Common use of SETTLEMENT PROCEDURES AND REVERSALS Clause in Contracts

SETTLEMENT PROCEDURES AND REVERSALS. The Bank may cause the Discretionary Account(s) to be credited on the contractual settlement date with the proceeds of any sale or exchange of the Customer’s monies, Securities and/or Investments or to be debited on the contractual settlement date for the cost of the monies, Securities and/or Investments purchased. Such credit and debits are provisional, and the Bank may reverse a credit or debit made on a contractual settlement date if the Transaction for which the credit or debit has been made fails to settle within a period of time which the Bank considers reasonable in light of market conditions. If any monies, Securities and/or Investments sold are returned by the recipient, the Bank may cause the credits or debits to be reversed at any time. Alternatively, the Bank may elect not to credit or debit the Discretionary Account(s) on the contractual settlement date for a Transaction, in which case it may credit the Discretionary Account(s) with the proceeds of any sale or exchange of any monies, Securities and/or Investments or debit the Discretionary Account(s) for the cost of the monies, Securities and/or Investments purchased on the date such proceeds or monies, Securities and/or Investments are actually received.

SETTLEMENT PROCEDURES AND REVERSALS. The Bank may cause the Discretionary Investment Account(s) to be credited on the contractual settlement date with the proceeds of any sale or exchange of the Customer’s monies, Securities Specified Products and/or other Investments or to be debited on the contractual settlement date for the cost of the monies, Securities and/or Specified Products and/ or other Investments purchased. Such credit credits and debits are provisional, and the Bank may reverse a credit or debit made on a contractual settlement date if the Transaction for which the credit or debit has been made fails to settle within a period of time which the Bank considers reasonable in light of market conditions. If any monies, Securities and/or Investments sold are returned by the recipient, the Bank may cause the credits or debits to be reversed at any time. Alternatively, the Bank may elect not to credit or debit the Discretionary Investment Account(s) on the contractual settlement date for a Transaction, in which case it may credit the Discretionary Investment Account(s) with the proceeds of any sale or exchange of any monies, Securities and/or Specified Products and/ or other Investments or debit the Discretionary Investment Account(s) for the cost of the monies, Securities Specified Products and/or other Investments purchased on the date such proceeds or monies, Securities Specified Products and/or other Investments are actually received.