Clearing Agent Sample Clauses
The Clearing Agent clause defines the role and responsibilities of a third-party entity, known as the clearing agent, in facilitating the settlement of transactions between parties. Typically, this clause outlines how the clearing agent will process payments, manage the transfer of funds or securities, and ensure that all obligations between the parties are fulfilled according to the agreement. By specifying the involvement of a clearing agent, the clause helps to reduce counterparty risk and ensures that settlements are conducted efficiently and transparently.
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Clearing Agent. Pershing LLC (“Pershing” or “Clearing Agent”) is the New York Stock Exchange member clearing agent for HFS. HFS is independent of the Clearing Agent. Pershing is retained to provide certain record keeping and operational services, which may include execution and settlement of securities transactions, custody of securities and cash balances, and extension of credit on margin transactions, if applicable. These services are provided under a written agreement between the Clearing Agent and HFS. It is important that you understand the responsibilities of HFS and the Clearing Agent as outlined below. Any rights or obligations HFS or its Clearing Agent have with respect to your account may be exercised by either the Clearing Agent or HFS or may be assigned to the other, including, but not limited to, the right to collect any debit balance or other obligations owing in the account, and the Clearing Agent and HFS may collect from you or enforce any other rights under this Agreement independently or jointly. HFS is not the Clearing Agent‘s agent, and you cannot seek to hold HFS or its Clearing Agent, or any Agent or Affiliate, liable for any trading losses incurred by you as a result of investment choices made by you. The Clearing Agent is carrying your account as clearing broker pursuant to an agreement with HFS. Notices concerning matters related to your account usually will be provided by HFS, although notice may be provided directly from the Clearing Agent with or without duplicate notice from HFS, as circumstances may require. A more detailed description of Clearing Agent’s functions and responsibilities with respect to you and your account are provided in the item referred to as “Clearing Agent Responsibilities”, which is attached and made part of this document as Appendix B. Responsibilities of HFS. HFS has general responsibility for servicing and supervising your account through its own personnel in accordance with its own policies and applicable laws and regulations. HFS is responsible for approving the opening of the account and obtaining necessary account documentation. You will be asked for appropriate identifying information when establishing your account by either HFS or Clearing Agent. The information provided may be used to verify identity by using internal sources and third-party vendors. It is important for you to note the following: HFS is responsible for knowing your basic information. HFS is responsible for the acceptance and, in certain instanc...
Clearing Agent. 1. Services to be Performed by the Clearing Agent; Covenants of the Clearing Agent.
Clearing Agent. Clearing Agent represents and warrants that:
Clearing Agent. The Clearing Agent shall indemnify and hold the Introducing Firm harmless from and against any losses, claims, damages, liabilities or expenses including without limitation those asserted by its Introduced Accounts (which shall include, but not be limited to, all costs of defense and investigation and all reasonable attorney's fees) to which the Introducing Firm may become subject, insofar as such losses, claims, damages, liabilities or expenses arise out of or are based upon any of the following:
i. any breach of any representation or warranty made by the Clearing Agent under this Agreement or any failure of the Clearing Agent to perform, undertake, honor or comply with any of its responsibilities or covenants under this Agreement;
ii. the negligence or willful misconduct of the Clearing Agent or its employees in providing the services contemplated hereunder;
iii. the loss of securities or cash after actual receipt by the Clearing Agent from the Introducing Firm or an appropriate national clearing organization or prior to the actual receipt of such securities or cash by the Introducing Firm or an appropriate national clearing organization from the Clearing Agent; or
iv. the operation of margin accounts in a manner not in conformity with applicable law provided that such lack of conformity is not the result of the failure by the Introducing Firm to follow instructions of the Clearing Agent as provided hereunder.
Clearing Agent. We will act as your clearing agent for the purpose of conducting the collection of English, Welsh, Scottish and Northern Irish cheques. CORE BANKING AGREEMENT
Clearing Agent. The Distributor acknowledges that ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ is an introducing firm whose securities trading activities are cleared through the correspondent services of a clearing firm (the "Agent"). The Distributor agrees that one or more of the services specified herein may be performed on ▇▇▇▇▇▇ ▇▇▇▇▇▇▇'▇ behalf by the Agent and that such performance will not constitute an impermissible assignment under the terms of this Agreement nor will it affect in any way the payment of service fees to ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ as set forth in this Agreement.
Clearing Agent. B2C Europe will not act as your clearing agent for goods into the UK. All goods will be delivered to B2C Europe free of taxes and import duties.
Clearing Agent herein agrees to promptly notify the Introducing Firm upon the occurrence of any event, including but not limited to, physical damage to Clearing Agent's transmitting facilities, that would materially affect Clearing Agent's ability to make TRACE reporting on behalf of the Introducing Firm.
Clearing Agent. Where Dealer is an introducing broker-dealer for some or all of its customers and has entered into an agreement with a clearing agent (the “Clearing Agent”) as previously disclosed to Distributor or the Fund, pursuant to which the Clearing Agent will perform certain operational functions (including the execution and clearance of trades and the holding of funds and securities on behalf of Dealer’s customers), the following provisions shall apply (and in the event of any conflict between the terms of this paragraph and any other provision of this agreement, the terms of this paragraph shall prevail):