Lek Securities Corporation as Confirmed to Customers
It is agreed upon between you and Lek Securities Corporation as follows:
- Transactions are subject to the terms of any Customer Agreement between you and Lek Securities Corporation and the constitution, rules, by-laws, practices and interpretations of the exchange or market (clearing house, if any) where executed, and of the Financial Industry Regulatory Authority, and all applicable law.
- If required payment or delivery of securities is not made by settlement date, positions may be closed out and appropriate charges, including interest, may be made to your account.
- Until fully paid for, securities in a cash account, as defined by Regulation T of the Federal Reserve Board, may be hypothecated under circumstances which permit commingling the securities of other customers.
- The name of the party from or to whom the securities were purchased or sold for you, and the identity of the venue to which your orders were routed for execution, and the time when the transaction took place will be furnished to you, free of charge, upon your request. Customers should be aware that certain brokers only accept orders on a "not held" basis. Customers are encouraged to familiarize themselves which of Lek Securities' counter parties demand this and avoid sending orders to these brokers if this is not considered desirable. Non-directed orders will only be forwarded on a "not held" basis if notwithstanding this characteristic, the customer is still expected to receive the best possible execution.
- With respect to transactions involving an offering of securities, the underwriters may over-allot or effect transactions which stabilize or maintain the market price of such securities at a level above that which might otherwise prevail in the open market. Such stabilizing, if commenced, may be discontinued at any time.
- If this transaction is a when, as and if issued trade, upon determination of settlement date you will receive a final confirmation showing the settlement date and the total proceeds or cost credited or debited to your account on said date.
- Lek Securities Corporation shall have a continuing lien and security in all your property in whatever form now or hereafter held by it as security for the payment of all your obligations and liabilities to Lek Securities Corporation, whenever incurred. In the event of a breach or default hereunder, Lek Securities Corporation shall have all rights and remedies available to a secured creditor under the Uniform Commercial Code as then in effect in New York in addition to rights and remedies provided herein or otherwise by law.
- Any repudiation, breach or default hereunder shall constitute Lek Securities Corporations election a default under all other agreements or confirmations between us. Upon any repudiation, breach or default, Lek Securities Corporation shall be entitled, without limiting other right or remedies, it may have, to liquidate, hedge, or offset your obligation by sale of property in your account(s), purchase of property, cancellation of transactions, and/or offset against other accounts you may have at Lek Securities Corporation or obligation of Lek Securities Corporation to you. Purchases or sales may be public or private, and may be made without notice and in such a manner as Lek Securities Corporation may in its discretion determine. You shall remain liable for any balance due and any loss incurred by Lek Securities Corporation in acting pursuant hereto.
- Default hereunder shall include but not be limited to the occurrence of the following: the filing of a petition in bankruptcy or for the appointment of a receiver against you; the making of any assignment for the benefit of creditors; your default or breach under any other agreement or confirmation, whenever entered into, between you and Lek Securities Corporation; your death, mental incompetence or dissolution; in your inability to provide, within three or fewer business days as Lek Securities Corporation deems reasonable under the circumstances, adequate assurance of the due performance upon demand there for in the event reasonable grounds for Lek Securities Corporations insecurity in respect thereof arises, which reasonable grounds shall include but are not limited to: (a) your failure to perform or admission of inability to perform when performance is due on any transaction with any financial institution; (b) your default as principal, guarantor or surety in the performance of any material contract or in the payment of any principal or interest on any indebtedness or in the performance or compliance with any substantial agreement, which default shall have continued beyond any applicable period of grace which with respect to a default on indebtedness would permit acceleration of principle payment; (c) your acknowledgement or indication in any financial statement that you have a negative net worth, or are insolvent or are not paying or are unable to pay your debts as they become due.
- No waiver, notice, demand or forbearance on the part of Lek Securities Corporation shall be deemed continuing. If any provisions herein are or become inconsistent with any law, rule or regulation, such provision shall be deemed to be rescinded or modified accordingly and in all other respects this confirmation shall not be affected.
- Monthly Account Statements shall be considered accepted and approved by you absent written notice of objection within ten days after receipt.
- In the event of any inconsistency with any other agreement concerning the transaction to which this confirmation relates, the terms of this confirmation shall apply.
- This confirmation shall be governed by New York law.
- Lek Securities Corporation has acted as agent for your account unless otherwise indicated.
- This statement is computed for payment in New York funds on settlement date. If payment is made at a later date, additional interest to date of payment may be charged.
- The exchange, ATS , market center, and/or the name of the contra-broker and time of execution will be furnished upon request, as well as any additional compensation received by Lek Securities.
- If the Securities represent an interest in or are secured by a pool of receivables or other financial assets (the Assets) that are subject to continuous prepayment, their actual yield may vary according to the rate of prepayment of the Assets. Information concerning the factors that affect yield will be furnished upon written request.
- IF CALLABLE MUNICIPAL OR OTHER CALLABLE DEBT SECURITY TRANSACTION. Such securities may be subject to call in whole or in part before maturity, on and after the displayed call date. On municipal securities, and all other debt transactions, call features may affect yield. Additional information available upon request to your broker.