and to impose a higher margin requirement, when, in SLK's opinion, the past history or nature of such account or the securities therein justifies such action. (d) SLK shall endeavor use commercially reasonable efforts to notify Broker in advance of or concurrently with all margin calls, and ; shall provide Broker with copies of such callscalls and shall permit Broker to initially contact any customer to whom a margin call is issued by SLK and to make further communications with customers to whom a margin call is issued by SLK. Broker shall be responsible for advising its customers of margin requirements, including any changed requirements, and for the payment by customers of any additional margin necessary to insure compliance with the requirements imposed as provided hereunder. In the event that Broker does not promptly contact customers as requested by SLK or satisfactory margin is not provided within the time specified by SLK, SLK shall be at liberty to take such actions as SLK may, in it a its judgment, deem appropriate. After Notwithstanding the foregoing, SLK may take such initial margin has been receivedcommercially reasonable actions as it deems appropriate under the circumstances, subsequent margin calls may be made by SLKwithout prior notice to Broker or customer. Broker agrees to cooperate with SLK in complying with and obtaining margin on subsequent calls. (e) Interest charged with respect to debit balances in customers' accounts shall be determined in accordance with Exhibit A the fully disclosed pricing schedule attached hereto. (f) Broker shall be responsible for any failure on the part o' of a customer to meet a "maintenance call", except to the extent directly attributable to SLK's unreasonable failure to give proper and timely notification to the customerBroker, if, and to the extent, circumstances allow for such notice. An officer of Broker who has been designated by Broker (and acknowledged in writing by SLK) may request, to the extent permitted by the margin rules, that SLK withhold temporarily any contemplated action, or "Sell-out" or "Buy-in", for accounts which have failed to meet a margin call, . Such requests shall be made in writing and shall clearly set forth the period of time during which the contemplated action is requested to be withheld. Should SLK comply in whole or in part with such request, Broker guarantees to reimburse SLK promptly immediately for the maximum amount of loss or liability which SLK may sustain or incur by reason of any compliance with such request, by depositing sufficient funds with SLK in a reserve or other appropriate account at a bank of SLK's choosing over which SLK shall be signatory, to reimburse SLK for the loss or unsecured indebtedness held in the account of the particular customer; provided, however, that compliance with such a request shall not be deemed a waver waiver by SLK of any of its rights hereunder, including but not limited to, the right to close out a contract or position if, in SLK's reasonable judgment, changing conditions render such action advisable. (g) Broker shall be responsible for sending each margin customer a written statement at the time of the opening of a margin account in compliance with Rule 10b -16 10b-16 of the Securities Exchange Act of 1934. (h) Broker shall obtain a margin agreement from each margin account introduced to SLK, including a hypothecation authority, in a form and substance acceptable to SLKSLK and Broker.

Margin Accounts. (a) Any transaction for a customer will be considered a cash transaction until such time as Broker has furnished SLK with an executed customer's margin agreement and consent to loan of securities in a form acceptable to SLK. (b) All In all Accounts which are margin accounts introduced by Broker shall be subject to SLK's "house margin requirements." SLK currently imposes a 40% maintenance requirement. In its sole discretion, and subject to market conditions and periods of extreme volatility, SLK may change the house margin requirements applicable to any customer account or class of customer accounts on appropriate notice to Broker, unless market conditions prevent advance notice. Broker you shall be responsible for advising its customer(s) of the changed requirements and for collecting any additional margin necessary to insure compliance with increased requirements. (c) In all margin accounts, Broker shall be responsible for your clients satisfying the initial margin requirement requirements for any each transaction until such initial margin has been received by SLK us in acceptable formform and for satisfying all maintenance margin calls as required by USC. SLK reserves You will be responsible for customers paying off any deficiencies in all Accounts, which are unsecured or inadequately margined, and for securing customer payment of debits resulting from customer defaults. We shall be responsible for determining, in compliance with Regulation T of the right to refuse to accept Federal Reserve Board of Governors and the rules of the applicable self-regulatory organizations, what is adequate and proper margin maintenance in any transaction in Account which is a margin account after the initial transactionaccount, without actual receipt of the necessary margin, and to impose a higher margin requirement, whenincluding, in SLK's opinionour sole discretion, the past history or nature any application for an extension of such account or the securities therein justifies such action. (d) SLK time for any Account to make any payment required by Regulation T. It is understood that Accounts shall be required to maintain a minimum margin maintenance percentage that may be changed from time to time in accordance with market conditions. You shall endeavor to notify Broker your customers immediately and promptly provide us with adequate protection either in advance of all margin calls, and shall provide Broker with copies of such callscash or securities. In the event that satisfactory margin is not provided within the time specified by SLKus, SLK we shall be at liberty to take such actions action as SLK may, we may in it a judgment, our judgment deem appropriatebest. After such initial margin has been received, subsequent margin calls may be made by SLK. Broker agrees to cooperate with SLK in complying with and obtaining margin on subsequent calls. (e) Interest charged with respect to debit balances in customers' accounts shall be determined in accordance with Exhibit A attached hereto. (f) Broker shall be responsible for any failure on the part o' a customer to meet a "maintenance call", except to the extent directly attributable to SLK's failure to give proper and timely notification to the customer, if, and to the extent, circumstances allow for such notice. An officer of Broker who has been designated by Broker (and acknowledged in writing by SLK) may request, to the extent permitted by the margin rules, that SLK withhold temporarily any contemplated action, or "Sell-out" or "Buy-in", for accounts which have failed to meet a margin call, Such requests shall be made in writing and shall clearly set forth the period of time during which the contemplated action is requested to be withheld. Should SLK comply in whole or in part with such request, Broker guarantees to reimburse SLK promptly for the maximum amount of loss or liability which SLK may sustain or incur by reason of any compliance with such request, by depositing sufficient funds with SLK in a We reserve or other appropriate account at a bank of SLK's choosing over which SLK shall be signatory, to reimburse SLK for the loss or unsecured indebtedness held in the account of the particular customer; provided, however, that compliance with such a request shall not be deemed a waver by SLK of any of its rights hereunder, including but not limited to, the right to close out a contract or position if, refuse any transaction in SLK's reasonable judgment, changing conditions render such action advisable. (g) Broker shall be responsible for sending each margin customer a written statement at the time of the opening of any Account which is a margin account after the initial transaction when in our opinion the past history of such Account will not justify the risk of executing such new transactions before the actual receipt of the necessary margin. If at any time an officer, manager, or employee of your firm requests that we refrain from contemplated actions such as "sell-outs", "buy-ins" or the sending of margin notices, and USC complies with such request either in full or in part, you agree to indemnify USC for any loss including interest and reasonable attomey's fees which may occur as a result of our complying with this request. Notwithstanding the foregoing, if through the action of the SEC, a court of competent jurisdiction, or other regulatory body, trading is halted in securities held by Accounts introduced by you the loss suffered as a result shall be borne by the customer and you shall guarantee the collection of any resultant margin or cash Account deficiency. At USC it is the policy that no naked index options orders are to be entered on behalf of any client or correspondent. In addition, all option orders are required to be designated opening or closing, whichever term applies. Correspondents are responsible for ensuring compliance with Rule 10b -16 this policy and will be liable for the consequences of the Securities Exchange Act any violations, which may include termination of 1934our clearing agreement. (h) Broker shall obtain a margin agreement from each margin account introduced to SLK, including a hypothecation authority, in a form and substance acceptable to SLK.

Margin Accounts. (a) Any transaction for a customer will be considered a cash transaction until such time as Broker has furnished SLK with an executed customer's margin agreement and consent to loan of securities in a form acceptable to SLK. (b) All margin accounts introduced by Broker shall be subject to SLK's "house margin requirements." SLK currently imposes a 40% maintenance requirement, but said requirement, and other margin requirements, may be changed at any time by giving the Broker 10 days prior written notice of such change. In its sole discretion, and subject to market conditions and periods of extreme volatility, SLK may change the house margin requirements applicable to any customer account or class of customer accounts on appropriate notice to Broker, unless market conditions prevent advance notice. Broker shall be responsible for advising its customer(s) of the changed requirements and for collecting any additional margin necessary to insure compliance with increased requirements. (c) In all such margin accounts, Broker shall be responsible for the initial margin requirement for any transaction until such initial margin has been received by SLK in acceptable form. SLK reserves the right to refuse to accept any transaction in a margin account after the initial transaction, without actual receipt of the necessary margin, and to impose a higher margin requirement, when, in SLK's opinion, the past history or nature of such account or the securities therein justifies such action. (d) . SLK shall endeavor to notify Broker in advance of all margin calls, and shall provide Broker with copies of such calls. In the event that satisfactory margin is not provided within the time specified by SLK, SLK shall be at liberty to take such actions as SLK may, in it a its judgment, deem appropriate. After such initial margin has been received, subsequent margin calls may be made by SLK. Broker agrees to cooperate with SLK in complying with and obtaining margin on subsequent calls. (ec) Interest charged with respect to debit balances in customers' accounts shall be determined in accordance with Exhibit A the fully disclosed pricing schedule attached hereto. (fd) Broker shall be responsible for any failure on the part o' of a customer to meet a "maintenance call", except to the extent directly attributable to SLK's failure to give proper and timely notification to the customer, if, and to the extent, circumstances allow for such notice. An officer of Broker who has been designated by Broker (and acknowledged in writing by SLK) may request, to the extent permitted by the margin rules, that SLK SILK withhold temporarily any contemplated action, or "Sell-out" or "Buy-in", for accounts which have failed to meet a margin call, . Such requests shall be made in writing and shall clearly set forth the period of time during which the contemplated action is requested to be withheld. Should SLK comply in whole or in part with such request, Broker guarantees to reimburse SLK promptly immediately for the maximum amount of loss or liability which SLK may sustain or incur by reason of any compliance with such request, by depositing sufficient funds with SLK in a reserve or other appropriate account at a bank of SLK's choosing over which SLK shall be signatory, to reimburse SLK for the loss or unsecured indebtedness held in the account of the particular customer; customer~ provided, however, that compliance with such a request shall not be deemed a waver waiver by SLK of any of its rights hereunder, including but not limited to, the right to close out a contract or position if, in SLK's reasonable judgment, changing conditions render such action advisable. (ge) Broker shall be responsible for sending each margin customer a written statement at the time of the opening of a margin account in compliance with Rule 10b -16 10b-16 of the Securities Exchange Act of 1934. (hf) Broker shall obtain a margin agreement from each margin account introduced to SLK, including a hypothecation authority, in a form and substance acceptable to SLK.

Margin Accounts. (a) Any transaction transactions for a customer will be considered a cash transaction until such time as Broker has furnished SLK with an executed customer's margin agreement and consent to loan of securities in a form acceptable to SLK. (b) All margin accounts introduced by Broker shall be subject to SLK's "house margin requirements." SLK currently imposes a 40% maintenance requirement, but said requirement and other margin requirements may be changed at any time by giving the Broker 10 days prior written notice of such change. In its sole discretion, and subject to market conditions and periods of extreme volatility, SLK may change the house margin requirements applicable to any customer account or class of customer accounts on appropriate notice to Broker, unless market conditions prevent advance notice. Broker shall be responsible for advising its customer(s) of the changed requirements and for collecting any additional margin necessary to insure compliance with increased requirements. (c) In all such margin accounts, Broker shall be responsible for the initial margin requirement for any transaction until such initial margin has been received by SLK in acceptable form. SLK reserves the right to refuse to accept any transaction in a margin account after the initial transaction, without the actual receipt of the necessary margin, and to impose a higher margin requirement, when, when in SLK's opinion, the past history or nature of such account or the securities therein justifies such action. (d) . SLK shall endeavor to notify Broker in advance of all margin calls, and shall provide Broker with copies of such calls. In the event that satisfactory margin is not provided within the time specified by SLK, SLK shall be at liberty to take such actions as SLK may, in it a its judgment, deem appropriate. After such initial margin has been received, subsequent margin calls may be made by SLK. Broker agrees to cooperate with SLK in complying with and obtaining margin on subsequent calls. (e) . Interest charged with respect to debit balances in customers' accounts shall be determined determines in accordance with Exhibit A attached the fully disclosed pricing schedule hereto. (f) Broker shall be responsible for any failure on the part o' a customer to meet a "maintenance call", except to the extent directly attributable to SLK's failure to give proper and timely notification to the customer, if, and to the extent, circumstances allow for such notice. An officer of Broker who has been designated by Broker (and acknowledged in writing by SLK) may request, to the extent permitted by the margin rules, that SLK withhold temporarily any contemplated action, or "Sell-out" or "Buy-in", for accounts which have failed to meet a margin call, Such requests shall be made in writing and shall clearly set forth the period of time during which the contemplated action is requested to be withheld. Should SLK comply in whole or in part with such request, Broker guarantees to reimburse SLK promptly for the maximum amount of loss or liability which SLK may sustain or incur by reason of any compliance with such request, by depositing sufficient funds with SLK in a reserve or other appropriate account at a bank of SLK's choosing over which SLK shall be signatory, to reimburse SLK for the loss or unsecured indebtedness held in the account of the particular customer; provided, however, that compliance with such a request shall not be deemed a waver by SLK of any of its rights hereunder, including but not limited to, the right to close out a contract or position if, in SLK's reasonable judgment, changing conditions render such action advisable. (g) Broker shall be responsible for sending each margin customer a written statement at the time of the opening of a margin account in compliance with Rule 10b -16 of the Securities Exchange Act of 1934. (h) Broker shall obtain a margin agreement from each margin account introduced to SLK, including a hypothecation authority, in a form and substance acceptable to SLK.

Margin Accounts. (a) Any transaction for a customer will be considered a cash transaction until such time as Broker has furnished SLK with an executed customer's ’s margin agreement and consent to loan of securities in a form acceptable to SLK. (b) All margin accounts introduced by Broker shall be subject to SLK's "’s “house margin requirements." ” SLK currently imposes a 40% maintenance requirement. In its sole discretion, and subject to market conditions and periods of extreme volatility, SLK may change the house margin requirements applicable to any customer account or class of customer accounts on appropriate notice to Broker, unless market conditions prevent advance notice. Broker shall be responsible for advising its customer(s) of the changed requirements and for collecting any additional margin necessary to insure compliance with increased requirements. (c) In all margin accounts, Broker shall be responsible for the initial margin requirement for any transaction until such initial margin has been received by SLK in acceptable form. SLK reserves the right to refuse to accept any transaction in a margin account after the initial transaction, without actual receipt of the necessary margin, and to impose a higher margin requirement, when, in SLK's ’s opinion, the past history or nature of such account or the securities therein justifies such action. (d) SLK shall endeavor to notify Broker in advance of all margin calls, and shall provide Broker with copies of such calls. In the event that satisfactory margin is not provided within the time specified by SLK, SLK shall be at liberty to take such actions as SLK may, in it a its reasonable judgment, deem appropriate. After such initial margin has been received, subsequent margin calls may be made by SLK. Broker agrees to cooperate with SLK in complying with and obtaining margin on subsequent calls. (e) Interest charged with respect to debit balances in customers' ’ accounts shall be determined in accordance with Exhibit A the fully disclosed pricing schedule attached hereto. (f) Broker shall be responsible for any failure on the part o' of a customer to meet a "“maintenance call"”, except to the extent directly attributable to SLK's ’s failure to give proper and timely notification to the customer, if, and to the extent, circumstances allow for such noticeBroker. An officer of Broker who has been designated by Broker (and acknowledged in writing by SLK) may request, to the extent permitted by the margin rules, that SLK withhold temporarily any contemplated action, or "“Sell-out" ” or "“Buy-in"”, for accounts which have failed to meet a margin call, . Such requests shall be made in writing and shall clearly set forth the period of time during which the contemplated action is requested to be withheld. Should SLK comply in whole or in part with such request, Broker guarantees to reimburse SLK promptly immediately for the maximum amount of loss or liability which SLK may sustain or incur by reason of any compliance with such request, by depositing sufficient funds with SLK in a reserve or other appropriate account at a bank of SLK's ’s choosing over which SLK shall be signatory, to reimburse SLK for the loss or unsecured indebtedness held in the account of the particular customer; provided, however, that compliance with such a request shall not be deemed a waver waiver by SLK of any of its rights hereunder, including but not limited to, the right to close out a contract or position if, in SLK's reasonable ’s judgment, changing conditions render such action advisable. (g) Broker shall be responsible for sending each margin customer a written statement at the time of the opening of a margin account in compliance with Rule 10b -16 10b-16 of the Securities Exchange Act of 1934. (h) Broker shall obtain a margin agreement from each margin account introduced to SLK, including a hypothecation authority, in a form and substance acceptable to SLK.