Common use of SRO Clause in Contracts

SRO. The parties declare that the benefit of their respective covenants under this Master Agreement or any Confirmation are held by them in trust for the SRO in its own behalf and on behalf of clients of the Member and acknowledge that the SRO may enforce such covenants directly against each of them, as the case may be, as if entered into by the SRO or such clients themselves. The SRO shall be under no obligation or responsibility of any kind or character or to any Member, client or person claiming through them in respect of this Master Agreement and, in particular, shall have no obligation, responsibility or duty to see that any covenant is carried out or fulfilled or to take any action for the enforcement of this Master Agreement or any Confirmation.