Common use of Other Collateral Requirements; Open Short Sales Balance Clause in Contracts

Other Collateral Requirements; Open Short Sales Balance. By 11:00 a.m. New York time on each Exchange Business Day, Broker shall calculate the Net Margin Amount and Advise Customer of such amount. If, on any Exchange Business Day, the Net Margin Amount is negative, Customer will pay, in cash, the absolute value of such Net Margin Amount to Broker for credit to Customer’s accounts maintained by Broker (and not, for the avoidance of doubt, to a Special Custody Account maintained by Custodian) by the close of business on such Exchange Business Day. To the extent payments are not made as aforesaid, Broker will charge interest on the absolute value of any unpaid Net Margin Amounts owed by Customer. If the Net Margin Amount is positive on any Exchange Business Day, upon request by Customer, Broker will issue instructions to release to Customer a cash amount equal to the Net Margin Amount from the account of Customer at Broker. For the avoidance of doubt, Net Margin Amounts will be appropriately adjusted when short sales are closed out.

Other Collateral Requirements; Open Short Sales Balance. By 11:00 11 :00 a.m. New York time on each Exchange Business Day, Broker shall calculate the Net Margin Amount and Advise Customer of such amount. If, on any Exchange Business Day, the Net Margin Amount is negative, Customer will pay, in cash, the absolute value of such Net Margin Amount to Broker for credit to Customer’s accounts maintained by Broker (and not, for the avoidance of doubt, to a Special Custody an Account maintained by Custodian) by the close of business on such Exchange Business Day. To the extent payments are not made as aforesaid, Broker will charge interest on the absolute value of any unpaid Net Margin Amounts owed by Customer. Customer authorizes Broker, but Broker shall not be obligated to, transfer cash from a Deposit Account to an account of Customer maintained by Broker to satisfy any requirements Customer has under this Section 4(e). If the Net Margin Amount is positive on any Exchange Business Day, upon request by Customer, Broker will issue instructions to promptly release to Customer a cash amount equal to the Net Margin Amount from the account of Customer at Broker. For the avoidance of doubt, Net Margin Amounts will be appropriately adjusted when short sales are closed out.

Other Collateral Requirements; Open Short Sales Balance. By 11:00 a.m. New York time on each Exchange Business Day, Broker shall calculate the Net Margin Amount and Advise Customer of such amount. If, on any Exchange Business Day, the Net Margin Amount is negative, Customer will pay, in cash, the absolute value of such Net Margin Amount to Broker for credit to Customer’s accounts maintained by Broker (and not, for the avoidance of doubt, to a Special Custody an Account maintained by Custodian) by the close of business on such Exchange Business Day. To the extent payments are not made as aforesaid, Broker will charge interest on the absolute value of any unpaid Net Margin Amounts owed by Customer. Customer authorizes Broker, but Broker shall not be obligated to, transfer cash from a Deposit Account to an account of Customer maintained by Broker to satisfy any requirements Customer has under this Section 4(e). If the Net Margin Amount is positive on any Exchange Business Day, upon request by Customer, Broker will issue instructions to promptly release to Customer a cash amount equal to the Net Margin Amount from the account of Customer at Broker. For the avoidance of doubt, Net Margin Amounts will be appropriately adjusted when short sales are closed out.