Common use of NSCC Authorization Clause in Contracts

NSCC Authorization. Solely with respect to Orders processed through the CNS Clearing Process, the Participant, as a Participating Party, hereby authorizes the Index Receipt Agent to transmit to the NSCC on behalf of the Participant instructions, including, without limitation, instructions regarding the transfer of Deposit Securities, Cash Amounts, and Cash Components, consistent with the Order instructions issued by the Participant to the Distributor. The Participant agrees to be bound by the terms of said instructions issued by the Index Receipt Agent on behalf of the Participant and reported to NSCC as though said instructions were issued by the Participant directly to NSCC; provided, however, that the Participant shall not be bound or held liable for any loss, damage, liability, cost, or expense (including reasonable attorney fees) incurred by the Participant as a result of communication errors occurring between the Index Receipt Agent and NSCC to the extent that said instructions between the Index Receipt Agent and NSCC do not accurately reflect in all material respects the instructions communicated by the Participant to the Index Receipt Agent.