Common use of Authority to Borrow Clause in Contracts

Authority to Borrow. If ▇▇ ▇▇▇▇▇▇ is responsible for settling a short sale on your behalf, or if you fail to deliver any securities you have sold in a long sale, you authorize ▇▇ ▇▇▇▇▇▇ to borrow the securities necessary to enable ▇▇ ▇▇▇▇▇▇ to make delivery. You agree to be responsible for any cost or loss ▇▇ ▇▇▇▇▇▇ may incur borrowing or maintaining the borrowing of such securities. In the event that ▇▇ ▇▇▇▇▇▇ is unable to borrow or make delivery, you acknowledge that you will also be responsible of any resulting loss or cost sustained by ▇▇ ▇▇▇▇▇▇. You acknowledge that any such borrowing may be terminated or closed out at any time.

Authority to Borrow. If ▇▇ ▇▇▇▇▇▇ is responsible for settling a short sale on your behalf, or if you fail to deliver any securities you have sold in a long sale, you authorize ▇▇ ▇▇▇▇▇▇ to borrow the securities necessary to enable ▇▇ ▇▇▇▇▇▇ to make delivery. You agree to be responsible for any cost or loss ▇▇ ▇▇▇▇▇▇ may incur borrowing or maintaining the borrowing of such securities. In the event that ▇▇ ▇▇▇▇▇▇ is unable to borrow or make delivery, you acknowledge that you will also be responsible of any resulting loss or cost sustained by ▇▇ ▇▇▇▇▇▇. You acknowledge that any such borrowing may be terminated or closed out at any time.. (MKL) Standard Form IAA 2017-02-15