Common use of Collection and Remittance of Commissions Clause in Contracts

Collection and Remittance of Commissions. ICS shall collect all Commissions from the Accounts on behalf of Correspondent and shall deduct and retain the following amounts from such Commissions as shall be determined by ICS: 1. all amounts payable to ICS in accordance with Schedule B and any amendments thereto; 2. any expenses payable by ICS on Correspondent’s behalf; 3. any loss, liability, damage, claim, cost or expense (including but not limited to attorneys’ fees), as incurred, in respect of which any ICS Indemnitee (as defined below) is entitled to indemnification by Correspondent under this Agreement; and 4. all other amounts owed by Correspondent or by any Customer to ICS pursuant to this Agreement or any other agreement between ICS and Correspondent or between ICS and any Customer (including, without limitation, Customers’ unsecured debit items, or unsecured or partially secured short positions). As soon as practicable after the end of each month, ICS shall credit the Settlement Deposit Account (as defined in Section X.B.) with the amount of Commissions collected by ICS on Correspondent’s behalf, net of all amounts to be deducted as set forth above and any other amounts due to ICS from Correspondent, however arising, as determined by ICS. If the amount due to ICS in any month exceeds the amount available in Correspondent’s Settlement Deposit Account, Correspondent shall, in accordance with the provisions of Section X.A., immediately deposit with ICS additional cash so that the Settlement Deposit Account shall always have a zero or credit balance. If Correspondent fails to make such additional deposit, ICS shall have full rights of setoff, including, without limitation, the right to charge any other Account maintained by ICS for Correspondent or any other assets of Correspondent held by ICS, including, but not limited to, the Security Deposit (as defined in Section X.B.) and positions and balances in Accounts which are proprietary accounts of Correspondent, for the net amount due ICS. If ICS elects not to charge such other Accounts or assets, or such assets are insufficient to discharge the net amount due to ICS, any amount due to ICS shall be paid to ICS by Correspondent by check within ten (10) days of Correspondent’s receipt of a statement (the “Reconciliation Statement”) showing the amount due to ICS. If ICS does not receive payment within such period, ICS shall charge Correspondent interest at 1% above the broker’s call rate, or such other rate as may be agreed in writing by ICS and Correspondent until paid. Any failure by ICS to charge the Settlement Deposit Account or any other Account or assets of Correspondent held by ICS shall not act as a waiver of ICS’ right to demand payment of, or to charge Correspondent’s Accounts for, the full amount due at any time.

Collection and Remittance of Commissions. ICS shall On behalf of Correspondent, Ridge will collect all Commissions from the paid by Customer Accounts on behalf of Correspondent and shall will deduct and retain the following amounts from such Commissions as shall be determined by ICSCommissions: 1. all amounts payable to ICS Ridge in accordance with Schedule B and any amendments thereto; 2. any expenses payable by ICS Ridge on Correspondent’s behalf; 3. any loss, liability, damagedam­age, claim, cost or expense ex­pense (including including, but not limited to to, attorneys’ feesfees and expenses), as incurred, in respect of which Ridge or any ICS Indemnitee of its control persons, directors, officers, employees, agents, affiliates, successors and assigns (as defined belowcollectively, including Ridge, the “Ridge Parties”) is entitled to indemnification by Correspondent under this Agreement; and 4. all other amounts owed by Correspondent or by any Customer to ICS Ridge pursuant to this Agreement or any other agreement between ICS Ridge and Correspondent or between ICS Ridge and any Customer (including, without limitation, Customers’ unsecured debit items, items or unsecured or partially secured short positions). As soon as practicable after the end of each month, ICS shall Ridge will credit the Settlement Deposit Account (as defined in Section X.B.X.B. of this Agreement) with the amount of Commissions collected by ICS Ridge on Correspondent’s behalf, net of all amounts to be deducted as set forth above and any other amounts due to ICS Ridge from Correspondent, however arising, as determined by ICSRidge. If the amount due to ICS Ridge in any month exceeds the amount available in Correspondent’s Settlement Deposit Account, Correspondent shall, in accordance with the provisions of Section X.A.X.A. of this Agreement, immediately deposit with ICS Ridge additional cash so that the Settlement Deposit Account shall always have a zero or credit balance. If Correspondent fails to make such additional deposit, ICS shall Ridge will have full rights of setoff, including, without limitation, the right to charge any other Account maintained by ICS Ridge for Correspondent or any other assets of Correspondent held by ICSRidge, including, but not limited to, the Security Deposit (as defined in Section X.B.X.B. of this Agreement) and positions and balances in Accounts which are proprietary accounts of Correspondent, for the net amount due ICSRidge. If ICS Ridge elects not to charge such other Accounts or assets, or such assets are insufficient to discharge the net amount due to ICSRidge, any amount due to ICS shall Ridge will be paid to ICS Ridge by Correspondent by check within ten (10) days of Correspondent’s receipt of a statement (the “Reconciliation Statement”) showing the amount due to ICSRidge. If ICS Ridge does not receive payment within such period, ICS shall Ridge will charge Correspondent interest at 12% above the broker’s call rate, or such other rate as may be agreed in writing by ICS Ridge and Correspondent until paid. Any failure by ICS Ridge to charge the Settlement Deposit Account or any other Account or assets of Correspondent held by ICS Ridge shall not act as a waiver of ICS’ Ridge’s right to demand payment of, or to charge Correspondent’s Accounts for, the full amount due at any time.

Collection and Remittance of Commissions. ICS shall On behalf of Correspondent, Ridge will collect all Commissions from the paid by Customer Accounts on behalf of Correspondent and shall will deduct and retain the following amounts from such Commissions as shall be determined by ICSCommissions: 1. all amounts payable to ICS Ridge in accordance with Schedule B and any amendments thereto; 2. any expenses payable by ICS Ridge on Correspondent’s behalf; 3. any loss, liability, damage, claim, cost or expense (including including, but not limited to to, attorneys’ feesfees and expenses), as incurred, in respect of which any ICS Ridge Indemnitee (as defined below) is entitled to indemnification by Correspondent under this Agreement; and 4. all other amounts owed by Correspondent or by any Customer to ICS Ridge pursuant to this Agreement or any other agreement between ICS Ridge and Correspondent or between ICS Ridge and any Customer (including, without limitation, Customers’ unsecured debit items, items or unsecured or partially secured short positions). As soon as practicable after the end of each month, ICS shall Ridge will credit the Settlement Deposit Account (as defined in Section X.B.X.B. of this Agreement) with the amount of Commissions collected by ICS Ridge on Correspondent’s behalf, net of all amounts to be deducted as set forth above and any other amounts due to ICS Ridge from Correspondent, however arising, as determined by ICSRidge. If the amount due to ICS Ridge in any month exceeds the amount available in Correspondent’s Settlement Deposit Account, Correspondent shall, in accordance with the provisions of Section X.A.X.A. of this Agreement, immediately deposit with ICS Ridge additional cash so that the Settlement Deposit Account shall always have a zero or credit balance. If Correspondent fails to make such additional deposit, ICS shall Ridge will have full rights of setoff, including, without limitation, the right to charge any other Account maintained by ICS Ridge for Correspondent or any other assets of Correspondent held by ICSRidge, including, but not limited to, the Security Deposit (as defined in Section X.B.X.B. of this Agreement) and positions and balances in Accounts which are proprietary accounts of Correspondent, for the net amount due ICSRidge. If ICS Ridge elects not to charge such other Accounts or assets, or such assets are insufficient to discharge the net amount due to ICSRidge, any amount due to ICS shall Ridge will be paid to ICS Ridge by Correspondent by check within ten twenty (1020) days of Correspondent’s receipt of a statement (the “Reconciliation Statement”) showing the amount due to ICSRidge. If ICS Ridge does not receive payment within such period, ICS shall Ridge will charge Correspondent interest at 12% above the broker’s call rate, or such other rate as may be agreed in writing by ICS Ridge and Correspondent until paid. Any failure by ICS Ridge to charge the Settlement Deposit Account or any other Account or assets of Correspondent held by ICS Ridge shall not act as a waiver of ICS’ Ridge’s right to demand payment of, or to charge Correspondent’s Accounts for, the full amount due at any time.

Collection and Remittance of Commissions. ICS Clearing Broker shall collect all Commissions from the Accounts on behalf of Correspondent and shall deduct and retain the following amounts from such Commissions as shall be determined by ICSClearing Broker: 1. all amounts payable to ICS in Clearing Broker In accordance with Schedule B and any amendments thereto; 2. any expenses payable by ICS Clearing Broker on Correspondent’s 's behalf; 3. any loss, liability, damage, claim, cost or expense (including but not limited to attorneys’ ' fees), as incurred, in respect of which any ICS Clearing Broker Indemnitee (as defined below) is entitled to indemnification by Correspondent under this Agreement; and 4. all other amounts owed by Correspondent or by any Customer to ICS Clearing Broker pursuant to this Agreement or any other agreement between ICS Clearing Broker and Correspondent or between ICS Clearing Broker and any Customer (including, without limitation, Customers’ ' unsecured debit items, or unsecured or partially secured short positions). As soon as practicable after On or before the 10th business day of the month following the end of each monththe month in which the Commissions are generated, ICS Clearing Broker shall credit the Settlement Deposit Account (as defined in Section X.B.) with the amount of Commissions collected by ICS Clearing Broker on Correspondent’s 's behalf, net of all amounts to be deducted as set forth above and any other amounts due to ICS Clearing Broker from Correspondent, however arising, as determined by ICSClearing Broker. If the amount due to ICS Clearing Broker in any month exceeds the amount available in Correspondent’s 's Settlement Deposit Account, Correspondent shall, in accordance with the provisions of Section X.A., immediately deposit with ICS Clearing Broker additional cash so that the Settlement Deposit Account shall always have a zero or credit balance. If Correspondent fails to make such additional deposit, ICS Clearing Broker shall have full rights of setoff, including, without limitation, the right to charge any other Account maintained by ICS Clearing Broker for Correspondent or any other assets of Correspondent held by ICSClearing Broker, including, but not limited to, the Security Deposit (as defined in Section X.B.) and positions and balances in Accounts which are proprietary accounts of Correspondent, for the net amount due ICSClearing Broker. If ICS Clearing Broker elects not to charge such other Accounts or assets, or such assets are insufficient to discharge the net amount due to ICSClearing Broker, any amount due to ICS Clearing Broker shall be paid to ICS Clearing Broker by Correspondent by check wire transfer within ten (10) days of Correspondent’s 's receipt of a statement (the “"Reconciliation Statement”") showing the amount due to ICSClearing Broker. If ICS Clearing Broker does not receive payment within such period, ICS Clearing Broker shall charge Correspondent interest at 1% above the broker’s 's call rate, 'or such other rate as may be agreed in writing by ICS Clearing Broker and Correspondent Correspondent, until paidpaid in full. Any failure by ICS Clearing Broker to charge the Settlement Deposit Account or any other Account or assets of Correspondent held by ICS Clearing Broker shall not act as constitute a waiver of ICS’ Clearing Broker's right to demand payment of, or to charge Correspondent’s 's Accounts for, the full amount due at any time.