Clearing Account. Bank shall establish and maintain the Account in which it will hold on behalf of Customer Securities and monies incidental to clearing Securities. Bank shall maintain accurate records with respect to each transaction cleared through the Account, and is hereby authorized to make appropriate debit and credit entries of Securities and monies in the Account to effect the execution of each Instruction of Customer for the receipt or delivery of Securities.
Appears in 2 contracts
Sources: Securities Clearing Agreement (Ameritrade Holding Corp), Securities Clearing Agreement (Maxcor Financial Group Inc)