Certain Important Information Sample Clauses
Certain Important Information. Dealer is an OTC Derivatives Dealer registered with the U.S. Securities and Exchange Commission (SEC). Applicable SEC rules require us to provide you with the following information regarding SEC regulation of OTC Derivatives Dealers: Dealer is exempt from the provisions of the Securities Investor Protection Act of 1970 (SIPA), including membership in the Securities Investor Protection Corporation (SIPC). Therefore, your account is not covered by SIPA protection. Except as otherwise agreed in writing by you and us, Dealer may repledge and otherwise use in its business collateral you have pledged to Dealer under the Agreement. Collateral you have pledged to Dealer will not be subject to the requirements of Securities Exchange Act Rules: 8c-1 and 15c2-1 regarding hypothecation of collateral; 15c3-2 regarding free credit balances; or 15c3-3 regarding custody of securities and calculations of a reserve formula applicable to a fully regulated SEC registered broker or dealer. In the event of Dealer’s failure (by insolvency or otherwise), you would likely be considered to be an unsecured creditor of Dealer as to any collateral pledged to Dealer under the Agreement. Dealer is incorporated in Delaware and is a direct, wholly owned subsidiary of ▇▇▇▇▇▇▇ ▇▇▇▇▇ & Co., Inc. Dealer has entered into this transaction as principal through Agent as its agent. The time of this Transaction shall be notified to the Counterparty upon request.
Certain Important Information. Bank is an OTC Derivatives Bank registered with the U.S. Securities and Exchange Commission (SEC). Applicable SEC rules require us to provide you with the following information regarding SEC regulation of OTC Derivatives Banks: Bank is exempt from the provisions of the Securities Investor Protection Act of 1970 (SIPA), including membership in the Securities Investor Protection Corporation (SIPC). Therefore, your account is not covered by SIPA protection. Except as otherwise agreed in writing by you and us, Bank may repledge and otherwise use in its business collateral you have pledged to Bank under the Agreement. Collateral you have pledged to Bank will not be subject to the requirements of Securities Exchange Act Rules: 8c-1 and 15c2-1 regarding hypothecation of collateral; 15c3-2 regarding free credit balances; or 15c3-3 regarding custody of securities and calculations of a reserve formula applicable to a fully regulated SEC registered broker or Bank. In the event of a Bank's failure (by insolvency or otherwise), you would likely be considered to be an unsecured creditor of Bank as to any collateral pledged to Bank under the Agreement. Bank is incorporated in Delaware and is a direct, wholly owned subsidiary of ▇▇▇▇▇▇▇ ▇▇▇▇▇ & Co., Inc. Bank has entered into this transaction as principal through Agent as its agent. The time of this Transaction shall be notified to the Counterparty upon request.