Common use of Transactions and Settlements Clause in Contracts

Transactions and Settlements. All orders for the purchase or sale of securities and other property will be authorized by the Customer and executed with the understanding that an actual purchase or sale is intended and that it is the Customer’s intention and obligation in every case to deliver certificates or commodities to cover any and all sales or to pay for any purchase upon the Broker’s demand. If the Broker makes a short sale of any securities and other property at the Customer’s direction or if the Customer fails to deliver to the Broker any securities and other property that the Broker has sold at the Customer’s direction, the Broker is authorized to borrow the securities and other property necessary to enable the Broker to make delivery and the Customer agrees to be responsible for any cost or loss the Broker may incur, or the cost of obtaining the securities and other property if the Broker is unable to borrow it. The Broker is the Customer’s agent to complete all such transactions and is authorized to make advances and expend monies as are required.

Transactions and Settlements. All orders for the purchase or sale of securities and other property will be authorized by the Customer and executed with the understanding that an actual purchase or sale is intended and that it is the Customer’s 's intention and obligation in every case to deliver certificates or commodities to cover any and all sales or to pay for any purchase upon the Broker’s 's demand. If the Broker makes a short sale of any securities and other property at the Customer’s 's direction or if the Customer fails to deliver to the Broker any securities and other property that the Broker has sold at the Customer’s 's direction, the Broker is authorized to borrow the securities and other property necessary to enable the Broker to make delivery and the Customer agrees to be responsible for any cost or loss the Broker may incur, or the cost of obtaining the securities and other property if the Broker is unable to borrow it. The Broker is the Customer’s 's agent to complete all such transactions and is authorized to make advances and expend monies as are required.