Common use of Option Accounts Clause in Contracts

Option Accounts. In the event that any customer elects to engage in listed securities options transactions in an Account accepted by FSWC, or CLAY enters securities options transactions in an Account accepted by FSWC, CLAY agrees to (i) abide by FSWC's requirements and time limitation for accepting an exercise notice with respect to a Customer's options positions, which requirements and time limitations may be different from the minimum requirements imposed by the Options Clearing Corporation ("OCC") or other regulatory or self-regulatory organization from time to time, (ii) determine the suitability of the Customer for trading options and approving specific options strategies and transactions, (iii) provide the Customer with a current copy of the OCC disclosure document and applicable updates as published from time to time by OCC (and complying with such other requirements involving the dissemination of disclosure documents, including prospectuses, as may be required from time to time by applicable law), and (iv) notify the customer when customer has been assigned delivery responsibility regarding any short options positions, and accept exercise notices from the customer regarding long options positions.

Option Accounts. In the event that any customer elects to engage in listed securities options transactions in an Account accepted by FSWC, or CLAY ALEX enters securities options transactions in an Account accepted by FSWC, CLAY ALEX agrees to (i) abide by FSWC's requirements and time limitation for accepting an exercise notice with respect to a Customer's options positions, which requirements and time limitations may be different from the minimum requirements imposed by the Options Clearing Corporation ("OCC") or other regulatory or self-regulatory organization from time to time, (ii) determine the suitability of the Customer for trading options and approving specific options strategies and transactions, (iii) provide the Customer with a current Current copy of the OCC disclosure document and applicable updates as published from time to time by OCC (and complying with such other requirements involving the dissemination of disclosure documents, including prospectuses, as may be required from time to time by applicable law), and (iv) notify the customer when customer has been assigned delivery responsibility regarding any short options positions, and accept exercise notices from the customer regarding long options positions.