Common use of Payment Or Delivery On Purchase Or Sale Of Any Security Clause in Contracts

Payment Or Delivery On Purchase Or Sale Of Any Security. Upon the sale or purchase of any security, You agree to deliver such securities You have in Your possession or make payment in sufficient time to be received by BB&T Securities prior to settlement date. If such securities or payments are not received by BB&T Securities, in good delivery form, by the settlement date, You understand that Your trade may be covered in the open market and that BB&T Securities will incur no liability for such actions. If BB&T Securities is unable to settle a transaction by reason of Your failure to make payment or deliver securities in good form, You authorize BB&T Securities to take steps necessary to complete or cancel the transaction to minimize its loss. All costs of collection, including but not limited to attorneys’ fees, if any, relating to any debit balance, any unpaid deficiency or other obligation related to Your account or accounts incurred by BB&T Securities shall be fully reimbursed by You to BB&T Securities.

Payment Or Delivery On Purchase Or Sale Of Any Security. Upon the sale or purchase of any security, You agree to deliver such securities You have in Your possession or make payment in sufficient insufficient time to be received by BB&T Securities prior to settlement date. If such securities or payments are not received by BB&T Securities, in good delivery form, by the settlement date, You understand that Your trade may be covered in the open market and that BB&T Securities will incur no liability for such actions. If BB&T Securities is unable to settle a transaction by reason of Your failure to make payment or deliver securities in good form, You authorize BB&T Securities to take steps necessary to complete or cancel the transaction to minimize its loss. All costs of collection, including but not limited to attorneys’ fees, if any, relating to any debit balance, any unpaid deficiency or other obligation related to Your account or accounts incurred by BB&T Securities shall be fully reimbursed by You to BB&T Securities.