Loan of Securities. We are authorized to lend ourselves (as principal or otherwise) or others any securities held in your Margin Account and have no obligation to retain under our possession and control a like amount of such securities. In connection with such loans, we may receive and retain certain benefits (including interest on posted collateral) to which you shall not be entitled. Such loans may limit, in whole or in part, your ability to exercise voting rights of the securities lent.
Pledge of Securities, Options and Other Property. All securities and other property now or hereafter held, carried or maintained by us in or for your Margin Account may, from time to time and without notice to you, be pledged, repledged, hypothecated or re-hypothecated by us, either separately or in common with other securities and other property. The values received may be greater than the amount you owe us. Any losses, gains or compensation resulting from these activities will not accrue to your Margin Account. We are required under SEC rule 15c3-3 to retain in our possession and control all fully paid-for securities. Securities used as collateral for margin loans are not fully paid for and therefore are not subject to the same obligation.