Banking Institutions. Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside the United States or its territories if you are domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which would hinder or prevent the availability of these funds for distribution to you. Such accounts may also be subject to foreign currency exchange rate risks. You authorize the deposit of funds into such foreign depositories. For customers domiciled in the United States, this authorization permits the holding of funds in regulated accounts offshore only if such funds are used to margin, guarantee, or secure positions in such contracts or accrue as a result of such positions.
Banking Institutions. Agent shall deposit the funds of the Association in the name of the Association and in such a manner as to indicate the trust or custodial nature thereof, with a banking institution selected by Agent, whose systems are compatible with the Agent’s bookkeeping software system, and whose deposits are insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Funds from the operating account shall be drawn upon or disbursed by the Agent to discharge any liabilities or obligations incurred pursuant to this Agreement. Agent will pay all costs and charges in accordance with this Agreement only out of the operating account. Withdrawals from any other account require authorization to Agent by the Authorized Liaison, with the exception of any such withdrawals which are associated with an Emergency Condition, in accordance with Paragraph 3 of this Agreement. Association funds shall not be commingled with funds accruing to Agent from any other source, including other clients. Direct debit access to any bank account maintained by Agent by any member of Association or member of the Board of Directors, or the use of a credit card in the name of the Association shall not be permitted unless otherwise agreed to by Association and Agent in writing in advance of any such action and/or transaction.
Banking Institutions. Funds of customers trading on United States contract markets may be held in accounts denominated in a foreign currency with depositories located outside the United States or its territories if you are domiciled in a foreign country or if the funds are held in connection with contracts priced and settled in a foreign currency. Such accounts are subject to the risk that events could occur which would hinder or prevent the availability of these funds for distribution to you. Such accounts may also be subject to foreign currency exchange rate risks. You authorize the deposit of funds into such foreign depositories. For customers domiciled in the United States, this authorization permits the holding of funds in regulated accounts offshore only if such funds are used to margin, guarantee, or secure positions in such contracts or accrue as a result of such positions. In order to avoid the possible dilution of other customer funds, if you have funds held outside the United States, you further agree that your claims based on such funds will be subordinated in the unlikely event both of the following conditions are met: (1) Your futures commission merchant is placed in receivership or bankruptcy; and (2) there are insufficient funds available for distribution denominated in the foreign currency as to which you have a claim to satisfy all claims against those funds. You agree that if both of the conditions listed above occur, your claim against our assets attributable to funds held overseas in a particular foreign currency may be satisfied out of segregated customer funds held in accounts denominated in dollars or other foreign currencies only after each customer whose funds are held in dollars or in such other foreign currencies received its pro-rata portion of such funds. You further agree that in no event may a customer whose funds are held overseas receive more than its pro-rata share of the aggregate pool consisting of funds held in dollars, funds held in the particular foreign currency, and nonsegregated assets of the company.
