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Note that property in a margin account may be pledged or
repledged, hypothecated (loaned) or rehypothecated, either sepa‡
rately or in com mon with any other property, for as much as your
obligation to us or more , without our having to retain a like amount
of similar property in our control for delivery. Also, we may at any
time, and without notice to you, transfer any property between any
of your accounts, whether individual or joint, or from any of your
accounts to any account you guarantee. As permitted by law, we
may use certain securities for, among other things, settling short
sales and lending securities for short sales and as a result may
receive compensation in connection therewith.

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