Margin Calls

If the margin equity in your account falls below a certain amount based on the amount you have borrowed, then the account is issued a margin call.

Margin call information is provided to help you understand when your account is in a call and see what amounts are due and when. The method and time for meeting a margin call varies, depending on the type of call.

Call Type	Trigger	Call Meeting Methods
House	Account margin equity falls below Fidelity's requirement	Sell margin-eligible securities held in the account, or Deposit cash or margin-eligible securities Time allowed: Five business days Fidelity reserves the right to meet margin calls in your account at any time without prior notice.^*
Exchange	Account margin equity falls below exchange requirements	Sell margin-eligible securities held in the account, or Deposit cash or margin-eligible securities Time allowed: Two business days Fidelity reserves the right to meet margin calls in your account at any time without prior notice.^*
Federal	Insufficient equity to satisfy the 50% initial requirement on an opening transaction	Sell margin-eligible securities held in the account, or Deposit cash or margin-eligible securities Note: Repeatedly liquidating securities to cover a federal call while below exchange requirements may result in restrictions on margin trading in the account. Time allowed: Five business days Fidelity reserves the right to meet margin calls in your account at any time without prior notice.^*
Day trade	A day trade exceeds your account's day trade buying power	Deposit of cash or marginable securities only. A sell of an existing position may satisfy a day trade call but is considered a day trade liquidation. Thee day trade liquidations within a 12-month period will cause the account to be restricted. Note: There is a two-day holding period on funds deposited to meet a day trade call. Time allowed: Five business days Fidelity reserves the right to meet margin calls in your account at any time without prior notice.^*
Day trade minimum equity	Margin equity falls below the $25,000 pattern day trader equity requirement	Deposit of cash or marginable securities Note: There is a two-day holding period on funds deposited to meet a day trade minimum equity call. Time allowed: Five business days Fidelity reserves the right to meet margin calls in your account at any time without prior notice.^*

^*Fidelity can sell assets in your account without contacting you. While Fidelity generally attempts to notify customers of margin calls, it is not required to do so. Even if you are notified, Fidelity can still sell assets before the time indicated in the notice, if it believes such action is warranted. You understand that if we contact you in advance in certain instances, we are not obligated to do so and such action will not be deemed a waiver of our rights under this agreement.

Margin trading entails greater risk and is not suitable for all investors. Please assess your financial circumstances and risk tolerance prior to trading on margin.

Margin credit is extended by National Financial Services, Member NYSE, SIPC.

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