Common use of Impartial Lottery Allocation System Clause in Contracts

Impartial Lottery Allocation System. When Pershing holds on your behalf bonds or preferred stocks in street or bearer form which are callable, all or in part, you agree 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. Further, you understand that when the call is favorable, no allocation will be made to any account in which Pershing, CFS, their affiliates, directors, officers or employees, have a financial interest until all other customers’ positions in such securities are satisfied on an impartial lottery basis. 37.

Impartial Lottery Allocation System. When Pershing holds on your behalf bonds or preferred stocks in street or bearer form which are callable, all or in part, you agree 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. Further, you understand that when the call is favorable, no allocation will be made to any account in which Pershing, CFS, WFS, their affiliates, directors, officers or employees, have a financial interest until all other customers’ positions in such securities are satisfied on an impartial lottery basis. 37.