Common use of ORIGINAL AND VARIATION MARGIN ON SHORT SALES Clause in Contracts

ORIGINAL AND VARIATION MARGIN ON SHORT SALES. (a) From time to time, Customer may place orders with Broker for the short sale of securities. Prior to the acceptance of such orders Broker will advise Customer of Broker's ability to borrow such securities or other properties and acceptance of short sale orders will be contingent upon same. (b) Broker shall, on the last business day of each week, compute the aggregate net credit or debit balance on Customer's open short sales and advise Customer by 11:00 A.M. New York time of the amount of the net debit or credit, as the case may be. If a net debit balance exists on such day, Customer will cause an amount equal to such net debit balance to be paid to Broker by the close of business on such day. If a net credit balance exists on such day, Broker will pay such credit balance to Customer by the close of business on such day. As Customer's open short positions are marked-to-market each week, payments will be made by or to Customer to reflect changes (if any) in the credit or debt balances. Broker will charge interest on debit balances, and Broker will pay interest on credit balances. Balances will be appropriately adjusted when short sales are closed out.

ORIGINAL AND VARIATION MARGIN ON SHORT SALES. (a) From time to time, Customer may place orders with Broker for the short sale of securities. Prior to the acceptance of such orders Broker will advise Customer of Broker's ability to borrow such securities or other properties and acceptance of short sale orders will be contingent upon same. (b) Broker shall, on the last business day of each week, compute the aggregate net credit or debit balance on Customer's open short sales and advise Customer by 11:00 A.M. New York time of the amount of the net debit credit or creditdebit, as the case may be. If a net debit balance exists on such day, Customer will cause an amount equal to such net debit balance to be paid to Broker by the close of business on such day. If a net credit balance exists on such day, Broker will pay such credit balance to Customer by the close of business on such day. As Customer's open short positions are marked-to-market each week, payments will be by made by or to Customer to reflect changes (if any) in the credit or debt debit balances. Broker will charge interest on debit balances, and Broker will pay interest on credit balances. Balances will be appropriately adjusted when short sales are closed out.

ORIGINAL AND VARIATION MARGIN ON SHORT SALES. (a) From time to time, Customer may place orders with Broker for the short sale of securities. Prior to the acceptance of such orders Broker will advise Customer of Broker's ability to borrow such securities or other properties and acceptance of short sale orders will be contingent upon same. (b) Broker shall, based on the last closing market price on each business day of each weekday, compute the aggregate net credit or debit balance on Customer's open short sales and advise Customer by 11:00 A.M. a.m. New York time of the amount of the net debit or credit, as the case may be. If a net debit balance exists on such day, Customer will cause an amount equal to such net debit balance to be paid to Broker by the close of business on such day. If a net credit balance exists on such day, Broker will pay such credit balance to Customer by the close of business on such day. As Customer's open short positions are marked-to-to market each week, payments will be made by or to Customer to reflect changes (if any) in the credit or debt debit balances. Broker will charge interest on debit balances, and Broker will pay interest on credit balances. Balances will be appropriately adjusted when short sales are closed out.

ORIGINAL AND VARIATION MARGIN ON SHORT SALES. (a) From time to time, Customer may place orders with Broker for the short sale of securities. Prior to the acceptance of such orders Broker will advise Customer of Broker's ability to borrow such securities or other properties and acceptance of short sale orders will be contingent upon same. (b) Broker shall, on the last business day of each week, compute the aggregate net credit or debit balance on Customer's open short sales and advise Customer by 11:00 A.M. New York time of the amount of the net debit or credit, as the case may be. If a net debit balance exists on such day, Customer will cause an amount equal to such net debit balance to be paid to Broker by the close of business on such day. If a net credit balance exists on such day, Broker will pay such credit balance to Customer by the close of business on such day. As Customer's open short positions are marked-to-market each week, payments will be made by or to Customer to reflect changes (if any) in the credit or debt debit balances. Broker will charge interest on debit balances, and Broker will pay interest on credit balances. Balances will be appropriately adjusted when short sales are closed out.