Common use of Collection and Remittance of Commissions Clause in Contracts

Collection and Remittance of Commissions. On behalf of Correspondent, Ridge will collect all Commissions paid by Customer Accounts and will deduct and retain the following amounts from such Commissions: 1. all amounts payable to Ridge in accordance with Schedule B and any amendments thereto; 2. any expenses payable by Ridge on Correspondent’s behalf; 3. any loss, liability, dam­age, claim, cost or ex­pense (including, but not limited to, attorneys’ fees and expenses), as incurred, in respect of which Ridge or any of its control persons, directors, officers, employees, agents, affiliates, successors and assigns (collectively, including Ridge, the “Ridge Parties”) is entitled to indemnification by Correspondent under this Agreement; and 4. all other amounts owed by Correspondent or by any Customer to Ridge pursuant to this Agreement or any other agreement between Ridge and Correspondent or between Ridge and any Customer (including, without limitation, Customers’ unsecured debit items or unsecured or partially secured short positions). As soon as practicable after the end of each month, Ridge will credit the Settlement Deposit Account (as defined in Section X.B. of this Agreement) with the amount of Commissions collected by Ridge on Correspondent’s behalf, net of all amounts to be deducted as set forth above and any other amounts due to Ridge from Correspondent, however arising, as determined by Ridge. If the amount due to Ridge in any month exceeds the amount available in Correspondent’s Settlement Deposit Account, Correspondent shall, in accordance with the provisions of Section X.A. of this Agreement, immediately deposit with Ridge additional cash so that the Settlement Deposit Account shall always have a zero or credit balance. If Correspondent fails to make such additional deposit, Ridge will have full rights of setoff, including, without limitation, the right to charge any other Account maintained by Ridge for Correspondent or any other assets of Correspondent held by Ridge, including, but not limited to, the Security Deposit (as defined in Section X.B. of this Agreement) and positions and balances in Accounts which are proprietary accounts of Correspondent, for the net amount due Ridge. If Ridge elects not to charge such other Accounts or assets, or such assets are insufficient to discharge the net amount due to Ridge, any amount due to Ridge will be paid to Ridge by Correspondent by check within ten (10) days of Correspondent’s receipt of a statement (the “Reconciliation Statement”) showing the amount due to Ridge. If Ridge does not receive payment within such period, Ridge will charge Correspondent interest at 2% above the broker’s call rate, or such other rate as may be agreed in writing by Ridge and Correspondent until paid. Any failure by Ridge to charge the Settlement Deposit Account or any other Account or assets of Correspondent held by Ridge shall not act as a waiver of Ridge’s right to demand payment of, or to charge Correspondent’s Accounts for, the full amount due at any time.

Collection and Remittance of Commissions. On behalf of Correspondent, Ridge will ICS shall collect all Commissions paid by Customer from the Accounts on behalf of Correspondent and will shall deduct and retain the following amounts from such CommissionsCommissions as shall be determined by ICS: 1. all amounts payable to Ridge ICS in accordance with Schedule B and any amendments thereto; 2. any expenses payable by Ridge ICS on Correspondent’s behalf; 3. any loss, liability, dam­agedamage, claim, cost or ex­pense expense (including, including but not limited to, to attorneys’ fees and expensesfees), as incurred, in respect of which Ridge or any of its control persons, directors, officers, employees, agents, affiliates, successors and assigns ICS Indemnitee (collectively, including Ridge, the “Ridge Parties”as defined below) is entitled to indemnification by Correspondent under this Agreement; and 4. all other amounts owed by Correspondent or by any Customer to Ridge ICS pursuant to this Agreement or any other agreement between Ridge ICS and Correspondent or between Ridge ICS and any Customer (including, without limitation, Customers’ unsecured debit items items, or unsecured or partially secured short positions). As soon as practicable after the end of each month, Ridge will ICS shall credit the Settlement Deposit Account (as defined in Section X.B. of this AgreementX.B.) with the amount of Commissions collected by Ridge ICS on Correspondent’s behalf, net of all amounts to be deducted as set forth above and any other amounts due to Ridge ICS from Correspondent, however arising, as determined by RidgeICS. If the amount due to Ridge ICS in any month exceeds the amount available in Correspondent’s Settlement Deposit Account, Correspondent shall, in accordance with the provisions of Section X.A. of this AgreementX.A., immediately deposit with Ridge ICS additional cash so that the Settlement Deposit Account shall always have a zero or credit balance. If Correspondent fails to make such additional deposit, Ridge will ICS shall have full rights of setoff, including, without limitation, the right to charge any other Account maintained by Ridge ICS for Correspondent or any other assets of Correspondent held by RidgeICS, including, but not limited to, the Security Deposit (as defined in Section X.B. of this AgreementX.B.) and positions and balances in Accounts which are proprietary accounts of Correspondent, for the net amount due RidgeICS. If Ridge ICS elects not to charge such other Accounts or assets, or such assets are insufficient to discharge the net amount due to RidgeICS, any amount due to Ridge will ICS shall be paid to Ridge ICS by Correspondent by check within ten (10) days of Correspondent’s receipt of a statement (the “Reconciliation Statement”) showing the amount due to RidgeICS. If Ridge ICS does not receive payment within such period, Ridge will ICS shall charge Correspondent interest at 21% above the broker’s call rate, or such other rate as may be agreed in writing by Ridge ICS and Correspondent until paid. Any failure by Ridge ICS to charge the Settlement Deposit Account or any other Account or assets of Correspondent held by Ridge ICS shall not act as a waiver of Ridge’s ICS’ right to demand payment of, or to charge Correspondent’s Accounts for, the full amount due at any time.

Collection and Remittance of Commissions. On behalf of Correspondent, Ridge will collect all Commissions paid by Customer Accounts and will deduct and retain the following amounts from such Commissions: 1. all amounts payable to Ridge in accordance with Schedule B and any amendments thereto; 2. any expenses payable by Ridge on Correspondent’s behalf; 3. any loss, liability, dam­agedamage, claim, cost or ex­pense expense (including, but not limited to, attorneys’ fees and expenses), as incurred, in respect of which any Ridge or any of its control persons, directors, officers, employees, agents, affiliates, successors and assigns Indemnitee (collectively, including Ridge, the “Ridge Parties”as defined below) is entitled to indemnification by Correspondent under this Agreement; and 4. all other amounts owed by Correspondent or by any Customer to Ridge pursuant to this Agreement or any other agreement between Ridge and Correspondent or between Ridge and any Customer (including, without limitation, Customers’ unsecured debit items or unsecured or partially secured short positions). As soon as practicable after the end of each month, Ridge will credit the Settlement Deposit Account (as defined in Section X.B. of this Agreement) with the amount of Commissions collected by Ridge on Correspondent’s behalf, net of all amounts to be deducted as set forth above and any other amounts due to Ridge from Correspondent, however arising, as determined by Ridge. If the amount due to Ridge in any month exceeds the amount available in Correspondent’s Settlement Deposit Account, Correspondent shall, in accordance with the provisions of Section X.A. of this Agreement, immediately deposit with Ridge additional cash so that the Settlement Deposit Account shall always have a zero or credit balance. If Correspondent fails to make such additional deposit, Ridge will have full rights of setoff, including, without limitation, the right to charge any other Account maintained by Ridge for Correspondent or any other assets of Correspondent held by Ridge, including, but not limited to, the Security Deposit (as defined in Section X.B. of this Agreement) and positions and balances in Accounts which are proprietary accounts of Correspondent, for the net amount due Ridge. If Ridge elects not to charge such other Accounts or assets, or such assets are insufficient to discharge the net amount due to Ridge, any amount due to Ridge will be paid to Ridge by Correspondent by check within ten twenty (1020) days of Correspondent’s receipt of a statement (the “Reconciliation Statement”) showing the amount due to Ridge. If Ridge does not receive payment within such period, Ridge will charge Correspondent interest at 2% above the broker’s call rate, or such other rate as may be agreed in writing by Ridge and Correspondent until paid. Any failure by Ridge to charge the Settlement Deposit Account or any other Account or assets of Correspondent held by Ridge shall not act as a waiver of Ridge’s right to demand payment of, or to charge Correspondent’s Accounts for, the full amount due at any time.

Collection and Remittance of Commissions. On behalf of Correspondent, Ridge will Clearing Broker shall collect all Commissions paid by Customer from the Accounts on behalf of Correspondent and will shall deduct and retain the following amounts from such CommissionsCommissions as shall be determined by Clearing Broker: 1. all amounts payable to Ridge in Clearing Broker In accordance with Schedule B and any amendments thereto; 2. any expenses payable by Ridge Clearing Broker on Correspondent’s 's behalf; 3. any loss, liability, dam­agedamage, claim, cost or ex­pense expense (including, including but not limited to, to attorneys’ fees and expenses' fees), as incurred, in respect of which Ridge or any of its control persons, directors, officers, employees, agents, affiliates, successors and assigns Clearing Broker Indemnitee (collectively, including Ridge, the “Ridge Parties”as defined below) is entitled to indemnification by Correspondent under this Agreement; and 4. all other amounts owed by Correspondent or by any Customer to Ridge Clearing Broker pursuant to this Agreement or any other agreement between Ridge Clearing Broker and Correspondent or between Ridge Clearing Broker and any Customer (including, without limitation, Customers’ ' unsecured debit items items, or unsecured or partially secured short positions). As soon as practicable after On or before the 10th business day of the month following the end of each monththe month in which the Commissions are generated, Ridge will Clearing Broker shall credit the Settlement Deposit Account (as defined in Section X.B. of this AgreementX.B.) with the amount of Commissions collected by Ridge Clearing Broker on Correspondent’s 's behalf, net of all amounts to be deducted as set forth above and any other amounts due to Ridge Clearing Broker from Correspondent, however arising, as determined by RidgeClearing Broker. If the amount due to Ridge Clearing Broker in any month exceeds the amount available in Correspondent’s 's Settlement Deposit Account, Correspondent shall, in accordance with the provisions of Section X.A. of this AgreementX.A., immediately deposit with Ridge Clearing Broker additional cash so that the Settlement Deposit Account shall always have a zero or credit balance. If Correspondent fails to make such additional deposit, Ridge will Clearing Broker shall have full rights of setoff, including, without limitation, the right to charge any other Account maintained by Ridge Clearing Broker for Correspondent or any other assets of Correspondent held by RidgeClearing Broker, including, but not limited to, the Security Deposit (as defined in Section X.B. of this AgreementX.B.) and positions and balances in Accounts which are proprietary accounts of Correspondent, for the net amount due RidgeClearing Broker. If Ridge Clearing Broker elects not to charge such other Accounts or assets, or such assets are insufficient to discharge the net amount due to RidgeClearing Broker, any amount due to Ridge will Clearing Broker shall be paid to Ridge Clearing Broker by Correspondent by check wire transfer within ten (10) days of Correspondent’s 's receipt of a statement (the “"Reconciliation Statement”") showing the amount due to RidgeClearing Broker. If Ridge Clearing Broker does not receive payment within such period, Ridge will Clearing Broker shall charge Correspondent interest at 21% above the broker’s 's call rate, 'or such other rate as may be agreed in writing by Ridge Clearing Broker and Correspondent Correspondent, until paidpaid in full. Any failure by Ridge Clearing Broker to charge the Settlement Deposit Account or any other Account or assets of Correspondent held by Ridge Clearing Broker shall not act as constitute a waiver of Ridge’s Clearing Broker's right to demand payment of, or to charge Correspondent’s 's Accounts for, the full amount due at any time.