Common use of Clearing Status Clause in Contracts

Clearing Status. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be entitled to use the clearing and settlement services of each of the national or international clearing and settlement organizations through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. The Authorized Participant shall give prompt written notice to the Trustee of a change in the foregoing status of the Authorized Participant, and any such change shall terminate the Authorized Participant Agreement.

Clearing Status. The Authorized Participant represents, covenants and warrants that, as of the date of execution of the Authorized Participant Agreement, and at all times during the term of the Authorized Participant Agreement, the Authorized Participant is and will be entitled to use the clearing and settlement services of each of the national or international clearing and settlement organizations through which, in compliance with the Procedures, the transactions contemplated hereby will clear and settle. The Authorized Participant shall give prompt written notice to the Trustee of a any change in the foregoing status of the Authorized Participant, and any such change shall terminate the Authorized Participant Agreement.