Delivery and Remittance Clause Samples

Delivery and Remittance. Customer agrees that it has an absolute and unconditional obligation, in connection with each securities trade executed via the Services or a Non-Virtu System, to make and ensure timely delivery of the subject securities and/or funds, in good deliverable form, free and clear of any lien, claim, interest or restriction of any sort, as well as any required remittance of interest, dividend payments, and/or other distributions. Customer must honor this settlement obligation whether or not Customer wishes to challenge or raise defenses of any nature whatsoever to the transaction. Without limiting the foregoing: (i) if Virtu effects a sale of any security at Customer’s direction and Customer fails to deliver such security, then Virtu is authorized to purchase or borrow any such security necessary to make delivery thereof. In that event, Customer will be responsible for any costs or loss (including interest costs) that Virtu may sustain thereby and any premiums that it may be required to pay, and for any costs or loss that Virtu may sustain because of its inability to purchase or borrow the security sold, and (ii) if Virtu effects a purchase of any security at Customer’s direction and Customer fails to make payment for such security, Customer will be responsible for any costs or loss (including interest costs) that Virtu may sustain thereby. Customer further agrees that in the event Customer directs, or Virtu is required, to settle a transaction in a currency other than the currency of the relevant security, Customer bears the risk and costs (including fees) of such currency conversion; Virtu shall have the right to convert currencies at such rates and in such manner as it may reasonably determine and to charge a reasonable fee for such conversion.