Common use of Securities Sell Orders Clause in Contracts

Securities Sell Orders. When Customer places a sell order through their Customer Account, Customer explicitly agrees, acknowledges and instructs Clearing Broker to transfer the settlement proceeds from such sell transaction from Customer Account to Customer MSB Account. Customer understands that such instructions will result in the proceeds of all securities sales to be transferred, upon settlement, from Customer Account to the Customer MSB Account. These transfers will be batched into a bulk transfer and combined with other Broker Customer transfer requests initiated on the same trading day. Bulk transfers will be made from Clearing Broker to MSB via a single wire transfer at the end of the relevant trading day. BY ENTERING INTO THIS AGREEMENT AND CONSISTENT WITH THIS SECTION 16(B)(3) CUSTOMER UNDERSTANDS AND ACKNOWLEDGES THAT ALL CUSTOMER FREE CASH BALANCES WILL BE TRANSFERRED PER CUSTOMER INSTRUCTION TO CUSTOMER MSB ACCOUNT UPON SETTLEMENT OF ANY SECURITIES SALE TRANSACTION. CUSTOMER UNDERSTANDS AND ACKNOWLEDGES THAT THIS WILL RESULT IN CUSTOMER ACCOUNT HOLDING A ZERO CASH BALANCE.

Securities Sell Orders. When Customer places a sell order through their Customer Account, Customer Xxxxxxxx explicitly agrees, acknowledges and instructs Clearing Broker to transfer the settlement proceeds from such sell transaction from Customer Account to Customer MSB Account. Customer understands that such instructions will result in the proceeds of all securities sales to be transferred, upon settlement, from Customer Account to the Customer MSB Account. These transfers will be batched into a bulk transfer and combined with other Broker Customer transfer requests initiated on the same trading day. Bulk transfers will be made from Clearing Broker to MSB via a single wire transfer at the end of the relevant trading day. BY ENTERING INTO THIS AGREEMENT AND CONSISTENT WITH THIS SECTION 16(B)(3) CUSTOMER UNDERSTANDS AND ACKNOWLEDGES THAT ALL CUSTOMER FREE CASH BALANCES WILL BE TRANSFERRED PER CUSTOMER INSTRUCTION TO CUSTOMER MSB ACCOUNT UPON SETTLEMENT OF ANY SECURITIES SALE TRANSACTION. CUSTOMER UNDERSTANDS AND ACKNOWLEDGES THAT THIS WILL RESULT IN CUSTOMER ACCOUNT HOLDING A ZERO CASH BALANCE.