BNYCS Right to Offset Commissions and Deposits Sample Clauses

BNYCS Right to Offset Commissions and Deposits. If (i) the amount due to BNYCS from Broker in any month exceeds the amount available in Broker's Settlement Account, (ii) Broker fails to eliminate any negative balance in the Settlement Account within two (2) business days, as provided in Section 8.3 (iii) BNYCS shall have any claim against Broker or a Customer of Broker which has not been resolved within five (5) business days after BNYCS presents such claim to Broker, or (iv) BNYCS shall suffer any loss or incur any expense for which it is entitled to be indemnified pursuant to this Agreement and Broker shall fail to make such indemnification within five (5) business days after being requested to do so, BNYCS may draw against the Cash Deposit in the amount outstanding and apply the proceeds to the Broker's obligations due hereunder. It is understood that BNYCS will attempt to provide Broker with prior notice in all cases of any deduction from the Cash Deposit.
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