Common use of Clearing House Account Clause in Contracts

Clearing House Account. 5.1 The Client acknowledges that in respect of any account of Galaxy International Futures maintained with the Clearing House, whether or not such account is maintained wholly or partly in respect of the F.O. Business transacted on behalf of the Client and whether or not monies, approved debt securities or approved securities paid or deposited by the Client has been paid to or deposited with the Clearing House, as between Galaxy International Futures and the Clearing House, Galaxy International Futures deals as principal and accordingly no such account is impressed with any trust or other equitable interest in favour of the Client and monies, approved debt securities or approved securities paid to or deposited with the Clearing House are thereby freed from the trust referred to in clause 4.1 of this Part E.