Establishment of Deposit Account. To further assure Broker's performance of its obligations under this Agreement, including but not limited to its indemnification obligations under Paragraph 17, Broker shall, on or before the execution of this Agreement, establish an account at Pershing to be designated as the Broker's Deposit Account (the "Deposit Account"). The Deposit Account shall not represent an ownership interest by Broker in Pershing. The Deposit Account shall at all times contain cash, securities, or a combination of both, having a market value of at least the amount set forth in Schedule A. The securities placed in the Deposit Account shall consist only of direct obligations issued by or guaranteed as to principal and interest by the United States Government. In the event of a substantial change in the nature and extent of Broker's business operations, Pershing may require immediately that an additional amount be deposited in the Deposit Account. If such a deposit is not made in the amount specified, whether or not Broker agrees that the amount is justified under this subparagraph, Pershing may terminate this Agreement forthwith. The parties agree that Broker's deposit into the Deposit Account does not represent ownership interest in Pershing by Broker.
Appears in 2 contracts
Samples: Clearing Agreement (American Portfolios Holdings Inc), Disclosed Clearing Agreement (Siebert Financial Corp)
Establishment of Deposit Account. To further assure Broker's ’s performance of its obligations under this Agreement, including but not limited to its indemnification obligations under Paragraph 1718, Broker shall, on or before the execution of this Agreement, establish an account at Pershing to be designated as the Broker's ’s Deposit Account (the "“Deposit Account"”). The Deposit Account shall not represent an ownership interest by Broker in Pershing. The Deposit Account shall at all times contain cash, securities, or a combination of both, having a market value of at least the amount set forth in Schedule A. The securities placed in the Deposit Account shall consist only of direct obligations issued by or guaranteed as to principal and interest by the United States Government. In the event of a substantial change in the nature and extent of Broker's ’s business operations, Pershing may require immediately that an additional amount be deposited promptly in the Deposit Account. If such a deposit is not made in the amount specified, whether or not Broker agrees that the amount is justified under this subparagraphParagraph, Pershing may terminate this Agreement forthwith. The parties agree that Broker's deposit into the Deposit Account does not represent ownership interest in Pershing by Broker.
Appears in 1 contract
Samples: Disclosed Clearing Agreement (Summit Financial Services Group Inc)
Establishment of Deposit Account. To further assure Broker's performance of its obligations obligxxxxxx under this Agreement, including but not limited to its indemnification obligations under Paragraph 17, Broker shall, on or before the execution of this Agreement, establish an account at Pershing to be designated as the Broker's Deposit Account (the "Deposit Account"). The Deposit Account shall not represent an ownership interest by Broker in Pershing. The Deposit Account Xxxxxxt shall at all times contain cash, securities, or a combination of both, having a market value of at least the amount set forth in Schedule A. The securities placed in the Deposit Account shall consist only of direct obligations issued by or guaranteed as to principal and interest by the United States Government. In the event of a substantial change in the nature and extent of Broker's business operations, Pershing may require immediately that an additional amount be deposited in the Deposit Account. If such a deposit is not made in the amount specified, whether or not Broker agrees that the amount is justified xxxxxfied under this subparagraph, Pershing may terminate this Agreement forthwith. The parties agree that Broker's deposit into the Deposit Account Xxxxxnt does not represent ownership interest in Pershing by Broker.
Appears in 1 contract
Samples: Clearing Agreement (American Portfolios Holdings Inc)
Establishment of Deposit Account. To further assure Broker's performance -------------------------------- of its obligations under this Agreement, including but not limited to its indemnification obligations under Paragraph 17, Broker shall, on or before the execution of this Agreement, establish an account at Pershing to be designated as the Broker's Deposit Account (the "Deposit Account"). The Deposit Account shall not represent an ownership interest by Broker in Pershing. The Deposit Account shall at all times contain cash, securities, or a combination of both, having a market value of at least the amount set forth in Schedule A. The securities placed in the Deposit Account shall consist only of direct obligations issued by or guaranteed as to principal and interest by the United States Government. In the event of a substantial change in the nature and extent of Broker's business operations, Pershing may require immediately that an additional amount be deposited in the Deposit Account. If such a deposit is not made in the amount specified, whether or not Broker agrees that the amount is justified under this subparagraph, Pershing may terminate this Agreement forthwith. The parties agree that Broker's deposit into the Deposit Account does not represent ownership interest in Pershing by Broker.
Appears in 1 contract
Samples: Disclosed Clearing Agreement (Ziegler Companies Inc)
Establishment of Deposit Account. To further assure Broker's ’s performance of its obligations under this Agreement, including but not limited to its indemnification obligations under Paragraph 17, Broker shall, on or before the execution of this Agreement, establish an account at Pershing to be designated as the Broker's ’s Deposit Account (the "“Deposit Account"”). The Deposit Account shall not represent an ownership interest by Broker in Pershing. The Deposit Account shall at all times contain cash, securities, or a combination of both, having a market value of at least the amount set forth in Schedule A. The securities placed in the Deposit Account shall consist only of direct obligations issued by or guaranteed as to principal and interest by the United States Government. In the event of a substantial change in the nature and extent of Broker's ’s business operations, Pershing may require immediately that an additional amount be deposited in the Deposit Account. If such a deposit is not made in the amount specified, whether or not Broker agrees that the amount is justified under this subparagraph, Pershing may terminate this Agreement forthwith. The parties agree that Broker's ’s deposit into the Deposit Account does not represent ownership interest in Pershing by Broker.
Appears in 1 contract
Samples: Disclosed Clearing Agreement (International Assets Holding Corp)
Establishment of Deposit Account. To further assure Broker's performance of its obligations under this Agreement, including but not limited to its indemnification obligations under Paragraph 1718, Broker shall, on or before the execution of this Agreement, establish an account at Pershing to be designated as the Broker's Deposit Account (the "Deposit Account"). The Deposit Account shall not represent an ownership interest by Broker in Pershing. The Deposit Account shall at all times contain cash, securities, or a combination of both, having a market value of at least the amount set forth in Schedule A. The securities placed in the Deposit Account shall consist only of direct obligations issued by or guaranteed as to principal and interest by the United States Government. In the event of a substantial change in the nature and extent of Broker's business operations, Pershing may require immediately that an additional amount be deposited promptly in the Deposit Account. If such a deposit is not made in the amount specified, whether or not Broker agrees that the amount is justified under this subparagraphParagraph, Pershing may terminate this Agreement forthwith. The parties agree that Broker's deposit into the Deposit Account does not represent ownership interest in Pershing by Broker.
Appears in 1 contract
Samples: Fully Disclosed Clearing Agreement (Southern Trust Securities Holding Corp)