Delivery Procedures; Options Allocation Procedure Clause Samples
The "Delivery Procedures; Options Allocation Procedure" clause defines the processes and rules governing how deliveries are made and how options are allocated between parties under a contract. It typically outlines the steps required for the physical or notional delivery of goods, securities, or other assets, and specifies how and when parties must notify each other of their intentions regarding options. For example, it may detail the timeline for delivery, the method of communication, and the criteria for allocating options among eligible parties. This clause ensures that both parties understand their obligations and the sequence of actions required, thereby reducing the risk of disputes and ensuring a smooth and predictable execution of contractual deliveries and options.
Delivery Procedures; Options Allocation Procedure. (i) Customer will provide ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ with instructions either to liquidate Contracts previously established by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ shall have no responsibility to take any action on behalf of Customer or positions in the Account unless and until ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ receives oral or written instructions reasonably acceptable to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ indicating the action ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ is to take. Funds sufficient to take delivery pursuant to such Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ at such time as ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ may require in connection with any delivery.
(ii) Short option Contracts may be subject to exercise at any time. Exercise notices received by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ from the applicable contract market with respect to option Contracts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ has previously received instructions from Customer, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇'▇ sole responsibility shall be to use its best efforts to notify Customer of such allocation.
(iii) If Customer fails to comply with any of the foregoing obligations, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ may, in its sole and absolute discretion, liquidate any open positions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, in its sole and absolute discretion, deems necessary or appropriate, and Customer shall indemnify and hold ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ harmless as a result of any action taken or not taken by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ in connection therewith or pursuant to Customer's instructions.
Delivery Procedures; Options Allocation Procedure. (i) Customer will provide Morgan Stanley with instructions either to liquidate Contracts p▇▇▇▇▇▇s▇▇ ▇▇▇▇blished by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by Morgan Stanley. Morgan Stanley shall have no responsibility to t▇▇▇ ▇▇y ▇▇▇▇▇▇ o▇ ▇▇▇▇l▇ ▇▇ ▇▇stomer or positions in the Account unless and until Morgan Stanley receives oral or written instructions reasonably ▇▇▇▇▇▇a▇▇▇ ▇▇ Morgan Stanley indicating the action Morgan Stanley is to take. ▇▇▇▇▇ s▇▇▇▇▇▇▇nt to take delivery pursua▇▇ t▇ ▇▇▇▇ Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to Morgan Stanley at such time as Morgan Stanley may require in con▇▇▇▇▇▇n ▇▇▇▇ ▇ny delivery.
(▇i) S▇▇▇▇ ▇▇tion Contracts may be subject to exercise at any time. Exercise notices received by Morgan Stanley from the applicable contract market with respect ▇▇ ▇▇▇i▇▇ ▇▇▇▇racts sold by Customer may be allocated to Customer pursuant to a random allocation procedure, and Customer shall be bound by any such allocation of exercise notices. In the event of any allocation to Customer, unless Morgan Stanley has previously received instructions from Custome▇, ▇▇▇g▇▇ ▇▇▇▇ley's sole responsibility shall be to use its best ef▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇ Customer of such allocation.
(iii) If Customer fails to comply with any of the foregoing obligations, Morgan Stanley may, in its sole and absolute discretion, liquidate ▇▇▇ ▇▇e▇ ▇▇sitions, make or receive delivery of any commodities or instruments, or exercise or allow the expiration of any options, in such manner and on such terms as Morgan Stanley, in its sole and absolute discretion, deems necessar▇ ▇r ▇▇▇▇▇▇riate, and Customer shall indemnify and hold Morgan Stanley harmless as a result of any action taken or not t▇▇▇▇ ▇y ▇▇▇▇▇▇ Stanley in connection therewith or pursuant to Customer's ▇▇▇▇▇u▇▇▇▇▇▇.
Delivery Procedures; Options Allocation Procedure. (a) Instructions. Customer will provide UBS-S LLC with instructions either to liquidate Contracts previously established by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by UBS-S LLC. UBS-S LLC shall have no responsibility to take any action on behalf of Customer, including, without limitation, exercising option Contracts, unless and until UBS-S LLC receives oral or written instructions reasonably acceptable to UBS-S LLC indicating the action UBS-S LLC is to take. Any instructions, if given orally to UBS-S LLC, shall immediately be confirmed in writing by Customer. Funds sufficient to take delivery pursuant to such Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to UBS-S LLC at such time as UBS-S LLC may require in connection with any delivery.
Delivery Procedures; Options Allocation Procedure. (a) Instructions. Customer will provide UBS-S LLC with instructions either to liquidate Contracts previously established by Customer, make or take delivery under any such Contracts, or exercise options entered into by Customer, within such time limits as may be specified by UBS-S LLC; provided that if no such time limit is specified, (i) if Customer maintains an Account for speculation, liquidating instructions on open futures positions maturing in a current delivery month must be given to UBS-S LLC at least five (5) Business Days prior to the first notice day or last trading day, whichever is earlier; and (ii) if Customer maintains an Account for hedging, Customer understands that liquidating instructions on open futures positions maturing in a current delivery month must be given to UBS-S LLC at least one (1) Business Day prior to the first notice day in the case of long positions, and in the case of short positions, at least one (1) Business Day prior to the last trading day. UBS-S LLC shall have no responsibility to take any action on behalf of Customer, including, without limitation, exercising option Contracts, unless and until UBS-S LLC receives oral or written instructions reasonably acceptable to UBS-S LLC indicating the action UBS-S LLC is to take. Any instructions, if given orally to UBS-S LLC, shall immediately be confirmed in writing by Customer. Funds sufficient to take delivery pursuant to such Contract or deliverable grade commodities to make delivery pursuant to such Contract must be delivered to UBS-S LLC at such time and location as UBS-S LLC may require in connection with any delivery.
Delivery Procedures; Options Allocation Procedure