Common use of Callable Securities Clause in Contracts

Callable Securities. When the Bank shall hold on the Client’s behalf bonds or stocks in street or bearer form which are callable in part, the Client agrees to participate in the impartial lottery allocation system of the called securities in accordance with the provisions of the rules of the New York Stock Exchange, Inc., or any other appropriate self-regulatory organization. Further, the Client understands when the call is favorable, no allocation will be made to any account in which the Bank, or its officers or employees, have a financial interest until all other customers are satisfied on an impartial lottery basis.

Callable Securities. When the Bank shall hold on the Client’s behalf bonds or stocks in street or bearer form which are callable in part, the Client agrees to participate in the impartial lottery allocation system of the called securities in accordance accord ance with the provisions of the rules of the New York Stock Exchange, Inc., or any other appropriate self-regulatory organization. Further, the Client understands when the call is favorable, no allocation will be made to any account in which the Bank, or its officers or employees, have a financial interest until all other customers are satisfied on an impartial lottery basis.