Examples of Clearing Agent in a sentence
The amount of maintenance margin required by the Clearing Agent may vary depending on the type of collateral (stocks, corporate bonds, municipal and government bonds, etc.) in the account and/or on the quantity of such collateral in terms of high concentration factors and/or illiquid trading markets for such collateral.
Further, in cases involving the sale of securities or other property by the APPLICANT, which results in the Clearing Agent’s inability to deliver such to the purchaser or purchaser’s agent due to failure by the APPLICANT to effect the delivery of such sold securities or other property in good deliverable form subject to no transfer restrictions, the APPLICANT authorizes the Clearing Agent, at its discretion, to borrow or to “buy in” such securities or other property in order to effect delivery.
The APPLICANT agrees to be fully responsible for all losses and added expenses which the Clearing Agent may sustain by reason of its inability to borrow or as a result of buying in such securities or other losses and expenses which the Clearing Agent may sustain by reason of its inability to borrow or as a result of buying in such securities or other property.
In connection with any securities subject to resale limitations under Rule 144 or Rule 145 of the Securities Act of 1933, as amended (the “Act”), held by the Clearing Agent or its agents on behalf of the APPLICANT, the APPLICANT grants unto the Clearing Agent irrevocable power to execute stock powers, and to execute and file Form 144 and other applicable documents as required by the Act on behalf of the APPLICANT.
At any time and from time to time, the Clearing Agent may without notice to the APPLICANT apply and transfer any or all monies, securities, and/or other property of the APPLICANT interchangeably between any accounts of the APPLICANT other than from or to a related commodity account.