Common use of Authorization to Transfer Funds Clause in Contracts

Authorization to Transfer Funds. The Customer agrees that Velocity may transfer, among any and all accounts maintained by the Customer at Velocity, the Customer’s funds, securities or other property that may be required to avoid or meet Xxxxxx calls, satisfy collateral requirements, reduce debit balances or for any other reason that is not in conflict with Applicable Regulations. Velocity will confirm any such transfers to the Customer in writing within a reasonable period following the transfer.