Clearing Deposit Sample Clauses

Clearing Deposit. SLK requires a clearing deposit, the Account shall at all times contain cash, securities, or a combination of both, having a market value of $[***]. The clearing deposit shall be returned within 30 days after cancellation of this agreement. This deposit does not represent an ownership interest. *** Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. If SLK 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 (b) business days after being requested to do so, SLK shall deduct the amount of such claim, loss or expense from the commissions then credited to Broker pursuant to Paragraph 9. If the amount of said commissions is less than the amount of such claim, loss or expense, SLK shall have the right to withdraw from the Account cash or securities (or both) having a market value equal to the amount of such deficiency. Broker shall then be obligated to immediately deposit in the Account cash or securities sufficient to bring the Account back to a market level of at least $[***]. Upon the termination of this Agreement, or as soon as practical thereafter, SLK will pay and deliver to Broker the funds and securities in the Account, less any amounts which it is entitled to withdraw under the preceding paragraph; provided, however, that SLK may retain in the Account an amount to protect it from any claim or proceeding of any type, then pending or actually threatened, until the final determination thereof is made. If within a reasonable time after the termination of this Agreement, a threatened claim or proceeding is not resolved, or a legal action or proceeding is not instituted, the amount retained with respect to such threatened claim or proceeding shall be paid or delivered to Broker.
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Clearing Deposit. Company shall make a Clearing Deposit with DriveWealth, in the amount stated in Exhibit A, prior to DriveWealth accepting Accounts. DriveWealth does not acquire or maintain an ownership interest in the Clearing Deposit. The Clearing Deposit will be made into a brokerage account held at DriveWealth for the purpose of covering trading errors caused by Company and other items mutually agreed to by the Parties. The Clearing Deposit will accrue interest at the prevailing interest rate earned on the account at the depository institution. The amount of the Clearing Deposit shall be reviewed on an ongoing basis to determine if the Clearing Deposit is appropriate based on an overall evaluation of the Company’s business. DriveWealth reserves the right to require that Company increase its Clearing Deposit based on this evaluation and will provide Company reasonable notice and time to make such additional deposits. Alterations to the Clearing Deposit will be documented in a written amendment to this Agreement.
Clearing Deposit. SKL requires a minimum deposit of $*** which can be in the form of Cash, Treasury Xxxx(s) or Fully Paid for Securities in order to pen and maintain a broker/dealer account. (Securities used for deposit require pre-approval from SLK Clearance Risk Management).
Clearing Deposit. The Introducing Firm shall deposit with the Clearing Agent, immediately upon the completion of the conversion of all of the Introduced Accounts of the Introducing Firm to Clearing Agent, an equity deposit equal to Two Hundred Fifty Thousand Dollars ($250,000) to secure the trading activity of the Introducing Firm (the "Clearing Deposit"). The Clearing Deposit will be applied to the daily "margin" requirement related to the Introducing Firm's proprietary trading activity. The minimum equity requirement shall be maintained at $250,000. Should the Clearing Deposit at any time during the term of this Agreement fall below this amount, the Introducing Firm will be notified as to the deficient amount and within ten (10) days of said notice in the case of a "non-margin" requirement or, within three (3) days of said notice in the case of a "margin" requirement, the Introducing Firm shall deposit additional equity sufficient to reach the required minimum. It may be necessary to increase the Clearing Deposit to meet the Introducing Firm's daily "margin" requirement based on the Introducing Firm's proprietary trading activity. The Clearing Agent will pay the Introducing Firm interest monthly on that portion of the Clearing Deposit which exceeds the Introducing Firm's position cost, based on the prevailing credit interest rate paid by the Clearing Agent on the first trading day of the brokerage month. Such deposit shall be returned to the Introducing Firm within thirty (30) days after termination of this Agreement and the deconversion of the Introducing Firm, and shall be subject to the Clearing Agent's right from time to time to offset sums due to the Clearing Agent by the Introducing Firm pursuant to the terms of the Agreement. This clearing deposit does not represent any ownership interest in the Clearing Agent.
Clearing Deposit. The obligations of the Correspondent under this Agreement shall be secured by a minimum equity deposit with FCSI of $100,000.00.
Clearing Deposit. Company shall make a Clearing Deposit with DriveWealth, in the amount stated in Exhibit A of the Fee Schedule, prior to DriveWealth accepting Accounts. DriveWealth does not acquire or maintain an ownership interest in the Clearing Deposit. The Clearing Deposit will be held in an FDIC passthrough account unless otherwise agreed by the parties. The Clearing Deposit may be used by DriveWealth to cover outstanding Obligations, Trading Errors, for any other purposes necessary to enable the Services, or other items mutually agreed to by the Parties. The amount of the Clearing Deposit shall be reviewed on an ongoing basis to determine if the Clearing Deposit is appropriate based on an overall evaluation of the Company’s business. Use of the Clearing Deposit to settle Transactions is subject to fees as described in the Fee Schedule. DriveWealth reserves the right to require that Company increase its Clearing Deposit at any time. If an increase to the Clearing Deposit amount is required, Company shall deliver sufficient funds within thirty (30) calendar days of DriveWealth’s provision of written notification regarding the same. If Company fails to timely deliver the required funds, then DriveWealth reserves the right to restrict Services until the Clearing Deposit is satisfied. If DriveWealth withdraws funds from the Clearing Deposit, Company must immediately upon demand provide additional funds to return the Clearing Deposit to the full amount as required under this Agreement.
Clearing Deposit. By using Instant Trading and thereby agreeing to these Terms, Company allows DriveWealth to use the Clearing Deposit, as necessary 1) to settle transactions when funds sufficient to cover the Settlement Amount are not received, 2) for any other purposes necessary to enable Instant Trading, and 3) as may be further described in the Prior Agreements. ●
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