Common use of Security Interest; Payment of Indebtedness Clause in Contracts

Security Interest; Payment of Indebtedness. All Securities and Other Property in which You may have an interest held by BB&T Securities or any of its affiliates, or carried for your account, now and hereafter acquired, shall be subject to a general lien and a right of set-off for the discharge of Your indebtedness and other obligations to BB&T Securities, and are to be held by BB&T Securities as security for payment of any liability or indebtedness of You to BB&T Securities in any of Your accounts with BB&T Securities. BB&T Securities shall have the right to sell or transfer securities and other properties so held by BB&T Securities from or to any of Your accounts with BB&T Securities, at any time and without prior notice, whenever in its sole judgment it considers such sale or transfer necessary for its protection. In enforcing its lien, BB&T Securities shall have the discretion to determine which securities and property are to be sold and which contracts are to be closed. No provision of this agreement concerning liens or security interests shall apply to any account to the extent such application would be in conflict with any provision of ERISA or the Internal Revenue Code relating to retirement accounts. In the event You become indebted to BB&T Securities in the course of operation of Your account, You agree to promptly and fully repay such indebtedness upon demand. You agree that if You fail to promptly pay the indebtedness, BB&T Securities may close Your account and without further notice liquidate assets in Your account, or any assets or accounts otherwise held by BB&T Securities, in an amount sufficient to pay Your indebtedness, buy in (“cover”) short positions, cancel outstanding orders in whole or in part, and take any other appropriate or necessary action without incurring any liability whatsoever. You understand and acknowledge that BB&T Securities may assign any indebtedness owed by You to others. All costs of collection of any debit balance and any unpaid deficiency in Your account, including without limitation attorney’s fees incurred by BB&T Securities, shall be fully reimbursed by You to BB&T Securities. We also may charge interest on debit balances in Your Cash Account as described in, and subject to the terms of, the Margin Agreement.