Common use of Failure to Settle or Pay Clause in Contracts

Failure to Settle or Pay. In the event of a failure to timely deposit required funds or securities, Clearing Agent may take appropriate remedial action. Without waiving or otherwise limiting its right to take other remedial action, Clearing Agent may at its option charge interest at rates as agreed in Clearing Agent’s standard disclosure under NYSE Rule 382. Introducing Firm may pass such charges on to its customers but Introducing Firm remains responsible therefor until actually paid.

Failure to Settle or Pay. In the event of a failure to timely deposit required funds or securities, Clearing Agent may take appropriate remedial action. Without waiving or otherwise limiting its right to take other remedial action, Clearing Agent may at its option charge interest at rates as agreed in Clearing Agent’s standard disclosure under NYSE Rule 382. Introducing Firm may pass such charges on to its customers but Introducing Firm remains responsible therefor until actually paid.NYSE