Common use of Open Short Sales Balance Clause in Contracts

Open Short Sales Balance. Broker shall, based on the closing market price on each business day, compute the aggregate net credit or debit balance on Customer’s open short sales and Advise Customer or Customer’s designated agent by 11:00 am New York time on the next business day (each a “Determination Day”) of the amount of the net debit or credit, as the case may be. If a net debit balance exists on a Determination Day, Customer will cause Eligible Assets in an amount equal to such net debit balance to be deposited in a Special Custody Account or paid to Broker by the close of business on such Determination Day. If a net credit balance exists on a Determination Day, Broker will instruct Custodian to release the amount of such net credit from the Special Custody Account to Customer by the close of business on such Determination Day. As Customer’s open short positions are marked to market each business day, payments will be made to or from the Special Custody Account, by or to Customer, to reflect changes (if any) in the credit or debit balances. To the extent payments are not made as aforesaid, Broker will charge interest on debit balances and pay interest on credit balances. Balances will be appropriately adjusted when short sales are closed out.

Open Short Sales Balance. Broker shall, based on the closing market price on each business day, compute the aggregate net credit or debit balance on Customer’s 's open short sales and Advise Customer or Customer’s 's designated agent by 11:00 am New York time on the next business day (each a “"Determination Day”") of the amount of the net debit or credit, as the case may be. If a net debit balance exists on a Determination Day, Customer will cause Eligible Assets in an amount equal to such net debit balance to be deposited in a Special Custody Account or paid to Broker by the close of business on such Determination Day. If a net credit balance exists on a Determination Day, Broker will instruct Custodian to release the amount of such net credit from the Special Custody Account to Customer by the close of business on such Determination Day. As Customer’s 's open short positions are marked to market each business day, payments will be made to or from the Special Custody Account, by or to Customer, to reflect changes (if any) in the credit or debit balances. To the extent payments are not made as aforesaid, Broker will charge interest on debit balances and pay interest on credit balances. Balances will be appropriately adjusted when short sales are closed out.

Open Short Sales Balance. Broker shall, based on the closing market price on each business day, compute the aggregate net credit or debit balance on Customer’s 's open short sales and Advise Customer or Customer’s 's designated agent by 11:00 am New York time on the next business day (each a “"Determination Day”") of the amount of the net debit or credit, as the case may be. If a net debit balance exists on a Determination Day, Customer will cause Eligible Assets in an amount equal to such net debit balance to be deposited in a Special Custody Account or paid to Broker by the close of business on such Determination Day. If a net credit balance exists on a Determination Day, Broker will instruct Custodian to release the amount of such net credit from the Special Custody Account to Customer by the close of business on such Determination Day. As Customer’s 's open short positions are marked to market each business day, payments will be made to or from the Special Custody Account, by or to Customer, to reflect changes (if any) in the credit or debit balances. To the extent payments are not made as aforesaid, Broker will charge interest on debit balances and pay interest on credit balances. Balances will be appropriately adjusted when short sales are closed out.