Presumption of Cash Account. Pershing may, but is not required to, permit customers of Broker to purchase securities on margin, but all transactions for a customer will be deemed to be cash transactions, and payment for those transactions will be required in the manner applicable to cash transactions, unless, on or prior to settlement, Broker has furnished Pershing with an executed margin agreement and consent to loan of securities.
Appears in 5 contracts
Samples: Fully Disclosed Clearing Agreement (Southern Trust Securities Holding Corp), Disclosed Clearing Agreement (International Assets Holding Corp), Clearing Agreement (American Portfolios Holdings Inc)
Presumption of Cash Account. Pershing may, but is not required to, permit customers of Broker to purchase securities on margin, but all transactions for a customer will be deemed to be either RVP/DVP or cash transactions, and payment for those transactions will be required in the manner applicable to either RVP/DVP or cash transactions, unless, on or prior to settlement, Broker has furnished Pershing with an executed margin agreement and consent to loan of securities.
Appears in 3 contracts
Samples: Disclosed Clearing Agreement (Gleacher & Company, Inc.), Disclosed Clearing Agreement (Broadpoint Securities Group, Inc.), Disclosed Clearing Agreement (Broadpoint Securities Group, Inc.)
Presumption of Cash Account. Pershing may, but is not required to, permit --------------------------- customers of Broker to purchase securities on margin, but all transactions for a customer will be deemed to be cash transactions, and payment for those transactions will be required in the manner applicable to cash transactions, unless, on or prior to settlement, Broker has furnished Pershing with an executed margin agreement and consent to loan of securities.
Appears in 1 contract
Samples: Disclosed Clearing Agreement (Ziegler Companies Inc)
