Common use of Payment for Transactions Clause in Contracts

Payment for Transactions. All orders that you authorize will be processed with the understanding that you will pay for any purchase and deliver certificates to cover all sales on or before the settlement date. All sell orders that you place will be for securities that you own (“long”) and in deliverable form at the time you place the order, unless you inform the Firm otherwise before or at the time you place the order. The Firm. reserves the right to require full payment, or an acceptable equity deposit, prior to the acceptance of any order. You agree to have the required cash, available funds, or equity in your Account prior to the execution and/ or settlement of a purchase or short sale transaction, and the required securities in your Account prior to the execution and/or settlement of a long sale. If you do not have sufficient funds or securities in your Account, the Firm has the right to liquidate or buy in securities at your expense, and you will be responsible for any cost or loss.