Common use of Clearing Charges Clause in Contracts

Clearing Charges. See Schedule "A" attached hereto and incorporated herein by reference. Correspondent shall have sole discretion to determine the amount of commission/▇▇▇▇ up and/or fees charged to its Introduced Accounts cleared by CSC. CSC agrees to pay Correspondent all commissions and/or sales credits received by CSC with respect to business introduced by Correspondent less any amounts due to CSC under this Agreement or otherwise and any expenses or other sums paid to third parties by CSC paid on the Correspondent's behalf. In no event shall the fees charged in this Article II for the above services be in contravention of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, as amended, or the Employee Retirement Income Security Act of 1974, as amended, or any rules or regulations thereunder, or any other law, rule or regulation, Federal, State or Local, or any constitution, by-law, rule, regulation or instrument correspondent to the foregoing, or stated policy or practice of any national securities exchange or other securities exchange or association or other regulatory or self-regulatory body or agency ("Laws and Regulations"). In the event that such fees are deemed by CSC or the Correspondent to be in contravention of the Laws and Regulations, they shall be replaced with fees mutually agreed upon in writing by CSC and the Correspondent.

Clearing Charges. See Schedule "A" attached hereto and incorporated herein by reference. Correspondent shall have sole discretion to determine the amount of commission/▇▇▇▇ up and/or fees charged to its Introduced Accounts cleared by CSC. CSC agrees to pay Correspondent all certain commissions and/or sales credits received by CSC with respect to business introduced by Correspondent less any amounts due to CSC under this Agreement or otherwise and any expenses or other sums paid to third parties by CSC paid on the Correspondent's behalfbehalf by CSC. In no event shall the fees charged in this Article II for the above services be in contravention of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, as amended, or and the Employee Retirement Income Security Act of 1974, as amended, or any rules or regulations thereunder, or any other law, rule or regulation, Federal, State or Local, or any constitution, by-law, rule, regulation or instrument correspondent to the foregoing, or stated policy or practice of any national securities exchange or other securities exchange or association or other regulatory or self-regulatory body or agency ("Laws and Regulations"). In the event that such fees are deemed by CSC or the Correspondent to be in contravention of the Laws and Regulations, they shall be replaced with fees mutually agreed upon in writing by CSC and the Correspondent.