Common use of Sell orders Clause in Contracts

Sell orders. If Client gives a sell order to Global Prime, Client must designate the sell order as either long or short. A sell order that is not designated is deemed to be long. The designation of the sell order as long constitutes a confirmation by Client that the securities to be sold are owned by Client. If such securities are not in Global Prime’s possession or immediate and unconditional control, by placing such an order Client undertakes that Client will deliver the securities to Global Prime on or before the time and on the date which is necessary to allow Global Prime or the settlement participant to settlement the sell order. Client indemnifies Global Prime for any costs, expenses or losses suffered or incurred by Global Prime as a result of Client's failure to deliver securities in accordance with this clause.