Common use of Acceptance of Accounts Clause in Contracts

Acceptance of Accounts. Prior to any Customer Account being opened with Apex, it. must be approved by Correspondent. Apex reserves the right to reject, for any reason, any Customer, Customer Account, Correspondent Account or any transaction for any Account and to terminate any Account previously accepted by Apex. Initial acceptance of each Account shall be conditioned upon Apex’s receipt of completed forms as required by Section 2(a). Correspondent shall not submit such forms with respect to any Customer Account unless Correspondent has in its possession the documentation of all information required pursuant to Section 2(b). Apex may reject any Account as to which any documentation required to be submitted to Apex or maintained by Correspondent pursuant to Sections 2(a) and 2(b) is incomplete, and no action taken by Apex or any of its employees, including, without being limited to, executing or clearing a trade in any Account. shall be deemed to be or shall constitute acceptance of such Account. Regarding Customer participation in an FDIC or money market sweep program, Correspondent is fully responsible for ensuring, and maintaining documentation showing, that each Customer, before participating in such program, has given prior written affirmative consent to having free credit balances in the Customer’s account included in the sweep program after having been notified: (1) of the general terms and conditions of the products available through the sweep program: and (2) that the products available under the sweep program may change. Correspondent represents and warrants that the requirements set forth in this section have been fulfilled if Correspondent instructs Apex to enter a Customer into a sweep program, and Apex shall be entitled to fully rely on Correspondent’s representation.