Unsettled Trades definition
Unsettled Trades means purchases or sales of DMM Securities by Seller that (i) for purposes of Section 5.20, as of the Business Day immediately preceding the date hereof, and (ii) for all other purposes, as of the Cut Off Time, have been executed but not yet settled.
Unsettled Trades means purchases or sales of Specialist Securities by Seller that (i) for purposes of Section 3.06 hereof, as of the date hereof, and (ii) for all other purposes, as of the time of Closing on the Closing Date, have been executed but not yet settled.
Examples of Unsettled Trades in a sentence
After Closing, Buyer shall promptly honor all of Seller’s obligations in respect of Unsettled Trades (including causing deliveries of payments to be made on the proper Settlement Dates) as if they were direct obligations of Buyer.
Schedule 3.06 sets forth a list, as of the close of the NYSE on the Business Day immediately preceding the date hereof, of the number and designation of Specialist Securities (including detail as to both its long- and short- positions therein), including Unsettled Trades in the GSEC Account and Stock Borrow Obligations of Seller.