Common use of Over-the-Counter Transactions Clause in Contracts

Over-the-Counter Transactions. If You engage in the over the counter purchase or sale of coins, bullion, or metals in Your Account, You agree that: (a) actual deliveries are intended on all such transactions; (b) CGM may be acting as a broker or as a dealer in any such transaction, and CGM will inform You of the capacity in which it is acting in any particular transaction upon Your request; (c) such transactions are not cleared through any clearing house and, when CGM is acting as a dealer, the contract for purchase or sale is between You and CGM; (d) when CGM is acting as a broker, CGM does not warrant the authenticity, grade, or quality of any metals or coins; (e) if You request CGM to store metals or coins rather than to carry them on an unallocated basis, You understand that such metals or coins will be placed in a depository selected by CGM in its sole discretion and may be commingled with metals or coins of CGM or other customers, and that all taxes, shipping, storage, and insurance fees will be Your responsibility; (f) CGM may in its sole discretion elect to net settle payments when those payments are for the same currency and value date and (g) MSSB will be acting as introducing broker to CGM in all such transactions.