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<br />tilE <br /> <br /> <br /> <br />sentence to the extent that such action should result in the creation of a Margin <br />Deficit, unless prior there to or simultaneously there with Seller transfers to <br />Buyer cash or additional purchased securities sufficient to eliminate such Margin <br />Deficit. <br /> <br /> <br />6. Securitv Interest <br />Although the parties intend that all Transactions hereunder be sales and <br />purchase and not loans, in the event any such transactions are deemed to be <br />loans, Seller shall be deemed to have pledged to Buyer as security to the <br />performance by Seller of it's obligations under each such Transaction, and shall <br />be deemed to have granted to Buyer a security interest in, all of the Purchase <br />Securities with respect to all transactions hereunder and proceeds thereof. <br /> <br />7. Pavrnent and Transfer <br />Unless otherwise mutually agreed, all transfers of funds hereunder shall be in <br />immediately available funds. All securities transferred by one party hereto to <br />the other party (I) shall be in suitable form for - transfer or shall be <br />accompanied by duly executed instruments of transfer or assignment in blank in <br />such other documentation as the party receiving possession may reasonably <br />request, (ii)~hall be transferred to any other method mutually acceptable to <br />Seller and Buyer. As used herein with respect to Securities, "transfer" is <br />intended to have the same meaning as when used in Section 8-313 of the New'York <br />Uniform Commercial Code or, where applicable, in any federal regulation governing <br />transfers of the Securities. <br /> <br />8. Seareaation of Purchased Securities <br />To the extent required by applicable law, all Purchased Securities in the <br />possession of Seller shall be segregated from other securities,in íts possession <br />and shall be identified as subj ect to this agreement. Segregation may be <br />accomplished by approacher identification on the books and records of the holder n <br />including a financial intermediary or a cleaning corporation. Title to all <br />purchased securities shall pass to Buyer and, unless otherwise agreed by Buyer <br />and Seller, nothing in this agreement shall preclude Buyer from engaging in <br />repurchase transactions with the Purchased Securities, but no such transaction <br />shall relieve Buyer of it's obligations to transfer Purchased Securities to <br />Seller pursuant to paragraph 3,4,11 hereof, or of Buyer's obligation to credit <br />or pay income to, or apply Income to the obligations of, pursuant to paragraph <br />5 hereof. <br /> <br /> <br />Required Disclosure for Transactions in Which the Seller Retains Custody of the <br />Purchased Securities. <br /> <br />Seller is not permitted to substitute other securities for those subject to this <br />Agreement and therefore must keep buyer's securities segregated at all times, <br />unless in this agreement Ruyer grants Seller the right to substitute other <br />securities. If Buyer grants the right to substitute, this means that Buyer's <br />securities will likely be cow~ingled with Seller's securities, they will be <br />subject to liens granted by Seller to it's clearing bank and may be used by <br />Seller for deliveries on other securities transactions. Whenever the securities <br />are commingled, Seller's ability to resegregate substitute securities for Buyer <br />will subject to Seller's ability to satisfy the clearing lien or to obtain <br />substitute securities. <br /> <br /> <br /> <br /> <br /> <br />14 <br />