Customer Qualification Sample Clauses
The Customer Qualification clause defines the criteria or standards that a customer must meet to be eligible for a product, service, or agreement. Typically, this clause outlines requirements such as financial stability, creditworthiness, compliance with laws, or possession of necessary licenses. For example, a business may need to provide proof of insurance or pass a background check before entering into a contract. The core function of this clause is to ensure that only suitable and reliable customers are engaged, thereby reducing the risk of default or non-compliance for the provider.
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Customer Qualification. Customer warrants that their application is true and complete; will promptly notify IB UK of any information changes; and authorizes IB UK and/or its Affiliates to make any inquiry to verify information.
A. Natural Persons: Customer warrants that Customer is over 18; is under no legal incapacity; and has sufficient knowledge and experience to understand the nature and risks of the products to be traded.
B. Organizations: Customer and its authorized representatives warrant that Customer: (i) is authorized under its governing document(s) and in the jurisdictions in which it is organized and/or regulated to enter this Agreement and trade (including on margin if applicable); (ii) is under no legal incapacity; and (iii) that persons identified to enter orders have proper authority and have sufficient knowledge and experience to understand the nature and risks of the products to be traded.
C. Trusts: "Customer" refers to the Trust and/or Trustees. Trustee(s) represent(s) that there are no Trustees other than listed in the application and certifies(y) that IB UK may follow instructions from any Trustee and deliver funds, securities, or any other assets to any Trustee or on any Trustee's instructions, including delivering assets to a Trustee personally. IB UK, in its discretion, may require written consent of any or all Trustee(s) prior to following instructions of any Trustee. Trustee(s) has (have) the power under the Trust documents and applicable law to enter this Agreement, open the type of account applied for, and enter transactions and issue instructions. Such powers include, without limit, authority to buy, sell (including short), exchange, convert, tender, redeem and withdraw assets (including delivery of securities to/from the account) to trade securities on margin or otherwise (including purchase/sale of options), and trade futures and/or options on futures, for the Trust. Should only one Trustee execute this Agreement, Trustee represents that Trustee has the authority to execute this Agreement, without consent by the other Trustees. Trustee(s) certifies(y) that all transactions for this account will comply with the Trust documents and applicable law. Trustee(s), jointly and severally, shall indemnify IB UK and its Affiliates and hold IB UK and its Affiliates harmless from any claim, loss, expense or liability for effecting any transactions, and acting upon any instructions given by the Trustee(s).
Customer Qualification. (a) You understand that you shall be required to maintain in your account with your Prime Broker such minimum net equity in cash or securities as may be required, from time to time, by your Prime Broker (the “Minimum Net Equity”), which shall in no event be less than the minimum net equity required by the SEC Letter, as such requirement may be amended from time to time (initially: (i) $100,000 in cash or securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser registered under Section 203 of the Investment Advisers Act of 1940 (a “Registered Investment Adviser”), or
(ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment Adviser). You further understand that, in the event your account falls below such Minimum Net Equity, you shall bring your account into compliance in a timely fashion. Each time you enter an order with the Executing Broker, you hereby represent that you shall be in compliance with such Minimum Net Equity or will notify the Executing Broker otherwise.
(b) In the event that your Prime Broker indicates its intention to disaffirm any trade, you hereby authorize and instruct your Prime Broker to provide to the Executing Broker, upon the request of the Executing Broker, the following information: (i) the account or accounts to which any of your orders or trades relate; (ii) the instructions, if any, provided to your Prime Broker regarding the allocation of any orders or trades to any sub-accounts; and (iii) information available to your Prime Broker with respect to any net equity in the account. In addition, this Agreement will serve as further authorization and instruction to your Prime Broker to furnish to the Executing Broker in the event of a disaffirmance all such further and additional information concerning an account as the Executing Broker shall request, provided that such authorization shall have been confirmed by you in a separate letter addressed and delivered to your Prime Broker and the Executing Broker. This paragraph shall remain in effect so long as this Agreement is in effect, shall survive the termination of this Agreement and shall apply to all orders and trades given by you to the Executing Broker for clearance and settlement through your Prime Broker. You hereby agree to release and discharge your Prime Broker from all responsibility and liability arising out of or incurred in connec...
Customer Qualification. Customer and its authorized representatives warrant that Customer: (i) is authorized under its governing document(s) and in the jurisdictions in which it is organized and/or regulated to enter this Agreement and trade (including on margin if applicable); (ii) is under no legal incapacity; and (iii) that persons identified to enter orders have proper authority and have sufficient knowledge and experience to understand the nature and risks of the products to be traded.
Customer Qualification. You agree to maintain in your account with UBS PaineWebber such minimum net equity in cash or securities as may be required, from time to time, by UBS PaineWebber (the "Minimum Net Equity"), which shall in no event be less than the minimum net equity required by the SEC Letter, as such requirement may be amended from time to time. If the net equity in your account is less than the Minimum Net Equity on any business day you agree to restore the net equity in your account to the Minimum Net Equity by 12:00 noon on the fifth business day following that date. If such Minimum Net Equity is not restored by that date, this Agreement will be terminated effective the close of business that day. As used in this Agreement, the term "
Customer Qualification. Customer warrants that their application is true and complete; will promptly notify IB UK of any information changes; and authorizes IB UK and/or its Affiliates to make any inquiry to verify information.
A. Natural Persons: Customer warrants that Customer is over 18; is under no legal incapacity; and has suf- ficient knowledge and experience to understand the nature and risks of the products to be traded.
Customer Qualification. You agree to maintain in your account with PaineWebber such minimum net equity in cash or securities as may be required, from time to time, by PaineWebber (the "Minimum Net Equity"), which shall in no event be less than the minimum net equity required by the SEC Letter, as such requirement may be amended from time to time. If the net equity in your account is less than the Minimum Net Equity on any business day you agree to restore the net equity in your account to the Minimum Net Equity by 12:00 noon on the fifth business day following that date. If such Minimum Net Equity is not restored by that date, this Agreement will be terminated effective the close of business that day. As used in this Agreement the term "
Customer Qualification. You shall promptly review the qualifications of each customer that has signed your End User License. If you determine that you are unwilling to accept an End User License, you shall so notify IBM in writing prior to notifying the customer. Your notice to IBM shall identify the reason for such rejection.
Customer Qualification a. Customer shall be required to maintain in Customer’s securities account with Prime Broker such minimum net equity in cash or securities as may be required, from time to time, by Prime Broker (the “Minimum Net Equity”), which shall in no event be less than the minimum net equity required by the SEC’s 1994 Prime Brokerage No-Action Letter, as such requirement may be amended from time to time (initially: (i) $100,000 in cash or securities with a ready market, for trades executed on behalf of a customer account managed by an investment adviser registered under Section 203 of the Investment Advisors Act of 1940 (a “Registered Investment Adviser”), or (ii) $500,000 in cash or securities with a ready market for trades executed on behalf of an account not managed by a Registered Investment Advisor). Customer further understands that, in the event Customer’s account falls below such Minimum Net Equity, Customer shall bring Customer’s account into compliance in a timely fashion. Each time Customer enters an order with IB, Customer hereby represents that Customer shall be in compliance with such Minimum Net Equity or will notify IB otherwise.
b. In the event that Prime Broker indicates its intention to disaffirm or fail to take up any trade, Customer hereby authorizes and instructs Prime Broker to provide to IB, upon the request of IB, the following information: (i) the account or accounts to which any of Customer’s orders or trades relate; (ii) the instructions, if any, provided to Prime Broker regarding the allocation of any orders or trades to any subaccounts; and (iii) information available to Prime Broker with respect to any net equity in the account. In addition, this Agreement will serve as further authorization and instruction to Prime Broker to furnish to IB in the event of a disaffirmance or failure to take up all such further and additional information concerning an account as IB shall request. This paragraph shall remain in effect so long as this Agreement is in effect, shall survive the termination of this Agreement and shall apply to all orders and trades given by Customer to IB for clearance and settlement through Prime Broker. Customer hereby agrees to release and discharge Prime Broker from all responsibility and liability arising out of or incurred in connection with Prime Broker furnishing any information to IB pursuant to this paragraph.