Common use of Authorization of Give-Up Orders Clause in Contracts

Authorization of Give-Up Orders. Client authorizes Typhon to execute orders on behalf of the Managed Account on a give-up basis and issues Typhon the authority to designate the FCM or Floor Broker who will act as Executing Broker for trades entered on behalf of the Managed Account. The Executing Broker will “give up” the orders to the Clearing Broker for Client’s Managed Account and risk. The Clearing Broker will act as the carrying broker and will carry these positions. Client understands that the Executing Broker will charge fees for the give-up orders to the Clearing Broker. Client agrees to reimburse the Executing Broker from the Managed Account held at the Clearing Broker. Client authorizes Typhon to enter into all arrangements on behalf of Client that are necessary and appropriate (in Typhon’s sole discretion) to set up and maintain give-up arrangements on Client’s behalf. Client authorizes Typhon to negotiate any such give-up arrangement for a fee of up to $2 per half-turn.

Authorization of Give-Up Orders. Client authorizes Typhon Xxxxxx to execute orders on behalf of the Managed Account on a give-up basis and issues Typhon the authority to designate the FCM or Floor Broker who will act as Executing Broker for trades entered on behalf of the Managed Account. The Executing Broker will “give up” the orders to the Clearing Broker for Client’s Managed Account and risk. The Clearing Broker will act as the carrying broker and will carry these positions. Client understands that the Executing Broker will charge fees for the give-up orders to the Clearing Broker. Client agrees to reimburse the Executing Broker from the Managed Account held at the Clearing Broker. Client authorizes Typhon Xxxxxx to enter into all arrangements on behalf of Client that are necessary and appropriate (in Typhon’s sole discretion) to set up and maintain give-up arrangements on Client’s behalf. Client authorizes Typhon Xxxxxx to negotiate any such give-up arrangement for a fee of up to $2 per half-turn.