Common use of Account Status Clause in Contracts

Account Status. This Account Agreement (“Agreement”) sets forth the terms and conditions upon which ▇.▇. ▇’▇▇▇▇▇ & Associates, LLC (“▇.▇. ▇’▇▇▇▇▇” ) will accept and maintain for the undersigned (“Client” ) one or more accounts (individually, “Account” and collectively, “Accounts”) and act as broker or dealer for Client in the execution and clearing of orders for transactions (whether domestic or foreign) involving the purchase and sale of futures contracts; options on futures contracts; commodities and forward contracts, option, spot and forward foreign exchange transactions; exchange for physicals (“EFPs”); and any other cash transaction or derivative, or any similar instruments which may be purchased, sold or cleared by or through a futures commission merchant (“FCM”) (individually, a “Contract” and collectively, “Contracts”). If the Account has been introduced to ▇.▇. ▇’▇▇▇▇▇ by a broker (“Introducing Broker”), all references to ▇. ▇. ▇’▇▇▇▇▇ in this Agreement shall include the Introducing Broker, and the Introducing Broker shall enjoy all benefits and rights hereunder. Client understands that if using an Introducing Broker, ▇.▇. ▇’▇▇▇▇▇’▇ only relationship between it and the Introducing Broker is to execute or clear trades introduced to Client by the Introducing Broker and that the Introducing Broker is not controlled by ▇. ▇. ▇’▇▇▇▇▇. Supervision and/or control of the activity in the Account (as hereinafter defined) rest with the Introducing Broker, subject to Applicable Law, if relevant for the type of Contract traded, unless the Introducing Broker is a Guaranteed Introducing Broker of ▇.▇. ▇’▇▇▇▇▇ and in such case only to the extent required by Applicable Law. Client acknowledges that ▇.▇. ▇’▇▇▇▇▇ pays a portion of its fees and commissions to the Introducing Broker. Commissions charged to the Account are established by the Introducing Broker. Client agrees and acknowledges that the Introducing Broker, or any other entity or person if so authorized by Client including any broker of ▇.▇. ▇’▇▇▇▇▇ (the “Agent”), and