ERROR ACCOUNT Clause Samples
ERROR ACCOUNT. If required by PFD, the IB shall create and maintain with PFD at all times one or more error accounts for the reconciliation and payment with respect to Customer Account debits, and disputed or erroneous transactions. The IB shall deposit therein such amounts or collateral as PFD may require from time to time.
ERROR ACCOUNT. 10 8.0 CASH DEPOSIT; REMEDIES ON DEFAULT....................................10
ERROR ACCOUNT. In addition, ConvergEx may establish on its books one or more “error accounts” for the account and risk of Broker, upon terms and conditions that are consistent with custom and practice in the industry. Broker shall deposit an additional amount in any such error account to eliminate any negative balance therein within one (1) business day after Broker is notified of the negative balance. ConvergEx may, in its sole discretion, at any time eliminate any such negative balance by charging the Settlement Account.
ERROR ACCOUNT. In addition, BNYCS may establish on its books an "error account" for the account and risk of Broker, upon terms and conditions which are consistent with custom and practice in the securities and/or futures industry. The negative balance in such error account, if any, may at any time be charged by BNYCS in its sole discretion to the Settlement Account.