Common use of Margin Agreement Clause in Contracts

Margin Agreement. ‌ 6.1 This Margin Agreement is in respect of all margin transactions in your Account, including Accounts previously opened, opened in the future or from time to time closed and then reopened or renumbered; that all words implying the singular number include the plural and vice-versa; that the word "securities" shall include all securities generally so-called and in particular shall include bonds, debentures, notes, warrants, rights, "when-issued" securities of all kinds and chooses in action of every kind, and all property customarily dealt in by brokers; and that this Margin Agreement shall remain in full force and effect unless Credential advises you in writing of a complete or partial change or revocation. 6.2 Every transaction is subject to the constitution, by-laws, rules, regulations and customs of the exchange (and its clearing corporation, if any) upon which the transaction is executed, or if not executed upon any exchange, to the bylaws, rules, regulations and customs of any market associations of brokers or dealers made applicable thereto by any law, agreement or custom of brokers, and to all laws, regulations and orders of any government or regulatory authority. 6.3 Credential has have the right to refuse to accept purchase or sale instructions from you or your Portfolio Manager on your behalf whenever Credential deems it necessary for Credential’s protection; and that you waive any and all claims against Credential for any loss or damage arising from or related to any such refusal. 6.4 All orders accepted by Credential are good until either executed or cancelled on the day of entry, unless a longer period is specified by you; that all orders accepted by Credential are binding on you from the moment of execution; and that non-receipt or late receipt of any executed trade confirmation shall not relieve you of the obligations to settle the transaction on the settlement date. 6.5 You shall pay commissions, if any, to Credential in respect of all purchases and sales of securities in your Account. 6.6 You shall pay to Credential, on demand, any and all indebtedness arising from transactions effected by Credential for your Account, and shall at all times secure such indebtedness and maintain such margins in connection with the Account as Credential shall require, and will promptly meet all margin calls; and that any debit balance in your Account shall bear interest at such rate as Credential shall establish from time to time for Credential’s customers generally, and that Credential is not obliged to notify you of any change in such rate. 6.7 You will maintain such margin as Credential may in Credential’s absolute discretion request from time to time. If there is a decline in the market value of securities in the Account, Credential may require additional margin. However, Credential retains the right to require additional margin at any time for any reason. If additional margin is required, then you will deliver to Credential either cash or additional marginable securities as Credential may require. Credential has the right to cancel the margin facility, at any time, without notice. 6.8 Actual delivery is intended for every transaction in your Account; that with respect to all sale transactions you represent and warrant that it is a "long" sale unless specified otherwise at the time the order is entered, and that if you fail to make immediate delivery to Credential in proper form of any securities sold at your or your Portfolio