Common use of Clearing Agent Clause in Contracts

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 instances, execution of securities orders. HFS is responsible for knowing the facts about any orders for the purchase or sale of securities for the account. If HFS obtains possession of any cash or securities intended for the account, HFS is responsible for correctly identifying and promptly forwarding the same to the Clearing Agent. HFS is responsible for supervising the activities of the individual(s) (if any) who service your account, for resolving any complaints regarding the handling of your account, and, in general, for the ongoing relationship that we have with you. In all of the above matters relating to the servicing of your account, the Clearing Agent has no involvement and assumes no responsibility. Identity Verification for New Accounts. When opening your account, we make all efforts to verify your personal identification information against the records maintained by the Plan Sponsor. If by chance HFS experiences any difficulty in verifying any of your personal information or if discrepancies are discovered, we may not be able to open an account for you or, if opened, HFS may have to restrict or close your account until such discrepancies are resolved. We will take all efforts possible to minimize any delays or inconvenience to you. HFS will not be liable for any losses or damages resulting from yours or the Plan fiduciaries’ failure to provide accurate personal information.

Clearing Agent. Pershing LLC (“Pershing” or “Clearing Agent”) is the New York Stock Exchange member clearing agent for HFSAFS. HFS AFS is independent of the Clearing Agent. Pershing is retained to provide certain record keeping and operational 1 Access Device refers to any computer, personal digital assistant (PDA), beeper, television, telephone or any other communications device, including any software, whether provided through AFS or otherwise, that enables you to access and use the AFS Service via a wireless connection, the Internet, the World Wide Web or any other computer or tele- phonic network. 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 HFSAFS. It is important that you understand the responsibilities of HFS AFS and the Clearing Agent as outlined below. Any rights or obligations HFS AFS or its Clearing Agent have with respect to your account may be exercised by either the Clearing Agent or HFS AFS 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 AFS may collect from you or enforce any other rights under this Agreement independently or jointly. HFS AFS is not the Clearing Agent‘s agent, and you cannot seek to hold HFS AFS 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 HFSAFS. Notices concerning matters related to your account usually will be provided by HFSAFS, although notice may be provided directly from the Clearing Agent with or without duplicate notice from HFSAFS, 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 • AFS is responsible for knowing your basic information. HFS • AFS is responsible for the acceptance and, in certain instances, execution of securities orders. HFS • AFS is responsible for knowing the facts about any orders for the purchase or sale of securities for the account. • If HFS AFS obtains possession of any cash or securities intended for the account, HFS AFS is responsible for correctly identifying and promptly forwarding the same to the Clearing Agent. HFS • AFS is responsible for supervising the activities of the individual(s) (if any) who service your account, for resolving any complaints regarding the handling of your account, and, in general, for the ongoing relationship that we have with you. In all of the above matters relating to the servicing of your account, the Clearing Agent has no involvement and assumes no responsibility. Identity Verification for New Accounts. When opening your account, we make all efforts to verify your personal identification information against the records maintained by the Plan Sponsor. If by chance HFS experiences any difficulty in verifying any of your personal information or if discrepancies are discovered, we may not be able to open an account for you or, if opened, HFS may have to restrict or close your account until such discrepancies are resolved. We will take all efforts possible to minimize any delays or inconvenience to you. HFS will not be liable for any losses or damages resulting from yours or the Plan fiduciaries’ failure to provide accurate personal information.