Special Custody Account Operation. Client agrees to maintain Adequate Performance Assurance for Client’s Special Custody Account as agreed to by Pershing and Client, which may exceed that required by applicable rules and regulations. Client agrees to pay on demand and satisfy all margin and maintenance calls and pay in accordance with Article II interest charges which are imposed, in accordance with Pershing’s usual custom, with respect to Client’s Special Custody Account. For the purposes of this Section, on demand shall mean: if such demand is made on or prior to 12:00 noon New York time on a Business Day, by the close of business on such day; if such demand is made after 12:00 noon New York time on a Business Day, by 10:00 a.m. on the next Business Day. Pershing may, in its reasonable discretion, require Client to (a) deliver collateral to the Special Custody Account (i) to maintain margin as required by Pershing in accordance with Appendix A to this Agreement and (ii) secure Client’s performance of any obligations due to Pershing hereunder or (b) pay any amount that may become due hereunder in order to meet requests for additional deposits or “marks to market” for any transactions, including transactions involving foreign exchange and unissued securities that Client may purchase or sell. The parties acknowledge that the cash loans provided hereunder are each a “margin loan” as used in the definition of “securities contract” in the United States Bankruptcy Code (11 U.S.C. Section 741).
Special Custody Account Operation. Client agrees to pay On Demand and satisfy all margin and maintenance calls and pay all interest charges in accordance with this Agreement or as otherwise in accordance with Pershing’s usual custom for similarly situated clients, with respect to Client’s Special Custody Account. Pershing may, in its discretion, require Client to (a) deliver collateral to the Special Custody Account to the extent necessary (i) to maintain margin as required by Pershing in accordance with Appendix A to this Agreement and (ii) to secure Client’s performance of any obligations due to Pershing hereunder or (b) pay any amount that may become due hereunder in order to meet requests for additional deposits or “marks to market” for any transactions, including transactions involving foreign exchange and unissued securities that Client may purchase or sell. The parties acknowledge that the cash loans provided hereunder are each a “margin loan” as used in the definition of “securities contract” in the United States Bankruptcy Code (11 U.S.C. Section 741).
Special Custody Account Operation. Client agrees to maintain Adequate Performance Assurance for Client’s Special Custody Account as agreed to herein by Pershing and Client, which may exceed that required by applicable rules and regulations. Client agrees to pay, subject to the immediately succeeding sentence, on written demand in accordance with Section 7.09, and satisfy all margin and maintenance calls and pay interest charges with respect to Client’s Special Custody Account in accordance with Article II or otherwise as agreed upon in writing by Client and Pershing, provided that to the extent such charges relate to securities not covered by Article II or an agreement in writing between Client and Pershing, such charges shall be in accordance with Pershing’s usual custom. For the purposes of this section, on written demand shall mean: if such demand is made by Pershing on or prior to 10:00 a.m. New York time on a Business Day, by the close of business on such day; and if such demand is made by Pershing after 10:00 a.m. and no later than 5:00 p.m. New York time on a Business Day, by 12:00 noon New York time on the next Business Day; and if such demand is made after 5:00 p.m. New York time on a Business Day by the close of business on the next Business Day. Pershing may, in its reasonable discretion, require Client to (a) deliver collateral to the Special Custody Account (i) to maintain margin as required by Pershing in accordance with Appendix A to this Agreement and (ii) secure Client’s performance of any obligations due to Pershing hereunder or (b) pay any amount that may become due hereunder in order to meet requests for additional deposits or “marks to market” for any transactions, including transactions involving foreign exchange and unissued securities that Client may purchase or sell.
Special Custody Account Operation. Client agrees to maintain Adequate Performance Assurance for Client’s Special Custody Account as agreed to herein by Pershing and Client, which may exceed that required by applicable rules and regulations. Client agrees to pay, subject to the immediately succeeding sentence, on written demand and satisfy all margin and maintenance calls and pay in accordance with Article II interest charges as agreed upon by Client and Pershing with respect to Client’s Special Custody Account. For the purposes of this section, on written demand shall mean: if such written demand is received by Client on or prior to 11:00 a.m. New York time on a Business Day, by the close of business on such day; if such written demand is received by Client after 11:00 a.m. New York time on a Business Day, by 10:00 a.m. on the next Business Day. Pershing may, in its reasonable discretion, require Client (or cause the Custodian ) to deliver collateral to the Special Custody Account to (i) maintain margin as required by Pershing in accordance with Appendix A to this Agreement and (ii) secure Client’s performance of any obligations due to Pershing hereunder. The parties acknowledge that the cash loans provided hereunder are each a “margin loan” as used in the definition of “securities contract” in the United States Bankruptcy Code (11 U.S.C. Section 741).
