Common use of SHORT AND LONG SALES Clause in Contracts

SHORT AND LONG SALES. ‌ A. Short Sales. Where required by Applicable Laws, in placing a sell order in any equity security with, or reporting a sell order to, ▇▇ ▇▇▇▇▇▇ for a short account, you shall designate the order as “short.” Your reporting of a sell order as “short” shall constitute your representation that, if your order was executed by a broker other than ▇▇ ▇▇▇▇▇▇, such executing broker or another registered broker dealer has obtained a “locate” (i.e., assurances that the relevant securities can be obtained and delivered to ▇▇ ▇▇▇▇▇▇ in time to enable ▇▇ ▇▇▇▇▇▇ to settle the trade on a standard settlement basis) and you will identify to ▇▇ ▇▇▇▇▇▇ the source of your “locate”. ▇▇ ▇▇▇▇▇▇ may in its discretion require you to obtain all “locates” from ▇▇ ▇▇▇▇▇▇. ▇▇ ▇▇▇▇▇▇ may also determine not to accept your representation of having obtained a “locate” as the grounds required for reliance by it under Applicable Laws and may in its discretion borrow or buy, for your account and risk, the securities you have sold short.