Common use of Acceptance of Accounts Clause in Contracts

Acceptance of Accounts. Prior to any Customer Account being opened with Pensxx, xx must be approved by Correspondent. Pensxx xxxerves the right to withhold acceptance of, or to reject, for any reason, any Customer, Customer Account, Correspondent Account or any transaction for any Account and to terminate any Account previously accepted by Pensxx. Initial acceptance of each Account shall be conditioned upon Pensxx'x xxxeipt of completed forms as required by Section 2(a). Correspondent shall not submit such forms with respect to any Customer Account unless Correspondent has in its possession the documentation of all information required pursuant to Section 2(b). Pensxx xxxll be under no obligation to accept any Account as to which any documentation required to be submitted to Pensxx xx maintained by Correspondent pursuant to Sections 2(a) and 2(b) is incomplete. Prior to acceptance of any Account, no action taken by Pensxx xx any of its employees, including, without being limited to, executing or clearing a trade in any Account, shall be deemed to be or shall constitute acceptance of such Account.

Acceptance of Accounts. Prior to any Customer Account being opened with PensxxPenson, xx it must be approved by Correspondent. Pensxx xxxerves Xxxxon reserves the right to withhold acceptance of, or to reject, for any reason, any Customer, Customer Account, Correspondent Account or any transaction for any Account and to terminate any Account previously accepted by PensxxPenson. Initial acceptance of each Account shall be conditioned shalx xx xonditioned upon Pensxx'x xxxeipt Penson's receipt of completed forms as required by Section 2(a). Correspondent shall not submit such forms with respect to any Customer Account unless Correspondent has in its possession the documentation of all information required pursuant to Section 2(b). Pensxx xxxll Penson shall be under no obligation to accept any Account anx Xxxxunt as to which any documentation required to be submitted to Pensxx xx Penson or maintained by Correspondent pursuant to pursuaxx xx Sections 2(a) and 2(b) is incomplete. Prior to acceptance of any Account, no action taken by Pensxx xx Penson or any of its employees, including, without being withxxx xxing limited to, executing or clearing a trade in any Account, shall be deemed to be or shall constitute acceptance of such Account.

Acceptance of Accounts. Prior to any Customer Account being opened with PensxxPenson, xx it must be approved by Correspondent. Pensxx xxxerves Penson reserves the right to withhold acceptance of, or to reject, tx xxxxct; for any reason, any Customer, Customer Account, Correspondent Account or any transaction for any Account and to terminate any Account previously accepted by PensxxPenson. Initial acceptance of each Account shall be conditioned upon Pensxx'x xxxeipt upox Penson's receipt of completed forms as required by Section 2(aSECTION 2(A). Correspondent shall not submit such forms with respect to any Customer Account unless Correspondent has in its possession the documentation of all information required pursuant to Section 2(bSECTION 2(B). Pensxx xxxll Penson shall be under no obligation to accept any Account as to which whixx any documentation required to be submitted to Pensxx xx Penson or maintained by Correspondent pursuant to Sections 2(aSECTIONX 0(X) and 2(b2(B) is incomplete. Prior to acceptance of any Account, no action taken by Pensxx xx Penson or any of its employees, including, without being limited xxxxxxd to, executing or clearing a trade in any Account, ; shall be deemed to be or shall constitute acceptance of such Account.