Common use of Authorization to Transfer Funds Clause in Contracts

Authorization to Transfer Funds. Customer hereby expressly agrees that Mxxxxx Sxxxxxx may, in its sole and absolute discretion and without prior notice to Customer (provided that Mxxxxx Sxxxxxx shall provide prior notice to Customer to the extent practicable), transfer any funds, securities, commodities or other property between and among Customer’s segregated, secured amount and sequestered or cleared swap accounts, consistent with and to the extent permitted under Applicable Law and for the sole purpose of executing, clearing and settling transactions in respect of Contracts. Mxxxxx Sxxxxxx shall promptly (and no later than within one Business Day) confirm in writing each transfer of funds, securities, commodities or other property pursuant hereto. Other than as provided for under this authorization, Mxxxxx Sxxxxxx shall not be permitted to transfer any funds, securities, commodities or other property to other accounts without the express written consent of Ceres. For the avoidance of doubt, funds, securities or other property shall not be transferred among the accounts of different Customers.

Authorization to Transfer Funds. Customer hereby expressly agrees that Mxxxxx Sxxxxxx Xxxxxx Xxxxxxx may, in its sole and absolute discretion and without prior notice to Customer (provided that Mxxxxx Sxxxxxx Xxxxxx Xxxxxxx shall provide prior notice to Customer to the extent practicable), transfer any funds, securities, commodities or other property between and among Customer’s segregated, secured amount and sequestered or cleared swap accounts, consistent with and to the extent permitted under Applicable Law and for the sole purpose of executing, clearing and settling transactions in respect of Contracts. Mxxxxx Sxxxxxx Xxxxxx Xxxxxxx shall promptly (and no later than within one Business Day) confirm in writing each transfer of funds, securities, commodities or other property pursuant hereto. Other than as provided for under this authorization, Mxxxxx Sxxxxxx Xxxxxx Xxxxxxx shall not be permitted to transfer any funds, securities, commodities or other property to other accounts without the express written consent of Ceres. For the avoidance of doubt, funds, securities or other property shall not be transferred among the accounts of different Customers.