Common use of Transaction Settlement Clause in Contracts

Transaction Settlement. This BB&T Securities Account Agreement designates that You will settle all transactions through Your cash sweep. You agree that on settlement date, BB&T Securities may debit Your cash sweep by liquidating funds from the Insured Deposit Program or shares in a money market mutual fund if applicable for payment of all securities purchased for Your account. BB&T Securities will also credit that cash sweep by depositing funds into the Insured Deposit Program or a money market mutual fund if applicable with proceeds from the sales of securities. If You choose to purchase securities on a cash basis by notifying Your financial advisor, You agree to pay for the securities by the settlement day. We may require a deposit or full payment before we accept Your order. With respect to cash accounts, You will promptly make full payment of any amount when it becomes due prior to selling any security, and You will promptly make full cash payment of any amount which may become due in order to meet necessary requests for additional deposits or, with respect to any unissued security purchased or sold, to xxxx to the market. BB&T Securities must receive good funds sufficient to fully cover purchases of securities before the close of business on settlement date. If sufficient funds are not in Your account on settlement date, Your trade may be liquidated or offset at the option of and in the full discretion of BB&T Securities. BB&T Securities shall not incur any liability whatsoever to You for such action. You shall be responsible for any loss. If You fail to elect an option for settlement, proceeds from the sales of securities may be maintained uninvested as free cash balances, which may or may not earn any interest in the BB&T Securities Account.

Transaction Settlement. This BB&T Securities Account Agreement designates that You will settle all transactions through Your cash sweep. You agree that on settlement date, BB&T Securities may debit Your cash sweep by liquidating funds from the Insured Deposit Program or shares in a money market mutual fund if applicable for payment of all securities purchased for Your account. BB&T Securities will also credit that cash sweep by depositing funds into the Insured Deposit Program or a money market mutual fund if applicable with proceeds from the sales of securities. If You choose to purchase securities on a cash basis by notifying Your financial advisorFinancial Consultant, or by calling Client Services at800-453-7348, option 3. You agree to pay for the securities by the settlement day. We may require a deposit or full payment before we accept Your order. With respect to cash accounts, You will promptly make full payment of any amount when it becomes due prior to selling any security, and You will promptly make full cash payment of any amount which may become due in order to meet necessary requests for additional deposits or, with respect to any unissued security purchased or sold, to xxxx mark to the market. BB&T Securities must receive good funds sufficient to fully cover purchases of securities before the close of business on settlement date. If sufficient funds are not in Your account on settlement date, Your trade may be liquidated or offset at the option of and in the full discretion of BB&T Securities. BB&T Securities shall not incur any liability whatsoever to You for such action. You shall Xxxxxxxx be responsible for any loss. If You fail to elect an option for settlement, proceeds from the sales of securities may be maintained uninvested as free cash balances, which may or may not earn any interest in the BB&T Securities Account.