Common use of Delivery Procedures Clause in Contracts

Delivery Procedures. Prior to the last trading day in the case of positions in open futures and options, and at least two business days prior to the value date in the case of forward contracts, or in any event at such earlier time as ▇▇▇▇▇▇▇ ▇▇▇▇▇ may reasonably require, Customer agrees that it shall give ▇▇▇▇▇▇▇ ▇▇▇▇▇ instructions to liquidate or make or take delivery under such futures or forward contracts, or to liquidate, exercise or allow the expiration of such options and shall deliver to ▇▇▇▇▇▇▇ ▇▇▇▇▇ sufficient funds and any documents required in connection with any such exercise or delivery. (Customer understands and acknowledges that option positions may be subject to automatic exercise procedures. ▇▇▇▇▇▇▇ ▇▇▇▇▇ will exercise all in-the-money option positions that are subject to automatic exercise unless Customer advises ▇▇▇▇▇▇▇ ▇▇▇▇▇ to the contrary.) If Customer fails to comply with any of the foregoing obligations, ▇▇▇▇▇▇▇ ▇▇▇▇▇ may, at its discretion and in any commercially reasonable manner, liquidate any open positions, make or receive delivery of any securities, commodities or instruments, or exercise or allow the expiration of any option. Customer shall remain fully liable for all costs, expenses, and liabilities incurred by ▇▇▇▇▇▇▇ ▇▇▇▇▇ in connection with such transactions and for any remaining debit balance.