Nonpurpose Credit. Pershing may, but is not required to, extend and maintain nonpurpose credit to customers of Broker not for purposes of purchasing, carrying, or trading in securities, but all extensions of credit to a customer will be deemed to be purpose credit subject to Regulation T unless, prior to extending the credit, Broker has furnished Pershing with an executed Federal Reserve Form T-4.
Appears in 8 contracts
Samples: www.sec.gov, Disclosed Clearing Agreement (Gleacher & Company, Inc.), Disclosed Clearing Agreement (Summit Financial Services Group Inc)
